Can I get same day loans with no credit check?
The quick answer is no. With most direct lenders using their own criteria to assess an application, as well as uncertainty regarding credit scores and credit checks, many people have been left confused by the entire process. Because of such confusion, an increasing number of people have sought to bypass credit checks entirely. This growing demand has created a market for same day loans that involve no credit checks and no guarantor. However, whilst some lenders advertise same day cash loans, loudly claiming that there will be no credit check for you to worry about, the reality is in fact very different.
The FCA requires all authorised direct lenders to perform mandatory credit checks on all loan applications they receive. This means that if you see a company claiming to offer same day loans that require no credit checks, they are not being entirely honest with you. The simple truth is that if you require a loan and want to use a reputable, authorised direct lender, your application will involve a credit check. But this does not mean you should worry if you have a poor credit history.
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Will bad credit stop me from getting a same day loan?
When applying for a loan the lender will perform their own type of credit check to gauge your suitability. However, this does not mean that people worried about their credit scores should not apply for same day loans. Understanding that people can have a bad credit score for a variety of reasons, many of which are often no fault of their own, many direct lenders in the UK are now using new criteria in regards to how they view a person’s suitability.
Looking past outmoded credit scores, many lenders now prefer to take into consideration your present-day situation, such as your employment status. Therefore, many lenders are now approving loans for people who previously would have had difficulty getting access to such funds.
How we compare
As an independent broker, our role is to help you get the best loan possible. We do this in various ways. First, we use the information you provide us to find the lenders best suited to your specific requirements. This allows you to quickly see and compare the best loan deals currently available to you, as well as eliminating lenders falsely claiming to be able to give you a same day loan with no credit check.
Second, we use your information to identify which lenders are most likely to approve your loan before you apply. This helps to protect your credit score from being negatively affected by a loan refusal. Furthermore, by identifying the lenders most likely to approve your loan, you can also significantly reduce the time it takes to apply for a loan; thereby helping you get the money you need faster than ever
If you are struggling with your debts and require assistance. You can speak to the companies below, free of charge.
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