If you have been searching online for no credit check loans due to concerns with your credit rating, the good news is you don’t have to. At LoanPig, we provide an alternative option to a no credit check loan that provides short term borrowing with high approval rates, even if you have poor credit. Whilst it may seem your only option is to find no credit check loan lenders due to being declined recently, that’s where we are different. Rather than focus on your credit score, we consider your finances as a whole and your current affordability, so even if you have bad credit, you can still apply and get an approved decision if we can meet your terms.
Just choose how much and how long you want your loan to be and click apply now. Our online application is quick to complete, and we’ll provide you with a decision in minutes. The best thing is, as we are a direct lender and broker, if we can’t approve your application ourselves, we’ll show you other lenders who can, providing more options for alternative no credit check loans in the UK.
What Are No Credit Check Loans?
A no credit check loan is a form of borrowing that offers to provide a loan amount without a credit check first. The reason many people may look for this type of loan is that they want a quick application process that doesn’t check their financial history. However, more often than not, this can mean lenders who do offer no credit check loans in the UK are not following responsible lending guidelines and are not acting in an applicant’s best interests. A common misconception is that the only way to get a loan is to have a good credit rating, which is why many people may look for no credit check loans as they are worried about being declined.
At LoanPig, we are aware not everyone has a perfect credit score, that’s why we work differently to many lenders and brokers and consider applications no matter your financial history. Whilst we cannot guarantee the application will be successful for a short term loan, we will take the time to assess your affordability even if you have had financial difficulties in the past. Where some lenders will decline applications before this stage simply because of a low credit score, we will run a credit check and continue assessing your application no matter your financial history. Instead of seeking out a no credit check loan, apply through LoanPig instead and either we or one of our panel of lenders can help.
Eligibility for a No Credit Check Loan Alternative
To start your application at LoanPig, you will need to meet our eligibility criteria first. You will need to:
– be a current UK resident
– be at least 18-years-old
– have an active bank account and valid debit card
– either be in permanent employment or receiving some form of disability/living allowance or a pension
Our alternative to a no credit check loan is simple to apply for if you meet the above. After choosing the amount you want to borrow and how long for, you can fill in our application form with a few personal details and information about your finances. Here you will be able to show us your current affordability which is important if you have poor credit.
You’ll need to demonstrate you can afford the loan amount and terms you choose as we can only approve an application if we can determine this, and that further borrowing will no cause further financial difficulty. The credit check performed is part of the lending approval process so that we or one of our panel of lenders can see a full picture of your finances. If we can’t approve the loan, we’ll show you other lenders who can so that you can review their terms and continue your application with them online.
No Credit Check Loans in the UK – Use Trustworthy Lenders Instead
One of the bigger concerns if you are looking for no credit check loans online is that you may find lenders who are not trustworthy. It could be that rather than running a credit check, they will charge you a fee or offer terms that are more expensive to pay back. You should only use payday loan lenders who work to the guidelines set out by the Financial Conduct Authority (FCA) who are the industry regulator. At LoanPig, we are FCA authorised brokers and direct lenders, registration number 736632, and each of the lenders we can connect you with are all FCA approved. This provides our applicants with peace of mind that they will be treated fairly and that their data will be kept secure. As responsible lenders we:
– charge a maximum interest of 0.8% per day
– can only charge a one-time late penalty fee of £15
– ensure that customers will never pay more than double the amount they borrowed
Whilst a no credit check loan may seem like a suitable option, it’s best to choose trusted lenders who provide transparency with each step of the way.
Apply Now For an Alternative to No Credit Check Loans
You can apply for our affordable alternatives to no credit check loans in the UK quickly online just by clicking apply now. Use the sliders above to choose the amount and terms you want, fill in our simple application form and get a decision quickly on if you’ve been successful. Have any further questions about no credit check loans or how we work? If so, please get in touch with us today and we’ll be happy to provide further information.
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No Credit Check Loans FAQs
Can I Trust No Credit Check Loan Lenders?
When looking for any type of loan online, you should always look for lenders who are FCA approved. This will indicate the lender is trustworthy and follows responsible lending guidelines to treat you as a customer fairly. All trusted lenders are required to perform a credit check as part of the lending approval process, so if you find no credit check loan lenders, it’s unlikely that they are authorised by the FCA. The best way to check is to search the FCA Register where you will find the name and registration number if authorised, with LoanPig having registration number 736632.
I Need a No Credit Check Loan Due to Poor Credit, Can LoanPig Still Help?
Yes, we have no minimum requirement for your credit score, so you can apply in confidence that we’ll assess your application fairly even with a low credit rating. At LoanPig, we offer many alternatives to no credit check loans, from no guarantor loans to emergency loans. We assess your ability to afford the loan amount and terms you choose, with a credit check being part of the decision process. If your credit rating is low, there is still the possibility we or one of our lending partners can help you. Rather than spend more time searching for a non-existent no credit check loan, choose LoanPig.
Do Alternative No Credit Check Loans in the UK Provide Same Day Cash?
If your application is received during working hours Monday to Friday, you could receive same-day cash into your bank account if approved. Each lender will have different timescales on this, but many of our customers have been able to put their new loan to good use on the same day. Any applications made in the evenings, weekend or on bank holidays will be processed on the next working day. If you apply through one of our lending partners, please check the terms and conditions regarding when payment will be received before proceeding to ensure you are happy with the terms.
How Do Repayments Work with No Credit Check Loan Alternatives?
Once approved and your digital paperwork signed, if the alternative no credit check loan is through LoanPig, we’ll set up a Continuous Payment Authority (CPA) to take repayments. This means you won’t need to do anything apart from ensuring enough credit is in your bank account before the repayment due date. The repayment schedule will be set out in your credit agreement and we’ll also remind you of your repayment date a few days before. Once the loan has been paid off in full, the CPA will stop automatically. Most of the lenders we can connect you with also use CPAs for repayment of the loan amount, but please check the credit agreement carefully to ensure this is accurate.
Are No Credit Check Loans Similar to Payday Loans?
Where a payday loan is suitable for emergency situations, it does still require a credit check to be performed. No credit check loans in the UK are not the same as short term payday options because of this, providing a less trusted option for consumers. At LoanPig, whether you choose a quick loan or other same day loans, you will always be required to have a credit check run to help assess your suitability for the loan first.