Author: Hugh

I have been writing about money for over a decade now and I often find that I am writing similar things. However, I feel that it is important to make sure that as many people as possible are able to get the information that they need. It is not always easy to know what to do to make sure that you are in good control of your finances. I hope that by writing a lot of articles about it, I can provide information which will help people to understand a bit more about the consequences of their financial decisions and will help them to calculate the risk before they go ahead and do things.
No Credit Check Loans

How do no Credit Check Loans Work?

When you are looking for a loan, it is important to make sure that you have a good understanding of all of the different types of loans that are available for you to take out. You will find that there is a lot to pick form and it can be easy to be overwhelmed and just randomly pick something. However, doing a bit of work to find out more about the loans will make a huge difference to you as it will mean that you will be able to pick a loan that is likely to suit you really well. Without knowing a lot about what you are picking you could find that you will make mistakes and end up with a loan that does not work well for you that is too expensive and not providing good value for money. Therefore, it is good to even find out about the more obscure loans, such as a no credit check loan.

What is a no Credit Loan?

A no credit loan is pretty much what the title implies. It is a loan where you do not need a good credit report or score in order to borrow money. Most lenders will take a close look at your credit report to see whether they feel that they will be able to trust you to repay the loan. They will be looking to see whether you have been repaying loans well in the past and currently and will also take a look at regular payments that you might make for things like utility bolls and this will help them to decide whether they feel you will be able to make regular payments to repay their loan. They will also take a look at your income and make sure that you are earning enough to be able to repay the loan. This check can eliminate quite a few people. Anyone that has struggled to repay a loan, perhaps repaying late or missing a few payments, will stand out and the potential lender might decide that they do not trust them as a result and will therefore not lend to them. You can also be turned down for credit if you have a low income or if you have never borrowed before and make no regular payments so you cannot show whether you are a risk or not for missing loan repayments.

A no credit loan can also often be arranged quickly. The lenders recognise that their borrowers may need the money extremely quickly and so may provide it within a few hours of application, although this will vary between lenders. It will also be repaid very quickly as these loans will often be set up so that they are repaid in full when the borrower next gets paid. This means that it is very quick which can be something that appeals to people who do not like being in debt for long.

Who is it for?

It can be commonly thought that a no credit check loan is just for someone with a poor credit report. Although those people will a poor credit record can borrow money this way, the loans are not exclusively for them. They are quick to arrange and this means that if people are in a hurry for their money then they will be able to get it using this sort of loan. Some no credit check lenders will even lend money at weekends or at night, which means that you have the opportunity to borrow when traditional lenders are closed. This means that any borrower that needs money fast can benefit.

Personal Loans

Can I Trust Lenders of Personal Loans?

It can be a worry for anyone that when they bank with a company that they may not be able to be trusted. There are protections I place for customers but people still have concerns about whether they will be treated well and fairly as a customer. With personal loans, you might be taking out a loan with a lender that you have never heard of and this means that you will be right to want to make some enquiries. There are different things that you can do so that you can find out more about them and think about whether you feel that you can trust them.

Visit their Website

You can start off by visiting their website and getting a feel for what they are like form there. Websites can tell us a lot about a lender. They will have different amounts of information on and some may not have a lot of information about the lender but some may have loads, have a look through and see. You will also be able to use it to find out more about the different loans that they are offering and get a general feel for what they are like from the information on the site.  Of course, the site might be put together by a marketing company, but the lender will still have had some input and they have approved it which means that they are happy with it.

Look up Company Information Online
It can also be good to look up the lender in a search engine and see what information you can find out about them there. There may be very little but you could find quite a bit of information and it is good to just read it through and see what you can find out about them.

Read Reviews
It can be really handy to read reviews in order to find out more about the different lenders. If you are looking at online reviews though you do need to take care of where you are looking at them. For example, you could find there will be bias in the reviews that are printed on the website of the lender. You may also find bias on review sites as they may have affiliate links to the different lenders and earn commission on those links and therefore choose to review the ones that pay them more as better. However, you may also find sites where there are genuine reviews and these can tend to be general money forums and places like this. Do be aware though that people tend only write reviews if they have had an extreme experience, so either really good or really bad. Therefore you may only find bad reviews of an average lender. So bear this in mind and make sure you compare the reviews of the different lenders to see if they all come off badly or if some seem worse than others. Also think about the fact that you may not experience the same problems that they did and the things they find bad may not be a problem for you.

Ask People you Know

It can be good to ask people you know about their experiences and whether they would recommend a specific lender. They will have vey little reason to be biased and in fact might have your interest at heart so are likely to be very honest with you. This could mean that you will find this to be the best way to get information. However, you have to be prepared to tell people you are borrowing money an dthis is not something that everyone is comfortable with.

Guarantor Loans

Are Guarantor Loans a Good Choice?

If you are considering taking out any loan then it is wise to think about whether they are a wise choice for you. This is because loans cost money and they are a commitment and you need to think about whether it is right for you to take one on. You also need to consider whether this particular loan will be the right choice for you compared to other types of loans.

Is Borrowing Right?

It is a good idea to start by questioning yourself as to whether borrowing is right for that purpose that you have in mind. Borrowing can be an extremely useful tool and many people use it, rich and poor, to help them out. However, there are times when it is good to borrow and times when it is not and it is a good idea to think about whether it is a good time or not for you to borrow. Think about what you are borrowing the money for and whether you can justify getting a loan for it. Loans should really just be used for two purposes, either for buying thing in an emergency when you have no other money to pay for something and for buying things that will help you to improve yourself – such as using the money to buy a house. It is wise to think about whether the item you are buying is really necessary or whether you can delay buying it and save up instead. The reason for delaying is because loans cost money and if you save up instead you will not be having to pay these loan fees.

