Let’s be perfectly whenever you apply or look for payday loans with no credit check, you simply won’t find one because it is against guidelines set out by the Financial Conduct Authority who prohibit this type of lending as it would be considered irresponsible. It is the job of every payday loan lender to ensure the money you borrow will not adversely affect or make your financial situation more difficult. There are alternative loan options if you have bad credit history to look at such as bad credit payday loans.

Whenever you apply for a credit card or bank loan, a credit check is performed by the potential lender to assess whether or not they should lend you the money or grant you credit. As part of that check the credit file that they get is from a credit ratings agency (CRA). This file will have a record of all your past financial transactions and dealings and also of any problems you may have had with repaying debts so to stand a chance of getting a loan with bad credit history you should be as honest as possible about your situation currently so that the lenders can see you’ve turned the corner and now borrow money responsibly.

It can be tough to get traditional high street lender credit with adverse history

Ultimately, this means that if you’ve had financial issues in the past, you will find it very hard to attain credit or a loan from a bank or building society. Having a poor credit score does not eliminate your chances of a loan completely though, as there are now lenders who offer adverse credit history loans on their websites.

These types of loans are perfect for those of you, who, for whatever reason, have found themselves with a bad credit rating because they are offered by direct lenders of payday loans who have a different way of looking at your eligibility to loan money.

A payday loan lender is likely to be far more concerned with how you are doing financially at the moment rather than what your CRA credit file says about your past. To them, the most important thing is that you are working and can pay the borrowed cash back within the agreed time period with no financial stress or difficulties. These loans are quickly gaining popularity because they are quick and easy to apply for and available to people with a checkered credit history. They can act as a temporary stop gap for times when life decides to throw an obstacle your way before payday.

How can I get a short term loan with no credit check and bad credit?

Before you spend time applying for a payday loan, you should know that there is no such thing as a  ‘payday loan no credit check’ or a guaranteed payday loan for that matter. You can however obtain credit with a poor history and this tends to be higher rates of interest but provides an option potentially with high acceptance payday loans. The criteria include being a UK resident and at least 18 years old, and also currently working and earning enough money to make the repayments. You will also need to have a current bank account for the funds to be transferred into and this will also be the same account that you will use to make the repayments via direct debit.

Meeting this criteria means that you are one step closer to acquiring a payday loan. The next thing you have to do is find a lender that offers you terms and conditions that you think are reasonable and then apply for a loan with them. This can all be done online.

After you have applied for a payday loan, the lender will usually get back to you within 48 hours with an offer. It might be for the amount you asked for, but it could also be for a lesser amount that the lender feels you will be able to pay back comfortably. All you have to do then is to accept the offer and the funds will be transferred into your bank account, usually within a day.

Do payday loans in the UK without credit reports and no guarantor exist?

The straight forward answer is no you must be credit checked but no guarantor loans might be possible depending on your financial circumstances. When people talk about payday loans UK with credit check, the credit check they are referring to is the one that traditional financial institutions use to assess you and is the very same one the Financial Conduct Authority requires payday loan lenders to adhere to as well so a guarantor loan would be much easier if the person standing proxy has good credit.

Payday loan lenders in the UK do this type of credit check to find out wether you have existing outstanding loans and if you are currently employed to ensure they are lending money responsibly, as set out by the Financial Conduct Authority. On the plus side if you have bad credit, a payday loans lender’s credit check is focused on the here and now so a poor credit score/rating from the past won’t affect your chances of getting a loan in the same way as it does with a bank, car financing company, credit card company, etc.

Who is the best company in the UK without a CRA searches?

Finding the company that offers the best payday loans in the UK with ‘no credit check’ isn’t as easy as you would think. This is because you absolutely must have a credit check before a loan but there are lots of lenders registered with the Financial Conduct Authority who can be found here: https://register.fca.org.uk/ that will look at adverse credit loans.  There are now thousands of companies offering this type of fast cash alternative to regular lending. Also things like interest rates, approval ratios, fees, and penalties all differ so what might seem like the best payday loan to you might not seem like the right choice for others. However there are some payday loans companies that are more established and reputable than others, and spending a bit of time on google can really help you to make a more informed decision.

Another alternative is to get help from a payday loans broker. These are professionals whose job it is to find the best deal for their clients and are often used by people to speed up the process of acquiring a payday no credit check loan. One of the benefits of signing up with a broker is that you only have to provide your details one time, then the broker will apply to the best payday loans companies in the UK and come back to you with a selection of quotes.

It’s a time and effort saving service that is very popular with payday loan lenders for the reasons of convenience and expertise in this field.

Compare payday loans: no credit check alternatives

Borrow money – how much?

Short term loan -length?

Monthly APR example Representative 1266%

Loan total

Monthly repayment

Is this a bad credit loan?

£100 loan

3 months 23% £149.15 £49.72 Bad credit can apply

£200 loan

3 months 23% £298.30 £99.43 Bad credit can apply

£500 loan

6 months 23% £970.17 £161.69 Bad credit can apply

£1000 loan

5 months 23% £1783.50 £356.70 Bad credit can apply

What should I do if I was sold a loan and I am sure my history wasn’t looked at properly?

You should immediately contact the governing bodies and seek assistance. It is more than likely that if no credit check has been performed you are dealing with loan sharks as described here by the Citizens Advice Bureau: https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/types-of-borrowing/loans/loan-sharks/. While genuine payday loans lenders make the odd small mistake (we are all human after all), lending money and collecting payment with interest is highly illegal. If you are scared or concerned about your safety then you can report a loan shark anonymously directly with the government to the Illegal Money Lending Team at the following link:

https://www.gov.uk/report-loan-shark

I’ve also included their contact details to ensure you can access them easily.

reportaloanshark@stoploansharks.gov.uk
Telephone: 0300 555 2222
24-hour service
Text a report to 07860 022 116

 

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