Bad Credit Loans No Credit Check
Bad credit loans with no credit checks are important in today’s society. Not everyone in the UK has money to fall back on for a rainy day. Some people are living pay-check to pay-check and only just have enough to support themselves and their families. So, when unexpected bills crop up or emergencies occur, not everyone is able to just pay them without any thought or any stress. Hence the need for these loans.
What are Bad Credit Loans No Credit Check?
Bad Credit Loans are loans which people use when they have a poor credit score. It can be a lot more difficult for people to get their hands on their desired loan when they don’t have a great credit score as some lenders can see you as a risk to them. The more you struggle with your money management and keeping on top of all your bills, the worse your credit rating becomes. For example, if you miss or skip certain payments your credit score will decrease. This makes it even more difficult to get any type of loan from any lender in the future.
Getting a no-credit-check loan is something those with bad credit might want to find if they cannot get a loan from other lenders. So with a no-credit-check loan, the lender doesn’t look at your credit history, but instead, they look at your current situation. So, for example, this is factors including your job and where your income comes from.
Is a Bad Credit Loans No Credit Check Good?
We advise that if you come across a lender who offers bad credit loans no credit check, you do not use them. This is because they are seen as unsafe. Most, if not all lenders who offer this service are not FCA regulated. This means that they do not abide by their rules but create their own.
If you do find a lender who is FCA regulated, the chances are they do conduct credit checks, but they don’t conduct hard ones. Meaning that it doesn’t cause as much damage to your credit score.
Alternatives to consider
Instead of risking something like this, there are plenty of other alternatives out there which can benefit you.
Getting a bad credit payday loan is a good idea as they could actually help you increase your credit score. This will make it easier for you to borrow in the future. Proving to a lender that you are trustworthy and can repay a loan on time will increase your credit score. Along with this, they are also designed for people who have bad credit. Applying for a bad credit payday loan is easy.
If you were looking for something a little longer than a month, a bad credit short term loan can offer you up to £1500 for up to 12 months. This means that you are able to repay the loan in small monthly instalments. This will also improve your credit score if they are on time.
Similarly, if you are not necessarily wanting money for right this moment, a good alternative is saving. If you can create a budget and stick to it you will be able to form some sort of money from saving up. Meaning you do not need to get a loan and repay it.