Weekly Payment Stores No Credit Checks

More people than ever are struggling with debt and to make matters worse they are finding it increasingly difficult to borrow the money they need to purchase essentials items due to their bad credit record.

Lenders Are Becoming Less Generous

Since the economic downturn lenders who use to hand out credit and secured loans without asking questions are now more cautious. They are tightening their access to credit and making their qualification criteria far more difficult. This is not good news for consumers who have bad credits scores as this can mean a higher rate of lenders rejecting their  personal loan applications or charging extortionate interests that could put them further in debt.

Credit checks are the norm if you want to borrow credit secured personal loans from the mainstream and high street lenders. If your carrying defaults, missed payments or County Court Judgments (CCJ's) on your credit file then, the chances of the mainstream lenders providing you with a loan to help you buy the necessities you need are slim. You will be considered too much of a risk.

A Catch 22 With Having Bad Credit

Even though you have a bad credit rating you still have to buy the necessities such as your food and clothes. However, with poor credit you are in a catch 22 situation as you need to borrow in order to increase your credit score. Fortunately, you can improve your score if you can borrow a from a provider who does not require that your credit report is checked. One option is to use weekly payment stores with no credit check accounts.

These weekly payment shopping stores enable you to purchase items that include furniture, electronics and white goods such as fridge's. They will arrange weekly payments plans where you agree to a pay a monthly installment towards the item each week until the full cost is repaid.

As this form of credit is similar to the payday loans you can slowly rebuild your credit as long as you make the payments in full and without fail. Failure to pay on time can mean damaging your credit score further and as the interest rates on no credit check loans are extortionately high you could find yourself in further debt.

Using Weekly Payment Stores

By paying weekly payments you can enjoy your new washing machine, cooker or fridge without having to put pressure on your household budget. As long as you have discipline in the way you manage your budget and have enough cash at the end of the week to cover the weekly payments. You can pay each week by using a debit card which will debit your account immediately. As there is no credit involved with debit cards there are no interest rates to pay.

The weekly no credit payment terms are better than the buy now pay later deals. The  latter sound more attractive as you don't have to pay right away however, many people forget to set aside the money to cover the bill especially of its a wait a year deal. By the time the payment date comes round they haven't the money to pay for it and then the 30% APR interest charges kick in.

Throwing You A Financial Lifeline

Many of the weekly payment stores in the UK with no credit checks only require that you provide proof of where you live and proof of income. So, if you have a bad credit history and you are finding it a struggle to get the loans to the buy the essentials you need for your family then, the weekly payment stores who offer no credit checks can throw you a financial lifeline.

But remember, there is a flip side to using weekly payment stores no credit checks. The APR's can be extortionate therefore, only purchase items that are absolutely essential and that you can afford to pay for. You must pay the weekly payments on time without fail otherwise you will end up in worse debt than when started.