Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.
Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.
Sep 5, 2018
You may have seen or heard payday loan providers offering a no credit check payday loan. But what exactly is a no credit check payday loan? Well, to begin with, any company that states that it offers a no credit check loan is not being quite as upfront as they should be. While it may be true in certain countries that credit can be obtained without a credit check being performed, this is not true in the United Kingdom. You may be led to believe that when applying for a short-term loan, the broker or lender will not look at your credit file. In reality, any lender who is regulated is required to check that the amount you wish to borrow is affordable and can be repaid without placing further financial distress on those searching for a payday loan.
On the most basic level, every broker or lender will need to verify your identity to ensure that you are not currently bankrupt or partaking in an IVA. This is why you should always be wary of any broker or lender who claims to offer a no credit check payday loan. The simple fact of the matter is that a credit check of some form will have to be performed, and this will be noted on your credit file. While the terms and conditions may seem to be never-ending and more than a hassle to read, it is always important to ensure that you fully understand what types of credit checks will be performed when you apply for a payday loan.
Sure Money UK is very upfront and transparent when it comes to the types of credit checks that will be performed. There are a plethora of reasons as to why people search for a no credit check payday loan, which includes having an already bad credit history, having no credit history at all, or concerns about privacy and data protection. Regardless of the reason as to why people search for no credit check payday loans, it is very clear that a lot of misleading advertising is taking place. While it is the responsibility of the borrower to check all of the terms and conditions before taking out a short-term loan, many brokers and lenders know that the individual has most likely not read the terms and conditions and use clever marketing strategies to mislead them.
You should also keep your guard up when it comes to any provider offering a no credit check loan. If no credit check was to be performed, then your identity could not be verified, which means that anyone could take out a loan in your name. Are these really the type of companies that you want to be dealing with? Most likely, your answer is a resounding no. Using a reputable and fully regulated broker or lender such as Sure Money UK for obtaining a payday loan is the safest and most convenient way to go about obtaining the credit that you need. While UK regulations are in place to protect both borrower and lender, there will always unscrupulous companies out there who do not abide by the law.
If you are worried that your current credit history will negatively impact your ability to be able to borrow, then you should know that each individual situation is taken into account. Sure Money UK understands that people's circumstances change, sometimes for the better, and sometimes for the worst. It is our responsibility to ensure that you do not get yourself into financial difficulties when borrowing a payday loan and we need to make sure that you are able to afford the amount that you borrow. Having a bad credit report does not necessarily mean that you cannot get the credit that you were searching for. In fact, as long as you answer the application form honestly and accurately and are able to meet your repayments, the chances are very much in your favour.
If you are concerned that your current credit report is holding you back from borrowing the finance that you need, then a payday loan that is paid back on time could help improve your overall credit score and make it easier for you to borrow from other lenders in the future. You should always be wary of a no credit check payday loan, especially if this is advertised on their homepage as in the United Kingdom, there is no such thing.