Obtaining £100 loans via direct lenders and with no credit checks is easier than you think. With several companies out there in the market that provides these loans, and also up to a total of £2000, it does mean you have options available to you.
However, you need to be aware of the manner in which you can be provided with your cash prior to actually submitting your application.
First, just because there are no credit checks does not automatically mean that everybody that applies will be successful. Instead, these direct lenders do take various things into consideration when determining if you will indeed be given your loan with you having to meet their criteria at the first time of asking.
With these loans, you will need to be over 18 years of age to apply. You will also be required to be in some form of employment earning a minimum amount to then be considered for a loan. Also, you must be living in the UK at the time of your application, so nobody from abroad will qualify.
The most important aspect is that they do focus on your current situation rather than anything that has gone on in the past. By not conducting a credit check, it does mean any previous indiscretions will be ignored just as long as you have the financial means to make the repayments at this time of asking. Often, you will notice that they state how a poor credit history, previous bankruptcies, or any outstanding CCJ's will make no difference to their decision, which does mean they are open to accepting more people than your average lender.
However, you will have to be aware of the APR as it is clearly going to be higher than your normal type of loan. While this may be off-putting for a number of people, it is important to keep in mind that this type of loan is looked upon as being a short-term solution while the figure that you see quoted is an annual figure. By all intents and purposes, that is not a figure that you will ever hit simply because these loans are designed to be paid back in a matter of weeks rather than 12 months.
Of course, when applying for a loan that involves no credit checks and using direct lenders, you do want to just carefully read all of the terms and conditions before agreeing to it. In addition, you should be provided with the total cost to you for the duration of the loan before you accept the offer that has been made to you. There will also be an agreement as to when the repayment will be taken from your bank account allowing you to budget accordingly.
These types of loans are perfect for any individual that has had previous issues with their financial history. By not focusing on your past, they will also provide you with the perfect opportunity to begin to rebuild your credit rating just as long as you repay this loan on time. Remember, failing to do so will have a negative impact on your future ability to obtain any additional loans.