Representative example:
Borrow: £300 over 8 months. 8 repayments of £70.31. Total amount payable £562.44. Interest rate: 130.21% pa (fixed). Representative APR: 840.75%
Searching online for no credit check loan direct lenders may show you some interesting results, especially from those claiming to offer minimal checks for the amount you want. While you may need a loan with no credit check, you should be wary of lenders offering any form of online payday loans with no credit check as they may not have your best interests in mind.
Here at Fast Loan UK, we can provide an efficient and transparent alternative to no credit check loans that offer a fast payout if approved. Whilst we will run a credit check during your application, we can accept applications from those with bad credit histories. Apply Now and see if we can help you find a better option to payday loans with no credit check.
What are Online Loans with No Credit Check?
Loans with no credit check are offered by lenders who claim to provide the loan amount you want without checking your credit file. A loan without a credit check doesn’t follow responsible lending guidelines set out by the FCA (Financial Conduct Authority) and does not have your best interests in mind.
No credit check loans direct lenders will not be able to determine an applicant’s financial history to ensure they are not in long term financial difficulties.
Here at Fast Loan UK, we offer a better alternative to payday loans with no credit check that you’ll find elsewhere online. We run a soft search of your credit file initially to provide an agreement in principle for the loan you want, before a hard search to check your financial circumstances.
If we can’t determine your financial position, then we cannot accept an application for loans with no credit check. This is the same if you are currently bankrupt, have an IVA or debt relief order – you will not be eligible to apply.
Although we don’t offer no credit check loans and therefore can’t help you if you need a loan with no credit check, we are able to help with finding bad credit loans, which are designed for applicants with a less than perfect credit score. That’s why a credit check makes up one part of the approval process, as we’ll take the time to assess your application and what you can afford to pay.
How to Apply for No Credit Check Loans
After clicking Apply Now, you can choose the amount you wish to borrow and the repayment terms. We’ll then provide a decision in principle straight away after a soft search of your credit file. Then, your personal Customer Care Manager will be assigned to you to assess your application and finances, sometimes calling you for a quick chat to confirm a few details.
This will usually be no longer than 5 minutes and sometimes unnecessary if we have all the information we need from the credit reference agency. Once we have determined your affordability by going through your income and outgoings, we will send you a link to sign your loan agreement digitally. If returned quickly, we can then credit your bank account within 15 minutes of signing.
Eligibility for No Credit Check Loans
To be eligible to apply for our alternative to online loans with no credit check, you will need to meet the following criteria first:
- Aged 18 years or over
- Current UK Resident
- Be in Full-time, Part-time or Self-Employment
- Receive a Regular Income
- Have a valid Bank Account and Debit Card
We aim to help as many people as possible who are in an emergency short term position to get the funds they need without relying on payday loans with no credit check. To find out if we can help you even with bad credit, click Apply Now and your personal Customer Care Manager can get started.
No Credit Check Loans FAQs
Will I Be Credit Checked by No Credit Check Loans Direct Lenders?
Yes, as part of your application with no credit check loans direct lenders, a soft search of your credit file will be run at the start. This is to check whether we can proceed with your application and provide an agreement in principle.
As responsible lenders at Fast Loan UK, we will then run a hard search using a credit reference agency as part of the lending process. This search will show on your credit file for other credit providers to see. Whilst we can’t offer you a no credit check loan and do conduct credit checks, this makes up one part of our approval process as we can help applicants with bad credit if you can prove your ability to pay the loan repayments.
Loans without a credit check that you find online will not be assessing your application properly, whilst responsible lenders like ourselves will.
How Long Can Payday Loans with No Credit Check Be Repaid Over?
We can offer loan repayments up to a maximum of 365 days or 52 weeks, but we always encourage customers to only take out the loan for as long as needed. If you can repay the loan amount quicker then it is best to do so.
Online loans with no credit check can leave you paying more interest the longer you have it, that’s why at Fast Loan UK our Customer Care Managers will determine a repayment schedule that is suitable for you. If you are a new customer, the maximum term you can repay over is up to 241 days or 8 months. Returning customers can apply for up to 12 months.
Representative Example: Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.
How Much Can I Borrow with Loans without a Credit Check?
You can borrow up to £2000 with our alternative no credit check loans. If you are a first-time applicant, the maximum amount you can borrow will be limited to £800. This is so we can ensure you repay in full your first loan with us to become a trusted applicant.
If you choose to apply again, you can apply for up to £2000. Please note, we do not encourage customers to apply for more than they can afford to borrow, and our loans should only be used for emergency purposes. Don’t be tempted by alternative lenders who say they can offer a loan without a credit check, as they’re likely not regulated by the FCA.
What Should I do if I need a Loan with No Credit Check?
If you need a loan with no credit check, it’s important to proceed with caution. While it may seem like a quick fix, especially if you have poor credit or a limited credit history, choosing a loan without a credit check can be risky and unregulated.
It’s advisable to seek affordable loans from FCA-regulated lenders who assess your affordability and credit score before approving you for a loan. This helps make sure that you can afford repayments.
Who can apply for a no credit check loan alternative?
To be eligible for alternatives to a no credit check loan, you need to be at least 18 years old and a UK resident with an active bank account and regular income. Depending on the lender, you may need to supply additional information before you can be approved for alternatives to a no credit check loan.