Can I Get Short Term Loans With No Credit Check?
Getting a short term loan fast can help you sort your urgent issues as you wait for your next paycheck. Is it possible to get a short term loan without a credit check? Lenders in the UK are legally required to perform credit checks before giving out loans. This means that you can't get a loan without a credit check.
Luckily, there are alternative options at your disposal. For instance, some lenders offer a quick approval process to ensure you get your loan within 24 hours.
Advantages of No Credit Check Loans
Fast Cash Transfer
The fast approval process is one of the main reasons why most people prefer short term loans. Lenders carefully evaluate your personal and financial information before approving your loan. This process takes minutes.
No Obligation Quotes
Compared to other online funding sources, short term loans and no credit checks are preferable since there are no-obligation quotes.
High Acceptance Rates
There is a high chance that you will get your loan when relying on online lenders. These lenders have an efficient credit review, which means even your bad credit won't prevent you from borrowing money.
How Do Credit Checks Affect My Credit Score?
Credit reference agencies in the UK are required to monitor and report both consumers and lending firms. Usually, they assign someone a specific credit score depending on how they repay their loans. Your financial records are compiled over time, and positive repayment patterns will imply a strong credit score.
On the other hand, late repayments or defaulting on your loans will have the opposite effect. Your credit score is negatively affected, which reduces your chances of getting a loan in the future.
Besides keeping a record of your credit scores, reference agencies are legally required to provide lending agencies with updated credit reports. Every time you apply for a loan online, your financial details are used to evaluate your ability to repay the loan. When traditional lenders perform credit checks, they are out to determine the following:
- Whether you pay on time;
- The number of credit accounts you have;
- How much money do you owe lenders;
- Whether creditors have judgments against you;
- Whether you have applied for bankruptcy.
How Does FastPaydayLoans Help Me Get Short Term Loans with No Credit Check?
As a broker, FastPaydayLoans connects you with reputable lenders in the industry. They are willing to extend their support without performing hard credit checks on your account. But in some instances, lenders will perform a quick credit check during your initial application. The goal here is to determine whether you can afford to repay the amount you are asking for, no credit footprints are left on your records.
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).
No Worries for Leaving a Credit Footprint
Most people who go after short-term loans online are always afraid of hard credit checks, which can do more harm to your account compared with soft credit checks. A hard credit check could lower your credit score once the lender reviews it.
Our lenders don't perform hard credit checks when determining whether you qualify for a loan. Instead, they use intelligent software to perform soft credit checks for an overview of your financial status. They use this information to make sound decisions when offering loans. Since the check is normally done within minutes, we proceed to send you additional details about your quotation and the lender's requirements.
Therefore, there are no hard credit checks until you get all the loan details and confirm with the lender about your loan. The advantage here is that you can apply for a loan without leaving any credit footprint that might impact your credit score.