As a person with bad credit, a
financial crisis can be made all the worse. Your bad credit prevents most
lenders from even considering you for loans and credit cards are impossible to
find. If you do not have friends or family to turn to for money, than the last
choice available to you is a no credit check loan. These loans bypass the worst
part of getting a loan - rejection due to poor credit - and get you the cash
you need in a simple, no nonsense manner. As long as you meet four basic
criteria, you can get a no credit check loan.
Bad Credit Comes from Many Places
People encounter bad credit in their
life for a variety of reasons. Sometimes, one simply spends too much money
without realizing the consequences of their actions. However, more often,
personal crises such as illness and job loss are far more likely the culprit of
many bad credit situations. No matter the reasons, though, bankruptcies, court
judgments and other major credit black marks will make the process of finding a
loan seem impossible.
This is where the no credit check
loans come into play. Since lenders offering these loans only give them for
short periods of time and for small amounts of money, as long as you meet basic
income requirements these loans are guaranteed. These loans do not require a
credit check, so no matter the reason for your bad credit or the black marks on
your credit report, you can get the money you need.
What You Can Expect
As I indicated before, the deal that
you receive with no credit check loans is slightly different from what you may
be used to with more traditional loans. These loans are only offered for a
short period of time. They are also called payday loans for that reason - they
operate as an early payday for borrowers. In real terms, this means you need to
repay these loans in 14-60 days.
The other special circumstances for
these loans have to do with the amount you can expect to receive from them.
Because you need to repay no credit check loans in such a short period of time,
they are only given in small amounts (about equal to those paychecks you will
use to repay them). Payday loans are therefore given in amounts that range from
£100-£1000.
However, in special circumstances,
you can get your payday loan for a longer period (up to three months) and for a
greater amount (up to £5000). This deal largely depends on the policies of the
lender you choose.
Meeting No Credit Check
Qualifications
Since no credit check loans, as the
name implies, do not require a credit check, they are not given out in
accordance to your credit score. Rather, there is a list of four criteria you
must meet:
· Being a UK resident.
· Being at least 18 years old.
· Proving that you have a regular
job, with a reliable paycheck.
· Possessing a valid bank account
for the lender to deposit the money.
As long as you can meet these four
criteria, bad credit will not matter and you will be given a no credit check
loan without hassle. Generally, the lender will deposit your loan into your
bank account within 24 hours.
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