Tips on Bad Credit Loans: Is no credit check or no guarantor a criterion for applying?

Are you boggled down by your ailing credit health? Is your salary falling short to meet the credit bills and loan instalments every month? Are you constantly worried about the rising expenses and looking for ways to raise the income?

Affirmative answer(s) to any of these questions indicate a very bad credit situation.Despite your urgent requirement for additional loans you must be worried about not ruining your score further. Whether you apply for a new loan or credit card, it will make a footmark in your credit report.So, a constant search for loans with no credit check by borrowers is a relevant one. However while you too conduct such a search you should know about certain facts about bad credit borrowing.

• Bad credit loans are always more expensive than regular loans extended with good score. So you should be ready to shell out additional cost for loan. The rate of interest would be high and so would be APR %.
  
• Searching for bad credit loans is not a cakewalk. It would entail a lot of research and brain storming to find an affordable lender for the purpose. Despite FCA’s strict guidelines, a lot of loan sharks are also functioning in the market, so you need to be careful while going for direct to lender deals.
  
• Many of the unscrupulous finance companies might post ads with tall claims such as Bad credit loans, No guarantor, No credit check in bold prints to attract the customers. However you should be wary about falling prey to these lenders. As per FCA guidelines no lender can extend a loan without a credit check. Credit check is one of the major pre requisites for testing the loan eligibility of a borrower. As a borrower, you also get to know about the loan affordability with the credit check.
  
  When seeking short term loans no credit check for bad credit situation you can instead ask the lender to not initiate a hard check and save a footprint on the credit report.
  
• In order to restore your credit situation with additional loans, you should seek professional advice. Contact an authorised loan broker and use the advice to mend your credit history. You can search for loan brokers online and contact them by filling an online form. The broker would follow up and search for the cheapest loans for your requirements.
  
• Although a broker would do the Mathematics for you and would guide you on availing the financial service according to your debt to income ratio, you should do some of homework beforehand. The decision to borrow additional loans should be a learned one. For, an additional loan would enhance the financial obligation.
  
  Before initiating a dialogue with broker know clearly how much you want to borrow and how much you can spare for monthly instalments. Enquire about total credit charges, rate of interest, APR % and what if you fail to repay or want to prepay. You should not be unaware about any of the associated costs.

Knowing all these facts, I hope you could borrow right and begin to mend your credit situation.