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.
[faq title=”Payday Loans No Credit Check FAQ”]
[faq-item title=”How can I get a payday loan with no credit check?”]You cannot get a payday loan with no credit check. While we do not do a credit check and initially only a soft search which is not a full credit check is performed by your lender, they must fully credit check you in order to lend money. It would be irresponsible to lend you money without checking your financial situation. That said, payday loan lenders have different criteria for lending you money. They do not calculate their loan basis in the same way as a traditional lender and have extremely high approval rates for those with bad credit compared to typical high street lenders.[/faq-item]
[faq-item title=”Do payday loans do credit checks?”]Yes, eventually, if you take out a loan you will be credit checked. Though this should not be a concern because if you’ve been honest in your application you may well still get a loan because payday loan lenders operate and approve loans differently to banks. You may well still be able to get a loan if you have an income, are over 18, have a UK bank account, and a mobile phone. This is the basic criteria to be taken seriously for a payday loan and far less emphasis on your credit history.[/faq-item]
[faq-item title=”How can I get emergency money fast?”]One way to get emergency money fast is use an payday loan service. Typically you can make an application and this can be sent to dozens of direct lenders in minutes. If you’re situation is straightforward then you can normally receive a loan very quickly. Please remember to be as honest as possible on your application because this will look favourably on your loan outcome. Payday lenders are pretty flexible as long as they can clearly see your ability to repay the loan without financial difficulty.[/faq-item]
[faq-item title=”Can I get a payday loan with no credit check and no guarantor?”]While you can definitely get a payday loan with no guarantor, all applications that are successful and you accept a loan must be checked for credit. This is a requirement for the lenders. Don’t let this put you off though if you really need assistance. The best thing to do is to submit an application as truthfully as possible to us and we will forward it to the lenders who are trained and skilled in understanding your financial position and may well be able to help you even with adverse credit.[/faq-item]