If you need to apply for finance, but don’t want your credit report to be brought into it then a short term loan no credit check online is the perfect solution for you. The lender that we work with providing these kinds of finance options typically look to aspects such as a personal identity check and Individual Voluntary Arrangement (IVA) in order to work out if you can repay the loan. This means that they take a deeper look into your outgoings and incomings instead of accepting or declining you based on the results of your credit report.
Why would someone take out a no credit check short term loan online?
There are a few main reasons that applicants turn to online brokers when looking for a short term financial aid:
- Poor credit score – regardless of what you may have defaulted on in the past, this type of finance doesn’t take that into account. You can apply freely no matter what your credit history is like.
- Privacy – Having your credit report scrutinised by mysterious strangers can sometimes feel a bit invasive of your privacy. This is why some people turn to no credit check short term loans online.
- Build up your credit score – Repaying your finances on time can have quite a positive effect on your credit score and is a good way to repair a poor one.
Know Exactly What You Are Getting Into
Smaller loan amounts and terms – Should you decide you don’t wish to have your credit checked, ensure that you are aware of the loan amounts and time frames associate with the agreement. Typically, when you’re opting out of a credit check, this is a bigger risk to lenders and so don’t usually offer more than £1000 to be borrowed. In addition, the term of the agreement is usually quite show, a month or so until you’ll need to repay the finance.
Interest charges – A no credit check loan will still charge interest as other financial commitments do. However, repaying your loan early will net you some nice savings on how much interest you pay.
If you need some more information on improving your credit rating or applying for short term finance online the make sure to visit the Money Advice Service.