Short Term Loans with No Credit Check
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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
Short term loans are gradually growing in demand of late. However, accessing this type of loan tends to be quite challenging due to many background checks and fees.
So, is it possible to get a short term loan with no credit check? No. The law directs all lenders to carry out a credit check for all loan applications to avoid bad debts.
It would be best if you were quite careful with those lenders claiming to offer short term loans with no credit checks. It is a clear indication that they are not telling the truth.
What Is a Credit Check?
A credit check is also known as a credit search. It refers to the review of an individual credit report by the lender to understand financial behaviour.
The information concerning the credit check is centrally placed for easy access by the lenders. The law directs all the lenders to credit check all the loan applications before accepting or rejecting them.
The aim is to reduce the risks associated with lending money. Loan acceptance is usually accompanied by the interest rate that an individual is supposed to pay.
What Is a Soft Credit Check?
A soft credit check is a situation where the lender enquiry into a credit file to review information concerning an individual's credit report.
The lender's aim to carry out soft searches is to determine how successful an individual loan application would be without having a comprehensive credit check history.
The type of credit check tends to be quite similar to the background check. The soft search help to give a quick indication before accepting or rejecting the loan application.
The good news is that soft credit checks are not visible to other lenders. Therefore, the soft search has no negative impact on an individual credit score.
If you're worried about credit checks, or have been refused a loan in the past then it's worth noting that modern UK direct lenders are more likley to look at your current and future finances and are far more accepting.MoneyFall
What Are Hard Credit Checks?
A hard credit check is a situation where the lender has a thorough review of information concerning credit history from an individual’s credit file.
Hard credit checks are usually used by banks or building society for all loan applications. The main goal is to reduce all chances of losing money in the long run.
The lending company will have a comprehensive background check of all the accounts where they make regular payments.
They will link up with other lending companies to access the credit file to check if an individual has ever missed making any payment.
The credit file will help the lender know the overall level of both unsecured and secured debt from other financial institutions.
A hard credit check usually takes about twelve months, and every lending company will have access to the file to see the credit performance history.
Why Is a Credit Check Important?
A credit check is quite important to both lenders and customers. It helps protect customers from making poor credit decisions by avoiding unaffordable credit obligations.
Also, credit checks help lending companies reduce the risk of experiencing bad debts. A written off bad debt can make the lending companies fade out of the market.
Besides that, the credit checking process helps the lenders be aware of the risk associated with lending money to an individual.
That’s not all. The credit checks provide vital information to the lender about the credit history of their customers. The report will help the lender either accept or reject the loan application.
However, the lender will have to incur extra costs to access the credit record of a customer. Most credit records in the UK are kept by Call Credit, Experian, and Equifax.
Don't worry about credit checks...
MoneyFall doesn't carry out credit checks... and our network use auto-decisioning to determine whether you are likely to qualify for a loan.
It's additional peace of mind for those worried about the negative effect multiple checks can have.
Will MoneyFall Credit Check Me?
We are an independent loan introducer. Therefore, we neither perform credit checks nor give out loans. However, our partner uses individual details to match them with perfect lenders who can approve their loans.
Keep in mind that most of our reliable lenders usually carry out credit checks for all the loan applications. The good news is that our reputable lenders use up to date and relevant information when considering customer’s applications.
Therefore, there is no need to worry about previous credit history information. But it is advisable to be aware of those lending companies that offer short term loans with no credit checks.
The chances are that the direct lender is not being truthful or not authorised to perform credit checks. Find out more information about the direct lender before taking any step.
Are There Any Fees?
We do not charge any fees at all. However, other direct lenders tend to charge upfront fees and additional fees to the principal amount.
As a loan introducer, we do not charge anything for our services whosoever. We are known for being completely transparent with no hidden fees when performing our services.
So, how do we make money? We usually get a commission from the lenders and other related parties after generating a convertible lead.
Our services can quickly match up an individual with the best short term loan and direct lenders. Keep in mind that we do not push some lenders over potential customers.
Therefore, we allow customers to compare and contrast the best deals before making a decision. Consequently, you will never see any short term loans with no credit checks in the UK.
You should only take out a loan for the minimum possible duration needed to pay it back... which is why a short term lending option works very well for many people.MoneyFall
How Can I Find the Best Short Term Direct Lender for Me?
We strive to provide the best loans and lenders for individuals as an independent introducer. We find loans for applicants with good credit records and short-term loans for those with bad credit records.
We have unique service access that helps an individual get money without delay. We understand the demand for short loans with no credit checks is increasingly growing in demand.
Our service tends to ask a series of questions. The information provided will help to find the perfect match lender that meets your requirements.
The matching will help you compare the direct lenders before making an informed decision. The most beautiful thing is that the direct lenders are unique, and the match shows which lender is likely to approve your loan application.
We also work around the clock to increase the chances of being accepted and getting the money into your account faster. The service helps to protect your credit score from being lowered after loan application decline.
Are No Credit Check Payday Loans Safe?
A loan is only safe if the Financial Conduct Authority authorises the credit provider, and the repayments are made accordingly.
However, if an individual gets a loan without credit checks, then it implies that the lender has not carried out a thorough assessment to know whether the customer can repay.
You should note that most lenders do not want to breach the FCA’s rules regarding offering payday loans. Therefore, they will always conduct a credit check on all loan applications.
If you get a company that offers payday loans without credit checks, then it is an indication that the Financial Conduct Authority does not authorise the lender. Hence, not safe to transact business with it.
We advise customers to check the lending companies if they are authorised with the finance service register. Doing business with an unauthorised company will not guarantee legal protection if things go wrong.
Therefore, you will be unable to file any complaint about the lending company to the Financial Ombudsman Service.