Short Term Personal Loans

There is a signifanct demand online for no credit check loans. Individuals with bad credit history know that most high street banks and prime lenders will not lend them any money. They may or may not have the ability to pay the money back. There are honest individuals that have every intention of honouring a credit agreement but their lives are too chaotic or their employment situation is too volatile for them to keep up with payments.

Then there are people who have problems with alcohol or narcotics that want to borrow cash and have absolutely no intention of repayment. They are just searching for a way to support their habit.

When you put a person in a situation where they know they can substantiate their income but they know they will fail any sort of credit search, they resort to the internet and searches on Yahoo for no credit search loans.

The reality is while many lenders are willing to lend to individuals with bad credit history, they will do it only under certain conditions, and usually with very poor terms. Lenders have to do credit searches to verify a person is who they say they are. This is especially true online as no authorised 3rd party will ever see originals of their proofs of identity and proofs of address. If you could get a credit agreement and give a completely fictitious date of birth and other personal details, it would make it very hard for the credit agreement to be enforced.

When you apply for a spread bet account or other financial related product, these parties can do a status check on an person which is a search to their credit file. This is not however recorded as an application for credit.

A financial institution may have a legal obligation to know exactly who you are before they send you funds.
Some sub prime lenders may do a status check opposed to a credit check, but the vast majority of lenders and suppliers of consumer credit do a credit check. As soon as you are asked for your previous 3 years address history and your date of birth this is usually a sign that a credit check is being executed.

A company is not allowed to do a credit search on you without your permission. An example of where you can refuse a credit check is when you move into a new home and you call the electricity company to tell them you are responsible for the bill. If they ask you your date of birth and your previous home address, you tell them you do not agree to a credit search as it will knock down your credit score. Then they can't do a search on you.

You are likely to be declinded for a loan or other credit agreement if you have missed payments, default notices or County Court Judgements. Defaults and County Court Judgements stay in your credit record for six years. If your defaults or judgements are at a previous address that you lived over 3 years ago it may be possible to be accepted for a prime loan.

An example of a credit agreement that is easy to qualify for is a sim only mobile phone contract. The network provider is only exposed to the cost of the calls you make should you not pay, and since the absolute cost of telephone calls is extremely insignificant it is worth the risk for them.