NOTE: This posting is due to be re-done soon.

No credit check loans appeal to a great sector of the general public bearing a poor credit history. The appeal is great because we have all been there, taking our time to fill out a loan application only to find those cemented refused words across the screen! This credit check has not only damaged our pride, but each credit check is marked on our credit profile making it even more difficult to obtain finance in the future. When it comes to the subprime market, most poor credit lenders such as Vanquis will carry out a credit search, but they are certainly more lenient towards each and every client. This is the case for the majority of subprime lenders operating today. Without a credit check being carried out it is difficult for the lender to see that you are a responsible borrower.

The no credit check loan option is the best for most of us though as we know that we aren’t going to be judged by a computer by any mistakes that we have made in the past. As I see the market today, there are currently two options for loans with no credit checks. Option A is a logbook loan and option B is a payday loan lender that will not credit check you (most tend to do so). Just remember that each lender will hold basic requirements such as you being from the UK and having a bank account where the loan payments can be taken from.

Guarantor Loans:
Just to note regarding guarantor loans, a basic credit check will usually be made, but this credit check will not be a critical factor. The reliance is made on the quality of the guarantor, not the credit search.

Logbook Loans:
Here you can receive loan amounts ranging all the way up to £50,000. Obviously the loan amount granted is fused to the value of your vehicle that you will be securing your loan against. The interest rates are excessive if you choose to take the loan over a long repayment plan such as 78 weeks. There a few logbook loan lenders operating on the market today that were covered in the Alternatives: Logbook Loans UK article. With all these logbook lenders, there will be no credit check carried out here, as the loan amount is secured against your vehicle (by your logbook) and so this warrants enough trust between the lender and the client.

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