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Have you recently been denied for a loan because you didn’t pass the credit check? If so, you are not the only person. Lately, lending companies are really selective about who they give money to, as they don’t want to take any chances that they might not get repaid. So what can you do if your credit history is less than savory?
You have a couple of options if you don’t want to go through the credit check process and if you need the money immediately.
Most no credit check loans can be found online. The first type of loan that people will usually try to apply for is a payday loan. These are very easy to get if you are currently employed because that is the main thing the lender is looking for.
If you do have work and are a citizen in the area you are trying to get the money, you can have it by the end of the day. The downside of these no credit check loans online is that they are designed to be paid back immediately due to their high interest rates and are not a good way to go if you are trying to get money for a non emergency.
Some lenders offer Payday loans with no credit check, but they usually charge around £25 for every £100 you borrow.
Different types of no credit check loans online?
Another type of loan that you can get with no credit check is the collateral type. These allow you to use some assest you might have like car or property as collateral, which takes the risk away from the lender. They will be able to take your asset if you are unable to pay back the loan, and the amount that they lend you is based on the value of the asset. The nice thing about these types is the fact that you don’t have to give up your asset while you pay back your no credit check loans online.
In other words, if you chose to put your car up as collateral, you can continue using it while making payments. Ultimately, it’s going to be a lot harder to get loans if you have a poor credit history and want to avoid the credit check. Fortunately, there are options, and they’ll allow you to get the money you need the same day.
Plus, if you are responsible with them, you will improve your credit in the process. For people on benefits, for some loans you can pay weekly so you can pay with your benefit book. If you get into getting lots of payday loans, be very careful as the fees are very high.
Don’t ever get to the stage when you need to consolidate. If you are looking to get consumer goods for your self or your baby and you have some missed payments, why not consider bad credit catalogues, that start you with a small credit limit, then increase the credit limit will increase over time with regular payments.
Not many people on benefits have the use of a fax machine, and if you have a job, your probably a dumb fool if you use you employers fax and fax number to apply for a payday loan. Some lenders do options that avoid faxing. Most high street banks offer basic bank accounts, and while the still do a credit check, they will still give most people a bank account.