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*Borrow up to £995
*Rates from 278% to 1576%
*3-12 month repayment
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*From £1,000 to £25,000
*Rates from 4.7% to 278%
*3-36 month repayment
Representative 305.9% APR. Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable)
Payday Loan No Credit Check for everyone
Do you need cash fast?
If so, then the best kind of financial product for you will be a loan no credit check. A payday loan is a type of loan that allows you to enter your details online and then usually get the cash debited to your account within the day. Usually, you’ll get it in minutes!
That means that if you have a payment you need to make that day or week, if you need to pay off a holiday, or if you need to pay to fix your boiler you don’t have to wait.
What if You Have Low Credit?
A loan no credit check can be even more of a blessing for the right type of customer.
Normally, when you take out any kind of loan you will first need to be subjected to a credit check. This means that the lender will look at your financial history (which will have been kept and shared by other lenders that you’ve worked with) in order to ascertain your likelihood of being able to pay back the loan.
If your credit score is very bad, then it means that you have likely struggled to pay your previous debts and it means that you will look like a bad candidate for a loan. In turn, the company might, therefore, reject your request for a loan, leaving you without the funds you need. The other alternative is that you will be offered the loan but you will pay much higher APR owing to the greater risk that you represent.
Fortunately, some loan no credit check plans allow you to apply without any kind of credit check. This means that you’re not only guaranteed to get the loan but also that your rates won’t be inflated. This is a great find, seeing as even some store cards require a credit check normally!
This option is not for everyone though and nor is it for every situation.
Firstly, if you have a good credit history, then chances are that you can get a better rate by looking for a regular payday lender that does include a credit check.
And for many cases, a loan no credit check won’t be the right option at all. Payday loans are specifically designed to be loans that you take out and pay over a very short amount of time. As such, they will have very high APR – normally around 400% and above.
The idea is that you pay off the loan fast enough that it will only cost you around £15-£100. The idea is to tide yourself over until payday. Hence the name. This is not the type of loan that you take out to start a business then, or to go on holiday.
But if you have an unexpected expense and you need just a little more time to pay it, then a loan no credit check might just be the best option for you. And if you have bad credit, then it will be a blessing that you can get such a loan without any kind of check!