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Obtaining a No Credit Check Cheap Loans
When you have bad or poor credit, it can be difficult to obtain a loan from a bank. Obviously, banks will perform a check on your credit to make sure you are creditworthy. But what if your credit does not look good at all? Your credit score may have fallen due to some misfortune or mishandling of finances. This will make it hard to get financial help even if you have a good paying job, savings, and properties. The good news is that you can get a loan without having to worry about your credit history.
Online lenders offer no credit check loans
Direct lenders online offer a variety of loan products suited for every type of borrower, including no credit check loans. So if you have poor or bad credit, you can apply for a loan from an online direct lender and be reassured that your credit check will not be scrutinized.
Why do online lenders offer no credit check loans?
Online lenders understand that not all borrowers were able to maintain a good credit history, whether due to bad financial decisions or other reasons. These lenders simply need to be reassured that they can get their money back, thus you must be able to provide information about your employment, income, properties, et cetera. Once they can verify your affordability, you can get a loan without getting your credit record checked. If you were able to obtain a loan without a credit check, use this as an opportunity to improve your credit score by keeping up with your loan repayments.
Borrowing money from lenders does not mean that going for a large sum every time. Sometimes, all you need is a smaller figure that could help you pay for some urgent financial need. For many a sticky financial situation, all you really need is to borrow just a few hundred pounds.
However, the lending industry often offers the best loan rates for loanable amounts from £7,500 to £15,000, payable over three to five years. This means that getting a loan for a much smaller figure would often have high interest rates attached to it. Before you decide to take out a small loan, find out all about your other options first.
Understanding these types of loans
Most lenders will not have a problem offering small loans. In fact, most of them offer a much quicker process for this type of borrowing. If you have an emergency financial need, it makes sense to take advantage of this option since you can get the funds you need within the same day as the application is sent to the lender. Personal loans can range from £1,000 to £25,000 so before you decide how much to take out, consider how much you are allowed to borrow and how much you can afford to borrow as well. Remember, all of these will be dependent on your credit score, how much you are earning, and if you have any existing debts.
Small loans and your credit score
Always remember that any borrowing is always going to be noted on your credit record. Expect that banks and other lenders will always be able to see that you have availed of a small loan. They’ll see if you have missed repayments too.
Generally, whatever long-term impact your small loan application is going to have on your credit will ultimately depend on how you manage it. If you make the effort to pay it off on time, then you can trust it will look good on your credit file. Make late payments and your credit rating is certainly going to take a hit.
Alternatives to small loans
Due to the higher costs often attached to small loans, it might be more practical to consider other ways to raise the extra cash that you need. For instance, borrowing money from relatives or friends for a short term can be a good alternative.
You may also want to look into your current account and its overdraft facility as some charge less with other even having 0% as long as you stick to a specific limit. They are quick too and will give you access to funds right away.