Looking for no credit check loans? Payday Loans Net offers an excellent and safe alternative. Apply today for up to £1500 regardless of your credit score. If approved, money can be in your account in just 1 hour*!
What Are No Credit Check Loans?
No credit check loans from direct lenders in the UK are a form of loan where no search on your credit file is undertaken before you are funded with the money you have applied for. No credit check loans can be for a small or large amount of money, spanning over a short term or long term period. Online loans with no credit check are defined by the fact that your credit report remains unopened. Many individuals who either have poor credit, due to their financial history, or a thin credit files, due to a lack of spending experience, search online for payday loans in the UK with no credit check. This is due to the fact that the believe they are more likely to be approved, with applicants often searching for no credit check loans, with no guarantors.
The risks involved with trying to get a loan with no credit check should be addressed. If you are able to find no credit check loans, the direct lender isn’t checking if you can afford the loan. This can make borrowing much riskier, as you may not be able to make the specified repayments, and face penalties as a consequence.
What is a Credit Check?
A credit check is an important element involved with borrowing money in the UK. A credit check is when a lender reviews your credit profile which has information about your current financial situation and how you’ve used credit in the past. Lenders perform a credit check online to assess whether you have handled credit responsibly before and how likely you are to pay back credit on time. This helps the lender decide how risky it would be to lend money to you, which influences if you will be approved for a loan and the interest rates that you will get charged.
Can I Get Payday Loans with No Credit Check?
Yes, it is possible to get a loan with no credit check. There are several no credit check loans direct lenders on the market who advertise payday loans with no credit check. In most cases these lenders are really offering soft search loans, rather than online loans with no credit check.
Soft check loan inquiries do not impact your credit report or credit score, and other lenders can’t see the inquiry. However, lenders who offer soft search loans usually use this as a preliminary way to check if you would qualify for a loan with them or not. If you want to accept their loan offer, they will perform a hard search on your credit file before funding you the money.
Are Payday Loans from a Direct Lender with No Credit Check Legal in the UK?
A payday loans direct lender that does not perform a creditworthiness check in the UK is illegal, and not regulated by the FCA. Creditworthiness checks assist with responsible lending, so loans without these can be an extremely dangerous route to go down. Many individuals think that a loan today with no creditworthiness check is the easier, more accessible and quicker option, but be warned, these can severely damage your finances. Brokers and lenders that do not carry out a creditworthiness check may seem convenient, but they do not have your best interests in mind. For your safety, you should always choose an FCA-regulated lender when you need to borrow money.
No Credit Check Loan Alternatives
Payday loans with no creditworthiness checks are not just illegal, they are incredibly unsafe. If you have any concerns about your credit rating, online loans with no creditworthiness checks are not the answer. There are numerous other options for individuals with low credit scores. At Payday Loans Net, we specialise in helping people with poor credit scores to obtain the funds that they need. We will happily consider your loan application even with a less than perfect credit history, so you don’t have to take the risk of using an illicit lender and get a loan without a creditworthiness check.
So you can access money quickly, we’ve listed some alternatives to no credit check loans:
- Bad credit loans – These are designed specifically for applicants with low credit scores. PDNET’s loans for bad credit are easily accessible from any online device in the UK.
- Short term loans – When you are borrowing money for a short period of time, there is less of a risk for the lender, and there is often a higher chance of acceptance, even if you have poor credit.
- Guarantor loans– Once you have someone to act as a guarantor for your loan, there is a backup plan if you cannot manage repayments. We do not offer guarantor loans here at Payday Loans Net, but this is an option. This can make lending you money less of a risk for lenders and can increase your chances of acceptance.
Loans With No Guarantor
At Payday Loans Net, all our loans are unsecured. This means you will never need a guarantor to co-sign on a loan. As a responsible lender, we do not offer payday loans in the UK with no credit check. We perform credit checks for your security, as well as our own!
We always make sure that when you borrow credit from us, it will not damage your financial stability. Getting loans today without a creditworthiness check is not a viable option, however, we do not fixate on your financial history, we look at your overall financial picture and current affordability. In this way, we can easily assess if our loans are right for you and won’t cause you any financial damage.
Even if you have bad credit, you don’t need to look for no credit check loans with no guarantors. Payday Loans Net offers loans to people with all types of credit scores and we will never ask you for a guarantor.
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Payday Loans with No Credit Check
As part of the payday loan process, FCA authorised and regulated lenders check the applicant’s creditwothiness and assess how they have managed finances in the past. Be aware that even if lenders offer payday loans with no creditworthiness checks, all regulated lenders carry out checks to see if you can afford to borrow money. Unregulated lenders will not be on the financial services register and you shouldn’t trust them with your bank account details.