Apply For Payday Loans Without a Credit Check
Payday loans with no credit checks refer to borrowing money until your next payday but credit checks are not part of the loan approval process. This suggests that lenders will be using other methods in order to determine your eligibility for a loan, such as your proof of employment and previous repayment history with that lender.
In reality, no credit check loans do not exist in this day and age. This is because the payday loans industry is strongly regulated by the FCA and this requires every lender to carry out sufficient credit checks and affordability to determine whether a person is eligible for a loan or not. So if you are looking for payday loans no credit checks, this is unlikely to be something that is available in the market.
However, at allthelenders, we work with over 50 authorised lenders in the UK and many of them will take a view on bad credit histories. Our lenders understand that not everyone is going to have a perfect credit history that is squeaky clean. They also appreciate that unforeseen circumstances can happen that can allow you to fall behind on the odd credit card or loan repayment.
What is important is your financial position today and your desire to repay your loan – in which can we can help find the right loan for you. Simply click on the ‘compare now’ button and choose how much you wish to borrow and for how long. You will be given a list of results and all you need to do is click on the lender of your choice to start your loan application today.
Why Would You Want
Payday Loans Without Credit Checks?
Many potential applicants that visit allthelenders are concerned by their credit history and how this may impact their chances of being approved for a new loan. Since most lenders in the UK will carry out credit searches before funding a loan, many people search for loans without credit checks as a way of avoiding the inevitable.
If you have fallen behind on any type of payments before, such as credit cards, utility bills or personal loans, it may have negatively impacted your credit score. However, your credit score is something that can be updated constantly and if you can make a series of payments on time and not default on any, you will successfully rebuild your credit rating. Once you have a fair or good credit record, it will increase your chances of being approved for short term loans and give you access to lower rates too.
How Can You Get a
Payday Loan with No Credit Check?
If you are looking for payday loans with no credit checks, they are a number of payday loans alternatives available through allthelenders. This includes adding a guarantor to your loan, whereby you are able to piggy back of your guarantor’s good credit score in order to get the funds you need.
Loans without credit checks are also available if you are a repeat customer of the lender and have successfully paid off your loan on time before. Provided that your financial situation has not worsened, some lenders may be able to fund your payday loans without credit checks.
Outside of the Internet, you can apply for no credit check payday loans through credit unions which are not-for-profit organisations and are able to offer up to £500 to customers with poor credit. You can also consider borrowing money from family and friends since this is usually a lot more informal.
How Do Credit Checks
Work for Loans?
Every lender will run a credit check on a customer before approving their loan. This information is accessed in real-time from one of the three main credit reference agencies in the UK: Experian, Equifax and Call Credit. The idea is that this information is available in seconds to the lender, so that they can see if you have any other defaults or loans outstanding and they can avoid giving you too much credit that you cannot afford.
Some lenders will have underwriting scores in place to only accept customers that have a certain credit score, ranging from 0 to 999. So they may only approve scores of 600 or higher, and change their criteria regularly.
Some basic things you can do in order to boost your credit score includes joining the electoral roll and confirming your address with the local authorities. Other things include paying off any bills on time including your credit cards, mobile phones and utilities. You should close any accounts that you do not use such as credit cards and store cards and also avoid borrowing too much money or taking on too much debt – as this will be considered a risk factor by most lenders.
How Can allthelenders
Although we cannot offer payday loans no credit checks, we have over 50 other lenders that you can choose from – and many are willing to accept payday loans for poor credit histories.
Our comparison service is completely free to use and you can apply online, 24 hours a day, 7 days a week. The lenders featured on our website are fully authorised by the Financial Conduct Authority, so you have peace of mind that any applications you make will be treated safely and securely.
To start your search today, simply click on ‘compare now’ below and you will be taken to our loan calculator. If successful, you can receive funds within 1 hour on the same working day.