No Credit Check Loans
If you’re worried about your credit score stopping you from getting a loan, there are still some ways around it. But it’s worth doing your research to avoid taking on high-risk debt. This is where no credit check loans come into play as many unsecured loans providers are unlikely to lend to you if you have poor credit.
What are No Credit Check Loans?
A no credit check loan is when an individual applying for a loan is not required to have their credit history checked in order to assess their overall suitability for a loan. No credit check loans are the fastest and easiest way to access additional finances. Generally, your credit rating will be checked before you are given any form of credit or loan.
Note: If you are offered a loan without any form of credit check at all the lender may either be a fraudster or a loan shark and you should avoid dealing with them.
Why is a Credit Check carried out?
A credit check is carried out by financial institutions whenever you apply for one of their products. Credit checks are carried out as a way to see the history of your financial interactions, including debts repaid, debt still owed, as well as missed payments, defaults and other information.
Your credit report also comes with a score, which is based on how risky your history suggests you might be in the future. Lenders use your credit report as one of the decisive factors when approving or rejecting your application. According to the FCA (Financial Conduct Authority), all lenders need to conduct credit checks on their customers.
How to apply for No Credit Check Loans?
When an emergency happens, all you want to do is deal with the issue quickly and move on. The good news is that there are options out there if you want to take out a short term loan. However, your credit rating will be checked before you are given any form of credit or loan.