When you needed money urgently then it is very difficult to find direct lenders who may approve fast cash without going to credit check and document verification. As per present lending policy in the UK every lender is bound to go for an affordability check for the loan applicant. So do not believe in dubious advertisements like “No credit check loans” or “Instant approval loans” and trust only on your loan repayment capacity. If you have sufficient savings in coming months to repay the loan, then you are a fit case for “text loans”.
Who are direct lenders?
Direct lenders are the lending firms who have full control of the loan process. Means you can get approved loans from them and pay back loans and interest to their account.
How to find a direct lender in the UK payday market?
Now the UK payday market is regularised by FCA, so all lenders are to be registered and licensed by FCA. You can check lenders name in FCA register.
Why there is confusion regarding direct lenders in the market?
There are three channels for loan application process.
1. Offices and websites of direct lending source called direct lenders.
2. Brokers which are associated with one or more direct lender.
3. Loan comparing websites which are agents of brokers.
Above 2 and 3 also show their self as a direct lender by using the words “our associated lender”.
How brokers work?
Brokers are associated with many direct lenders, and they sell your details as a lead to the most commission paying lender.
Is brokers charge an additional fee?
No, most of the brokers do not charge anything from you and they get a small commission from lender for this loan lead.
Why loan through a broker is costly affairs?
Although you have to pay nothing directly to the broker, but they sell your details to a lender which give maximum commission and the lender will include this cost in interest charged from you.
What are the main benefits with payday loans Direct Lenders?
1. Fast loan processing, it will help in getting quick cash solutions for your immediate financial needs.
2. Direct negotiations on the loan term and the charges, this will help you in selecting the loan duration of your choice.
3. Easy loan repayment term rescheduling, if you feel difficulty in due date.
4. No broker's fee, this will save your additional burden.
5. Credit check by direct lenders only, this will ensure your privacy.
6. This will give a chance to build relationship with the lender directly and will help in getting a subsequent loan.
7. For the next loan you may eligible for a loan by text or text loans.
8. Your personal data security and to avoid unitary phone calls and emails.
Credit check is an integral part of the loan approval process so no one can bypass it. Text loans No Credit Checks is the only slogan now and even direct lenders cannot ignore it. As told earlier that text loans are short term loans and their repayment period is very short, so the lender will give more weight age on the present financial status of the borrower in comparison to his past loan history.
What are disadvantages of the credit check in a loan?
1. Credit check may increase the loan underwriting process time.
2. For bad credit applications, the loan may be got rejected by the lender.
3. Foot prints of this loan on the credit rating record of the applicant.
What are advantages of credit check in a text loan?
In text loans, the credit check is a safety measure put by the FCA to restrict a lender from approving loan to a non suitable person. This will save the person in trapping of spiral loan. Text loans are high cost loans so lower income borrower may get stuck in a difficult situation.
What are alternatives to no credit check loans
Guarantor loans or secured loans by putting some valuable as security are few options to counter no credit check loans.
Text loans are short term loans whose approvals are based on the current fiscal status of the applicant. Persons with poor credit ratings can also apply for these loans as past reasons for poor financial status may be not true as of today.
What may be the possible reasons of the bad credit?
1. Any past loan defaults
2. Missed credit card bill on due date.
3. Loan paid timely but not entered in the book of the lender.
4. Some other reasons like CCJ etc
What are the ways to improve poor credits?
1. Timely repayments of loan and credit card bills.
2. Regular watch on credit scores, which is freely available on the internet to avoid any errors and to improve if it is down.
What is role of bad credit in payday loans?
Payday loans and text loans are open to all credit score applicants. The suitability and affordability of applying loan is the only precondition for these loan approvals.
Payday text loans are high charges short term loans which are the best of the situations when you need fast cash for a few days. In urgent fund requirements like medical emergencies, getting money in the shortest span of time is very crucial. At this point of time you hope for loan approvals from the very first lender you have applied for.
What are tips for high approval loans?
1.keep watch on your credit score, take actions to repair it if it is adverse.
2.Put all required evidence of your income and expenditure in soft file and in one place so that you can provide the lender instantly if asked.
Where to apply for better acceptance the lender or the broker?
For high acceptance loans direct lenders are the only option. Here you can prove your loan suitability to the lender directly.
What proof may help in getting high approval payday loans?
