Do you offer a payday loan with no credit check?
We do not offer payday loans with no credit check. As we have previously stated, this is because we only work with direct lenders that are authorised and regulated by The Financial Conduct Authority. We do this because we want to ensure you and your loan are fully covered, as well as your payday loan offer being as fair and competitive as possible.
This means you will be subject to a credit and affordability check when you apply for a payday loan. Lenders that claim to offer payday loans with no credit check are breaking FCA regulations, and you and your loan are therefore not protected. Furthermore, such lenders may still perform a credit check on you, but simply not tell you. If this happens and your application is denied, you may be damaging your credit score without even knowing. If this happens, it can make it even harder to get approved for a loan in the future. Whilst the lenders we recommend will perform a credit check, they will not base their decision only on this, instead, taking into account many other factors, such as your employment status.
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Do other lenders offer payday loans with no credit check?
When searching for a short-term loan, you will have likely seen advertisements for no credit check payday loans. Such loans, of course, seem tempting, especially if you are concerned that your bad credit rating may prevent you from being approved for a payday loan. However, as has been explained, all reputable lenders must follow FCA regulations, which demand a credit check be performed on all applications.
As a credit broker, we are also authorised and regulated by The Financial Conduct Authority, we only partner with FCA-approved companies. This is to protect you from unlicensed lenders whose loans are often uncontrolled, and which can lead to serious financial problems later on. Therefore, if you do see payday loans in the UK with no credit check being offered, you are advised to avoid them.
If you are worried about having a bad credit rating and possibly damaging your credit score, even more, we are confident that we can help. Our Soft Credit Match enables you to see which lenders are most likely to approve your loan before you apply. This instantly removes the chances of you applying to a lender who will not approve your application, as well as greatly improving your chances of finding a lender that will.
Do I need a guarantor for a payday loan?
As with all loans, each direct lender will have their own requirements regarding whether they will accept your application or not. One of the most common of these is the need for a guarantor. Once almost a necessity for someone with a poor credit history, many lenders offer quick loans to people not wanting or unable to have a guarantor. Despite this, having a guarantor, particularly for larger amounts of cash, will increase your chances of being approved with certain lenders.
As we feature so many FCA-licensed lenders, we will be able to quickly match you up with the best payday loans with no guarantor being offered. Not only will this speed up the process, but it will also give you peace of mind knowing that you and your loan are fully covered and that all the loans are being monitored for fairness.
How will my payday loan application be assessed?
Your payday loan application will be assessed on various criteria. Whereas in the past, lenders would focus solely on your credit score, modern lenders now realise there are other factors just as important as your score that also need to be considered. As such, your suitability for a loan will also be based on your employment status and whether you are a homeowner, as well as how much you wish to borrow and for how long.
As a credit broker, we aim to help people suffering from poor credit, we ensure the majority of the lenders that we work with have the same belief. As a result, if you are suffering from a less than perfect credit score, we are confident that we can not only find you a loan but one that matches your specific requirements and is competitive.
Therefore, if you see payday loans with no credit check being offered by a direct lender, you are advised to avoid them and instead allow us to find you a loan that is fairer and FCA approved.
Do I need to have a job to get a payday loan?
The majority of direct lenders will require you to be in either part-time or full-time employment. However, because we have so many lenders for you to choose from, and also that we strive to help as many different people as possible, we can help you find lenders that do not require you to be working in order to be approved for a payday loan.
Understanding that unemployment can come and go quickly and that people still need access to emergency loans when needed, these lenders will take into account other factors when assessing your suitability. For our part, wanting to protect people from untruthful advertisements, such as adverts for no credit check payday loans, we will do everything we can to help you find the right lender.
This means no matter what you are looking for, be it a loan for people on benefits, or a payday loan that requires no guarantor and which can be repaid back in instalments, there is a loan out there for you. If you can show that you are able to make the required repayments, we may still be able to find a short-term loan.
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Can I get a guaranteed payday loan?
As there is no such thing as a no credit check payday loan, there is also no such thing as a guaranteed payday loan. As explained previously, all direct lenders are required to perform credit and affordability checks on all credit applciations before accepting a customer.