As a result of more individuals battling with their financial situation since the credit crunch, there are many people looking for loans with no credit check to help them triumph over their financial problems.
When payday loans first came onto the scene they did not need a credit check as part of the underwriting process. That's not the case any longer as the majority of the banks now will carry out a credit search when assessing an application.
So what are the options now?
There are two main kinds of loan that don't need a credit check, and are therefore available to anybody with a blemished credit history and they are:
Car Logbook Loans: A logbook loan is a loan that is secured on your vehicle log book. They are available for amounts of at most 25,000 pounds sterling and truly are available to people regardless of what their credit history. So as to qualify for one your vehicle must be no older that 10 years old and it has got to be free from finance. You also will be obliged to prove you have enough income to repay the loan. Once the loan is approved you must sign all of the paperwork and leave your automobile logbook with the bank until the loan is paid back.
Guarantor Loans: A guarantor loan is a loan that needs a guarantor (co-signer) to endorse the loan. This guarantees that the bank will get their cash back if you fail to keep on top of the payments. They're available for amounts of up to 5,000 pounds. In order to qualify as a guarantor your candidate must be aged 18 or over and own their own home. They must moreover have adequate revenue to justify the loan (this can be from any source), and must have a sound credit history as they are going to be credit searched although the loan applicant won't.