No credit check loans for people with bad credit history

There are many laws about discrimination, and it’s illegal in the United Kingdom to discriminate against people in many ways. Unfortunately if you have a poor credit history, even if its as a result of something that was unforeseen, beyond your reasonable control, or even if you a victim of fraud, if your left with a bad credit history in the form of ccj’s, defaults and missed payments, borrowing money on an unsecured basis may be very difficult.

There may be a time in your life where you’re a tenant with a poor credit rating, and you need an urgent guaranteed fast loan for something important, maybe as your car has been towed away and you need money to get it back, or you have an unpaid fine you have a deadline to pay.

There has been a fashion for home owners to enter into debt consolidation programs where you use an adverse secured loan as a quick fix to pay off other higher interest debts. If you’re a true realist though, it’s often better to consider selling your home and getting the cash from your home sale under your bed, then declaring your self bankrupt.

It’s common for people with bad credit to be exploited by unscrupulous lenders, especially secured loan companies who want a second charge on your home. So what are these “no credit check loans”, well many payday loans claim to be no credit check loans, but with APR rates of around 1627% it’s probably wise to avoid them at all costs!

These high risk lenders have to make a lot of money offering fast cash with no checks guaranteed from the people that are honest and do pay, to make the money up for the people that default and are a lost cause.

These lenders that claim to be no credit check lenders do a “status check” to see if you are who you say you are, and you live at the address that you claim to. Even with a poor history and poor credit rating, with the security of your debit card from your bank or a cheque you have written, or a direct debit signed by you, it can be quite profitable to do payday loans for people that are considered subprime and also other low earning people like people on benefits or students or council tenants.