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At Now Loan, we believe that bad or insufficient credit history should not be an insurmountable barrier to receiving the funds you need. Some FCA authorised lenders on our panel share the same belief and offer a variety of no credit check loans suited to borrowers in the UK with less than stellar credit. This includes personal loans and short-term payday loans.
The application process is fast, safe, and completely risk-free. However, as with any financial transaction, it is worth taking a moment to educate yourself about exactly what these loans are, and how they work. Doing so will allow you to make an informed decision about whether borrowing in this manner is the best decision for you.
When it comes to no credit check loans, UK residents should know the term is something of a misnomer. As a broker, Now Loan can pre-approve you for a loan with many direct lenders by performing a “soft” credit check. This has no impact on your credit score. You can see that we checked, but no one else can.
This means that, up through the pre-approval, or quotation, phase of the loan application, no “hard” credit check is performed. However, the Financial Conduct Authority mandates that lenders “assess creditworthiness on the basis of sufficient information” (CONC 5.2.1R) before finalising a loan contract.
In other words, once you choose a lender and enter the contract finalisation phase, it is likely that a credit check will be performed. The Now Loan vetting process ensures that you reach this phase with the highest likelihood of being approved.
A soft credit check is more than just a technique used to process no credit check loans for people with bad credit. It is a way to get an overview of your credit history without negatively impacting it. When you check your own credit history, this is considered to be a soft check as well.
When a lender or broker performs a soft check, we utilize the information you provide to get a feel for your creditworthiness. Information such as your name, address, and birth date are included, along with public records such as:
A hard credit check also accesses this information but involves contacting Credit Reference Agencies to open your credit file and obtain further details. Each time such a check is performed it is logged in your file, and remains visible to other lenders for a period of 12 months. Additional information gathered includes:
Don’t be discouraged if your credit file contains troublesome entries. When you apply for a no credit check loan, lenders understand that you probably have some issues in your history. You can still be approved, with appropriate terms.
Several hard credit checks over a short period have a negative effect on your perceived creditworthiness, so you should limit how often they occur. Now Loan’s pre-approval system helps you to accomplish just that, only placing your application in front of lenders prepared to work with you.
There are two main types of no credit check payday loans and personal loans. Which you choose determines the maximum amount of money you can request, how long you have to repay it, the interest rate, and other terms.
You can potentially borrow £10,000 or more with a personal loan, depending upon your creditworthiness as determined by the application process. The payback period is typically between 1-7 years for an unsecured loan of this type or longer for a secured loan. Along with a lower interest rate than a payday loan, these favourable terms come with more stringent qualification requirements.
By contrast, payday loans max out below £10,000 and typically need to be repaid in 3-9 months time. Literal payday loans, meant to be paid on the borrower’s next pay date, do still exist, but the term has become shorthand for any fast, low-value loan.
Because of the short-term nature of these loans, their interest rates are much higher. It is important that you review the terms of the loan carefully. If you are not convinced you can repay the full amount in the time allotted, you should explore different options.
Personal loans are the better option across the board if you can qualify for one. The longer payback period is more forgiving, and the interest rates are easier to manage. However, personal loans may not process as quickly as a payday loan. Lenders may require additional information to finalise your loan, extending the otherwise swift turnaround available via our online application system.
Payday loans are better thought of as emergency loans. When qualifying, greater attention is paid to your income over the short term. If you have the means to repay, you will be quickly approved, with money in hand within minutes.
However, repayment is also expected to be quick. This is a tradeoff acceptable in the case of sudden medical expenses, or critical car repair costs, but if your need for funds is not immediate, a payday loan should not be your first choice.
The FCA has made many regulatory changes to make the no credit check payday loan process more manageable for borrowers. As an authorised broker, we make sure that all terms are available to you upfront. Our application process aims to pair you with a lender offering a contract that is as favourable to your circumstances as possible. We at Now Loan want to achieve the best outcome for all parties.
Applying for a no credit check loan with Now Loan couldn’t be easier. To begin the quotation process, you simply fill out our short online form. This takes only a few minutes, after which our system will generate a list of lenders for which you are pre-approved.
At this stage, you get to review your options. Compare no credit check loans from direct lenders to find the best option for your specific needs and financial situation. Though you may need funds ASAP, do not fail to carefully familiarize yourself with the contract of any lender you consider. The last thing we want is for you to enter into a loan uninformed, as this could create financial trouble for you instead of solving it.
Once you are satisfied with the loan you’ve chosen, you will formally accept the offer. At this point, the lender will almost certainly initiate a hard credit check in accordance with FCA directives before granting final approval. In most cases, this occurs without any further action on your part. However, the lender may contact you with any questions they have, including requests for additional information.
After final approval, all that’s left is for you to receive your loan. Now Loan makes every effort to expedite payouts, with deposits arriving as quickly as 10 minutes after a contract is signed. It can take longer, depending on the time of day or other circumstances, but happens swiftly in the majority of cases.
Although the application process is easy and straightforward, applicants must meet the following eligibility requirements:
If you meet these requirements, you are free to apply for a no credit check loan at any time. Keep in mind that this only covers the initial quotation or pre-approval stage. When dealing directly with your chosen lender, additional information may be requested as needed to gain final approval.
You may have heard horror stories about people taking out short-term loans and falling into debt due to exorbitant fees and interest. In fact, it was the unscrupulous practices of bad actors in the loan industry that led the Financial Conduct Authority to overhaul lending regulations in 2014.
In today’s regulatory environment, borrowers in the UK are well protected from predatory lending practices. As long as you choose reputable FCA authorised lenders and brokers, you needn’t worry about hidden terms in your contract or interest rates that are impossible to meet.
Now Loan makes sure that all loan terms are spelt out upfront, so there are no surprises once you enter into an agreement. The lenders on our panel cap interest rates on no credit check loans within FCA specified limits. In the unfortunate case of late payment, late fees are capped at £15, and the total amount to be paid cannot exceed 100% of what was borrowed. So, even if disaster strikes, there is a limit to prevent you from incurring unmanageable debt.
In addition to the myriad financial safeguards, Now Loan also protects your data. Our website encrypts data using the most up-to-date SSL protocols, so you can submit your no credit check loan application with complete confidence that it will only be seen by our trustworthy team and panel of lenders.
Moreover, we do not share your information, nor do we sell it. You won’t find yourself inundated with spam from disreputable brokers or lenders after dealing with us. You will only receive communications from us and the lenders you choose.
We understand that your interest in no credit check loans is likely motivated by black marks in your credit history, and we are ready to find you a lender that can accommodate your situation. However, it is your credit history that determines the terms of your contract, and this is true whether the information is gathered via a soft or hard credit search.
So, to get the loan amount you need, at the best interest rates you can manage, you should try to improve your credit file as best you can. There may be entries that can’t be changed, but you should still make every effort to present the most positive impression.
Start by getting a copy of your credit file. CRAs must provide you with a free, statutory credit report upon request. Review your report for the following common issues:
You may feel disappointed that your credit history is ultimately still a consideration, even when applying for what is referred to as a no credit check loan. Perhaps you have heard of people who have secured loans without credit checks, and that is what you were looking for.
We here at Now Loan urge you to avoid such loans. Such offers directly violate FCA regulations, and those who provide them are loan sharks operating outside the law. Dealing with such lenders offers you zero protection against unlimited fees and unchecked interest.
Loan sharks cannot be trusted to safeguard your personal information. Doing business with them exposes you to fraud, harassment, and worse. For your own safety, you should only deal with FCA authorised brokers and lenders.