Is a Guarantor Loan Right?

If you have decided that borrowing is the right option, then you will need to think about what type of loan to use. It is very wise to learn about all of the possible loan types and then you will be able to match your needs to the right loan. It is good to think about how much you need to borrow, what you can afford to repay and what sort of lender you would like to use. Then you will be able to match that to a lender that will suit you.

For example, a guarantor loan will usually allow you to borrow between £1,00 and £10,000. You will need to make monthly repayments and so you will need to find out how much those will be so that you can calculate whether this is something that you will be able to afford. However, you will have a guarantor, who will make those repayments if you miss them. You will need to find someone who is willing to do this for you and you will need to find out whether they will expect you to repay any money that they have to pay on your behalf. It is also worth comparing the different lenders. You will find that there are a lot of guarantor lenders and they differ. You will need to find out a bit more about them and what they are like so that you can decide whether you want to use any of them. You may also then want to compare them to make sure that the one that you choose is the most suitable for your needs.

This will take a lot of time and effort. However, the loans can be expensive and you want to make sure that not only, are you not paying more than necessary for the loan, but you are getting good value for money from them. So you want the one that suits your needs the very closest and that you can afford to repay so that you have a good lending experience.

No Credit Check Loans

Will I Qualify for no Credit Check Loans?

There are all sorts of different loans and you may find that there will be some that you will qualify for and some that you will not. This means that it is a good idea to have a think about this before you apply for any loans. In fact, it can be a good idea to get to know about what loan options there are and how those loans work so that you know what will be suitable for you. If you wait until you actually need a loan then you may be in too much a hurry to be able to do proper research and this may mean that you choose the wrong loan and end up paying more than necessary or not getting value for money and regretting your decision. Therefore, it is wise to make sure that you know what will be available for you. Some of the less common loans, such as no credit check loans are possibly the type that you have less knowledge of. They are not offered by mainstream lenders and so they may be something that you have not even heard of. However, it is important to know a bit more about them so that you can decide whether they will be suitable for you or not.

What criteria are There for no Credit Check Loans?

Even though a no credit check loan does not need the borrower to have a good credit report, there are still some criteria which they need to fulfil. The borrower has to be over the age of 18 and live in the UK with a UK bank account. This is because they will have the money they borrow put into a bank account and they also repay using a direct debit. The last is that they have to have an income. This is so that they can make the repayment on the day that they are paid. The lender will want to make sure that they have the money available to make the repayment. The fact that they are no credit check loans means, that although they do a credit check, they do not take into consideration whether the borrower has a good or bad credit record. It means that if people are being rejected for loans because of having a poor credit record, they will find that they will still be able to take out this type of loan, this will help to open up options for them if they need money.

Are They Right for me?

So this means that there are very few people that will not qualify for this type of loan and so it is very likely that it will be an option for you too. However, just because the loan is available, does not mean that it is the right loan for you. It is good to understand a little bit more about this type of loan so that you can decide this, as you should do with any type of loan. It is important to make sure that you are making the right decision.

You need to firstly think about whether you need the money. When borrowing there are two main reasons that you should consider borrowing for emergencies and to improve your situation and so you need to think about whether you will be able to achieve this from the loan. So, think about the item that you plan on buying with the money and whether you can justify buying it. Also work out the cost of the loan and think about whether you think that it is worth that extra money. Imagine the item that you are buying cost that much extra and think about whether you would still buy it even if it was that high in price. The next very important thing to do is to think about the repayment. It is a good idea to consider whether you will be able to afford it, so find out how much it is and then think about whether it is an amount that you will be able to afford.

Payday Loans

What are Payday Loans

There are still some people that do not really know what payday loans are. Some people have no clue at all and other people think they know but perhaps do not. It is therefore a good idea to make sure that you really do know what they are and then you will be able to check and see whether you really do have a full understanding of them and how they work. This is important because if you are in the situation where you need to borrow some money, then you need to have an idea of how the different types of loans work so that you can choose the one that will suit you the best.

Basics

A payday loan differs from many other types of loans. This is because it is a very short term loan which has to be repaid quickly. The lender tends to allow borrowers to have up to £1,000 until the next get paid when they will have to repay all that they borrowed plus the costs of borrowing as well. The loans therefore, do not last very long. They also tend to be able to be arranged very quickly compared to more traditional loans. The other main feature is that they do not only lend money to people with a good credit record. They are happy to lend to those that have a poor credit score.

Payday loans are suitable for all people who need cash in an emergency.

Who are They For?

So you may just think that these loans are for people with a poor credit score, but this is not the case. Although this is who the loans were designed for, this does not mean that you should automatically reject them if you do not have a poor credit score. It is still well worth finding more out about them. Firstly, you never know what your finances might be like in the future and if your credit score might change and so if you have a good understanding of these loans and how they work, then you will be able to decide if they will be right for you. It is also worth thinking about the fact that they are very quick to arrange. Some lenders will be able to get a borrower their money within a few hours. This means that you could be able to get money when you really need it fast.

When to Use Them

So there are mainly two situations when a payday loan could be the most suitable loan for you. If you need to borrow a relatively small amount of money and do not have a good credit record then they could be a suitable choice for you. There are a few other loans available for those with a poor credit record so you will need to check whether those will be suitable for you as it is important to compare all of your options so that you can pick the most suitable one. It is also worth noting that you may also find then useful if you need money really quickly. You will find that many traditional lenders will take quite a long time to arrange loans but payday lenders might be able to get you money within a few hours. This will vary between lenders though so you will need to check and compare them. If you have an overdraft or credit card, you will be able to get money quickly, but if you have maxed these out or do not have them, then the payday loan will provide a fast alternative. However, like with all loans, it is wise to make sure that you are borrowing for good reason and are capable of repaying the loan before you take it out.