Payday Loans without credit checks
Fearful of being declined, many people often look for payday loans with no credit check. However, as has been shown, FCA regulations require all licensed direct lenders operating in the UK to perform a credit check on every single application. Intended to protect people from further financial difficulties by preventing them from taking out loans they cannot afford, these checks also protect the money lenders.
No matter what type of short term loan you are looking for, your application will be subject to a credit check. Whilst this means there are no payday loans in the UK with no credit check, it does not mean that you will be automatically denied simply because of a bad credit score. Instead, lenders will take into consideration various other criteria when assessing your suitability for a loan, in addition to your credit score. This includes details regarding your employment status, monthly outgoings, and whether you are a homeowner or not. Taking into consideration these different factors, all of the lenders we feature strive to offer loans to as many people as possible.
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Payday loans wiyth no credit check questions:
Q1 – Can I find a payday loan online with no credit check?
Q2 – Are payday loans for people with bad credit?
Q3 – Will I get a loan with a very bad credit score?
Q4 – Can I get a loan without a guarantor?
Q5 – Will it help me if I do have a guarantor?
Can I find a payday loan online with no credit check?
In the past, applying for a loan was often time-consuming and complicated. Often requiring multiple visits to a bank, the entire process usually became quite frustrating; even if your application was approved, which it often could not be. However, thanks to the internet and modern technology, this is now a thing of the past. The majority of direct lenders we feature now provide their application forms completely online.
You no longer have to visit a branch, nor worry about stressful face-to-face interviews. Providing some simple information, such as your address and employment status, these lenders will quickly process your application and give you a decision almost instantly. Because payday loans are available online, some believe there is no credit check. Whilst this may not be true, what is true is that our online lenders still offer people with bad credit the best opportunity of being approved for a loan. Furthermore, because these loans are available online, you can often get a decision almost instantaneously, regardless of where you are applying from and when.
When applying for a loan through Upwards, we refer your application to our panel of lenders. We are able to obtain a decision that does not impact on your credit file. We do this using “soft search” technology so you can rest assured that we have found you the best deal quickly and with no negative mark against you.
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Whilst perhaps more difficult to be approved by some lenders, loans that do not require a guarantor are becoming increasingly common. As such, you now have a much better chance of being approved for such a loan than ever before. Of course, some lenders have their own specific requirements, including those that only provide loans to people with a guarantor. To help you avoid these lenders and ensure you can quickly compare and identify the right lender for you, we will use your information to filter out any unsuitable lenders. Not only does this ensure you don’t waste your time pursuing lenders that have no intention of lending to you, but it also enables you to see what the best deals are; allowing you to make a much more informed decision.