Loans without a credit check are impossible to find in the UK, as lenders will want to check your credit file, even if it is only a quick look. As the panel of lenders we work alongside are ethical lenders, we are also going to burst your bubble by telling you that there is no such thing as a guaranteed loan either. Therefore, there is no such thing as guaranteed payday loans no credit check. This is not want you need to hear if you have a poor credit rating, however, we believe in being very transparent from the start.
Why Are Credit Checks Important?
Credit checks are important to lenders as your credit file is going to give the lender a good idea as to how likely you are to pay back the loan.
When offering the smaller sums of money associated with payday loans lenders will still look at your credit past but not too deeply.
It is only when borrowers are asking for thousands of pounds that their past credit history becomes more important to lenders. After all, no one is going to give a large loan spread out over many years to someone who has multiple CCJs, late or missed repayments noted on their credit file.
Why Lenders Don’t Guarantee Loans
If you search for loans yourself, you will see that you are inundated with search results claiming “loans that are guaranteed” and other enticing headlines. These claims are to get you to visit the website of the lender or broker and they are not always true.
There is not one ethical UK lender who will say yes we guarantee you a loan as for all they know you are 16 years old without a job or benefits and have no way of repaying the loan.
Lenders cannot guarantee anyone a loan without obtaining some information from those seeking a loan. Therefore, claims such as these are untruths, something that we would never make.
This brings us to another reason there are no guarantees with loans. This is that before being approved for any type of loan, whether you want to borrow £100 or £5,000, you have to meet the basic criteria for borrowing in the United Kingdom.
Are You Over 18?
First, you need to be at least 18 years old to apply for a loan. It is illegal for lenders to offer a loan to anyone under the age of 18 and lenders will want to know details about you including your date of birth.
Do You Have A Regular Income?
To be able to apply for a loan you need to have a regular income. When talking about a regular income, lenders mean an income paid into the bank on a regular monthly or weekly basis. Lenders also class some types of benefits as an income.
Do You Live in the UK?
You must have an address in the UK and lenders are going to want to check the details of your address. It also helps if you are on the electoral roll as lenders are able to verify your name, age and address against this.
Do You Have a Bank Account and Debit Card?
Lenders request that you have a bank account and debit card in your name. Lenders need your bank account details to pay the funds from the loan into if you are approved. They also need your debit card details to take the money for the repayments back on the dates you are paid, which you agree on when finalising a loan with the lender.
It’s Not All Doom and Gloom
If you have a poor credit rating and the lender cannot guarantee a loan and makes a credit check you might think that this is all doom and gloom, but there is some good news.
We work with a panel of UK lenders who will consider your credit rating, but who also consider your circumstances at this moment in time.
After all, you might now be in a much better position financially than you were when you obtained a poor credit rating. Lenders will look at your income and outgoings to determine if a loan is going to be affordable.
While a loan is not guaranteed, there are many benefits to looking for a loan with our help. These include:
- Lenders we work with offer the most affordable rates;
- We work with a large panel of UK lenders;
- Lenders offer payday loans from £100 to £500;
- Lenders offer short-term loans up to £1,000;
- Loan applications are quick online;
- You get an instant decision;
- If approved money is paid directly into your bank often within hours;
- There is no paperwork involved;
- Even people with bad credit ratings can be approved for payday loans.
We Work With Lenders Offering the Most Affordable Rates
One of the biggest benefits to looking for a loan with our help is that the lenders we work with offer some of the most affordable interest rates for your circumstances. While we cannot guarantee you a loan, we do guarantee that your chances of finding a loan from a single application are improved.
If you were to search for a loan on your own, you might have to make numerous loan applications with different lenders before finding a lender willing to offer the loan you require. In some cases, this might take hours or days of searching. All this takes time and it affects your credit file as all the searches are noted on it.
When we search for a payday loan on your behalf we can simply move from one lender to another from the huge panel of lenders we work alongside to try to match you with a loan based on the information you gave us. Quite simply, you make one loan application to gain access to numerous lenders and this saves a great deal of time.
Guaranteed Payday Loans No Credit Check Are Not Possible
As mentioned above no loans can be guaranteed without first having some form of credit check. This tells the lender how big a risk you are, which leads to them approving or denying you a loan. However, a payday loan offers a smaller sum of money than other loans so it is often easier to find approval for than other loans as the lender will not worry too much about your credit rating.
What the lenders that we work with do offer are payday loans in the region of £100 to £500. Small loans such as these are repaid over one to three months with the interest on the loan calculated on a daily basis. The quicker you pay the loan off the least amount of interest is added onto the loan so the less the loan is going to cost in total.
A payday loan can be taken out for any reason but usually, these types of loans are applied for when an unexpected financial outlay crops up and payday is some time away.
Funds from payday loans are paid directly into the bank account of the borrower, often within hours of being approved and can be spent to cover whatever reason the loan was taken out. Popular reasons people apply for payday loans include:
- To pay off unexpected bills;
- Pay for repairs to vehicles;
- Get out of an unexpected overdraft;
- Pay for emergency repairs to their home;
- Pay for a forgotten birthday or anniversary gift;
- Pay the MOT or tax on the car that was forgotten about.
When considering a payday loan you need to make sure that you can repay the loan as agreed. Lenders will want your next pay date or three pay dates; this is when they will take the money out of your bank account to cover the loan, and any interest accumulated.
Another type of loan that is quick to apply for with the entire loan application being made online is a short-term loan.
A short-term loan is not a payday loan as it can be spread out for anything up to 12 months. As this loan is spread out over a longer period of time lenders may allow you to borrow more than with a payday loan.
Depending on your credit rating and how much you have coming in and going out each month, you might be in a position to borrow up to £1,000. Again, there is no guarantee that you will be approved for the loan and lenders are going to make a credit check. However, the lenders we work alongside are more lenient in that they base approval more on loan affordability than past credit history.
While it is not possible to get guaranteed payday loans no credit check in the UK, we make it easier for you to gain access to a wide range of lenders who also consider current circumstances and which are based on verifiable income. Apply for a payday loan with an easy application online, it takes minutes and you get an instant decision. In most cases, the funds from the loan are paid out on the same day to get you out of an unexpected financial situation.