Soft Credit Check: What Does This Mean?

An emergency is inevitable and so is the case with the financial situation of an individual. We do not know and we cannot predict when and how we will need emergency funds to fulfil our requirements. Hence, arises a major problem that most of us face everyday. At such times, a person always looks for a loan to satisfy the needs. Once done, the individual starts repaying the loan, but in the course of time, another wave of emergency takes him aback and the person fails to repay the loan amount. Now, a bigger problem of bad credit hits him hard. Yes, poor credit or bad credit is a result of irregular or non-repayment of loans taken.

A poor credit in your kitty doesn’t allow you to borrow loans and even if you do so, the rate of interest on the said loan is on the higher side. However, a few lenders willingly help such borrowers by offering them loans. A report states that the payday loan sector is one which has experienced a rapid expansion in the past 10 years. In our 2012 Report, we noted that figures provided by Consumer Focus indicated that the payday loans market had increased from 0.3 million borrowers in 2006, to 1.2 million in 2009 and to 1.9 million in 2010.19 According to the OFT the payday loan market was worth between £2.0 and £2.2 billion in 2011–12, up from an estimated £900 million in 2008–09. The 2011–12 figure represented between 7.4 and 8.2 million new loans[i]

So in spite of the current financial situation, people are on a constant lookout for loans and during such times a Payday Loan with Soft Credit Check or Soft Credit Check Loans for Bad Credit may become highly impactful and useful. Why a soft credit check loan? Please note that a soft credit check is carried out to assess your loan eligibility. Most of the firms carry a hard credit check, which hampers your credit score by further lowering it down. And then, there might be a denial for a loan. While firms who conduct a soft credit check are recommended as to assess your loan eligibility, your credit score is not hampered. In that way, at least, you are not damaging your credit rating. Oyster Loan is an FCA registered loan broker operating in the financial market of the UK that conducts a soft credit check to assess a borrower’s loan eligibility. Save your credit score and save yourself from the unnecessary hassles of borrowing.

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[i]https://publications.parliament.uk/pa/cm201314/cmselect/cmbis/789/789.pdf

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