As the name may suggest, a short term loan with no credit check is a finical agreement between a lender and an applicant, with a short time frame and not requiring the applicant to be subjected to a credit reference check. A lot of lenders in today’s market will automatically credit check the people applying with them. It’s a method of determining whether someone can make the repayments without defaulting on the loans. A short term loan with no credit check will look at an individual’s circumstances and take more into account when considering whether to lend the money or not.
How long and How much?
Short term loans are typically given out with a month or so until they need to be repaid. They are designed like this to ensure that people don’t get lugged down with making repeat monthly repayments. Due to the short term nature of the finance, and the lack of security for the lender without performing credit checks, the amounts available to borrow are usually a bit lower than traditional financial options. Usually, depending on the lender, the amount would vary between £100 and a maximum of around £1000 can be borrowed to be repaid the following month.
Payday Loan Ranger Source the Best Short Term Loans No Credit Check
If you know that you have a poor credit score because you’ve defaulted on finance repayments before, then a no credit check short term loan from Payday Loan Ranger may be ideal for you. Usually, when you apply for any kind of finance, this is marked on your credit report. Not if you go through a short term loan no credit check though. We ensure that our lenders look at more than just a credit score to determine if someone is going to be able to repay the loans. We work with a portfolio of short term loan lenders that work to all of the rules and regulations set out by the FCA.
For more information or for advice and help with debt management, visit Step Change.