What are the alternatives to a no credit check loan?

If you have a poor credit rating or can’t afford the repayments on some loan amounts, this won’t necessarily exclude you from being able to take a short-term loan. Still, it may limit the amount you can borrow and mean you aren’t eligible for the lowest interest rates. We understand that a bad credit record can be a significant hindrance when unexpected bills or large expenses occur. Even if you have a good income, having a limited credit history can make it challenging to be approved for a loan. These issues make a no credit check loan attractive but avoid this option at all costs. There are many ways to improve your credit history to help you get a loan, most of which are achievable. Our guide on how to improve your credit score is a great starting point on your journey to better credit history. Improving your credit history isn’t always a quick fix. Depending on the extent of your previous financial difficulties, credit score improvements can take time, but knowing when you will be likely to achieve a healthy credit score will benefit you when making financial plans for the future. Getting a loan, even with bad credit, may not be as impossible as you think. At Sunny, we can find loans for people even with bad credit. However, poor credit history will affect the amount you want to borrow and the repayment period you would like.

What is a credit score?

Your credit score is calculated using your financial history and past behaviour. It is generally used to predict how likely a lender thinks you will be to pay back the money they lend you and helps them decide whether they should approve your application. Your credit score can affect your ability to borrow money through credit cards, loans and mortgages.

Where can I look at my credit score and report?

Credit Reference Agencies compile information about your credit history and will pass this on to the lender you’re applying for a loan with. The three main agencies are TransUnion, Equifax and Experian, each having their own credit check tools. They gather information using the electoral roll. Court records and information you’ve applied for credit with such as banks, mortgages and energy suppliers. Each Credit Reference Agency uses different scales to show what a good, bad, or excellent score is. Don’t be alarmed if you find three slightly different versions of your credit score when you check.

Where can I look at my credit score and report?

Credit Reference Agencies compile information about your credit history and will pass this on to the lender you’re applying for a loan with. The three main agencies are TransUnion, Equifax and Experian, each having their own credit check tools. They gather information using the electoral roll. Court records and information you’ve applied for credit with such as banks, mortgages and energy suppliers. Each Credit Reference Agency uses different scales to show what a good, bad, or excellent score is. Don’t be alarmed if you find three slightly different versions of your credit score when you check.

Our alternative to no credit check loans

Below, you'll find all you need to know about loans without a credit check

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Loans without a credit check are not available from lenders in the UK. With every short-term and payday loan, a credit check should occur. It is a sign that you are borrowing from a responsible lender. There are alternatives if you’re worried that you won’t be accepted for a loan, whether that be because you have bad credit or no credit history. You may even be accepted for a loan with bad credit history.

What are no credit check loans?

If it were possible to get one of these loans, it would involve applying for the amount you want to borrow and not being subjected to checks that assess how likely you are to repay what you borrow, and how much you can afford to repay. For those with poor credit scores or negative notes on their credit history, a no credit check payday loan may seem like a good option to improve their chances of being accepted.

If you are looking at where to borrow money for an emergency situation and spot any loans that don’t credit check, it’s best to pause and consider carefully whether such a loan would offer the service and protection you expect from a lender.

Credit checks are designed to help lenders make sure they only lend money to customers who can afford to repay them and to make sure the loan wouldn’t put the customer in financial difficulty. This protects the customer and the lender too. After all, lending money a customer can’t repay helps nobody in the long run. Here, we’ve looked into loans that don’t credit check and why it’s recommended to use a broker like Sunny, who only work with lenders who conducts credit and affordability checks on all their applicants, instead.

Eligibility for a payday loan

When you apply for a loan through Sunny, by submitting an application you are agreeing to have a credit and affordability assessment conducted on you by our lender panel. This looks at your credit report to see how well you’ve managed to borrow money in the past and therefore how likely you are to repay. Meanwhile, an affordability check looks at your income and outgoings to determine whether you can comfortably afford the repayments on the loan that you want.

If you have a poor credit rating or can’t afford the repayments on some loan amounts, this won’t necessarily exclude you from being able to take a short-term loan, but it may limit the amount you can borrow and mean you aren’t eligible for the lowest interest rates. Click the link below to find out more about the criteria you will need to meet to be eligible for a loan with Sunny and decide if it’s the right choice for you.

Representative 89% APR

Representative Example: Representative example: Amount of credit: £1000 for 18 months at £102.42 per month. Total amount repayable of £1843.60 Interest: £843.60. Interest rate: 89% pa (fixed). Representative 89% APR. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Individuals with a good credit score may have access to cheaper interest rates. Interest rates associated with short-term loans tend to be higher than those of traditional personal loans. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.

