No credit check short term loans for people with "bad credit"

Since the credit crunch, subprime lending has all but frozen, but in recent months it has started to come back. Short term loans can be in the form of payday loans for small amounts of money loaned on an instant unsecured basis, with a good tolerance of people with poor credit in the form of bad credit rating. In the UK, payday loans are know for having absolutely atrocious terms which include interest rates of a staggering 1627% APR.
Another type of short term loan for a much higher amount of money is in the form of a secured loan, called a bridging  loan, or bridging finance. Bridging loans usually have fees of around 1% and interest rates of 1 to 2% per month.

Again since the credit crunch, loan to values have gone right down, so if you have a property to offer as security the lender is unlikely to go much over 60% of the properties value in terms of the complete amount of debt secured on the property. If the property has a first charge lender, the first charge lender must consent to the bridging finance companies second charge. It’s also normal for the lender to need to see proof of buildings insurance. Some bridging lenders will tolerate some poor adverse credit, and if you have a lot of equity in your home but a lot of mortgage arrears, a way to get your self out of arrears is to get a bridging loan for 3 months with the 3 months payments rolled in, then refinance to another lender who can see no mortgage arrears in your credit file.

It’s also the norm for the bridging finance broker to charge a one percent fee also.