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Guaranteed Loans No Credit Check
28 Apr 2019

Guaranteed Loans No Credit Check

Here at Bonsai Finance, we believe in being very honest in regards to finance. We want to be straight up and tell you that there is no such thing as guaranteed loans no credit check. Now before you turn away because your credit rating is not in such good stance we want to assure you that the lenders we work with will take all circumstances into consideration and not just go on your credit rating when deciding whether they can offer you a loan.

The lenders we work with will:

  • Check your credit rating but also consider your current circumstances;
  • Make sure that the loan is going to be affordable to you;
  • Offer loans that are affordable;
  • Offer numerous loans options;
  • Offer loans with some of the most competitive rates;
  • Offer loans between £500 and £5,000;
  • Loans can be spread out over 1 to 36 months.

Why Lenders Cannot Guarantee Loans

Lenders cannot guarantee loans without first checking to make sure that you can afford the loan. To do so would be unethical, as they would be giving you a loan that you have no hope of paying back, which would mean you end up in debt with fees and more interest added on.

To make sure the loan is affordable they have to look into the amount of income you have coming into the household each month along with what you pay out. They need to know that you have enough money left over to repay the loan along with any other living expenses that might crop up.

Another reason lenders cannot guarantee a loan is that you do have to meet some criteria before you are eligible.

To be able to take out a loan you need to:

  • Be 18 years of age at least;
  • Have a UK address;
  • Hold a UK bank account and debit card;
  • Have a regular amount of money paid into the bank each month.

Why Lenders Cannot Offer Guaranteed Loans No Credit Check

Lenders cannot offer no credit check loans without having checked that you have not missed payments on loans in the past or continually being late with payments. If you have obtained a bad credit rating due to missing payments, having CCJs or continually being late with repayments, they know the risk they are taking if they offer you a loan. Therefore, no lender is going to give you money without first weighing up the risks.

The lenders we work with also take into account that the past is the past and your situation might have improved since years ago when you obtained a poor credit rating. Therefore, they will consider your current circumstances too but they wont offer guaranteed loans no credit check.

If your situation has improved and you have a regular income coming in with enough spare money left over after you have paid the bills, the lender might offer you the loan despite your credit rating not being perfect.

The Types of Loans Most Suitable For Poor Credit

Some loans are more suitable for people with poor credit than others might be. Usually these are loans where the borrowing limit is low such as with short-term loans or payday loans.

With loans such as these, you can typically borrow between £100 and £5,000. With payday loans, you repay the loan between 1 and 3 months on your paydays. The short-term loan is usually extended with the loan being repaid within 12 months but may be increased to 36 months with some lenders.

In Conclusion

It is not possible to find guaranteed loans no credit check but the lenders we work with will take all situations and circumstances into consideration.  This means that even if you have a poor credit rating we might be in a position to match you up with a lender who can offer you an affordable loan with some of the most competitive rates for your circumstances.