There are many loans available but if you have a poor credit record then you will be limited in the loans that you will be able to apply for. However, there are some lenders that will lend to those that do have a low credit score and they are often referred to as no credit check lenders. Although all lenders do have to do a credit check, the reason they are called this is because they still lend to people that have a poor credit record. There are quite a few different loans that are available in this category and it is good to know a bit more about them so that you can decide whether there are nay that look suitable for you.
A payday loan will lend you a sum of money until you get paid. Therefore, you will borrow a relatively small amount of money, usually up to a thousand pounds for a few weeks. You will be expected to repay the full amount that you have borrowed plus the interest and charges on the next day that you get paid. There will be a direct debit set up to make sure that you do not forget to do this. The loans are designed to help you in an emergency and therefore are arranged very quickly; sometimes within a few hours. You will normally be lent a few hundred pounds the first time you take out a loan with no credit check, but if you pay that back on time then the lender will be more likely to lend you a higher sum next time. You have to build up trust with them as they will not want to take a large risk by lender you lots of money to start with because of your credit record.
Some people find it difficult to repay a payday loan because you have to repay the whole lump sum and the interest all in one go. Although the money does go out on the day that you are paid, so you should have enough there, you still have to manage for the rest of the month and cover all of your other bills and costs. This is where instalment loans are preferred by some people. They are similar to a payday loan in that they can be arranged quickly and they are available to those with a poor credit rating. However, they will be able to be repaid in instalments which means that you spread the cost of the loan. This can make it much easier to manage and may also mean that you will be able to borrow larger amounts of money as you will not have to repay it all in one go.
A guarantor loan will allow you to borrow even larger sums of money and repay them over a longer term. These are again useful for anyone who cannot get a traditional loan due to having a poor credit rating. The guarantor loan allows you to borrow a larger sum but you need to have a person to act as a guarantor who will be happy to cover the repayment if you cannot afford them. Obviously you need to be able to find someone who is willing to do this for you.
A logbook loan is for vehicle owners. The lender will calculate the value of your vehicle and lend you money using it as collateral. What this will mean is that if you miss any repayments, they will repossess the vehicle and sell it to make back what they are owed. This can be a risky loan to take out if you rely on your vehicle to take you to work as you could end up losing your income, but if you need to borrow a large sum of money and have an alternative way to get to work it could be worth considering.
This is just an example of what no credit check loans are available these days. As you can see, there is quite a range and so you should be able to find something that will suit your situation and your needs. There are plenty available and many different lenders that you will be able to compare. You will be able to think about what you need and what you think that you will be able to cope with, with regards to repayments and that should help you to make the right choice. You should find that it will be fairly easy to do the research online, finding out about what is available for you and looking at who offers what. It will take a while to do all of this research, but will be well worth it when you find a loan that will match your needs.