No Credit Check Loans Online*

Direct lenders and brokers in the UK may offer no credit check loans for a large or small amount of money over a short or long period. People are inclined to borrow these loans because their credit file will remain unopened. While this might sound good to you if your credit record is low, a no credit check loan is not advisable.

It’s considered best practice for lenders to carry out credit checks before funding an applicant. This is to assist the lender with assessing if the customer can afford the loan and that borrowing credit won’t harm them financially. Although payday loans from a direct lender company with no credit check might seem like a great product, they can actually damage your finances. Direct lenders or an authorised credit broker offering no credit check loans in the UK may not be regulated by the Financial Conduct Authority and could be loan sharks.

Watch this video to learn how to spot a loan shark:

Responsible direct payday lenders in the UK will not usually offer no credit check loans because they are not in the customers’ best interest. FCA authorised direct lenders should have a responsible lending policy in place, including responsible lending checks and affordability assessments to ensure their customers’ financial safety.

At Cashfloat, we do not perform a hard credit check until we fund you the loan. You can apply for up to £1500, and we will only perform a soft credit search to pre-approve your loan. Our advanced soft search technology will have no impact on your credit score at all. It helps us determine whether you can afford the loan repayments.

It is not advisable to borrow from payday loan lenders advertising no credit checks whatsoever. Payday Loans with no credit checks at all are not recommended by the FCA and can come with super expensive interest rates.

If you are looking for a no credit check loan because of your bad credit score, the first place to start is to improve your credit score. Read some great tips below to help you improve your credit score and increase your chances of credit.

The best way to avoid no credit check loans and access the best rates on all types of credit is to boost your credit score. Here are a few easy tips to begin improving your credit rating:

1. Register to vote

Registering your name and address on the electoral gives lenders an easy and reliable way to verify your identity.

2. Pay your bills on time

Make sure you avoid late notices and arrears for rent, utilities, phone, internet and other household bills. You’ll start to see the difference in your credit file when you make payments on time- especially if you pay your bills online.

3. Work on paying off outstanding debts

If you owe money on a credit card, store account or payday loan then it’s dragging down your credit score. Create a workable repayment plan to clear the debt in order to improve your score. At the same time, it’s important to leave yourself enough money for basic living expenses to avoid falling into a cycle of debt.

4. Only use 50% of your available credit

If you are constantly maxing out all the credit you can get, that is a sign that you rely too heavily on credit and will negatively impact your credit file. Cut down on the amount of credit you use, ideally using less than half. This will help significantly improve your credit rating.

5. Avoid overdrafts like the plague

Unarranged bank overdrafts can be more expensive than payday loans and drag your credit score down quickly. Going into the red for even a small amount of money can seriously impact your credit rating.

6. If you do need to borrow money, pay it back on time

Making loan repayments on time shows lenders that you can be trusted with credit. We do not recommend borrowing credit building loans just to improve your credit score, but if you need to borrow money for another reason, use the opportunity to boost your score.

*We don’t carry out any hard credit checks until we fund you the loan.