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Representative example: Borrowing: £1,200 Interest: 0.34% per day for up to 75 days (124% per annum, variable) Representative: 49.7% APR (variable)
Short-term deficits in cash balance might require you to raise money urgently to take care of your emergency expenses. You might need money to pay for personal, healthcare or any other expenses. If salary is your only source of earning, then payday loans would be the fastest way to raise money from a lender.
Payday loans are short term credit facilities provided by FCA-approved lenders. Like for all loans, the lenders run a credit check on the borrower before approving the payday loan. Lenders might consult UK credit agencies like Experian and Equifax to get information on your credit history. This gives them access to your outstanding debt and helps to determine your creditworthiness. A credit check might also impact your outstanding credit score as it is reflected in your credit file.
Payday loans with no credit check by definition is a short term loan which is granted without conducting a thorough review of your credit history. Instead of looking into all the financial details like total outstanding debt, missed payments, previously conducted credit checks, etc. the lender might just conduct a soft credit check on their own to assess your creditworthiness.
The advantage of payday loans with no credit checks is that it does not impact your credit file and facilitates in quick approval of your loan amount. In the case of a hard credit check, it might take a few days to process your application.
However, in the UK all registered lenders are required to perform a credit check on the borrower before approving a loan. This is done to ensure responsible lending and prevent any loans from turning bad.
Yes, almost anyone can apply for a payday loan. As mentioned before, payday loans should be approved by a lender after they have duly assessed the creditworthiness with a UK accredited agency. Unless you have filed for bankruptcy or have legal judgements against you, you will not have a problem borrowing a payday loan. Most lenders offer you the option of filing a payday loan application form online. However, some companies might require you to visit their physical address to fill an application.
The amount of payday loan that you can borrow will depend upon your past credit history and monthly earnings. The maximum limit for borrowing a payday loan in the UK is £1,000. To determine the maximum amount of payday loan that you can borrow, you can contact the lender.