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An estimated one in five people in UK have less than perfect credit reports, and as a result, there are many more loans on the market catering for people with bad credit. As well as bad credit loans, there is also a whole new section of the market - no credit check loans. These products will not let bad credit prevent anyone from borrowing. When applying for no credit check loans, the lender will not even look at your credit report, but will make a decision based on other details, including: - How much you want to borrow
- If you are a homeowner
- Your ability to pay the money back (employment status)
But remember, the fact that the lender is risking a bad credit history means they will be protecting themselves by charging high ARP rates and possibly fees for arrangement. Make sure you compare a number of deals before choosing any no credit check loan deal.
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