The applicant should keep ready some proof regarding his past income and expenditure as well as residential and employment proof these documents will help in getting high acceptance rates..
With advancement of technology direct lender search is not a big issue. Even with your mobile phone you can get so many loan options in one click. This website Texloans1000 is providing a 100% online Approval of loan platform to loan seekers who wanted to find many direct lending sources in single search. As textloans1000 is working with 40 plus popular lenders in the UK; who is well authorized by FCA and known for instant decisions about payday loans.
For instant loan solutions you have to fill and submit attached form of this website, we will share your details with our panel of lenders who will react faster to your requirements. If the lender has willingness to approve your loan, he will contact you via mobile text or email.
As you know text loans or payday loans are unsecured loans and bears high interest rates so go for these loans if you really need and also afford them. For low income group, these loans may create a spiral cash trap so be careful in choosing these high cost loans.
Payday loan regulator in the UK, has managed the loan market in a very effective manner. Now interest rates are capped with 0.8 percent per day means £24 interest in £100 in 30 days. The maximum penalty of £15 is fixed. Under no circumstance borrower have to repay more than double the loan amount. So borrower’s interest has been safeguarded by the law of the land, but still it is the higher side.
Timely loan repayment is very important for these high cost loans otherwise borrower may face one or all the following consequences.
Lender may impose an additional £15 penalty with interest in the extended period. Lender may also send the borrower’s name to the credit score agency to adverse credit ratings and it may result in bad credit score. The lender also has options to go for legal remedy and cost of this is to be borne by the borrower only.
The basic requirement of loan application is that the applicant should be a UK national in regular employment for last six months and getting his salary through a bank.
Timely house rent, electric, gas bill payment also give a good signal to lender that you are disciplined financial manager.
We welcome your suggestions to improve our services and for any help please visit our contact us page.
About Text Loans 1000 As the owner of this website, we clear it that Textloans1000 is not a lender nor a broker, but this helps the loan seekers to find lenders with which we are working. We have no role in loan approvals or rejections. For any further query or clarifications you should contact your lender only. If any user of this website opts for loan with our attached lender then we will get a small amount as loan introducer.
1. How to connect with a direct lender for payday text loans in the UK? Salaried persons in the UK can get a short term loan based on their salary and no need for a guarantor or security for a loan...Read more
2. Why Credit Score is so important and How to manage it? Credit Score reflects the financial status of a person so one should keep it intact. One should not overstep his financial limit because this will throw him in the poor credit trap and to come out of it will take long time and efforts. Read more
3. Interesting facts of payday and text loans in the UK Payday loans, text loans, mobile or SMS loans are all short term loans now can be repaid in instalment as well. Loan from direct lender will be always beneficial. The search for direct lenders can be done through various online portals without paying anything. As these loans bear high interest rates so you should go for minimum loan which you can repay on time. Loan defaults can cost you more and also your credit report may be downgraded so try to repay on time and if any difficulty then inform to your lender immediately.Read more
4. Is payday loans are good as instalment loans? In past payday loans are defined as short term loans for a maximum loan term up to the number of days between loan application dates to pay-date. Now payday loans are available in monthly instalments also but because of higher interest rates, these loans are costly affairs. So payday loan term and loan amount should be kept in minimal. Read more
5. How to get cheaper loans with bad credit? Taking no loan or credit card or their defaults both is negative for a future loan prospectus. So if you have no credit history or bad credit history then the lender may reject your loan application, or he may charge high interest rates. But still these are some tips to get cheaper loans even with bad credit. Read more
6.How interest is calculated on payday text loans? After FCA regulation a cap for fees and interest is fixed so the lender cannot charge above this, also penalty amount is capped as £15 for loan defaults. Under any circumstance's borrower have, not to pay more than the amount borrowed. These rules are very crucial in safeguarding the customer’s interest. Read more
7. Benefits of online text loans Online payday loan application process has saved a lot of time and resources of the borrowers. Now you can apply and get a loan even sitting in your home or workplace. Read more
8. What you should know about High Cost Short Term Credit before borrowing? High cost short term credit HCSTC popularly known as payday loans are now well regulated in the UK to protect short term unsecured borrowers. You should know your rights before going for this type of funding. Read more
Representative APR 1212%
Representative Example : Borrow £200 for 15 days. Total repayment of £224 Interest rate 292% (variable). Interest payable: £24 Representative APR 1212 %