Is it possible to avail a loan without a credit check?
People struggling with bad credit situation have challenges such as
- poor credit score
- low credit worthiness
- loan rejections
- cash crunch
- difficulty in repaying debts
- Instant loan requirement
People facing these financial glitches believe that availing a short term no credit check loan can improve the bad credit situation to an extent. It is important to note here that a credit check is a prerequisite of lending a loan. No one can borrow or lend without a credit check in the UK. If a credit company promises instant no credit check loan, it could be a scam and you should not fall prey to such sham calls.
Let's explore the truth about no credit check loans in UK and find out what Financial Conduct Authority and Financial Ombudsman Service has directed on the matter.
Consumer Guide for No Credit Check Loans
Here is a factsheet compile by Best Short Term Loans for those who seek swift short term loans without a credit check. We have included directives of FCA so as to share the best advice to the consumers.
- Always deal with consumer credit companies including loan brokers regulated by FCA. The authorised companies come under the cover of Financial Ombudsman Service and are thus bound to secure consumer interests before offering loans and credit products to consumers. You should also check out if the company is authorised to give credit products.
- Instead of searching for no credit check short term loans, search for soft credit check loans. Credit check basically helps lender know about your repayment capability. It is beneficial for the consumer as well. For, it ensures that you avail only affordable loans. It helps you stay away from loans designed to default at. This automatically saves you from Loan Sharks. At best short term loans we ensure that you avail soft credit check loans and thus never risk your credit health.
We can help you avail short term loans in all formats including short instalment loans, payday loans, doorstep loans and business loans.
- While most brokers serve without charging upfront fees, there are some who charge small processing fees or upfront fees. You need to be cautious of sharing your bank details to any of these companies. You can ask as many questions as you want and use the advice without any obligation. Best Short Term Loans offer broking advice free of cost and thus you need not worry about misuse of bank details.
- The consumer should always read terms and conditions carefully. Check out the details of firm including registration number and more on their website. Contact only after checking the legitimacy of a broking firm. You can check our details on each page and read our terms and conditions.
- Also, FCA cautions you against paying an upfront fee for loan. There are several scams prevalent online. One of the ways to doubt the legitimacy of a firm is when it cold calls you for loan.
Best Short term Loans- Advantages of dealing with Authorised Broker
At Best Short term loans we strive to help consumers avail loans for all types of credit hassles. We pre check loans for their affordability, processing time, interest rate, APR%, impact on credit report before suggesting to the borrowers.
We abide by all FCA guidelines and extend 24 X 7 loan advice to anyone seeking help to avail loans in the UK. Whether you have bad history or no history, our financial experts can share a legitimate broking advice so as to help you improve your credit rating. We do not promise false claims and do not introduce quick loans. We search for tailor made loans for bad credit situation. We ensure that the loans we suggest are practically affordable to you.
To seek instant loan advice, fill a form on our website and share your contact details. Our financial expert would contact you soon.