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A Guide To No Credit Check Loans

Many clients whose credit rating is not the best may find it difficult to be approved for mainstream loans, but surprisingly, there are still some lenders who make no credit check loans available. Although these personal loans are likely to have higher interest rates, the lenders still offer these products because they realize there’s a market available.

How to Find No Credit Check Loans

Credit and loan decisions involve many factors, including how much you need, what terms you offer, who you must deal with and their specific criteria, and how long it will take to repay it. Just remember to look around and consider all your options, as well as the risks attached.

1. Instead of starting with traditional lenders, go to a credit union. Credit unions offer several advantages when meeting borrower’s needs. First, they offer more flexibility in their criteria when approving loan applications, and they have lower interest rates. Additionally, credit unions have a stable, reputable status, and are not marred by the economic mess created by commercial lenders. A strong point when deciding whom you should apply to.

2. Consider asking for a micro loan. It may be possible to go to a micro-loan service, like Kiva or The Lending Club, via the Internet (also known as a peer-to-peer loan between individuals) to find loans under £ 35,000. Credit verification may be done, but this is done to set interest rates, and not to disqualify you.

3. Apply for a secured loan. These loans are secured by assets such as stocks, bonds, vehicles or any type of asset. The interest rates on these loans are very high, and come with steep guidelines and penalties but it gives you the cash you need quickly.

4. While not a popular loan, Bridge loans are granted to a small number of clients. It’s typically used to guarantee property, like the sale or purchase of a home, and has a short time period. These types of loans are riskier than other products, and lenders generally tie other stipulations to the requirements before approval.

5. Payday loans and cash advances are generally one of the easiest online loans that anyone can qualify for — a job, bank account, verifiable phone number and sometimes a faxed pay stub. Unlike traditional financial institutions, payday lenders do not perform credit checks. Another thing, there’s no credit verification or collateral for these types of loans; so most consumers needing emergency cash can get approved when needed. Rates for this type of loan range between £15 and £40 for every £100 borrowed.

6. Another popular method to securing loans with little verification are auto title loans. A car title loan is a loan that uses the value of your car as collateral. The lender will add their name to the title of your car until the loan plus interest is repaid. Interest rates are very high; however, title loans are attractive because they can be obtained the same day without credit verification.

Just remember, as with any financial decision consumers must be cognizant of their ability to repay a loan, so before accepting a no credit check loan, read the fine print and have a repayment plan in mind.

What Type Of Loan Package Do You Need?

Today’s unforeseen expenses have made the ease of online loans very attractive in desperate times. One advantage of online loan lenders is that consumers can choose among brokers or direct lenders. Brokers condense the search for a lender by grouping them into categories. For example, consumers looking to borrow £1,000 may find a set of lenders integrated into one page, making it easier than searching all over the web. Brokers also make the application process easier by filling out a single application, and submitting to several lenders for quick approval.

The temptation of quick cash without a credit check, or having to meet with a loan officer, or having to wait several days, as consumers typically endure with traditional banks, is often all it takes to get you to sign on the dotted line.

Rather than sit and wonder whether you’ll ever find a bad credit loan, at a minimum, call and inquire, or you’ll never know.

7.8% APRC Representative

Representative example: Assumed borrowing of £37,700 over 180 months, with a fixed borrowing rate of 6.4% per annum for the first 36 months, followed by 144 months at the lenders standard variable borrowing rate of 5.9%. There would be 36 monthly instalments of £356.89 followed by 144 instalments of £347.59. Total amount payable £63,021 comprised of; loan amount (£37,700); interest (£21,791); Broker fee (£3000) Lender fee (£530). This would result in an overall cost of 7.8% APRC.

 

Accepted.co.uk is a trading style of Paloma Digital Limited. Paloma Digital Limited is an introducer and we will search our panel of brokers to find the right loan for you. Data Protection Registration Number: Z9868049.

Paloma Digital Limited is authorised and regulated by the Financial Conduct Authority. Firm registration number 769794. See www.fca.org.uk

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

 

7.8% APRC Representative

Representative example: Assumed borrowing of £37,700 over 180 months, with a fixed borrowing rate of 6.4% per annum for the first 36 months, followed by 144 months at the lenders standard variable borrowing rate of 5.9%. There would be 36 monthly instalments of £356.89 followed by 144 instalments of £347.59. Total amount payable £63,021 comprised of; loan amount (£37,700); interest (£21,791); Broker fee (£3000) Lender fee (£530). This would result in an overall cost of 7.8% APRC.

Accepted.co.uk is a trading style of Paloma Digital Limited. Paloma Digital Limited is an introducer and we will search our panel of brokers to find the right loan for you. Data Protection Registration Number: Z9868049.

Paloma Digital Limited is authorised and regulated by the Financial Conduct Authority. Firm registration number 769794. See www.fca.org.uk

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

Paloma Digital Ltd. Company Registration No. 6934249. Registered Office: Office 229, 275 Deansgate, Manchester M3 4EL.