Generally, a bad credit history borrower has to struggle a lot while obtaining loans. With the percentage of people with credit problems increasing by the day, it is impossible for the lenders to refrain from offering any financial grant. Despite all the odds, there are still some lenders who are offering monetary assistance to those with bad credit in the form of loans with no credit check. Just like the name refers, credit score have any impact on these loans neither a borrower's credit history.
These loans are structured to provide monetary relief to the bad credit borrowers who often have to face a lot of hassles while availing the loans. Any individual with a history of bad credit such as CCJs, IVA, arrears, defaults etc can apply for these loans to meet any of their needs in a seemingly easy manner. Further, making regular payments towards clearing the borrowed amount will assist the borrower to improve the credit score.
In the financial market, these loans are approved by categorizing it in to secured and unsecured form. If the borrower is looking for a bigger amount and a comparatively cheap interest rate, it is preferable to opt for unsecured form. To avail the loan form, borrower has to pledge collateral which can be a home, real estate, car or any other valuable asset. The placing of collateral provides an assurance to the lender and the borrower gets to access these loans at comparatively low rates. The amount offered is in the range of £5000-£75000, which needs to be repaid within a convenient period of 5- 25 years.
On the contrary, borrower can obtain the unsecured form of the loans without pledging any collateral. This loan option offers a limited amount in the range of £1000-£25000, that needs to be repaid within a period of 6month- 10 years. However, the interest rate levied on the loans is slightly higher as the amount is approved without any security.
Loans with no credit check are offered by all major lenders, banks and financial institutions available in the market today. Although using the online medium will be advantageous as it provides instant results. The processing is fast and free from any hassles. Besides, on comparing the rate quotes of various lenders borrower can spot lenders offering lucrative deals on these loans.
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