Let’s face it – there are plenty of us with a less than perfect credit score. Unfortunately, this can make sourcing new credit both difficult and expensive as you may be seen as a higher risk to lenders than others with no blemishes.
Fortunately, there are plenty of companies who don’t fall into the ‘computer says no’ category when it comes to assessing new credit applications. No credit check loans help would be borrowers to avoid being penalised for having bad credit, instead taking into account other factor such as:
- Employment status
- Residential status
- Existing debts
- The purpose of the loan
- Assets as security
Read on to learn more about how no credit check loans can help you to source the funds needed to overcome any financial obstacles that life throws your way.
Why Consider No Credit Check Loans?
Each credit check that’s carried out by a lender leaves a mark on your credit history. If you make multiple applications for credit over a short space of time then this can negatively affect your score, particularly if you’re unsuccessful in these applications.
Instead, no credit check loans will make an assessment without blemishing your credit history, helping you to avoid unnecessary damage to your score.
There are even some lenders who will carry out a ‘soft search’ of your credit file meaning that they’ll take a look at the surface information without leaving a note to say that a check has been carried out. This will help to give you an accurate idea as to whether you’ll be accepted for a particular loan should you decide to press ahead with a full application.
What No Credit Check Loans Are Available?
The great news for borrowers who are concerned about credit checks is that there are plenty of other ways lenders can assess the risk surrounding each application they receive. Rather than solely relying on your credit history, lenders can use assets as collateral, accept a guarantor, or simply take into account other factors such as your income, residential status and employment status instead.
Here are some of the most popular no credit check loans searched for at CreditRaters.com.
Payday Loans – No Credit Check
Short term loans have been a big hit in the UK for a number of years now, but payday loans no credit check are quickly becoming one of the most searched for loans in this sector. Since payday loans have such a short repayment period, they’re incredibly easy to manage and approval rates are high, however this doesn’t mean that everyone will be accepted based on their credit score.
Following a long spell under the media spotlight, most payday loan companies will use at least some form of credit check when assessing applications, but it’s not the only factor they’ll consider.
If you’re worried about applying due to credit checks, then consider looking for bad credit payday loans or soft credit check payday loan lenders to improve your chances of acceptance.
Car Finance – No Credit Check
Taking out car finance no credit checks is a great way to pick up your next car without the inconvenience or large, upfront costs. Rather than having to make the entire payment upfront, you’ll be able to spread the cost of your new car over a convenient number of months or years.
Motorcycle Finance – No Credit Check
It’s not just car finance lenders that can offer no credit check loans.Motorcycle finance no credit check are also available if you prefer two wheels to four and operate in exactly the same way as traditional car finance loans.
The borrowed funds must be used for the purchase of the vehicle that you’ve indicated and so you won’t be able to invest this money into other financial areas of your life.
Van Finance – No Credit Check
Prefer to borrow money for a van instead of a car or motorcycle? Whether a larger vehicle is more convenient for your personal life or you simply need a van to realise your commercial ambitions, van finance no credit check can help.
Logbook Loans – No Credit Check
Logbook loans have been a fantastic resource for borrowers with a less than perfect credit score for sometime thanks to the vehicle acting as security on the loan. Logbook loans no credit check are ideal for those who are looking to raise short to mid term finance by using their car, van or motorcycle as collateral.
Logbook loans no credit check are incredibly simple to apply for and offer high rates of acceptance since they’ll take on full legal ownership of the vehicle until the outstanding balance has been cleared. Don’t worry – you’ll retain complete, unrestricted control over your vehicle during this time although it’s important to remember that it could be at risk should you be unable to repay the amount borrowed.
Guarantor Loans – No Credit Check
If you’re looking for no credit check loans because of your own poor credit history then it’s well worth considering a guarantor loan. With guarantor loans, no credit check will be carried on you but instead this will fall onto a guarantor of your choosing. Guarantor loans involve using a friend, family member, work colleague or anyone else that you know to guarantor the loan repayments on your behalf.
Effectively, they’ll act as security should you be unable to repay your outstanding balance. However, the good news is that you’ll improve your own credit score, not theirs, should you keep on top of your repayments so it’s actually a very effective way of boosting your score for future borrowing.
How Can I Apply For No Credit Check Loans?
With so many personal loans now available on the UK market, it’s never been easier to find the perfect loan for your circumstances. If your priority is to apply without a credit check taking place then CreditRaters.com can help.
It all starts by getting an accurate, personalised comparison through our state of the art loan matching platform. By entering some basic personal and financial information, we’ll match your circumstances with lenders who can help, including those offering no credit check loans.
Once you’ve selected a lender from your tailored list, you’ll simply need to provide them with a little more information about you and your loan before receiving an instant online decision. If accepted, you’ll be able to sign and return your credit agreement online with funds potentially transferred to your account in as little as 24 hours. There are even some lenders who can arrange for same day transfer at no extra cost.
Find out how CreditRaters.com can help you to get a fantastic rate on your next line of credit by registering for free and with no obligation today.