Payday loans no credit check
Warning: Payday loans with no credit check simply do not exist.
We should very quickly resolve a myth surrounding short term payday loans, there’s basically no such thing as a payday loan with no credit check. Every single provider, credit broker, and direct lender will credit check your profile. That’s just how payday loans for UK residents work. If you apply for a loan, for arguments sake, let’s say you apply to get a £200 loan. The first thing you’ll probably end up with is something called a soft search. Then after that, if you are accepted for the loan then you’ll end up with a hard credit search. Any which way you look at this, you’re going to end up with a credit check, but there are payday loans for people with poor credit. So, for anyone that’s offering you a loan without credit checks is probably just using a clever marketing tactic, again payday loans or bad credit loan, no credit check do not exist but there is options to apply for a fast loan for UK residents.
Having a poor credit rating doesn’t rule out a payday loan
Just because you’ve got a poor history doesn’t necessarily mean you won’t be able to get a payday or short term loan with bad credit. Direct lenders of payday loans often look for different criteria which are not the same as high street bank lenders. They’ll look at your credit rating in a different way in terms of how much money you have coming in and how much money is going out. They will also look at how well you keep up payments on other bills, debts, and loans you have. The results of a payday loan normally result in high approval so the way that they’re calculating the feasibility and the possibility of you borrowing money is slightly different to that of a high street bank.
How do I get a payday loan?
The first stages of getting a payday loan with a poor credit rating is to simply apply for a fast loan online with as many brokers and direct lenders as you possibly can. From this point on you can then have a look of what same day loan offers comeback(if any) and decide if they are appropriate. It’s always worth being honest with the numbers that are involved on your application. It’s worth noting they will definitely check your credit profile and being upfront and clear about your situation. It will significantly improve the chances of lenders being able to workout your online payday loan application. If you’re honest and you can show that you’re more than capable of repaying. Then the amount of money you want to borrow will be considered carefully by a panel of lenders and will be taken seriously, even for a £50 loan today they will take you seriously.
If you receive an offer you’ll need to sign acceptance
Once you’ve made your application for a short term loan, if direct lenders believe they are capable of lending you the money. They will give you a deal to sign and the money will be released to you as quickly as possible. If the application is straightforward theres a chance the loan can be same day payout. In some cases with poor credit they will request additional documentation to make sure that they are capable of lending you the money, for same day loans in the UK, that’s pretty normal. It might be documents that back up your earnings or outgoings for example.
Interest rates for a payday loan with bad credit history.
It’s worth considering that a payday loan with bad credit will incur high interest rates, all online loans in the UK will be more expensive than high street lenders, that’s just how it works if you borrow UK money. It makes a lot of sense to try to pay off your loans as fast as possible so there are fewer months in which you have to pay interest. Ideally speaking, you can pay your loan off within 3 to 6 months which will considerably reduced the amount of interest you will pay.