No credit check loans represent a safe alternative to the normal application route. Instead of going directly to a lender, getting rejected and risking damage to your credit rating, no credit check loans allow the borrower to test the water’ by applying through a broker first.
The broker will then search the market to make sure that the borrower is eligible. If they are, then the broker will then present a selection of loan products that the borrower has a very high chance of being approved for. Providing the information they provided to the broker was accurate.
Technically the borrower will still need to complete a credit check when they formally apply for the loan through that lender but having been pre-screened by the broker and then sent across from them, the borrower is likely to be approved. Mitigating any risk of rejection and possible damage to their credit score.
Primarily personal, unsecured, or payday loans offer this service. It enables the borrower to apply quickly and easily and find out how likely they are to be approved.
A soft inquiry relates to having a broker test the market for you before formally applying through a lender. If the loan is approved by the broker first, then the borrower will know they can apply safely in a 'hard inquiry'.
This prevents someone with a poor credit rating potentially making it worse by being rejected for another loan. If the broker advises them that they aren’t eligible, then there is no harm done to their credit score.
No loan is ever guaranteed, but by making a soft enquiry anyone can safely test their eligibility. Some brokers also search lenders who are considered more lenient and will take applications from those who have less than perfect credit scores. So there is a high chance of success, even for those who have had financial difficulty in the past and can’t get approved for a regular loan or credit card.
There are however a few rare scenarios when the broker is unable to find a lender willing to provide a loan. But in these cases, at least the borrowers credit rating has not been affected.
The main advantages to no credit check loans are that the customer can safely check their eligibility without putting themselves at risk of a rejection. In the rare case that the broker does reject them, at least their credit rating is still intact. If the customer has a poor credit rating to begin with, applying this way will put them in touch with lenders that are more likely to lend to them. They are a lifeline for those in need.
A borrower can get a quote from a broker in a matter of minutes after filling in a quick online application form. If they then accept the loan they are redirected to the lenders website where the application is completed. The lender always has the final say on whether the customer is approved, but if all the information they provided during the initial application was accurate, then there shouldn’t be a problem.
After this the money can be within the borrower’s bank account within 24 hours. Although it can be a lot sooner in some cases. If the application is denied by the broker, then they will be informed instantly.
Once the application form is filled in on the brokers website, then the customer will be given a quote. This isn’t exactly like approval, but it is similar. This is instant and it means the customer has a very good chance of being approved for that loan.
However, it’s the lender who had the final word. They can take up to 24 hours to approve a loan formally and then deposit the money in your account. But this can happen in a matter of minutes or hours depending on the provider.
Near enough anyone can apply for a poor credit loan with a high chance of success. This is because the lenders are generally more lenient and the sums they are lending are typically a lot smaller than traditional loans. Even those with a bad credit history are likely to be able to pay this back once they get paid. Or over a couple of paydays.
It's very rare that such loans are formally denied by the lender if a quote has been made by a broker. Usually it’s because the borrower may not have declared crucial information during their application, which then came to light during the approval stage. For example when they applied they said they were in full time employment, but then when the lender asked for evidence of this (such as a pay slip) the customer was unable to provide it.
This would mean the customer may not be able to pay the loan back despite saying they could and would therefore invalidate the offer.
The best way to find out is to complete our online application form. It takes around 5-10 minutes to complete. Make sure all the information is as accurate as possible. This way we’ll know which lenders and loans to suggest.
Once you’ve been given your quote you can then formally submit your application to the lender (if you like the look of it). They will then go over your application, either approve it or request further information from you.
If we can provide you with a quote from the accurate information you provide, then you have a very high chance of being eligible for that loan.
Bad credit isn’t a barrier to getting a payday loan. The lenders are usually more lenient than most and they understand that those applying for a payday loan may have nowhere else to turn.
Also as the amount being lent is usually small and arranged to be paid back when the customer next gets paid, there is less risk. So a customer’s former bad credit isn’t that important. Of course, it depends on the situation. But if a broker can provide an online quote for you, then you’ve got a very high chance of being accepted.
No credit is often treated like bad credit by traditional lenders. You’re told to get credit before anyone will give you any. But if nobody will give you any how are you supposed to get any? It can be very frustrating.
In fact, payday loans represent a great way to build up your credit score. As the lenders are normally more lenient and less influenced by credit ratings, and the amounts lent are often modest, someone who’s never had credit before is likely to be accepted for one as quickly as anyone else.
Once they are and have successfully paid the payday loan back, they will be considered less of a risk by traditional lenders. Those who have no credit shouldn’t struggle to get a payday loan. But to be sure, then get a free quote.
Your FICO score being low means you’ve got less of a chance of being accepted for credit. But with a payday loan this may not be quite as important. While your credit score (and FICO score) is always taken into account, payday loan lenders are likely to look past it and give you a chance.
Always get a quote first to make sure that there are lenders out there who will accept you. And never put false information on your application. This will just be exposed and invalidate your claim, damaging your credit rating in the process.
It depends how much you need. The average payday loan is under $500 dollars, but they can be up to $1000 dollars or higher for some lenders. A lot of people who apply for a payday loan only need a modest sum though. Something to help them get through a short-term crisis, then they pay it off once they get paid. So it’s like nothing happened.
In situations like these, the borrower only takes about couple of hundred dollars and pays it back within the month (once they get paid). This is generally how payday loans work. They aren’t intended to be large or long-term loans.
Although more and more payday loan companies are branching out and offering larger loans that can be paid back over multiple paydays. You can always get a quote from us to see if these are right for you.
There are no lenders who don’t perform credit checks. What happens is brokers and comparison sites like ourselves provide a quote first. One that doesn’t involve a credit check. Our software then determines if you’re likely to be accepted and by what lender for which loan.
We will then provide you with a link to them so you can complete the application with them. Once the lender receives your application through us they are much more likely to approve it providing the information you provided is accurate. A credit check still happens but all involved will be confident you’ll pass it because you’ve been pre-screened by us.
Payday loans are a form of personal, or instant loan, that operates in the same way. They are designed to be small amounts of money that can be realistically paid back once the borrower gets paid again.
They are an alternative to bank loans and credit cards, because not everyone needs a large loan. Sometimes they just need a $100 loan until payday for an urgent car repair or something else. If pay day was tomorrow, they may not even need the loan.
But if the customer is a few weeks away from pay day, then a payday loan can give them the support they need until that arrives. They are not for everyone but can be very helpful in a situation when a customer needs quick money and has nowhere else to turn.
They can also be offered to those people who also may have poor credit, and the application process is the same as what’s described above to bad credit loans.
The money can be sent to you within the same day you apply. Especially if you apply early in the day. But often it’s within 24 hours. The lender needs time to receive and review your application. They also need to fact-check it to make sure it’s accurate. Once done they will transfer the money.
All this can actually happen within minutes if you’re lucky and pick a lender who’s moving quickly. If your information is accurate and you have a normal credit history, then it really shouldn’t take long. Providing those that work for the lender are in the office at that time and up to date on their workload.
Yes because every credit check is displayed on your credit history. Successful credit checks give you a positive point, where unsuccessful ones can decrease your score. This is why going through a broker like ourselves first is so essential.
We’ll make sure that if you are not eligible, then no harm will come to your score. You can test the water to see what your options are. If no lender is willing to lend to you then we’ll tell you safely.
This stops you going to a lender, getting rejected then damaging your credit score further. Making things worse.
We also only put you in front of lenders who are likely to say yes to you, helping your credit score recover and grow.