What Are These Loans?
Obviously, the ‘same day’ part of this is self-explanatory. If you are accepted for one of these loans then you will receive the money within the day, it is the other part that needs explaining. Having a bad credit history can really hamper your progress when you are trying to get loans.
Luckily, Bonsai Finance have many connections with lenders in the financial industry that are willing to approve loans for people with a bad credit score. However, if you are applying for same day loans no credit may not quite be what it seems as a conventional credit report may not be carried out, but a simplified one may be.
There are a few reasons why you might want to completely avoid lenders looking at any part of your credit history, and they are equally valid. You may have a poor credit score and you would rather they didn’t see this, or you may just have a hankering for privacy. The other problem is that when lenders look at your credit history they leave a mark to say your file has been searched. Too many of these and it looks bad on your credit report, so it may be that you would rather this wasn’t done.
Don’t forget that the alternative view to this is that being approved for a loan and paying the instalments regularly and on time can mean a boost for your credit history and an increase in your credit score.
Is a Credit Report Carried Out?
Even though the name of these same day loans seems to imply that no credit report will be done, any lender would be foolish to lend money without even knowing if you are actually the person you say you are. They do check your history, but usually only to verify your name and address as the anti money-laundering laws in the UK say that these need to match the bank account where the money will be deposited.
Additionally, just to make sure you can pay back the loan, your employment history and income will be verified. This won’t be checked with your employer, and no marks are made on your credit history to put off future lenders.
The reason that these reduced checks can be done is because these types of loans are usually for a reasonably small amount over a short period of time. They can have high interest rates, but as long as you are sensible about how much you can pay off and are sure to meet the instalments every month these shouldn’t cause you any trouble.
Benefits of Same Day Loans No Credit
As well as receiving the money on the same day and the lack of a mark on your credit history to say lenders have been requesting details, there are other benefits to getting one of these loans. You don’t have to wait for the lender to do a proper credit report which can take a while, so your application can be completed much more quickly. Also, people who are applying for this sort of loan usually need the money for some expense that was unexpected, like broken-down heating or an emergency repair to a car. This speed can be very useful and they have the added benefit that if you do have a less than optimal credit history they can be a stop gap until you have found ways to improve your credit score. The fact you have been approved for a loan can actually help improve your score as long as you are paying back the instalments when you need to.
Should You Apply?
There are many benefits to finding same day loans no credit, but the trick is to know how to find them. If you want to experience the most convenient and simple application process, try us at Bonsai Finance. It is much easier to apply from your front room than to traipse around town looking for the right lender. We do all the searching for you as we have connections with many lenders that would be delighted to offer you just this type of loan. Contact us today and see how easy it is.