Secrets of No Credit Check Loans Every Borrower Must Know
The average consumer credit in the UK increased up to GBP 1.567 billion in June of 2018. Year after year, the consumer credit is increasing @ 8.8 percent almost similar in previous months. The credit card debt went up to 9.5 % in May 2018 while other loans went up 8.5 % in May 2018. Consumer credit is the borrowing done by UK individuals to meet out the current expenditure pertaining to goods and/or services but it excludes student loans. Consumer credit is divided into two categories - credit card debt and other debts. As the average consumer credit is on the rise and is expected to rise further, development of bad credit score is more likely. Therefore, demand of no credit check loans from all the walks of life is expected to go high in 2018 and coming years.
Basic Concept of Instant Decision No-Credit Check Loans:
The loans without credit check in the UK were introduced by direct lenders to help the people with bad credit history going through financial crisis. The basic concept was to target the potential borrowers from different social segments including unemployed, employed, business owners, start up entrepreneurs etc having poor credit score because most of these people are unable to get the credit from the high street financial institutions including banks. Many of these people face Govt. benefits cut also, so they feel helpless when their loan applications are rejected instantly or after few days. Many times, the financial emergency doesn’t spare enough time to hit and try too many resources to get cash help financial; no credit check loan easily available at direct lending agencies seems the best possible way to get quick cash help.
Is It Really Tough To Borrow with Bad Credit History?
No borrower has one credit score rating often used by the lenders while deciding to accept or not to accept the applications. Many direct lenders with short-term business quick interests following the unethical practices often use a term - 'credit blacklist’ while there exists no such term. Each direct lender assesses the client’s credibility at own parameters through different tools. However, there are several free to use online tools to help the would-be borrowers assess the credit score at their own. It is a fact that bad credit history makes the borrowing task tougher irrespective to selected source.
Why Do You Often Need No-Credit Check Loan?
What are the prime reasons that make the dent into credit history? The failure in keeping the repayment on the time because of any reason appears at the credit history; it includes late payment also. Likewise entering into Individual Voluntary Arrangement (IVA), having County Court Judgement (CCJ), or being a declared bankrupt badly affect the credit worthiness. Just making the minimum repayment of credit card bills each month also dents the credit history because it leads the direct lenders assume that the applicant is struggling manage financial dues. In case, you feel that it is almost impossible to manage the pending bills, better, you contact the lender and present the real picture of your financial condition. The numbers of genuine direct lenders offer tailor made no credit check lending to help you survive stress free during the financial crisis. Yes, planning for short-term minimum amount borrowing is the best smart approach.