To get loan with bad credit or with no credit check might seem like an impossible task. You may assume that finance companies will look down on you and that nobody would be willing to loan you money, but luckily this simply isn’t true.
Loans With Bad Credit
There are still plenty of options available to you even if you have bad credit. Borrowers will not need to turn to a loan shark just yet. Although a borrower with bad credit may not be the most attractive client for many financial institutions, but still have a place in the sector. This is also a way to improve their credit standing.
No Credit Check Loans
To get a loan with bad credit or with no credit check ( no credit check loans) is definitely possible. It may be more difficult to get long term or high value loans, but getting instant loans with bad credit is pretty straight forward. There are many payday loan companies willing to lend money to people with bad credit history. This type of loans are between 1-30 days and some even offer longer term loans.
No Credit Check Loan & Bad Credit Loan Interest Rates
Having bad credit makes you a high risk customer. Therefore the interest rates charged will be higher on instant loans for bad credit. Loans are usually around the 1000% APR mark, but as long as you manage them well they can be a easy way to improve your credit rating.
Every time you are accepted for getting instant loans and you pay it back on time, it will be reflected in your credit score. Eventually instant loans for bad credit will not be the only thing available to you.
Payday Loans as Alternative to Personal loan
If the interest rates scare you, put it into perspective, on one of the best known payday loan sites the APR is 1506% what this means in real terms is that if you borrow £100 for 7 days you will pay back £105.60. With many banks charging in excess of £5 per day if you go over your overdraft instant loans can sometimes be the sensible option.