Have you heard about no credit check loans but were not quite sure of whether they would suit your requirements? Here is some information that will help.
Anyone who has a bad credit record would have heard about no credit check loans. However, not everyone is clear about the facts related to the amount of loan that can be availed, how to apply and other related information. Here is a brief run down on these loans.
What are no credit check loans?
They are short-term unsecured loans that are given to people who do not have an alternate source of finance, such as personal loans from banks for meeting an unexpected expense. Any form of loan from banks, usually involves checking the credit record of the person and collateral is asked for if the bank is doubtful of the person?s repayment capacity.
Can anyone apply for no credit check loans?
A person has to meet certain requirements in order to get a no credit check loan. These include:
? Being of legal age
? Being a citizen of UK
? Having a regular source of income
? Having an existing and working bank account under his or her name
What is the application procedure for getting no credit check loans?
If a person meets all the eligibility criteria, he can file an online application for the loan. The application form collects information such as:
? Name, address and email
? Country of residence/citizenship
? Employment status and monthly income
? Loan amount, type of loan and purpose of loan
? Bank account information
Once you submit the application form online, you will receive a confirmation on your email address when your loan is approved. This usually happens in about 30 seconds. The loan amount is credited to your bank account through an online transfer within a few hours and you can withdraw cash instantly.
When should a person opt for no credit check loans?
A no credit check loan carries a much higher rate of interest compared to personal loans or unsecured loans from banks. You can be charged interest of around ?25 for each ?100 that you borrow. While this may seem all right for a small amount, for an amount of ?1000 you could end up paying ?250 as monthly interest. While 25% may not seem significant, bear in mind that if the loan is not repaid within the month, the interest gets compounded and can go up to an APR (Annual Percentage Rate) of over 2000%.
Hence, these loans should only be used if you are confident of your ability to repay them within the minimum time period as otherwise the interest could multiply beyond your expectations. no credit check loans are best for short term financing of less than a month or until your next paycheck arrives.
About the Author
Steve Hill is a full time writer with a particular interest in finance products and loans. Over the years he has written a broad range of content to help people understand and take advantage of no credit check loans to the people in UK looking for such loans.
Source: http://www.taraash.net/2012/08/02/No-Credit-Check-Loans-In-Brief/
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