When an emergency strikes, the last thing you want to do is deal with an annoying credit provider.
Whether it’s a problem with your car, or an issue with an appliance at home, you need money fast – which means that you want as few forms to fill out as possible. Unfortunately, if you don’t have the best credit rating, you might find that you have to jump through endless hoops just to get someone to take you seriously when you apply for a loan.
Banks and building societies are less willing to give credit to people with bad histories because they believe that if you’ve made a mistake once, you’re likely to make it again. This makes it increasingly difficult for people to get the money they need.
The good news is that you don’t have to turn to banks for financial assistance anymore. Online lenders are available to offer simpler, more convenient loans in an instant – without any awkward application processes.
If you’re keen to try an alternative form of loan, then you might have considered online loans or “quick loans” before. These short-term cash advances give you a small amount of money for a short period of time – usually until your next payday.
While fast loan options come with many benefits, one of their biggest advantages is how easy it is to be approved for a loan. After all, when a lender is only putting a small amount of money at risk, and they’re not risking it for very long, they’re more likely to take chances – even with someone who has bad credit. This might lead you to believe that you can even get a loan without any credit check at all.
However, while it’s true that bad credit providers don’t get as hung up on your credit history as other providers, that doesn’t necessarily mean that they can ignore your credit rating. The Financial Conduct Authority – the group that’s responsible for regulating loans in the UK, makes it impossible to get a loan without a credit check from a reputable provider.
Any credit company approved by the FCA needs to conduct a credit check on all of their customers – even the ones that aren’t borrowing a lot of money for very long. If someone promises you a loan without a credit check, then this means that they’re not approved by the FCA, and they could be a dangerous lender or even scam artist.
One thing to keep in mind is that not all credit checks are alike.
A credit check is how a lending company looks at your financial history and determines how big of a risk you might be. By looking at your past, they can make assumptions about how you will manage your money in the future – or at least that’s the idea.
More often than not, you’ll need to have a full credit check conducted when you apply for a loan. These credit checks leave a mark on your credit history for all the world to see. Unfortunately, they can also make it even harder to get the money you need when you already have bad credit. Every mark left on your report following a rejected application warns other companies to avoid lending to you.
Some bad credit payday loan providers, however, can avoid giving you this mark as much as possible, by performing a soft credit check. Soft credit checks allow lenders to look at your recent history and determine whether you’re likely to be approved for a loan. That way, you only get the full credit check if you have a good chance of walking away with the money you need.
Looking for a provider that offers soft credit checks could be a good way to compare lenders and determine which one is the best option for your fast loan.
Bad credit loan providers are the alternative solution that is available today for people who wish that they could get a cash advance without any credit check. If you don’t have the best credit history, bad credit loan providers ensure that you don’t have to hide your past. They deal specifically with consumers who might have had issues with their money before and can give you a deal on your loan, regardless of your past.
The great thing about bad credit loan providers is that they’re non-judgmental companies, capable of delivering all the benefits of a fast payday loan in no time. With these providers, you can avoid having to make dozens of applications with different companies – ruining your credit even further. What’s more, as mentioned above, some bad credit providers will even perform soft credit checks before continuing with your application.
Like any other fast loan, you can expect your bad credit loan provider to deliver the money you need as quickly as possible. Some providers even offer approval within ten minutes and can get the cash to your bank account within an hour or less.
Another benefit that’s worth considering when you’re thinking about a bad credit payday loan, is by dealing with a reputable company, you improve your chances of bettering your credit score. After all, as long as you pay your loan back on time, and follow the instructions given by your loan provider, you’ll show the credit agencies how reliable you can be and reduce your overall risk level as a borrower.
Since fast loans are paid off quickly – usually on your next payday, there’s also far less of a chance that you’ll end up facing issues in your life that could prevent you from making any monthly repayments. You can get in and out of debt quickly, and give your credit score a bump in the process.
When you don’t have a great credit history, getting fast loans with no credit check can seem like an attractive concept. However, there’s a good reason that the FCA makes all providers check your credit before giving you a loan. They want to make sure that you can reasonably afford to borrow the money that you’re asking for, and that you’re not going to end up in any kind of financial trouble as a result.
If a lender ignores the demand to conduct a credit check, then they’re not interested in protecting you. What’s more, these companies can be unethical in other ways too. If a lender isn’t approved by the FCA, there’s nothing to protect you from unreasonably high-interest rates, large late fees and other unexpected costs added to your loan.
Instead of relying on untrustworthy companies who claim that they can give you a loan without looking at your credit score, your best option is to go out and compare the kind of deals that you can get from a bad credit fast loan provider instead.
Not only is applying for a bad credit loan easy but getting approved is usually very simple too. Most of the time, you’ll be able to complete your application online, so there’s no need to find time in your busy schedule to visit a bank.
A good way to speed up the loan application process is to make sure that you already have all the information with you that you may need to provide. For instance, a loan company might ask for proof of ID to see that you’re a resident of the United Kingdom. They may also ask for details about your incoming and outgoing expenses so that they can conduct an affordability check.
Affordability checks are particularly necessary for people applying for bad credit loans. These allow lenders to figure out whether you’re in a good financial position today, regardless of what happened in your history.
Another way to improve your chances of being quickly and easily approved for a bad credit loan is to look at the eligibility requirements outlined on the company’s website. Most of the time, you’ll be able to find some basic details on what you need to do to be approved. For instance, most loan providers will always demand that their borrowers be over the age of 18. You’ll also need to:
If you have any questions about eligibility, contact the company in advance.
Ultimately, no credit check loans are dangerous in the UK.
They mean that a lender is not approved by the FCA, and therefore doesn’t have your best interests at heart. Rather than attempting to hide your credit rating from your loan provider, consider taking an alternative approach with bad credit loans instead.
This way, you can get the money you need quickly, without putting yourself or your finances at risk.