For
some people, credit verification can be an uncomfortable task as they are
having a poor credit history. While taking a loan, lenders keep a check on
borrower’s credit record and then only grants a loan. But, with the help of no
credit check loans, it is possible to get sufficient money without any credit
check. These loans can be availed by all type of bad credit borrowers. Problems like bankruptcy, CCJ’s, IVA,
foreclosure, bank arrears, missed payments, no payments and late payments will
not create any hurdle for people.
No
credit check loans are sanctioned without any asset pledging. These are short
term loans where borrowers are not bound to risk their valuable assets to get
the loan approved. Loan is purely given on the basis of some factors such as the
loan repayment capability of the borrower, the purpose of the loan, monetary
need and current financial situation of the borrower. Total amount given under
these loans is up to £1500 and starts from £100. The repayment period is about
one week i.e. 7 days. The borrower should make sure that he/she is making
timely repayments of the loan.
Interest
rates are kept slight higher by the borrowers as these loans are not backed by
any collateral. Though, with a comprehensive online research, one can get the
most feasible deal available in the market. One can utilize these loans in so
many purposes such as educational expenses, urgent medical bills, household
bills, unplanned trips, bank overdrafts, monthly rents, car purchase or repair
expenses and home improvement expenses etc.
There
are some fixed preconditions in order to get hold of no credit check loans. As,
you should be permanent resident of UK, you should have valid checking bank account
which is at least 6 months old, your age should be above 18 years, you should
be working with a reputed organization in UK from at least past 3 months and your
should be earning a straight monthly income (£1000).
It is important for a borrower to match these
terms and conditions in order to avail the loans.
One
can apply easily via the online registration method in order to get no credit check loans. A borrower just needs to fill a simple online application form
with some general details such as contact information, current employment
status, present monthly income, bank account details and loan repayment ability
etc. Once these official procedure is completed by the borrower, loan will get
sanctioned instantly.
Those
who are applying online can apply without paying off any upfront fee. Online
applicants can also avoid this time consuming tasks like extra paperwork and
faxing of documents. Above all it is an easy and secure way to access the
money. These loans are a great financial alternative for those who are going
through the phase of bad credit ratings and are hesitant in taking monetary
assistance.
