In order to secure borrower’s welfare and to save them from undue stress of lending, the FCA has regulated the payday market in the UK. Now loan affordability check is mandatory for all direct lenders, means they cannot offer a loan to applicant if his repaying capacity is not perfect.
If you are also seeking no credit check loans then sorry it will not be possible now. You can find many direct Lenders who provide instant decisions on a loan applications but only after confirmations about your ID, employment and suitability of the loans.
Many applicants think that checks will take much time and this may delay their loan decisions, so for fast approvals no credit check loans are the best choice.
Some people with bad credit thinks that if their credit score is verified by the lender then their application will be rejected, so they are always in search of no credit check loans or bad credit loans no credit check.
Payday loan credit check is instant process because credit score of the applicant is available 24/7 online.
Yes, as you know payday text loans are unsecured loans which are approved against the salary income of the applicant. So past poor credit does not stop you from payday loans.
For small amount like £100 loan, the direct lenders will check your affordability of loan plus interest. Means if you are applying £100 payday loan for 30 days, then you have to repay £100 + £24=£124. Now your repayment liability will be £124. In case your monthly income is sufficient to return above amount in next month then £100 may be approved by the direct lender.
If you can make your close relative with good credit ratings as a co-applicant for the payday loans, the lender may consider your application as no credit check loans.
Yes, when you put a guarantor against your loan then your credit score becomes less important and your loan is underwritten as secure loan so you may also get High Acceptance Loans
To get payday loans without credit check you have two options
1. Change your loan category from unsecured to secured loan with a guarantor.
2. Put any movable or immoveable property as collateral.
The real loan risk bearer person is the lender only and all the brokers are working as commission agents to these lenders. Lenders are abiding with FCA regulation according to which lender cannot offer loan to a person who is not suitable for it. So lender has to perform all the checks to judge the borrower’s loan affordability.