No Credit History Loan?

Sit

Are there any legitimate no credit check loans that are safe?

BugsyBrowne

Sit wrote: »

Are there any legitimate no credit check loans that are safe?

No credit check loans no such things, there are loan companies that advertise No credit check loans but these require an upfront fee and you will have no chance whatsoever of recieving a penny off these companies and you will end up being out of pocket.

Apples2

Are there any low risk opportunities to lend money to people which absolutely zero history of taking credit?

DCFC79

OP try your bank but other than that i think your chances are 0.
You really expect a lender to take a chance with out carrying out a credit check ?

You might be able to find a loan shark willing to lend you the money but i bet his fees are very high and the consequences of missing a payment are quite bad.

Whats the loan for OP ?

dealer_wins

Working 4 hours a week and not wanting a credit check done even loan sharks and Wonka would say no LOL

Close your ISA and use those funds!!

DCFC79

dealer_wins wrote: »

Working 4 hours a week and not wanting a credit check done even loan sharks and Wonka would say no LOL

Close your ISA and use those funds!!

I wonder if he is working more hours ?

jason1231972

There are many that are safe in the sense that a 20st guy with one eye won't come round and break your legs if you don't pay, but they're not necessarily 'safe' from an affordability/common sense point of view.

Home credit outfits like the Provident offer small-ish cash loans that can be paid over the reasonably long-term (someone knocking on your door at a specified frequency to collect cash payments). They're safe in the sense that you won't get hurt or ripped off, but you will pay through the nose (legally). Whilst interest rates are high, these loans aren't as associated with an unmanageable spiral/trap of debt as some other forms of borrowing (see below).

Then there's the payday loan industry whereby you can borrow small-ish amounts, but the balance is due within a short period of time (usually one month), unless you pay a fee to defer repayment. Either way, interest rates are always very high and the way in which you're usually required to repay in full by a set date can lead to the 'trap' as referred to above, where you need to borrow more just to keep your head above water/make payments on the previous loan.

Neither of the above two options will lend you significant sums of money, and neither is cheap by any stretch of the imagination. Mismanagement of either option can lead to long-term pain.

If you're looking for more money and/or lower interest rates, your own bank may be able to help, even if you've no real credit history, since they 'know' you (depending on how long you've banked with them, and how well you've behaved). Approval rates are lower than the home credit or PDL options, though, since many more factors are taken into account (i.e., lending is generally provided on a 'responsible' basis!).

27col

Sit wrote: »

Are there any legitimate no credit check loans that are safe?

It sounds to me that any safety risk would be to someone who was foolish enough to lent you some money, and not the other way round.
You sound like a potential lenders ideal customer.
No credit check, and no income to speak of, either.
Watch out, there will be a big queue forming shortly. Not.

DCFC79

jason1231972 wrote: »

There are many that are safe in the sense that a 20st guy with one eye won't come round and break your legs if you don't pay, but they're not necessarily 'safe' from an affordability/common sense point of view.

Jason, was your reply quoted in reference to the 1 i made, if it was i made the reply about loan sharks as a last resort, not that the OP would use 1 or i hope he wouldnt and has some common sense to know it would be a wrong idea.

jason1231972

DCFC79 wrote: »

Jason, was your reply quoted in reference to the 1 i made, if it was i made the reply about loan sharks as a last resort, not that the OP would use 1 or i hope he wouldnt and has some common sense to know it would be a wrong idea.

Nooo

Just a general point. Wasn't sure what OP meant about 'safe', whether he meant from a physical standpoint, or from the view that there's loads of companies that take £xx from you, but supply no loan.

DCFC79

jason1231972 wrote: »

Nooo

Just a general point. Wasn't sure what OP meant about 'safe', whether he meant from a physical standpoint, or from the view that there's loads of companies that take £xx from you, but supply no loan.

Yes i understand what you meant now. I believe he meant a lender thats safe to borrow from eg a well known lender.

Thanks