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As a person with bad credit, a financial crisis can be made all the worse. Your bad credit prevents most lenders from even considering you for loans and credit cards are impossible to find. If you do not have friends or family to turn to for money, than the last choice available to you is a no credit check loan. These loans bypass the worst part of getting a loan – rejection due to poor credit – and get you the cash you need in a simple, no nonsense manner. As long as you meet four basic criteria, you can get a no credit check loan.
Bad Credit Comes from Many Places
People encounter bad credit in their life for a variety of reasons. Sometimes, one simply spends too much money without realizing the consequences of their actions. However, more often, personal crises such as illness and job loss are far more likely the culprit of many bad credit situations. No matter the reasons, though, bankruptcies, court judgments and other major credit black marks will make the process of finding a loan seem impossible.
This is where the no credit check loans come into play. Since lenders offering these loans only give them for short periods of time and for small amounts of money, as long as you meet basic income requirements these loans are guaranteed. These loans do not require a credit check, so no matter the reason for your bad credit or the black marks on your credit report, you can get the money you need.
What You Can Expect
As I indicated before, the deal that you receive with no credit check loans is slightly different from what you may be used to with more traditional loans. These loans are only offered for a short period of time. They are also called payday loans for that reason – they operate as an early payday for borrowers. In real terms, this means you need to repay these loans in 14-60 days.
The other special circumstances for these loans have to do with the amount you can expect to receive from them. Because you need to repay no credit check loans in such a short period of time, they are only given in small amounts (about equal to those paychecks you will use to repay them). Payday loans are therefore given in amounts that range from £100-£1000.
However, in special circumstances, you can get your payday loan for a longer period (up to three months) and for a greater amount (up to £5000). This deal largely depends on the policies of the lender you choose.
Meeting No Credit Check Qualifications
Since no credit check loans, as the name implies, do not require a credit check, they are not given out in accordance to your credit score. Rather, there is a list of four criteria you must meet:
· Being a UK resident.
· Being at least 18 years old.
· Proving that you have a regular job, with a reliable paycheck.
· Possessing a valid bank account for the lender to deposit the money.