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Simply to find out whether the person they may be lending to - is a good 'risk'. A credit search will reveal if a person (a) has exceeded their credit limit, (b) delayed or missed payments on a loan or credit card, or (c) has defaulted on payments - resulting in a county court judgement (CCJ) against them.

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8y ago
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8y ago

Lenders carry out a credit search in order to absolutely understand your monetary circumstances, and to see how you are handling your existing debts.

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Q: Why do lenders carry out a credit search?
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Why do lenders make loans to people without checking their credit?

In the current credit environment (2010), the only lenders that make loans to people without checking their credit history are payday lenders, auto title lenders and pawn shops.


How does one receive auto refinancing bad credit?

When people have a bad credit history it can be very hard to get a loan. However it is still possible. One simply has to do a search for private lenders who specialise in lending to people with bad credit history. Every one of these lenders is different and they will make their decision depending on borrowers circumstances.


Where can a person receive a preapproval for an auto loan?

There are many places to get pre-approved, such as banks, credit unions, or even lenders on the worldwide web. Banks consist of the traditional names such as Chase, Wells Fargo, Bank of America. There are credit unions such as Navy Federal, Boeing Employees Credit Union, or CommonWealth Central Credit Union. There are many lenders online that you can search for.


What are some bad credit lenders?

A couple of bad credit lenders who typically loan to people denied by traditional banks are AmeriCash and Downs Financial.


Is the 100 day loans online a scam?

They are not lenders, they are brokers. If you look at the bottom of their homepage you will see it says '100 day loans are is NOT a lender it is a brokerage service. They will pass your details on to other companies you have no control over and who will search your credit file multiple times. Multiple searches on your credit report will lower your credit drastically and make you undesirable to future lenders.

Related questions

How can i obtain a list of bad credit lenders?

There are numerous bad credit lender websites on the internet. Try a Google search for 'bad credit lenders' and you'll find many to choose from.


Allcreditautoscom provides auto loans for any credit situation bad credit no credit bankruptcy search multiple lenders to get a quote which car is shown on their registration page?

Honda.


Why do lenders make loans to people without checking their credit?

In the current credit environment (2010), the only lenders that make loans to people without checking their credit history are payday lenders, auto title lenders and pawn shops.


Are there any auto lenders in sagadahoc county?

There are many auto lenders int he county. They are from bad credit lenders to good credit lenders. You need to shop around and pick the company that best suits your needs.


How does one receive auto refinancing bad credit?

When people have a bad credit history it can be very hard to get a loan. However it is still possible. One simply has to do a search for private lenders who specialise in lending to people with bad credit history. Every one of these lenders is different and they will make their decision depending on borrowers circumstances.


Where can a person receive a preapproval for an auto loan?

There are many places to get pre-approved, such as banks, credit unions, or even lenders on the worldwide web. Banks consist of the traditional names such as Chase, Wells Fargo, Bank of America. There are credit unions such as Navy Federal, Boeing Employees Credit Union, or CommonWealth Central Credit Union. There are many lenders online that you can search for.


What are some bad credit lenders?

A couple of bad credit lenders who typically loan to people denied by traditional banks are AmeriCash and Downs Financial.


Is the 100 day loans online a scam?

They are not lenders, they are brokers. If you look at the bottom of their homepage you will see it says '100 day loans are is NOT a lender it is a brokerage service. They will pass your details on to other companies you have no control over and who will search your credit file multiple times. Multiple searches on your credit report will lower your credit drastically and make you undesirable to future lenders.


What are some home loan lenders for people with bad credit?

There are lots of places online where someone can find home loan lenders for people with bad credit. Some of these home loan lenders are Realtor and FHA.


What are some adverse credit lenders?

Some adverse credit lenders are: "GE Money", "Precise Mortgage", "Amerisave", "Avex Funding", "Quicken loans", "Loans for poor credit", "Poor Credit Finance", to name a few.


Did Personal Credit Services lenders loan you the amount you applied for?

I have not heard back from all of the lenders but so far two of the five lenders I applied for credit with did approve me for the personal loans I requested. Their services were worth the fee at least and there is a guarantee that if you don't receive the personal credit then they will refund your money. There is a policy that you have to apply to all of the lenders before they will issue you a credit but so far their service seems worth the fee. Let me know if you have any luck with the lenders you applied to - for now I would recommend them for credit.


Who will lend to people having low credit scores?

There are a number of specialty near-prime, sub-prime and "hard money" lenders that will lend to individuals having low credit scores. In most cases, the lender to choose depends specifically on what you are trying to get credit for. There are specialty auto lenders, mortgage lenders, personal loan lenders, etc. Please see the attached links for possible lenders.