There are many different types of loans available but there are many that are restricted in who is allowed to take them out. Some loans are only for use for specific purposes, some need a good credit record, some need a good income and things like that. This might mean that you will question different loan types and think about whether you think that it will be okay for you to take out that type of loan. The least well-known loans tend to be the ones that we perhaps question the most. It is good to find out more about them though as this will help us to know whether they will be suitable for us to use or not. No credit check loans are probably the loans that most people know least about. This is because they are newer and tend not to be offered by traditional and high street lenders. It is good to know what restrictions there are on using them so that you can decide whether they might be suitable for you.
- Age – you will need to be over the age of eighteen in order to have a loan. This is because loans can only be made available to adults and you will not be considered to be an adult if you are under this age. It is likely that you would not want a loan if you were younger than eighteen anyway as hopefully your parents or carers would be looking out for you.
- Residence – if you are looking for a UK no credit check loan, then you will need to have an address in the UK. You will need to be able to prove this as well by providing some sort of identification that has your address on it. A utility bill, driving licence or similar could be good enough but your lender should provide you with details. If you live outside of the UK then you will need to get a loan in the country that you live.
- Bank account – you will need a UK bank account in order to take out a loan like this. This is for two reasons. The lender will need somewhere to transfer the money to when they let you have it and so they will need a bank account to do this. They will also want to set up a direct debit to receive the repayments and you will need a bank account to be able to do this. It is easy to set up a bank account and so if you do not have one you should be able to do so. You will need ID to prove your identity which most people will have. Ask the bank what you need and you should be able to set up an account really quickly.
- Income – The lender will want to make sure that you have an income. This is because they will want you to be able to repay the loan. This may not necessarily mean that the income has to be salary or wages though. If you are getting income from other sources such as pensions, investments or benefits they may still be happy with this. It may depend on how much you are getting and on the lender that you choose. It can be worth checker with the lender that you have in mind before you apply for the loan. They will be able to let you know what restrictions they have.
So, as you can see, there are not really lots of restrictions on no credit check loans. Many loans will have many more, such as expecting you to have a high and regular income, a good credit record and maybe even something as collateral for the loan. This low amount of requirements means that many people will be able to fulfil them and therefore the loans will be available for most people. They will not be available for absolutely everyone but most people will be able to use them if they want to.
If you do know very little about this type of loan then it is worth finding out a bit more than just the requirements for those wanting to repay. Find out how they work so that you know how you will be expected to repay. The most important thing to work out is whether you will be able to afford the repayments because if you miss one then you will be charged extra money, have this appear on your credit record and be stressed. However, if you can find a loan which has manageable repayments you will not have any of these problems. It is therefore really worth doing that research and it will not really take that much time either, especially compared to comparing suitable lenders to see which will offer you the best value for money.