Credit check sounds like an obvious process while applying for the loan. However, this is not something that suits to bad credit scorers and first time applicants. The search footprint that credit score perusal leaves on the financial records, may cause degrade in the credit rating if the application is rejected. If you are also among those with such issues, London Loan Bank can help through no credit check loans. Borrow funds irrespective of your credit score status without any inquiry on credit score performance.
Well, the rule of logic says that credit rating is not the only factor to consider the financial capacity of a borrower. You may face some situations that were unexpected but they occurred shaking your finances from the roots. Take redundancy as an example. Unemployment due to this reason justifies your helplessness. No job means no income, which means financial mess of pending obligations. This is just one example, there can be many more.
In the absence of a credit history (for first time applicants) or good credit score, we judge you through your affordability. Your role is to show that affordability in your current income and recent bank statement. This decides the loan amount that you can qualify for.
Isn’t it a far better approach than rejecting loan applications?
The loans without credit check are short-term with small amount of limit to borrow. This is why -
No Collateral (property/financial assets)
On choice, borrowers can provide guarantor or collateral as it helps get more relaxation in rates. BUT, once again, it is certainly not compulsory to provide any obligation. Completely on your own choice and preference.
No credit check is actually a feature that mixes well with other loans and solves multiple purposes. This gives birth to many types.
The list is quite promising and you are sure to agree with that if you have a look –
Only the most rational reasons can describe why you should choose London Loan Bank. Shall we start?
‘Simple’ and ‘brief’ are the two words to describe best our application procedure.
The term ‘no credit check’ is nothing but a simplified version of soft credit check. It is one of the two types of credit check i.e. 1. Hard credit check and 2. Soft credit check. In the second one, the lender replaces the credit check process with the other details it takes from the borrower. These are – address details, employment history and monthly salary.
Credit check has been an important factor in the loan approval especially when it comes to the traditional lenders. Nowadays, the modern day direct lenders have changed the scenario a bit by accepting the loan applications with no credit check process. It means you can get the no credit check loan from the direct lenders.
Under this procedure, the lenders do not go through your past credit history rather they focus on your present financial circumstances and capacity. These are the short-term loans and primarily applied during the financial emergencies. Payday loans are the best example of it where the borrowed amount is small and no credit perusal is done.
Having a bad credit score means you have limited funding opportunities to explore as compared to those with better credit record. The lack of guarantor during this time adds more misery to your circumstances. But there is no need to worry because some private lenders do offer loan with bad credit and no guarantor.
Apply now to get a quote
You could borrow £3,000 over 24 months with 24 monthly repayments of £156.47. Total amount repayable will be £5,632.94. Representative 46.8% APR, Annual interest rate (fixed) 46.8%.Terms and conditions apply. Subject to change without notice. UK residents aged 18 to 79 years.