No credit check loans

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 drink or drugs that want to borrow cash and have absolutely no intention of paying it back. They are just searching for a way to support their habit.

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

The reality is while many lenders are willing to lend to people with bad credit history, they will do it only under certain circumstances, and usually with very poor terms. Lenders have to do credit checks to verify a individual is who they say they are. This is especially true online as no trusted 3rd party will ever see originals of their proofs of ID and proofs of residential address. If you could get a loan and give a completely false date of birth and other personal details, it would make it very hard for the loan 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 money.
Some below prime lenders may do a status check instead of 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 last 3 years address history and your date of birth this is a likely sign that a credit search is being executed.

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

You are likely to be rejected 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 three years ago it may be possible to be accepted for a prime loan.

An example of a credit agreement that is simple to qualify for is a sim only mobile phone contract. The mobile network is only exposed to the cost of the phone calls you make should you default, and since the absolute cost of phone calls is very insignificant it is worth the risk for them.