Without credit, or with credit that is poor, it is usually difficult to get a loan for any purpose. Once the financial institution conducts the credit check, the situation becomes apparent. The result is often either denial of the loan application or a loan that features a high interest rate and unfavorable terms. Rather than despair, individuals without credit should consider other alternatives.
In the UK, not all lenders do credit checks, so they are an option for individuals who have not established credit. Blackhorse offers unsecured personal loans between £1,000 and £15,000 to people who are homeowners. The interest rate is currently 10.90 percent and individuals can apply online. Blackhorse also offers secured loans in the same range with the same interest rate.
If the individual is able to repay the money by the next paycheck date, a payday lender is another available source for these loans. Individuals can find payday loans that do not require credit checks and
some do not even request that applicants fax identification documents. Though the interest rates on these may be higher than comparable traditional loans, the money is provided to borrowers quickly.
If the person needs a loan for a specific purpose, such as a car, some institutions offer these. No Credit Check Autotrader provides this money without requiring a credit check, as long as the individual has a regular source of income. This loan must be secured by collateral such as a home or another asset, in addition to the automobile.
These are some of the best places to find a £2,000 loan if you do not have credit. The same lenders can be explored by individuals who have poor credit. Before applying for a loan, ask the lender if the loan is reported to credit agencies. Try to find a lender who does this because approval of these loans will help the individual build or repair credit.