Finding a Loan Shark Alternative

Ways to Get No Credit Check Finance - Borrowing Money Fast

Oct 28, 2009

Finding a loan shark may seem like the answer to money worries, but this isn't so. Find out how to get no credit check finance to escape a short-term financial hole.

Although finding a loan shark may appear to be the ideal solution to an urgent financial need, but it should be avoided at all costs. usury repayment terms on no credit check finance are all too common. According to a recent Daily Mail article, a mother of 4 borrowed £500 and was forced to pay back £90,000 over a 7 year period. This was equivalent to an interest rate of 2500% and monthly repayments of £1,840. The lender escaped a prison sentence, despite threatening to kill her. Whilst borrowing money will be more expensive, there are better ways to get a bad credit loan.

Alternatives to Finding a Loan Shark - No Credit Check Finance

An individual seeking no credit check finance should think carefully before borrowing more. A poor credit history will mean that the rate of interest charged will be considerably higher than it once was. However, should it be absolutely necessary, it may be possible to get a same day Payday loan, pawn shop loan or a logbook loan. They should not be considered a source of long-term borrowing.

No Credit Check Same Day Payday Loans - Small Loans for an Emergency

A Payday lender may offer no credit check finance for up to £750 to a UK resident who is in full-time employment. There is no point wasting time finding a loan shark when it is possible to borrow on more favourable terms. Borrowing £100 for a month will cost the borrower about £20-25 in interest so it remains important that the debt is settled punctually on pay day.

Logbook Loans - Small, Large Very Poor Credit Loans

Provided that a car doesn't have any outstanding payments, it is possible to borrow money on similar terms to a same day Payday loan. The main difference is that the provision of collateral (the vehicle) means that a larger sum of money can be borrowed. Failing to keep-up with repayments will lead to the vehicle being sold. The borrower will also be financially responsible for any deficiency.

Pawn Shop Loan - Gold, Jewelry Loans

Individuals who are able to offer collateral (gold, jewelry, electrical equipment etc) may be able to no credit check finance from a pawnbroker. Don't waste time finding a loan shark. The interest rate is a manageable 60-80% which means that the term is up to 6 months. The larger the loan, the lower the interest rate. Non-payment will result in the collateral being sold at the pawnbroker shop.

Free Credit Counseling - Debt Settlement and Debt Management Plans

A lot of individuals believe that finding a loan shark will allow them to consolidate their debts and reduce their money worries. However, there are a number of far more effective ways to deal with personal debt problems. Don't borrow additional money, talk to a qualified credit counselor to see if a Debt Management Plan provides a more viable alternative.

Whilst finding a loan shark may appear to be the answer to short-term financial difficulties, it is more likely to cause long-term financial (or even physical) damage. Whilst no credit check finance is an expensive way to borrow money, pawnbrokers and Payday lenders will follow the correct legal channels to recover their money. It is important to seek credit counseling from a professional advisor.

The copyright of the article Finding a Loan Shark Alternative in Personal Loans is owned by Asa Ghaffar. Permission to republish Finding a Loan Shark Alternative in print or online must be granted by the author in writing.