Sunny Loans is a registered trading name of Upward Finance Limited, who is an appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.

Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Loans without a credit check Information Hub

We’ve answered some key questions around no check loans and credit scores to help you better understand how it all works and what to consider when applying for a loan.

What are no credit check loans?

When applying for a loan, a responsible lender will perform credit and affordability checks to evaluate whether the borrower is able to pay back a loan.

A credit report check discovers whether you have applied for loans and your history of paying them back. An affordability check looks at your income and monthly outgoings to determine whether you can comfortably afford the repayments on the loan you want.

Neither of these checks would occur for no credit check loans. A lender offering you a no credit check short-term or payday loan is willing to take a risk that you won’t pay back your loan. So even if you have a bad credit history, applying for a no credit check loan is not a good option. Credit checks are required by law to be conducted when offering loans. A company offering a no credit checks for a payday or short-term loan is not authorised by the Financial Conduct Authority (FCA). Applying for a no credit check loan is, therefore, extremely risky. Find out more about the dangers of no check lending.

Suppose you are looking to borrow money for an emergency and spot no credit check loans with guaranteed approval. It’s best to consider whether such a loan would offer the service and protection you expect from a lender.
What are the alternatives to a no credit check loan?

If you have a poor credit rating or can’t afford the repayments on some loan amounts, this won’t necessarily exclude you from being able to take a short-term loan. Still, it may limit the amount you can borrow and mean you aren’t eligible for the lowest interest rates.

We understand that a bad credit record can be a significant hindrance when unexpected bills or large expenses occur. Even if you have a good income, having a limited credit history can make it challenging to be approved for a loan. These issues make a no credit check loan attractive but avoid this option at all costs.

There are many ways to improve your credit history to help you get a loan, most of which are achievable. Our guide on how to improve your credit score is a great starting point on your journey to better credit history.

Improving your credit history isn’t always a quick fix. Depending on the extent of your previous financial difficulties, credit score improvements can take time, but knowing when you will be likely to achieve a healthy credit score will benefit you when making financial plans for the future.

Getting a loan, even with bad credit, may not be as impossible as you think. At Sunny, we can find loans for people even with bad credit. However, poor credit history will affect the amount you want to borrow and the repayment period you would like.
What is a credit score?

Your credit score is calculated using your financial history and past behaviour. It is generally used to predict how likely a lender thinks you will be to pay back the money they lend you and helps them decide whether they should approve your application. Your credit score can affect your ability to borrow money through credit cards, loans and mortgages.
Where can I look at my credit score and report?

Credit Reference Agencies compile information about your credit history and will pass this on to the lender you’re applying for a loan with. The three main agencies are TransUnion, Equifax and Experian, each having their own credit check tools. They gather information using the electoral roll. Court records and information you’ve applied for credit with such as banks, mortgages and energy suppliers.

Each Credit Reference Agency uses different scales to show what a good, bad, or excellent score is. Don’t be alarmed if you find three slightly different versions of your credit score when you check.
What causes a bad credit score?
- Late or missed payments on loans, bills, mortgages, credit cards
- Bankruptcy
- A County Court Judgment
- Not being on the electoral register
- Making several applications for credit in a short period
- Having credit balances at or close to the account maximum across your credit accounts

How a loan from Sunny can help

Here at Sunny, loans come with a selection of great features to help you. Find out more about everything that comes with a short term loan before you make your decision.

Lenders can deposit the money into your bank account fast. In fact, the majority of customers receive their loan on the same day of approval.

We don’t charge a penny in fees so you don’t need to pay for any admin charges.

You can apply for a loan 24 hours a day, 365 days a year and you will receive an instant decision.

More information on no check loans

Although loans without a credit check may seem like the quickest solution to pressing financial issues, by not considering your credit score, a lender could lend you money you can’t repay, leaving you worse off in the long run.

The safest option is applying for a loan with a trusted lender, who will check eligibility before approving your loan. It means that the Financial Conduct Authority protects you, and the lender has confidence that you’ll be able to make the repayments, something a no credit check loan won’t give you.

When looking for and emergency loan, ensure it is affordable for you and has a repayment period with manageable monthly amounts. A loan for an emergency should help you out of a challenging financial situation, not burden you further.

Apply now!

Looking for alternative lending options?

Want to know more about our emergency loans and how suitable they are for your situation? Here we’ve broken down a range of circumstances where a short-term loan may be a good option, with a guide for each to read through before making your decision.