Is it possible to get no credit check loans in the UK?

The Financial Conduct Authority decides all the regulations and guidelines for loan transactions in the UK. One of these guidelines is that every lender has to perform a credit check of a loan application before approving the loan. This is why it is illegal to provide loans without credit check. Then what do no credit check loans mean? They simply mean that the lenders do not consider only the credit score of the person while approving the loan. Instead they consider other factors like the ability and intention of the person to return the loan on time. Their monthly income and expenditure and the stability of their employment etc. is considered while approving the loan. This is the reason that even people with bad credit can get loans quite easily.

Where you should go for bad credit loans

Now some of these lenders who provide so called loans without credit check can very easily be loan sharks or some other unscrupulous elements. This is the reason that you need to conduct a thorough research regarding the lenders before you decide to deal with them. But this can prove to be a time consuming and tedious procedure because there are so many lenders in the market and each one claims to be the best. This is the reason that you need to go through a loan broker so that you can be assured of the credibility of the lender in question. Loan brokers properly vet the lenders before forming associations with them. Most of the good loan brokers follow the regulations and guidelines of the FCA to the letter and so do the lenders associated with them.

How to find a good loan broker

All loan brokers in the UK have a strong online presence in the form of their own user friendly websites. All you have to do is search with the relevant keywords on your favorite search engine. Many websites will come up and you should study as many as you can and short list 3-4 of them. Once this is done you should apply for a loan on each of these websites and wait for their answer. Compare the loan products that each website is offering and choose the one that is offering the most affordable loan product. At the same time, do not forget to read the reviews and testimonials written by the loan broker’s earlier customers. Choose the loan broker who has the maximum positive reviews in their favor.

Online process

The best part of going through loan brokers for short term loans bad credit is that the entire process of application and approval is online. You do not have to go to the office of the loan broker or the lender in order to apply for the loan or to get it approved. Usually traditional lenders require you to have a face to face meeting with them before they provide the approval for the loan. This process usually takes days if not weeks and does not serve your purpose if your requirement of money is urgent. On the other hand, if you apply for a loan through a loan broker then your loan will be approved within 30 minutes and the money will be transferred to your account within the same day.

Hi, my name is Jully O'Neill. I live in London and I work as a financial writer at Oyster Loan. Click Here More Information https://www.oysterloan.co.uk/