No credit checks on short term loans….what’s the catch?

It seems as if some Britons’ appetite for credit is all consuming, even when the warning bells started to jingle in early 2007, then exploded into a cacophony of sound over the next two years. You would have thought that we would have all learnt our lesson.

Most people who want a short term instant cash loan these days have to go through extensive credit checks to make sure they are capable of paying the loan back. And fair enough too, one might think, with the western world’s finances a bit of a doleful mess, all due partly to people being given easy credit without the wherewithal to pay most of it back.

However, up pops a new pay day loan company that is promising to feed the appetite of those who just can’t seem to say no. To be honest getting a pay day loan seems easy at first sight. There are plenty of them online and all it seems as if you have to do is to just make an application online get the loan paid into your bank account and then you can pay the bills for a few days more.

The new company, called MyNoCreditCheckPaydaLoans.co.uk, which is certainly a bit of a mouthful, offers to provide short term loans to people over eighteen without the extensive credit card checking that other companies insist on, hence the name.

The company apparently not only aims to provide loans simply and safely, but also dishes out useful advice for people who have had a reputation for bad credit loans. Presumably the advice is not that they should not take out another loan until they have paid off the old ones, but that they can obtain a loan with MyNoCreditCheckPaydaLoans without worries.

The company provides short term loans on a short term basis only and the company says that it feels that those who need a loan but have a bad credit card rating or have had problems in the past obtaining and paying back short term loans should not be disadvantaged when they want to keep their car repayments or pay off the gas bill.

The instant cash loan company says that the only two stipulations needed in obtaining a loan are that one is over eighteen and have a steady income. One applies online and fills in all the usual details including one’s bank account.

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