No Credit Check*
- Borrow £100 - £15000
- Financial Problems OK
- Non-Homeowner Guarantors accepted
- Multiple Loan Options
- No Fees or Charges§
- Can be paid within 24 hrs
So called "no-credit-check loans" are unsecured loans that are suitable for UK residents who have financial problems. It is actually credit scoring, based on an applicant's financial history, that can undermine the lending decision. And that is what these loans allow you to avoid.
All lenders will do a credit check because they need to confirm your identity and ensure you are not bankrupt or on an IVA. But they won't base their lending decision on a score calculated from your credit history.
The way in which a lender can worry less about your score and your financial history is by you providing someone to a guarantee your loan - someone who could step in, if required, to make one or more repayments on your behalf. This way the risk to the lender is reduced and they will be more inclined to make a loan. All lenders are obliged to ensure that what you borrow is affordable so you should expect to have to provide income and expenditure information to potential lenders.
Borrow £100 to £15,000
Credit score less important
No fees or charges
Designed for poor credit
Multiple loan options
Family member or friend required to guarantee your loan
The way to borrow with less emphasis on a credit check and your score is for you to get someone to act as your guarantor - someone (e.g. parent, relation, close friend) who knows you better than any credit check or score ever can.
We now have access to "loans with no credit check" from multiple sources through a single enquiry form - and you'll get an immediate in-principle decisions. You can then continue using a lender's e-signature service. It has become possible to get a loan with a credit check within 24 hours.
The lenders will check your credit file to verify your identity and to ensure you are not bankrupt or involved in an IVA. This search will be registered on your financial record he;d by the three main UK agencies. However, guarantor loan lenders won't typically use the other information in your file to score you, or if they do score you this will not necessarily impact you since you provide a guarantor. Borrowing is always subject to affordability checks.
If you can get an acceptable guarantor then, subject to affordability, you stand a good chance of being able to get a loan.
The guarantor confirms that they will make monthly repayments for you should you fail to do so (electricity and gas companies have used the guarantor method for decades). But you must ensure that the guarantor knows you well and that they fully understand their obligations.
If you don't think you would be able to find a guarantor now then consider this - over 10% of actual borrowers also initially thought they couldn't find a guarantor!!
You don't have to find your guarantor before you apply. That can be sorted out later.
* the lenders will check your credit file to verify your identity and to ensure you are not bankrupt or involved in an IVA. This search will be registered on your credit file. However, many guarantor loan lenders will not use the other information in your credit file to credit score you, or if they do credit score you this will not necessarily impact you since you provide a guarantor. Borrowing is always subject to affordability checks and though the idea of no credit checks is appealing they don't exist.
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