Whenever you’re looking for quick loans with no credit check, always try to look a little further.
We know, anyone in need of a quick loan isn’t exactly blessed with bags of free time. But taking a moment to research and compare options could make all the difference.
For example, let’s say your car breaks down unexpectedly, and you need a repair to get to work. A quick loan might help you cover the cost immediately. However, if you go with an unscrupulous payday lender, that repair could end up costing you a lot more in the long run.
‘Quick loan, no credit check’ deals may seem convenient on the surface but taking a few hours to compare lenders can ensure you’re getting the best deal and not paying more than you should.
Why should I be wary of quick loans with no credit check?
- High interest rates. These loans often carry staggering interest rates – sometimes exceeding 300%. This means you could end up repaying far more than you originally borrowed, making them a costly choice.
- Sneaky fees. Beyond the interest, some lenders include extra fees for things like getting the loan, paying late, or even just rolling it over. All of a sudden, what seemed like quick cash turns into a money pit.
- Barely any time to pay it back. Many of these loans have extremely short repayment terms, sometimes just a couple of weeks. If you’re already struggling, paying it off that fast can be tough. You end up borrowing again just to cover it.
- Easy to get stuck in a debt spiral. Because they’re so expensive and hard to repay quickly, people often take out another loan just to cover the first one. Before you know it, you’re stuck in a never-ending loop of debt.
- Some lenders are less than trustworthy. Not all, but a lot of these lenders prey on people who are desperate, using sneaky terms and aggressive collection tactics to keep them trapped.
- Won’t help your credit score. Since these loans don’t usually get reported to credit reference agencies, paying on time doesn’t help your credit. But miss a payment and it gets passed to debt recovery? Well, that could seriously harm your score.
What makes Northern Community Bank different?
Nothing means more than family, and our £500 Family Loan is designed to help you take care of yours by covering any unexpected costs with ease. It’s a scheme that allows you to spread repayments over an affordable period. For example; £12 per week over 50 weeks at 42.6% APR would mean a total interest of just £91.95.
More than that though, we help you build a stronger financial future by reporting repayments to credit reference agencies, which can improve your credit history over time.
We also support account holders in sticking to a savings or loan repayment schedule, making it more likely that we’ll be able to lend again if you need it. And with our ‘Save as You Borrow’ scheme, you’ll build up savings as you repay your loan, giving you a financial cushion for any future surprises.
Call our team today to learn more about our quick loan no credit check options that work for you.
