All You Need To Know About Loans with No Credit Check

Many companies (including ourselves) may advertise specialist loans online.

The reason why we do this is that we know that most people are really looking for loans where the lender is not worried by your personal credit rating.

We are very clear on our website that our lenders do in fact carry out minor checks later on with the application process just to verify that an applicant is not insolvent, though many other companies do not make this clear.

So in this article we look at the 2 things that many companies will not tell you about options advertised to have no credit check.

Why do Lenders Perform These Checks?

When you submitting an application to borrow money, typically your prospective lender will have a set of criteria which they will use to decide whether they are prepared to lend to you or not whilst complying with responsible lending legislation.

Experian recently explored the thought process behind responsible lending:

“Lenders have a responsibility to make sure borrowers understand the details of all agreements and carry out thorough checks on any borrowers, so they can be confident that what customers will receive will be suitable for their circumstances.”


Testimonial Experian

How do lenders make their decision?

Lenders use a variety of different things to help them decide how great a risk you pose to them, and often the most important piece of information they can obtain is your credit score.

Essentially this means that a good score will result in your application being granted, a poor score will see it rejected.

For more information relating to the decision-making process used by lenders, please take a moment to check out the following Citizens Advice Bureau guide – “How lenders decide whether to give you to grant an application”.

loan stamp imageMaking Options Accessible

Whilst responsible lending should be viewed as a positive, the implementation of new practices by banks and building societies resulted in millions of applicants being unable to obtain a loan from their bank due to the current level of their credit score.

To find a way around this problem, a growing number of innovative lenders now offering options which are claimed to bypass the credit checking process to make the loan available.

However, in some cases this is not strictly true and even if the check is bypassed, the money will only be available with a significant drawback.

What is the drawback?

Loans which genuinely do not use the pre-agreement checks to assess the suitability of the borrower, such as payday lending, can be very expensive.

Because of the perceived increase in risk of lending to someone without checking them, payday lenders dramatically increase the APR of their products to help balance the risk.

Check out the following Guardian article for details on just how expensive payday lending can be – Wonga: the real cost of a payday loan

Why will I probably still be checked?

credit score dial imageEven when specialist lenders claim you will not be credit checked, this is not guaranteed to be completely true. Although you will not be subjected to a full check, lenders will often check your personal finance history to make sure that you are not bankrupt or insolvent.

Whilst this is not the same as a full check, it will still leave a footprint on your record which can have a negative impact in the future.

Do you know  your credit score?

Rather than visiting all of the major credit reference agencies individually to check your current credit rating, we strongly recommend obtaining the UK’s only multi-agency report from the Checkmyfile website.

Once there you will be able to either sign up for a one-off 30 day FREE Multi-Agency Credit Report Monitoring period by clicking here, or alternatively if your free period has expired, you can order a comprehensive credit report for a single payment of £19.99 by clicking here.

See more than twice the information compared to any other Credit Report in the UK

Testimonial Checkmyfile

We can help you to find affordable options even if your rating is poor

With so much uncertainty surrounding current lending practices, save yourself both time and effort by using our application system for direct access to many of the UK’s very best lenders.

Our calculator will allow you to quickly work out how much money you can afford to borrow and completing our application form will allow you to easily submit one application to over 10 high quality and reputable UK lenders simultaneously.

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Helping you borrow money

  1. Bad credit rating OK

  2. Affordable rates and fees

  3. Fast application and payout

  1.   One application to multiple lenders
  2.   No broker or application fees
  3.   No early redemption fees
  4.   Secure online application

how much

How it works?

Quick application for £50 to £12,000
no risk free
  • No credit checking*
  • No obligation to take out finance
  • No application fees
  • Secure online application

4 Easy Steps

1. Calculator

Calculate how much you can afford to borrow and for how long

2. Easy Online Form

One quick online form to our panel of multiple lenders

3. Multiple Offers

Receive a choice of no obligation offers from multiple lenders

4. Get Your Money

Send off your preferred offer and get your cash

Save time with one easy online form

Why spend time filling out lots of different forms to numerous lenders?

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With us you just fill out one easy form

Borrowing + interest & fees of = Total to repay
* Based on repaying after 30 days

Borrowing over your repayments will be approx. per month and in total. For actual figures hit Get My Loan to get a choice of free, no obligation loan offers from the best bad credit loans lenders in the UK.