Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Oyster Loan is a credit broker and not a lender
We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you'll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%. This is a representative example of what it may cost : a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22
No credit check loans are often advertised by many loan brokers and lenders, but the Financial Conduct Authority (FCA) has decreed credit checks to be mandatory for all lenders so that they can lend in a responsible manner. In reality providing a loan to a borrower who most likely does not have the means to repay the loan is not just detrimental for the lender, but also the borrower. This is because too much debt can go a long way in worsening the already bad financial situation of the borrower. This is the reason that in the UK loans with no credit check are neither legal nor possible. It is mandatory for a lender to take into consideration the credit history of the borrower. In spite of this many direct lenders and even loan brokers advertise the fact that they provide loans no credit check UK. In fact, people who publish such advertisements are more likely loan sharks rather than bona fide lending agencies. This is the reason that you should be wary of such advertisements.
AS mentioned above it is not possible to get loans in the UK without being subjected to a credit check. However, we at Oyster Loan understand that most people are often better than what their credit scores suggest. Of course one of the most commonly assumed reason for bad credit of a person is considered to be bad credit and financial habits. However, this may not always be the case. The modern times are especially rough on the common man and lay-offs and sudden salary cuts are quite the norm. On the other hand the common man is also not able to pay for all necessities of life in cash and hence is dependent on loans of different kinds like home loans, car loans, credit cards and more. In such a situation a person may carefully budget his or her finances and take on credit based on his income and expense and the wham! Comes a salary cut. In this situation even the most well meaning individual can end up with bad credit.
As a responsible loan broker we understand that direct lenders no credit check are not acting in a responsible manner, but we do not gauge the personality of a person based simply on his or her credit score. Instead we take the broader picture into consideration and look at factors like monthly income and expenditure graph and the general ability of the person to repay the loan on time.
This is the reason that even if loans without guarantor are a high risk option we understand the specific predicament faced by a loan applicant who is looking for loans bad credit no guarantor. We are associated with many non-traditional lending agencies who are ready to take a little high risk by going soft on the credit checks of a loan applicant. Neither we nor the lenders associated with us are irresponsible enough to provide payday loans no credit check no guarantor. However, we are in association with many lenders who give more importance and weight to other factors concerning an individuals' financial abilities.
If you are looking for loans for bad credit no guarantor, then in effect you are expecting a lender or a loan broker to take you at your word that you will be able to repay the loan. However, most lenders want their loans to be repaid as they are not interested in losing their money. This is the reason that even if they provide a loan without a guarantor they will most likely charge a higher interest rate than normal. Loans without guarantor are not uncommon, but a credit check in a must for every lender in order to lend money in a responsible manner.
Loans for bad credit no guarantors are common among lenders who provide payday loans. This is because they are taking into consideration the fact that you will be able to repay the loan once you get your next salary cheque. Hence even if the lender goes soft on the credit check they will ensure that they are lending in a responsible manner. Apart from the amount of your next salary they often take into account factors like your monthly expenditure and the fact that you are able to repay the loan with the money that is left over after taking care of your monthly expenses.
We as a responsible loan broker understand that there are many people in the country looking for loans bad credit no guarantor. However, while it is quite possible to get a loan without a guarantor even if you have bad credit, this does not mean that no credit check will be conducted before giving you a loan. What no guarantor loans mean is, that the lender is confident that you will be able to make the repayments of the loan at stipulated intervals and that you do not need anyone else to step in your stead. In fact loans no guarantor can be availed in a very short time and they are known as instant loans. It takes a few working hours for you to apply on our website for the loan and complete the documentation. With the minimum hassle you will get approval and disbursal of the loans and the money will be deposited into your checking account.
Most people would love to avail quick loan no credit check, but alas, in the UK this is not legal and hence not possible. However if you are looking for bad credit loans no guarantor no credit check, you should not expect a miracle, but it is definitely possible to find a lender who will go soft on your credit check and give more importance to other factors like your current monthly income. If your financial needs are large and you have bad credit then instead of looking for loans with no credit check, you should approach us. We will put you in touch with many lenders who will go soft on your credit check and will consider your current and actual ability to repay the loan as the main deciding criterion for providing you the loan.
What many people don't know that while they are in futility looking for no credit check loans no guarantor, they should instead approach Oyster Loan. We will help you find a lender who is willing to take a slightly higher risk and provide you a loan in spite of having bad credit. In turn for taking a higher risk they may charge a higher rate of interest, but this is worth it in times when you are in dire straits financially.
At the same time most people with bad credit don't realise that taking long term loans and then repaying them regularly and on time will actually go a long way in rebuilding their credit score. In fact as a responsible loan broker we recommend this method of credit repair to many of our customers who are looking for no credit check loans no guarantor. In reality there is no responsible or even credible lender who will not perform a credit check before providing a loan even if it is just to check your identity and other details. However, it is very much possible to get lenders with us who will conduct a soft credit check and provide loans even to applicants who have a bad credit history.
Oyster Loan is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Oyster Loan does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loan and requesting you to make a payment, report it to www.actionfraud.police.uk.
All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.
Contact your lender directly if you have any worries about making your re-payment. If you do not endeavour to do so you will be unable to arrange any payment options and where the situation remains unresolved (where you have not re-paid your loan), the lender can exercise their right to pass your details onto a third party collections agency. This agency will then work to recover your unpaid arrears (plus any interest accrued as a result of your non-payment).
Implications of Non-Payment
By not making your short-term loan re-payment on time, you could be subject to fees and penalties, which will be implemented at the discretion of your individual lender. The details of any charges that can be added to your loan re-payment amount will be detailed within your loan agreement and this will include the reasons why further charges may be added. If you are late in making your payment this could also have a negative impact on your credit score. Therefore, in order to avoid having to re-pay more than your original agreed amount, we suggest that you re-pay your loan on time. If you fear that you will experience difficulty in paying back what you owe, please contact your lender as soon as possible.
Where you feel that you will not be able to meet your re-payment date and will need to make your payment at a later time – you must contact your lender to arrange this. If you do not, it could be assumed that you are unwilling to re-pay your loan and therefore you could incur a higher fee or charge than you would otherwise have done by simply extending your loan term. A late payment fee usually amounts to anywhere between £1 and £100 and this will vary dependent upon your lender. However, we do not advocate the unnecessary extension of short-term loans and as a result we ask that you ensure that you will be able to re-pay any loan that you apply for. For more information, please read and understand the terms and conditions associated with your loan agreement.
We do not advocate the renewal of short-term loans however, in the instance that you wish to do so you must contact your lender immediately. You will often be charged the same rate of interest or fees for an extra month however; this will be charged on the full amount that you owe to the creditor (amount borrowed plus first month's interest). If you are late in making your loan re- payment or you fail to make the re-payment at all, your loan may be automatically rolled over thus automatically incurring further interest and charges. Any amount that you have borrowed you will be liable to re-pay so, please make sure that you only take out a loan if you can afford to pay it back in full.