If you have a poor credit rating and have been looking for a loan you might have been offered a guarantor loan. This means you have someone who guarantees they will take over the loan repayments if you find you cannot manage them. If you do not want a guarantor loan there are other options but is there such a thing as, no credit check loans no guarantors?
What Loan Choices Are There Besides Guarantor Loans?
You have established that you do not want a guarantor loan, but what other loans might be available.
The payday loan – this is a loan offering a small sum of money, between £100 and £500, paid back quickly. This is usually between one and three months.
Short-term loan – this loan may allow you to borrow over a slightly longer period and repay for up to 12 months or so. This would depend on the lender and your circumstances. You might be in a position to borrow anywhere between £500 and £1,000.
Personal loan – the personal loan may allow you to borrow between £1,000 and £5,000 and you could repay it up to 36 months.
Are They No Credit Check Loans?
There is no such loan as a credit check loan in the UK. With all of the loans talked about above, lenders have to undertake a credit check by law. So where does this leave you if you have a bad credit rating and do not want a guarantor loan?
We work alongside a range of lenders who offer a competitive rate on loans that base the loans on your verifiable income instead of your credit rating. They will check your credit file as mentioned above but it does not influence their decision too much, as to whether they will offer you a loan.
We can help to match you up with a panel of lenders offering numerous loan options, which means that while your credit score might be poor, it does not mean you will be turned down automatically.
Information Lenders Take Into Account
All lenders that we work with will want to ensure that the loan you are applying for is affordable to you. In order to be able to make a decision, lenders may use information such as:
- Your age – you have to be at least 18 years old to apply for any type of loan;
- Your full name – this is your birth name in full;
- Your full address which needs to match the address on your bank account;
- Your income – this should be a regular monthly income;
- Your outgoings – what you pay out each month;
- A UK bank account;
- Debit card and the ability to set up a direct debit.
So No Credit Check Loans No Guarantors Are a Myth?
It is true to say that people with poor credit may be able to get a loan that does not require a guarantor. They can apply for a payday loan, short-term loan or personal loan. However, all UK lenders have to undertake a credit check as this is the law. As you can see from the above it may be possible to get a loan even if you have a poor credit rating and the lender checking your credit score, with our lenders.
While there is no such product called no credit check loans no guarantor you can apply for a loan with poor credit without a guarantor with our help. We work with a range of lenders offering a simple application with an instant decision. So apply today.