What are Our Three Best 12 Month Loans with No Credit Check?

If your personal finance rating is poor, the most well-known borrowing option is the payday loan.

This type of specialist finance is not at all suitable for many types of people, mainly because of the extremely high cost.

So in this article we look at three of the best alternative options which are currently available.

More Options than you may Think

A-Close-Up-Image-of-a-Man-Working-Out-BillsIf you have a poor credit rating, it can be all too easy to feel like a financial outcast.

With banks and building societies unwilling to take a chance on trusting you with their money, options may seem to be limited. The good news is that this is definitely not the case though.

Whilst some of the more high profile options, such as payday lending, is only designed to offer a quick fix (along with being incredibly expensive), there are a number of other options which offer a more affordable longer term solution.

Option No. 1: The Bank of Family and Friends

borrowing-from-family-and-friendsDue to the fact that many of the available lending options are only available with high APRs, the first option to avoid having a lender take a close look at your recent personal financial history, can be turning to family and friends.

Assuming that you have someone who is willing to lend you the funds, this option will very likely prove to be the cheapest option available.

It can always prove to be a good idea to set out repayment terms before borrowing the money. For example agreeing the amount of the money that you would like to borrow, deciding if you will pay any interest, and agreeing on a repayment schedule can help to ensure that both parties feel comfortable with the arrangement.

Important Note

Finding a way to improve your credit rating is the best way to gain access to the more affordable options available on the market.

Whilst borrowing from family and friends can be the perfect option, you must remember that there will be no formal record of this type of loan and even repaying it quickly will have no effect on improving your credit rating.

Option No. 2: Loans with a Guarantor

It can often be the case that even if we have someone close to us who is willing to help, they may not have the disposable cash available to actually lend you the money themselves. Fortunately, there is a great option which may be worth exploring.

If someone who knows both you and the situation is prepared to co-sign a lending agreement with you, you will be able to access some of the cheapest financial products currently available.


It is essential to remember that if you miss any repayments or fail to repay your loan in full, your lender will turn to the person who co-signed the loan with you to make the repayments.

In addition to this, the full payment history will be recorded on both of your credit reports, which could potentially cause significant problems should you fail on your payment responsibilities.

Option No. 3: Credit Unions

Credit unions have been created to provide people in an organisation or local community with the opportunity to borrow and save money.

With almost 450 of these unions based within the UK, easy access is almost assured. There are also a number of British-based credit unions, for example for employees of the NHS, trade union members and employees in the passenger transport industry.

According to Martin Lewis of MoneySavingExpert.com, Credit Unions also list one of their main objectives as:

“The training and education of the members in the wise use of money and in the management of their financial affairs.”

Martin Lewis
Money Saving Expert

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The Citizens Advice Bureau has drawn up an advice guide offering comprehensive information relating to credit unions and how they work.

Check out the article below to see what they had to say.

So What is your Credit Score?

To get an accurate insight into your current credit score, we strongly recommend a visit to Checkmyfile. This will give you the chance to access the UK’s only multi-agency report.

Check My File
Get Your Fully Comprehensive Multi Agency Credit Rating Report

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Comparing options from several lenders is the best way to ensure that you are getting the lowest possible interest rate. By using our calculator and completing our application form, you will be able to send applications to several of the UK’s most reputable lenders.

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