Payday Loan no Credit Check
What is a Payday Loan no Credit Check?
If you want a loan but do not want to be credit checked then you can apply for a no credit check loan. This means that a lender will not use one of the three major credit reference agencies, http://www.experian.co.uk/, http://www.callcredit.co.uk/, or http://www.equifax.co.uk/ to assess your credit commitments and how you are repaying any that you have. It does not mean that a potential lender does not perform any checks at all. They will still need to ensure that you can afford to repay the loan you are applying for. They may perform identity checks to ensure you are who you say you are and also perform checks to ensure you are not bankrupt, have no CCJ’s and are not on an IVA (Individual Voluntary Arrangement). They may also speak to you over the phone to go through your income and expenses. In some cases, they will meet you in person to assess whether to lend you money or not.
Why choose a Payday Loan no Credit Check?
There are a few reasons why you may decide to apply for a no credit check loan
- Bad credit - Some people may decide to apply for a no credit check loan because they have bad credit. This can be having a number of missed payments on previous or existing credit, having defaults on their credit file and having CCJ’s.
- Privacy - Some people do not like the idea of a lender looking through their credit file and looking at how they have used credit in the past.
- Worried - For some people, they feel that because they have a less than perfect credit score, that they won’t be accepted for a loan by a traditional lender or an alternative lender like a payday lender or a peer to peer lender. This is not always the case and every lender has their own criteria for approving loans.
- Leaving marks on your credit file - When a lender performs a credit check, it shows up on your credit file as an application. If you apply for multiple loans, then this can have an impact on your credit score which could have an impact on the interest rate you receive from a lender. Here is some more information on how credit reporting works.
Do PiggyBank perform credit checks?
Yes! As a responsible lender, PiggyBank will perform a number of checks to ensure that you can afford to pay back your loan and that you are not suffering from financial difficulty. Here is some more information about the eligibility of a PiggyBank customer
Why Choose Us?
- Direct Lender
- No Payout Fee
- No Hidden Costs
- Fast Online Application
- Multiple Repayment Options
- 100% UK Based
- Fully Authorised by the Financial Conduct Authority