What Does No Credit Check Mean to Loans for Bad Credit?
If you have bad credit or few credit scores, it might be challenging to get a loan from banks. So you might wonder how to get a loan without a credit check. Here at FastPaydayLoans, we have options for borrowers to get loans for bad credit with no credit check. We won’t require any hard credit checks so there will be fewer difficulties in the application process.
|Why Trust FastPaydayLoans?|
|How much can I take out?||£100-£5000||No obligation quotes|
|Representative APR||49.7%(variable)||Competitive rates|
|Will bad credit be accepted?||Yes||Lenient requirements|
|What are the repayment periods?||1-36 months||Flexible loan term options|
|How can I apply?||Apply online||24/7 available|
Soft Credit Check VS Hard Credit Check
There are two main types of credit checks, known as soft and hard credit checks.
Soft Credit Check
A soft credit check won't affect your score. It is sometimes called a "soft pull" because it doesn't leave a mark on your credit report.
Soft inquiries can happen without your permission. For example, if an employer pulls your credit report to evaluate whether you're a good fit for the job. Or when a creditor checks to see if you've been paying off your debts on time. Other potential situations include periodic account reviews by creditors. Pre-approved credit offers and promotional inquiries by lenders.
While these all fall into soft inquiries, they appear differently on your credit report. Soft inquiries are not visible to lenders who might be interested in providing you with a loan or line of credit. But they do appear on your own personal records. This way, you can monitor how often your credit report is accessed.
Hard Credit Check
A hard credit check is a formal inquiry into your credit history, which may impact your credit. When you apply for a credit card, loan, or mortgage, you can expect to have your credit checked by the lender. It's also called a hard pull or hard inquiry.
Lenders use a hard pull to see your profile in order to approve or decline you for credit when you are applying. Hard inquiries are sometimes unavoidable, but they should be limited as much as possible. After all, each time you're hit with one, it can affect your credit score. Multiple hard checks in a short amount of time can cause damage that could last up to two years.
Will Bad Credit Stop Me from Getting a Loan?
Your credit score is a number that gives lenders a quick way to assess the amount of risk they take on when lending you money. However, that doesn't mean that you can't get approved for a loan.
In order to help with your financial crisis, our direct lenders will take into consideration your present-day situation, such as your current employment status. With further understanding of your repayment ability, our lender will consider your loan requirement and then you can borrow money to fix your financial problems.
What are the Requirements for this Loan?
If you have been turned down for a loan before, then this type of loan may suit your circumstances. However, you will need to meet the eligibility criteria before submitting your application. The following information will help you decide whether or not this is the right loan for you.
- You must be 18 years and over and not older than 75 years old.
- You must be a UK resident.
- You must have a bank account.
- You must be permanently employed or self-employed.
- You must have a steady income and provide proof of the same.
How to Apply for this Loan at FastPaydayLoan?
With our FastPaydayLoans, the process can be as simple as the followings:
Submit the Application Form: You are required to fill out an online form containing your personal and financial details. It only takes you several minutes.
Get Approval: Our industry-leading panel of lenders will make instant decisions and send you their offers. Please stay connected for any notifications.
Receive Your Cash: Get the loan funds transferred directly into your bank account. Once your application is approved, you will get cash in your hand the same day or the next business day.
How much would you like?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Are No Credit Check Loans for Bad Credit Safe?
You are looking for loans for bad credits but worry about if they are safe or not? Maybe you have heard of lots of loan frauds that cause borrowers to pay hidden fees and exorbitant interest. So is it safe to get a loan for bad credits without hard credit checks? The answer is positive.
Nowadays our lending institutions are well regulated and if you choose our direct lenders who are authorized by FCA (Financial Conduct Authority), there is no doubt that you and your application for this loan are perfectly protected. Also, there will be no hidden fees or unfair terms in your loan contract. So, by choosing reputable and reliable lenders from our platform, you can be totally relieved.