Here At LoanPig, we understand that when you fall on hard times and happen to have a bad credit rating, you can find yourself asking “can I get a payday loan no credit check?”, or are there such a thing as a “no credit check loans?”.
These are wholly valid questions and do have answers but firstly it is important to understand the implications of hunting for a payday loan with no credit check. No credit check loans do exist but often they are only available from non-reputable sources via non-FCA regulated loan lenders. These will be lenders who are potentially unscrupulous in their lending practices and may act in a predatory fashion regarding loan repayment structures and interest rates. This means that should you be successful in securing yourself a no credit check loan, you may in the long-term find yourself in a worse off financial position than you were in before.
Do You Really Want A No Credit Check Loan?
Here at LoanPig, our eligibility criteria are not as restrictive as other short-term loan lenders and therefore should you have, for whatever reason, a bad credit rating or a poor credit history, you won’t necessarily be automatically disqualified from securing a loan. What this essentially means is that if you are searching for payday loans and do not want a credit check, you are better off applying with us and seeing if you are eligible for a loan with us rather than opting for a no credit check loan.
The credit checks that we run as part of our due diligence on every loan application are designed to protect loanee and lender alike and we take multiple factors into account when assessing an application: your credit score is only one of the elements that we take into consideration before we make a decision.
Do LoanPig Offer No Credit Check Loans?
Unfortunately, the answer to this question is no. As we are a fully FCA authorised lender, we are required to run a credit check on each and every applicant who applies for a loan with us. However, as mentioned above having a less than desirable credit score will not prevent you from securing a loan with us. When we run a credit check, we do so only to assess eligibility in regard to loan repayments and this, in turn, allows us to ensure that an applicant is able to repay their loan amount, inclusive of interest and fees, in a timely manner as pre-determined in the loan agreement.
What To Do If You Need A No Credit Check Loan?
If you need a loan with no credit check or have been searching for a loan provider who does not run a credit check as part of their application process then our sincere advice would to firstly, rethink your current position and secondly, to apply for a loan with us here at LoanPig. So long as you are:
- 18 years of age or older at the point at which your loan application is made
- A resident of the U.K
- Have a valid bank account, phone number and email address
Then you may very well be eligible for a loan with us.
If you would like to talk to us about a no credit check loan or if you would like to learn more about our loan process then please do not hesitate to contact us, and a member of our professional team will be in touch with you as soon as they can. Remember, if you want a loan without a credit check do not worry as having a bad credit history is not the only determining factor that will affect your loan application!