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Despite what some lenders and brokers may say online, there really is no such thing as a no credit check loan. All UK lenders are obligated to abide by responsible lending practices set out by the financial conduct authority and so must perform credit checks before lending, similar to credit checks carried out by landlords. Some brokers and lenders may be able to provide a quote with only a soft credit search.
A soft credit check is a way to get an overview of a borrower’s 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, they 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 a hard credit 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:
Several hard credit checks over a short period have a negative effect on your perceived creditworthiness, so you should limit how often they occur.
You may feel disappointed that your credit history is ultimately still a consideration, even when applying for what some brokers have 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 could be 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.
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