Long term loans no credit check – installment loans

Long term loans with no credit check is a loan that will only occur under certain set of circumstances.

A lender is very unlikely to lend money on an unsecured basis with no credit check over a long period of time; a long term loan being considered as seven years and above. There is a high risk to a lender that a borrower could default on a loan issued with no credit check.

No credit check is something more associated with short term loans such as payday. Here a borrower, providing they provide proof of income and identity can borrow a small amount of money typically up to £1000 with no credit check.

The lender charges a high rate of interest hoping to recoup most of the money in case of default. For a long term loan it is not worth a lender granting a loan facility for such a small amount that applies to payday.

The
monthly instalments have to be meaningful for it to be worthwhile for the lender to go through the process and administration of putting together a series of loan documents.

 Long term loans no credit check – circumstances

On an unsecured basis, if the borrower has an existing relationship with the lender, such as banking with them then a long term loan for something specific such as a car loan may be granted.

Something halfway between an unsecured loan and a secured loan is a guaranteed loan. Here a loan may be approved without credit check if there is a non property asset pledged against the loan such as a pension. A loan could also be approved without a credit check if it is countersigned by a guarantor who pledges to repay the loan if the borrower defaults on repayment of the loan amount.

The most secure end of the long term loan market is a loan pledged against a property. Here, as long as the valuation meets the required criteria, there would be no need for a credit check.

Long term loans no credit check do exist but it has to generally be for a specific reason such as a car loan, whereby the funds would be wired directly to the good provider; or there is a non property guarantee or a guarantor.

Please find below a list of providers that offer long term loans with no credit check. This is by no means an exhaustive list. For further information on each individual offering we would advise that you visit directly the loan providers website.

To find additional providers try one of the online comparison sites such as Money Supermarket or Money Saving Expert.

• Wentworth Direct Finance
• Easy Money Lender
• Loan ‘n’ Go
• Merlin Money
• Yes Loans
• Provident Personal Credit

More on long term loans no credit check

Applying for loans in the UK, requires quite a lot of paperwork and time apart from the all important good credit score. The Credit Score of a person is basically a rating of his/her financial stability and reliability based on the past history of borrowing and other financial transactions.

As such, almost all banks require that the applicant must have a good credit score, in order to secure their loan amount and interest payable. Sometimes however, because of bad decisions or unavoidable circumstances, credit histories can strong hit.

In these cases the person is then instantly unqualified for any sort of financial help from most banks and finds himself/herself in quite a bit of a quandary. Without the money, people are unable to carry out any transactions and thereby cannot repair there credit scores and with a bad credit score, nobody is willing to give them any money.

As can be seen this vicious cycle causes massive stress and lifestyle impairment to thousands people in the UK each year.

This cycle can be broken by people, by the use of long term loans no credit check. These loans are offered by a variety of banks and online lenders. As is obvious from the title, these loans do not require a good credit score and the past financial history of the applicant is immaterial.

Long term installment loans

Depending on the lender, the rules, repayment periods and interest rates change and most lenders offer a variety of loans with differing interest rates and repayment periods. Users only have to go online and compare the loan plans offered by each company to choose the one which will suit them the most.

These loans are massively beneficial to borrowers as they re-install financial mobility and therefore help in not only day to day activities but also repairing the damaged credit score.
Most companies require collateral of some kind in order for people to be eligible for applying these long term loans with no credit check. This ensures the safety of the lender’s investment and also decreases the interest rate for the borrower.

Some companies also offer long term loans without any collateral but the repayment and interest plans for these loans are very demanding and must be met very regularly. As such, people can go online and browse through the many lenders that offer these long term installment loans.

A simple application form and meeting of all eligibility criteria, will give people instant loan approval and subsequent access to the funds. Some companies require functioning bank accounts in order to transfer the amount directly while others operate in different ways.

From the borrower’s standpoint it is essential to understand limitations and constraints and avoid taking loans of excessive and unpayable amounts while from the lender’s point of view, security of the investment and customer satisfaction remain crucial.

Generally loans in the amounts of 1000-5000 pounds are offered by lenders with repayment periods between 5-10 years. In the UK, it is crucial that the age and work requirements are met before people can apply for these instalment loans.

A stable job with at least six months of previous salaries and a bank account may be required. These rules however are not exactly watertight and they change with every lender. The borrower must carefully sift through the rules and stipulations before applying.