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Legally it is not possible for lenders in the UK to provide loans to a loan applicant without performing a credit check. This is the reason when lenders and loan brokers advertise loans no credit check, you should understand what they mean. In fact their intention is to lure borrowers who have low credit and they do perform credit checks, but do not take just the credit score into consideration while approving loans. They are only concerned with your current ability to repay the loan because they understand that once a negative mark is placed on your credit report it stays there for at least 6 years. They also understand that during this time, you financial condition may have improved and this is the reason that currently you have the ability to repay the loan on time.
Special loans
Just because you have bad credit it does not mean that you cannot go on a holiday. Nowadays it has become a popular trend to take a loan for holiday spending. This is because people seldom have the spare savings to finance their holidays and this is the reason that they take a loan which they can slowly repay in easy instalments. However, holiday loans bad credit, are special loans because you are not exactly taking the loan for any serious financial emergency. This is the reason that many lenders are not very keen on giving such loans. However, if you approach a loan broker then you can get such loans because they have tie-ups with specialist lenders who will take the higher risk of providing loans for purposes even like holidays. With the help of holiday loans you can enjoy a leisurely holiday and rejuvenate your energies in spite of having bad credit.
The
same is true for wedding loans because it is understood that your wedding is
one of the most special and important days in your life and if you are a young
couple getting married then probably you do not have enough savings to finance
a lavish wedding. At the same time, if you have bad credit then you need to
approach a loan broker for wedding loans with no
credit check. As mentioned above a credit check will definitely be
conducted, but your immediate financial situation and monthly income and
expenditure graph will be taken into consideration while approving the loan.
How to ensure the right amount of loan at reasonable rates of interest
When lenders provide loans to people with bad credit they are essentially taking a higher risk. However, if you approach loan brokers they will ensure that you get the loan at a reasonable and affordable rate of interest. Then again there is the matter of the loan amount and tenure. In spite of your best efforts you may not be the best judge to decide the amount of loan which you can repay comfortably. For this you may need to take the help of a financial consultant who will again charge you money. However, if you apply for the loan through a loan broker then you will get this advice free of cost. This is because all loan brokers employ loan advisers who will analyze your financial situation, your monthly income and expenditure graph and other factors and suggest the amount of loan and tenure that will be most comfortable for you.
