There is a general belief that those of us with truly terrible credit scores are bound to find it impossible to secure a loan. But in fact, with the growth of options available from specialist lenders online, it is possible to get some small personal loans with no credit checks.
It may seem like a major risk for lenders to grant loans without checking on the credit history guaranteed loan approval no credit check of the applicant – and this is certainly true. As a result, there are some compromises that applicants need to make if they are to get approval despite bad credit.
But what are the special conditions that an application must accept when applying for this kind of personal loan? And, how can a lender so confidently grant approval when they are clearly at a major risk?
No Credit Checks: Foolhardy or Wise?
Any lender who accepts the risk of taking on bad credit borrowers without question has clearly already calculated the chances of making a profit from the deal. Remember, no lender goes into a loan deal with their eyes closed, so granting personal loans with no credit checks is a carefully considered strategic loan option.