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Search for payday loans with no credit check online and you’ll see a range of products from direct lenders and brokers, each claiming to offer cash with few restrictions. If you have bad credit or no income, no check loans can be tempting – but they’re best avoided.
Most short-term and payday lenders in the UK carry out some form of credit check, whether it’s a simple identity check to make sure you aren’t bankrupt, a soft check or a complete look at your credit history. These checks are a sign of responsible lending – in fact, they’re required by the industry regulator. At Sunny, our broker partner’s lenders also perform an affordability check for their short-term loans, which looks at your income and regular expenses to make sure you can meet the repayments.
Offering payday loans in the UK with no credit check breaches rules set out by the industry regulator – so any lender advertising such products is not regulated by the Financial Conduct Authority (FCA). It’s a clear sign that the company you’re dealing with may not be legitimate.
Borrow from a no credit check lender and you won’t be protected by FCA consumer rights rules. You risk paying higher interest rates and repayments are less likely to be affordable. In some cases, such illegal lenders use threatening tactics. For guaranteed payday loans with no credit check, these risks also affect your guarantor – who might be a friend or family member.
The Money Helper has a useful article about how to spot a loan shark and the alternatives.
Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. 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 introducer 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.
You need a credit check when you apply to take out a loan so the lender can assess your history with credit – such as previous loans, credit cards and mobile phone contracts. Lenders use this information to work out how much risk is posed by a certain borrower. If you’ve proven you’re good at managing repayments, this will be reflected in your credit score.
When a lender assesses your credit report, they’ll look for any defaults or late payments alongside your overall credit score. If you’ve taken out a large amount of credit in a short space of time, this can be a sign that further borrowing isn’t right for you – so this is something responsible lenders will be looking out for.
Yes – when you’re looking for a loan, it’s important to only consider lenders approved by the Financial Conduct Authority (FCA). This is because other providers are not regulated and are in most cases unauthorised. Unauthorised lending, including no credit check lending, is illegal in the UK. If you’re not sure a lender is legitimate, search the Financial Services Register to see if a firm is authorised by the FCA.
While Sunny does not perform a credit search, the lenders that our broker partner shares your application with do. Lenders perform credit checks on all applications for loans in line with rules set out by the Financial Conduct Authority (FCA). The type of check we use is what’s known as a soft credit check, which allows them to understand your situation without marking your credit report. They also perform an affordability check to make sure you can repay what you’ve asked to borrow.
Representative 89% APR