If you need to borrow money but have had financial problems in the past, a small loan that requires only minimal credit checks may be the solution?
Having a poor credit history can really hold you back when you want to move on with your life and start to rebuild your finances. Often it is through no fault of your own but due to circumstances beyond your control which can make being declined for a loan even more frustrating.
You might even have googled “small loans no credit check” to find out your options and been bombarded with payday loan adverts and links. We can assure you this is not necessarily your best route.
Don’t be fooled by a quick fix
Depending on how quickly you need to arrange finance you might be tempted to apply for a loan that will be in your bank within an hour no matter where it’s coming from.
Stop! Think carefully about what you’re doing. There are a huge range of small loans out there with APRs that vary widely. Pay day loans are designed to be just that; something to see you through until you are next paid. What happens, however, if you can’t pay it back by then? Do you take the risk of debt spiralling or do you have a look at your options?
We would always recommend you look at a range of offers before committing to one lender. Think about how much you need to borrow and a realistic repayment schedule and then fill in our quick and easy online form to see what you could borrow. There are no obligations to accept any of the offers so there is no risk in filling out the form.
So why aren’t there any credit checks?
The truth is that there are credit checks just not on you. Our lenders specialise in guarantor loans which require a backer to apply with you who is prepared to fulfil the loan repayments if circumstances change and you are unable to.
This person could be a friend, relative or colleague but they must be between 18 and 75 years of age for the duration of the loan, a UK resident and have a good credit history. They should also, of course, be someone that you are happy to ask to support your application. It is very important you explain the implications of that support and keep them up to date with any problems you think you might have with repaying the loan.
Repay yourself in to a good credit rating
By taking out a loan with one of our lenders, making your repayments on time and ultimately clearing the debt in full you will actually be increasing your credit score. This is because our lenders keep the major credit agencies informed of every payment you make against the loan so you should end the borrowing term with a better score than when you started. This will give you the freedom to either apply for a more conventional loan or borrow again with one of our lenders if you need to.