Believing the fact that a credit score is among the most determining factor of your financial credibility, most of the people are generally unaware of this and they struggle a lot during the financial crisis. The absence of the credit score dismantles your chances of getting loans during the unwanted situation. Therefore, the finance experts generally insist on building of the credit scores. 12 month loans with no credit check process are indeed the perfect funding source through which you not only secure funds, but also utilise loans to have a credit score.
In the UK, these sorts of loans have the preference over other short term credits because the borrowers have the opportunity to secure funds for a year. They have time to regroup their finances and the flow of funds is regularly come to their bank account. Besides that, there is no shortage of the credit lenders at the UK marketplace, who are offering the loans. By doing an in-depth online research, you can easily find out the lender, which is offering loans on flexible terms and conditions.
Given below is the explanation of the various attributes of the 12 month loans with no credit check:
Qualifying Is Easy and Application Process Is More Convenient
It has been a trend of the marketplace that the borrowers first have to go through stringent qualifying conditions and then they are eligible to seek for the loans. Nowadays, things have become easy for them as there are simple conditions to qualify for the loans. For instance, the borrowers, who are the citizens of the UK and have a deposit account in an authorised bank, are the qualified borrowers for the 12 month loans. However, the lender may ask for the income status of the borrowers.
The completion of these pre-requisites allows borrowers to apply online for the loans and without submitting any papers. They need to fill out the online form on lender’s website and can submit it within few minutes. The borrowers should be sincere in completing the form with relevant and genuine details.
Borrowers Do Not Need to Wait for Loan Approval
Gone are the trends when the loan applications of the borrowers were approved in a week or more. Borrowers did not have the chance of getting emergency funds. At the moment, the lenders are prepared to help borrowers with quick loan approval or in fact, they approve the loan applications after few hours of the application submitted by the borrowers. It is true that the lender will approve the loan request within few minutes, but it definitely check the credibility of all given personal details of the borrowers.
No Need of Collateral for Building a Credit Score
Since your credit scores are nil, you definitely look on building the credit scores. The 12 month loans are indeed quite beneficial in this scenario because the lender does not inspect the credit background of the borrowers and provide funds with ease. Besides that, the lender has also removed the restrictions on the borrowers that they have to secure the loan. It does not need any collateral to secure a small amount.
An Alternative but Similar Objective
The main purpose of the lenders in providing 12 month loans is that it wants to help the borrowers with no credit scores. At the UK marketplace, there is another vital short term finance alternative available and it comes as unemployed loans for people on benefits. These loans are dedicated for the jobless individuals where they secure funds in the same way as the bad credit people use to avail. The lenders give financial assistance to the unemployed on multiple benefits, including competitive APRs and flexible repayment options. These loans are really beneficial in removing the stress of the period of unemployment.