No Credit Check Loans – Loans for Everyone Irrespective of Credit Scores Sunday, December 28, 2008

Do you need a loan urgently? And are you worried about your credit score? You can always approach the internet based money lenders for no credit check loans. Yes you heard it right. These are the loans wherein the money lenders do not conduct any kind of credit check before approving your loan application. This is why there are almost nil rejections of loan applications. No matter how good or how bad your credit score is, you get your loan approved: that too, within a matter of hours.

There is no special eligibility criterion for these loans. You need be a UK resident with a regular income. You should be above 18 years of age with an active checking account. To further ease the process, you can fill in the FREE application form available on the websites of these money lenders and submit them there and then itself.

You can either go for a secured loan or for unsecured no credit check loans. Under unsecured loans, the amount you can avail as loan ranges between 500 pounds to 50000 pounds depending upon your repayment capability. The interest rates too are not very high as compared to the secured loan. You get up to three years to pay off the loan for larger amounts.

In case you opt for secured loans, you can ask for even higher amounts if your collateral is worth it. The amount you can avail as loan depends on the current market value of the asset. You get somewhat lower rate of interest as well as longer repayment periods. In both cases, the interest is applied flat on the loan amount and is divided into equal monthly installments.

The no credit check loans also serve as an opportunity to repair your credit score if it is average or below average. If you pay off the loan installments on time, your rankings in FICO and other credit check entities improves automatically. Thus these loans serve dual purpose: you get fast money in times of need and you can repair your credit status.