Details On V5 Loans
For those who have CCJs, poor credit or have missed a few payments, it might appear nearly impossible to get finance. Many lenders will charge check you and automatically reject you based on your past credit history, which then leads to the rejection. However, there is a solution, and that is to apply for a loan that does not require a credit check. There are lots of types of loans for which you can be approved with no credit check. Primarily there are payday loans, which are short-term loans made to tide you over from payday to payday. Most payday loans companies won’t charge check you provided that you meet their criteria for a loan. Usually, this means that you should be in employment, earning a specific amount each month usually around #750 and have a debit card where the loan can be repaid. Click on the below mentioned website, if you are looking for additional information about v5 loans.
These loans are only short-term options and are usually for a maximum of 60 days. In case you have a relatively new vehicle which is clear of finance you may have the ability to get a logbook loan. You do not need to hand the car over; you keep the use of the car but release some of the equity in it to secure the loan. As the loan is secured on the vehicles paperwork, you don’t need to be credit checked to find this type of loan. Log Book Loans are available for between #100 and #50,000 and how much you can borrow depends on the make, model and condition of your car. Usually, to find a logbook loan, you need to be the registered and legal keeper of the vehicle. Some lenders require that the vehicle should have a current MOT and tax to give.
Logbook loans are for a longer period than payday loans usually up to two years. Doorstep lenders can provide cash loans of up to around #500 that is available to even those who are unemployed. Doorstep lenders are specialist loan companies who specialise in high-risk cases. Loans are managed by local agents who call at your address to collect the payments each week. These loans are done entirely in cash, the repayments are fixed, and the broker offers a handy collection service for repayments. These loans can be repaid over up to a year. Lastly, if you will need to borrow more than #500, then a guarantor loan is a good option for you. These loans which can be up to #5000 or so, require you to have a guarantor who will guarantee you’re great for the loan. If you are unable to pay back the loan, the guarantor will take over. Finding a guarantor isn’t always easy, but a relative or close friend may be willing to assist. Generally, they have to be over 23, a homeowner and to have good credit.