Obtaining short term loans with no credit checks is very easy to do in the UK. There are a number of direct lenders out there in the market that offer this exact service, but even though it is easy to apply for this type of funding, you do still need to understand the basics before you go ahead and do so.
The first thing to be aware of is that you do not have to concern yourself with any previous financial issues that you may have had in the past. With there being no credit check, it means that people with a previous bankruptcy, CCJ, or defaulting on loans can still apply, and it will not have a negative impact on their chances of being successful.
For these lenders, it is your current financial situation that they are most concerned about. They will look at your income and outgoings with them then making a decision at that point. This means that the qualifying criteria is different to other loans or credit cards that you may have applied for in the past.
With this, you will need to be in some form of employment and earning a minimum amount each month. This amount can vary depending on the lender, so do check this out before you go through the full application. Aside from your earnings, you need to be a resident in the UK and also be over 18 to apply. Apart from that, it should all be plain sailing for you from the get go.
Upon checking out a lender, you may be forgiven for becoming rather concerned about the high APR rate that is being quoted. This figure if often misleading in that the key here is with the loan being regarded as a short term loan.
What this means from your point of view is that this loan is only ever intended for a matter of weeks, or perhaps until your next payday. This applies no matter the amount of money that you borrow, but then the limits will depend on your income with each case being assessed independently.
From a percentage interest perspective, it does mean that you will not be paying the high interest rates that you see when you land on their website. That is for an annual rate, but you will pay less, so there is no need to be concerned. However, any worries regarding the interest you pay will be dealt with during the application since you should be shown a breakdown of how much the loan will cost you over the duration of time that has been agreed.
Applying for short term loans with no credit checks can take just minutes. Depending on the lender, you may be able to have the money in your account within an hour. However, that does vary according to the company in question as well as the time, and day, that you applied. It is worth taking this into consideration before completing your application as well especially when you are looking for fast cash deposited into your bank account.