Looking for Short Term Loans in UK with No Credit Checks?
Are you looking for affordable short term loans in the UK? Do you have poor credit score and you want a no credit check loan? If answer to these questions is in affirmative you are certainly looking for bad credit short term loans with minimum hassles. But before you begin the search for no credit check short term loans it is important to know how far it is even possible to get a no credit check loan in the UK.
Truth about No credit check loans
FCA is the financial watchdog in the UK and it prohibits lenders from extending no credit check loans. So whether you have good, bad or no credit history, you can not avail a no credit check loan in the UK. All those lenders who claim to offer short term loans in UK with no credit checks could be loan sharks looking for easy victims.
It is recommended to contact a loan broker and not a lender directly. The brokers are financial professionals who have links with several lenders. As they deal with brokers daily, they are less likely to make a mistake while choosing the lender. Most of the brokers deal with experienced lenders and thus you could be rest assured of contacting a legitimate lender with the help of a loan broker.
What is credit check?
Every time you apply for a loan, the lender makes a query to a credit bureau and asks for your credit report. This credit check is reported on your credit report and affects your score in real time. However when your loan is rejected, you are bound to request another lender. With poor rating, multiple credit checks for a single loan would ruin score further. This is why bad credit borrowers search for no credit check loans.
What if you get the credit check done without making a footprint in your credit report?
Well, this is what the broker helps you get. The loan brokers forward your loan query with multiple lenders and ask them to run soft checks only. Soft credit check is basically a credit check that is not marked on a credit report.
Being a bad credit borrower you thus need short term loans with no hard credit checks. In a way credit check is also good for the borrower. A credit check helps borrowers know about their loan affordability factor. With approval of a loan, the borrower could be confident of repaying on time. On the other hand if loans were approved without a credit check, both lenders and borrowers would stay in dark about the success of the deal through out.
How to get soft credit check loan?
You simply need to contact a loan broker to search for bespoke soft credit check loan for bad credit. For, hardly do lenders offer deals directly to borrowers. Besides it is not easy to negotiate for rate. With brokers by your side, you could avail an affordable loan with complete peace of mind. For brokers have rich experience in availing the cheap rates and terms of loans.
