Payday loans with no credit are more difficult to come by than regular loans but they are possible with PiggyBank.
There are a number of reasons why you may suddenly be in need of some financial help due to unforeseen bills or unexpected expenses, and worrying if you’ll be accepted for a short term loan due to your credit score can certainly add to the stress.
Even those with bad or no credit can apply for a PiggyBank loan, with clear repayment dates and amounts provided up-front. We are a responsible short term loan lender, and want to help those people with real financial difficulties overcome their problems.
There’s a simple reason why some people don’t have any credit - that they’ve never used any financial services that would allow them to build a credit score in the first place. This could include never taking out a personal loan, a credit card or store card, a loan for a car or a mortgage. Lots of people are in a position where they’ve never needed to borrow in the past, so have no credit. It’s not the same thing as having bad credit, but it can affect your chances of being approved for a loan.
For high street banks, it’s difficult to apply for a loan without any credit at all. For someone with bad credit, they’re able to explain how and why they have a bad credit score in the first place. High street banks have created the myth that if you have no credit score, you can’t borrow.
PiggyBank can work with those who are looking for a payday loan without credit. We do perform credit checks on every application, but we also look at a number of other factors too. These can include your current employment situation and your monthly incomings and outgoings. From there we can determine if you’re eligible for a payday loan without credit.
Typically, PiggyBank short term loans are taken out over a 7 day to 5 month period, borrowing £100 to £1,000. Our easy to use loan calculator provides you with a full breakdown of your loan, including how much you’ll be paying back and when. We pride ourselves on being responsible, which means we’ll only lend to people who can repay without putting themselves in financial difficulty. Need more information? get in touch!