Based on a
30 day month
The loan term is fixed but you can repay early at any time
A no credit check payday loan may seem like a good solution if you feel you don’t have time to wait for a lender to run credit checks on you, or if you have a bad, or even non-existent, credit history. Many people believe that forgoing a credit check makes it quicker to get the money you need, and gives people in a bad financial situation a better chance of borrowing money. However, no credit check loans are rarely available in the UK, as the law requires all lenders to conduct appropriate checks on all applications they receive. In the majority of cases, this means a credit check, and an affordability assessment, too. However, as lenders like Sunny know that getting the money you need to deal with a financial emergency is crucial to many borrowers, our thorough checks are done in a matter of minutes, and funds transferred within 15 minutes of approval, if you are approved.
If a lender does forgo a credit check as part of their application process, they may not be able to accurately gauge whether you are likely to repay them and whether you can afford it alongside your other obligations. While this poses a bigger risk to the lender that could cause them to raise their interest rates, it’s also a risk for you, too, as lending money you’re not able to repay only leaves you with a larger bill to deal with further down the line.
Your credit score is a number 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 that they lend to you, and helps them decide whether they should approve your application. Your credit score can affect your ability to borrow money in the form of credit cards, loans and mortgages. Often, lenders will examine your financial history and past borrowing behaviour and assign you a bespoke score according to their criteria. This means there’s no such thing as a universal credit score, but the scores you are assigned by Credit Reference Agencies will give you a good impression of how a lender might score you.
There are three main Credit Reference Agencies in the UK, who allow you to check your credit score. These are TransUnion (formerly CallCredit), Equifax and Experian, and their credit checking tools are known as Noddle, Clearscore and Credit Expert, respectively. The Credit Reference Agencies compile information about you and will supply this to a lender when you apply for credit. They gather their information using the electoral roll, court records, and information from other companies you’ve applied for credit with; this includes bank accounts, loans, credit accounts, mortgages, energy suppliers and mobile phone contracts.
Each of the Credit Reference Agencies use different scales to show what a good, bad, or excellent score is. These scores are designed to give you an impression of what kind of score a lender might give you if you apply to them, so, don’t be alarmed if you find three slightly different versions of your credit score when you check.
The most common things that negatively affect your credit score are:
- Having credit balances at or close to the account maximum across your credit accounts, even if you’re keeping up with all your payments
- Late or missed payments on loans, bills, mortgages, credit cards
- A County Court Judgment
- Not being on the electoral register
- Making a number of applications for credit in a short period of time
We can deposit the money into your bank account fast. In fact, the majority of our customers receive their loan within just 15 minutes of approval.
We don’t charge a penny in fees so you don’t need to pay for any admin charges. We don’t even charge late payment fees if you find you’re unable to repay.
Our UK-based customer service team is here to help seven days a week. You can also manage your loan using your online account to change your details and make payments.
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 aren’t able to repay, leaving you worse off in the long run. This is why all lenders carry out credit checks before accepting a loan application.
Traditional credit checks can be conducted in a matter of seconds, and consider the borrower’s address, outstanding credit and other financial commitments, as well as how they’ve managed credit in the past. Using credit checks, lenders are able to quickly and objectively judge if an applicant can afford the loan and can pay it back without getting into financial difficulty. For this reason, a lender who will look at your credit score before giving you a loan is, in most cases, the better route to opt for.
When looking for an emergency loan, ensure it is at an affordable rate for you and has an repayment period with manageable amounts each month. A loan for an emergency should help you out of a tough financial situation, not burden you further.