Debt Consolidation Loans

What are No Credit Check Loans?

No credit check loans in the UK refer to a small amount of money you borrow from an online lender when you have a bad credit rating and when you have no credit history. When you apply for a loan, lenders run a credit check to evaluate your affordability. They do so to protect themselves from frauds.

Having a credit check run leaves search footprints on your credit report, and each search footprint pulls five points from your score. You cannot afford to have lenders run a credit check when your credit report is not up to scratch.

People search for no credit check loans in the hope that they do exist and they can prevent them from having a credit check, but unfortunately, there are no types of loans that require a zero credit check.

When you apply for loans with no credit check with EasyCheapLoan, we will not run a hard credit check, so you do not need to worry about losing your credit score. As a responsible lender, it is essential for us to know if you can afford to pay off the money you are borrowing. This is why we use alternatives to check your affordability:

  • You will have to submit a bank statement for a verification purpose.
  • You need to submit income-related documents that we will monitor to see if you are earning enough to pay back.
  • We will ask for information from credit reference agencies about your current debts.

If you a first-time borrower, we will only need your bank statement and income statement to check your affordability.

How Can I Qualify for No Credit Check Loans?

It is not difficult at all to qualify for fast cash loans with no credit check. As you put in the application form, we will take hardly 90 seconds to sign off on. Once you agree upon the terms and conditions of the contract, you will get money within 15 minutes in your account.

When you have a bad credit rating

Though you can escape a hard credit check while applying for these loans, you need to prove to a lender that you can afford to pay back the amount. You can improve your chances of having your application approved if:

  • You have been paying utility bills on time.
  • Your debt-to-income ratio is not more than 40%.
  • You are not using more than 50% of available credit on your card.

When you are the first time borrower

If you are the first time borrower, you will certainly do not have a credit history. This is why no credit check loans with instant decision will be an ideal option. To mitigate the chances of rejection, you should have been paying all utility bills on time.

Note: whether you have a bad credit rating or no credit history, no credit check loans carry high-interest rates.

Can I Take Out No Credit Check Loans with No Guarantor?

Most of the borrowers ask about no credit check loans with no guarantor there are a few lenders who will ask you to arrange a guarantor with a good credit score if you are applying for no credit check loans. If you apply for these loans with EasyCheapLoan, you do not need to arrange a guarantor. All you need to do is to prove your affordability.

What are the Types of No Credit Check Loans?

No credit check loans with no guarantors are not a specific type of loan. It is an umbrella term used for various types of short term loans.

  • Payday loans

Payday loans refer to the borrowed amount of money that you pack back in full on your next payday. When you apply for these loans, you do not need to have your credit report checked. This is why instant disbursal is possible with these types of loans. Complying with strict regulations of FCA, we will look over your income statement to find if you can afford to pay back the money on time.

  • Christmas loans

Applying for a Christmas loan can be hard when your credit rating is disappointing. Most of the lenders do not entertain applications for such loans from bad credit borrowers, and if they do so, your credit score plummets that make it harder to borrow money down the line. If you want to apply for Christmas loans, we can let you get them without a credit check.

  • Small personal loans

Personal loans are unsecured loans, and they come with a big amount of money. This is why it is impossible to get them approved without a credit check, but if you need a very small amount of money, you can get them without a credit check. You can pay it down in instalments and hence called instalment loans with no credit check.

Are No Credit Check Loans Safe to Apply?

Applying for quick loans in the UK with no credit check is quite easy. You just need to fill in the loan application, and then you will get the money directly in your bank account. You can be tempted to apply for these loans because they do not hurt your credit score.

Well, each loan has its own pros and cons. Do not forget that instant loans with no credit check can charge slightly higher interest rates. Further, most of these loans are paid back in a lump sum, which means it can put a strain on your financial budget.

A rule of thumb says that you should find out if you are left with enough money after meeting all of your monthly expenses to pay off the debt. If your budget falls short, you should try to seek alternatives to these loans like no guarantor loans and short-term loans. You do not need to put collateral, nor do you arrange a guarantor. You will pay down the debt in fixed instalments and will save money in interest.

Can I Apply for No Credit Check Loans with Unemployment?

If you are applying for no credit check loans when you are unemployed, note that you need to have income from side gigs to show your repaying capacity. Unlike other lenders, we will let you borrow money at affordable interest rates. Make sure that you will be able to pay off the debt on time.

If your budget allows you to take out no credit check loans, you should consider taking out loans for unemployed. These loans will charge lower interest rates than no credit check loans because they require lenders to run a credit check. Moreover, you will be able to pay down the debt in fixed instalments.

How is EasyCheapLoan Different from Others?

EasyCheapLoan is different from other mainstream lenders because we follow ethical practices of lending money. Even though we will not run a hard credit check, it does not mean that we will lend you money without checking your affordability.

Apply for bad credit loans with no credit check here. You will get them at lower interest rates than other mainstream lenders.

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