No Credit Check Loans Direct Lender
Cash or credit? Save or borrow? These are two questions people often ask when they have to make large purchases. If it’s not an urgent need, you can consider saving up. But how long will that take? Many people live from paycheck to paycheck and have little to no savings to sort out emergencies. In this case, getting a loan looks like the best course of action.
Because of the adverse effect of hard credit checks, it is common for borrowers to seek no credit check loans.
No credit check loans are given out to borrowers by lenders without carrying out any credit or affordability checks. These lenders are known as no credit check loans direct lenders. With no credit checks, no footprints are left on your credit profile.
In principle, it’s impossible to let out a loan without a credit check since lenders are required by the regulations of the Financial Conduct Authority (FCA) to do them. However, PaydayLoansUK will connect you with lenders who run soft credit checks instead. These soft credit checks are as good as no credit checks since they do not leave any footprints on your credit profile and are done for formality’s sake mostly.
Do You Provide Loans with No Credit Check?
Customer satisfaction and brand integrity are our greatest hallmarks. We understand how badly credit checks via credit bureaus like TransUnion, Experian, and Equifax can adversely affect our customer’s credit profiles. However, it’s only customary that we run credit checks on borrowers as is required by the Financial Conduct Authority (FCA).
To satisfy our customers and comply with the dictates of the law while at it, we only link you to lenders who run soft credit checks. These checks do not leave footprints on your credit profile, won’t hurt your credit score and are as good as zero credit checks. This way, all parties involved are legally right and the borrower’s interests are protected too.
What Information Will You Check In My Credit Report?
To begin with, a credit check or search is a lender’s look at a borrower’s credit report to understand their financial behavior. From a credit check, the lender can tell whether or not the borrower pays back their credit on time, how much credit the borrower has, and how well or otherwise they are managing it.
From a borrower’s credit profile, a lender can dig up the following information about the borrower:
- Full name
- Date of birth
- Previous applications for loans and previous credit checks on their profile
- Debt history including any information about bankruptcy
- Payment history showing late and missed payments
- All open loans, credit card transactions and mortgage accounts, start date, and the total loan amounts
- A list of all accounts closed in the past six years
- List of new accounts
- Types of credit the borrower uses
Is PaydayLoansUK a Direct Lender? What Are the Benefits of Choosing It?
PaydayLoansUK is no lender. We are a broker instead. With the multitude of entities parading themselves as lenders these days, it can be difficult for borrowers to know what lenders are reliable and can give them the best offers. A loan broker is experienced in analyzing lenders and their loans, negotiating these loans, and helping the borrower choose the best lender for their financial situation.
The following are some of the most common reasons why you should approach PaydayLoansUK today:
Access to multiple loan opportunities
A broker service, such as ours, provides a diverse choice of loans from a variety of lenders. Our skills and network will ensure that you get the best loan available at the best interest rate for your circumstances. In one application, you have access to different no-obligation offers which you can review and choose from.
You save time
Instead of filling out paperwork for each lender, you only need to fill out one with a loan broker like PaydayLoansUK. Shopping for direct lenders who’d approve your desired loan amount, keep the APR low and charge no hidden fees isn’t an easy thing to do as you may have realised. We introduce ease into the process by presenting you with the right lender(s).
Some other benefits of getting loans through PaydayLoansUK in general include
- Quick approval and funding
- Easy application process
- Flexible repayment terms
- High loan amounts
- Relaxed eligibility requirements
- Soft credit checks
How Does Payday Loans UK Compare?
|Why Use Us?|
|What is the maximum amount I can borrow?||Up to £5000||Instant approval|
|Will I be considered if I have bad credit?||Yes||Bad Credit Considered|
|Interest rates (variable)||49.7%||Zero paperwork|
|Loan repayment terms||1-36 months||Flexible repayment|
|Will I be credit checked?||Yes||Will perform credit checks as for financial regulations|
|How do I apply?||Apply online||Simple application form|
Can I Apply for a Loan from UK Direct Lenders Today?
Yes, you can apply for a loan from UK Direct lenders. It’s in no way difficult to process. Here’s how to apply for a loan from UK direct lenders today:
Fill out the application form
Get started with the application process by filling out the application form. On the form, you will be required to enter personal biodata information like name and date of birth. You may also be required to upload a few pieces of paperwork which can help us in matching you with the right lenders.
Submit the form and get approved
Submit the form. Using the submitted details, we match you with different lenders who review your application to determine your creditworthiness. This should take 3-5 mins tops. Upon approval, each lender provides you with a quote containing the loan amount, conditions, interest rates and repayment window.
Review offers and seals the agreement
Compare and contrast the contents of the no-obligation offer and choose which best suits you. Seal the agreement by signing the offer. This can be done digitally.
Upon signing, the lender begins to process your payment. This should be done in no time. You can expect to get funded within the hour or next.
Want to Get a Loan?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Will I Get Approved for Loans If I Have a Bad Credit Score?
A bank loan rejection isn’t necessarily a problem. You can still get loans with a bad credit score. Bad credit lenders provide loans to borrowers who have bad credit scores. They understand that the borrower’s financial history isn’t a true reflection of their present financial situation and so shouldn't handicap them from getting credit.
The borrower is approved for the loan once their debt-to-income ratio, spending, and employment histories give any clue that they can afford the loan, that is, pay it back on time and still keep up with their other routine financial commitments.
Alternatives To No Credit Check Direct Lender Loans
There are a number of no credit check direct lender loan alternatives to explore. Some of the most common In the UK include credit cards, pawn shops, credit unions, family, and friends. Some of the loan alternatives like credit unions need you to be a member of the union to get a loan while others do not have such association conditions.
Before selecting loans from direct lenders, it's worth looking into each of these options. Weight the pros and cons to help you make an informed decision on what loan option is the best for you.
Frequently Asked Questions
Are there lenders who approve loans with no credit checks?
No. The FCA mandates that lenders run credit checks before giving out a loan. However, some direct lenders, like those in our network of lenders run these checks just for formality’s sake. These checks do not leave any footprints on your profile and definitely don’t hurt your credit score
What are the requirements for a direct lender loan with no hard credit checks?
The primary criteria for obtaining such a direct lender loan with no hard credit check is the same as with any other loans. The borrower must be at least 18 years old, be a UK resident, be employed and earning a decent living, and have an active bank account.
How long will it take to receive the loans?
It is simple to obtain the loan for which you applied. You'll also find out within minutes if you're eligible. You should have the money in your bank account anything from the minute after approval to a few hours.
How much will I receive?
PaydayLoansUK will connect you with lenders who can lend you up to £5000. That said, the credit ceiling isn’t the same for all borrowers. The specific maximum you can borrow depends on the lender’s evaluation of your employment history, spending history, and debt-to-income ratio.
What are the differences between direct lenders and brokers?
A broker connects borrowers and lenders by acting as a go-between, whereas direct lenders are entities that directly authorise and fund loans to businesses and individuals.
What are the differences between hard credit checks and soft credit checks?
Soft credit checks no matter how many won’t affect your score while hard credit checks may lower your score by a few points. Also, soft credit checks leave no trace on your credit report while hard credit checks do.