Credit History Does Not Matter For the No Credit Check Loans UK

Personal loans are hard to avail for one with bad credit history. There are a large number of people in UK having  bad credit history, so  in order to cater to this huge segment of customers , the lenders have devised no credit check loans. See guaranteed loans. Take it literally, these loans  do not involve credit as a criteria for their approval neither does credit score have to play any role in squeezing any other profitable deal.

The  two guises  for the No credit check loans UK, are namely: secured and unsecured. For secured no credit check loans UK, you need to put one of your assets like car, home, as collateral with the lender. Since the lender has security against the loan,  there will obviously be lower interest rate concerning these loans. Compared to secured ones, the interest rate is a bit higher because unsecured no credit check loans UK can be availed without placing any collateral. Yet, that isn’t too much for a tight competition in the market. To avail an unsecured loan, the person   has to produce certain documents like income proof,  and bank statement.

For  secured no credit check loans UK, a person  can avail with an amount that is ranging from £ 5000 - £ 75000. An amount that is  greater than £75000, can also be availed by simply  placing a worthwhile collateral. Repayment duration is very flexible and may range from 5 - 25 years, for secured no credit check loans. No credit check loans UK simply carry low interest rate. Since the lenders have the   security in the form of a collateral, the lenders charge low interest rate for secured no credit check loans UK.

Compared to secured no credit check loans UK, the loan amount that can be availed with unsecured no credit check loans UK is smaller. The range is from £ 1000 - £ 25000. The repayment duration for  unsecured no credit check loans UK  is ranging from 1 - 10 years. Compared to other loans,  unsecured no credit check loans carry slightly higher interest rate, because of being  unsecured in nature.

For  people suffering from bad credit status, No credit check loans UK are very advantageous. Everyone can now avail for a personal loan because payday loans no credit check UK are available for both the tenants and homeowners. You can opt to  either have the secured or unsecured no credit check loans UK , that is depending upon your needs. By paying the loan installments regularly and timely, you can  increase your credit score.

To meet the personal requirements of the people, bad creditors can now easily avail a loan which is the --no credit check loans UK.