March 4th, 2011 
admin 
Martin Mathers asked:
As a rule, any form of credit application requires a credit check to be performed against you – it’s the only way that lenders and loan providers can be sure of your ability to repay the money you’re being lent. However, there are some forms of credit than you can secure without the need for a credit check, which can prove useful if you’ve got a low credit score or just want to prevent a ‘footprint’ being left on your credit record going forward.
Specifically, these take the form of high interest loans from smaller lenders and payday-style loan providers rather than more reasonable loan products from the big high street banks – that’s because no credit check credit is normally sort after by people who want to keep their credit history hidden due to things like bad credit, County Court Judgements (CCJs) or other potentially restrictive problems. Unfortunately, the higher interest rates often come as standard – especially in the case of payday loans – since they’re used as a means of protecting the lenders from people with bad credit. However, many lenders have varying offers so it’s important to shop around for the best deal when looking for such loans. While you could do this yourself, it’s often easier to approach a loan broker for help since they have extensive knowledge of the products out there. Again though, shopping around for a loan broker is important since many charge up-front fees for their services and some even only offer loans based on the commission they earn from the lenders.
If, however, you’re considering trying to find a credit card that can be approved without a credit check, you should give up the hunt right now – no such cards exist, aside from those that you have to ‘pre-load’ with money up-front. Sorry!
In Summary
No credit check credit…
Is usually wanted by people with bad credit or other financial problems Isn’t hard to find with the help of a loan broker Will often have a higher interest rate compared to more standard high-street loans Doesn’t exist in the world of credit cards!
Copyright: Individual Finance, 2010
Rosemary
As a rule, any form of credit application requires a credit check to be performed against you – it’s the only way that lenders and loan providers can be sure of your ability to repay the money you’re being lent. However, there are some forms of credit than you can secure without the need for a credit check, which can prove useful if you’ve got a low credit score or just want to prevent a ‘footprint’ being left on your credit record going forward.
Specifically, these take the form of high interest loans from smaller lenders and payday-style loan providers rather than more reasonable loan products from the big high street banks – that’s because no credit check credit is normally sort after by people who want to keep their credit history hidden due to things like bad credit, County Court Judgements (CCJs) or other potentially restrictive problems. Unfortunately, the higher interest rates often come as standard – especially in the case of payday loans – since they’re used as a means of protecting the lenders from people with bad credit. However, many lenders have varying offers so it’s important to shop around for the best deal when looking for such loans. While you could do this yourself, it’s often easier to approach a loan broker for help since they have extensive knowledge of the products out there. Again though, shopping around for a loan broker is important since many charge up-front fees for their services and some even only offer loans based on the commission they earn from the lenders.
If, however, you’re considering trying to find a credit card that can be approved without a credit check, you should give up the hunt right now – no such cards exist, aside from those that you have to ‘pre-load’ with money up-front. Sorry!
In Summary
No credit check credit…
Is usually wanted by people with bad credit or other financial problems Isn’t hard to find with the help of a loan broker Will often have a higher interest rate compared to more standard high-street loans Doesn’t exist in the world of credit cards!
Copyright: Individual Finance, 2010
Rosemary
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