Finding a no credit check loan lender

If you’re looking for a loan without a credit check it’s likely that you’re not that credit worthy, or have recently come to the UK, or have no credit history at all.  A lender should do a credit check before starting any sort of credit agreement to protect them from fraud.  At least with a credit check what you give as your name, date of birth and address history can be verified to see if you “stack up” even if the lender will see is a long string of court judgements and default notices.

People with good credit histories can often borrow many thousands of pounds on an unsecured basis even without proof of earnings, due to their track record show in their credit file and the status of other lending agreements they have.  Interest rates for such people are often not much higher than bank of England base rate.  With no credit check loans, they are often quite short term like payday loans, and  often have high fees and very high interest rates.  Typically a payday loan involves a cost of £25 for every £100 borrowed.  Some no credit check loans can be secured, and not just on a home or other property.  Log book loans use a car as security, if it has little or no finance already on it.  Some logbook loans companies insist on installing a “Tracker” on the can so they can always find out where it is.

If you need money, for example when you are re financing your home and you need money for a valuation fee a short term no credit score loan could be a good idea, but usually you are better off trying to borrow money from family or trying to sell person possessions’ like computers, flat screen tv’s etc.  You may even be better off ordering something from a catalogue that you already have an account with and putting it on gumtree or in the news paper, and selling it to get cash.