UK No Credit Check Loans
Since the early 2000′s there has been a notable change in peoples borrowing habits, and a massive change in the banks lending requirements. Many people are now looking for no credit check loans. With the majority of normal people unable to find any credit it is not surprising that many have turned to lenders that were unheard of just a few years ago. These lenders by comparison can prove very much more expensive, but many people have found when it comes to loans especially on a no credit check basis they have little or nothing to choose from.
Over the last couple of years there are two types of loan that have specifically caught the attention of UK borrowers; both these loans have been ideas imported from the USA and have proved exceptionally popular during the recession. While no loan should be taken without first carefully considering the terms and conditions if you are looking for a no credit check UK loan you may want to consider one of the following.
Payday Loans
Payday loan lending has increased over 241% over the last 4 years in the UK, from £1.6 million in 2006 to £4.1 million in 2010. These loans although originally devised for the US market have caught on very fast and it looks like the trend is destined to continue.
Payday loans are popular for a number of reasons but primarily for their ease of use. Most Payday Lenders carry out no credit checks, do not require their borrowers to fax any details and can provide the loan within 24 hours. Also, the application can be fully completed online without ever having the need to meet someone in person or discuss the loan over the telephone.
Payday loans no credit check charge £25 per £100 borrowed, and many allow you to roll over this amount to the following month with only a payment of interest.
Logbook Loans
These loans are a very different beast to Payday Loans and offer lending on very different terms. As with payday loans they run no credit checks and will provide their services to even those with a very poor credit history. Logbook loans offer lending over a much longer period of time, but insist that they receive a vehicle as collateral. The lenders state that they will lend up to £50,000 but in truth any loan offered will be approximately 50% of your vehicles value.
Remember that no credit check loans will provide loans quicker, but these will usually (in almost all cases) have a much higher APR rate than you would normally expect from the far more conventional bank loan, or conventional secured loan. When taking one of these loans be sure you can afford the repayments and ensure that you are willing to pay this inflated interest. If you are already struggling.
Related posts:
- Very Bad Credit and Logbook Loans
- Bad Credit Loans
- Loans for People with Bad Credit
- Logbook Loans or Payday Loans?
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