Payday Loans No Credit Checks? – See CashLady for help
Don’t look for a no credit check payday loan – apply online with CashLady instead.
You could have a better chance of getting approved for a loan. We have more loan options and more lenders so you have more chances than going directly to a single direct lender.
Searching for a loan may involve a credit check. Our lenders are legally required to check affordability. They will consider your application based on specific affordability criteria and internal lending decisions. Your personal data will be secure. We will only send it to suitable direct lenders for the sole purpose of finding you a loan.
Find a Loan from £80 to £500 with CashLady
Each lender has their own set of requirements and underwriting rules. When you apply with CashLady your application is automatically seen by a panel of 15 lenders or more in one go. You should have increased chances of finding a suitable loan option.
There are no fees for using our service. We will also make sure there will not be any other unwarranted or hidden fees anywhere in the process. The only charges that apply will be the loan fees and interest charges should you get one. These depend on the lender you go with.
UK lenders are strictly regulated by the Financial Conduct Authority. They are legally required to perform robust affordability checks. Affordability checks may include verifying your income and expenditure. This could be automatic, through a credit reference agency. Sometimes also a manual credit and affordability assessment.
Types of credit checks in the UK
UK Credit checks come in different shapes and forms. They are available through the three main UK credit reference agencies. There are also many other kinds of checks and third party verification products. Soft searches will not leave a footprint on your record. Others kind of searches may leave a footprint on your credit record (a hard search). Many lenders will perform these checks where they deem it necessary. Credit checks, online data referencing, fraud detection and data analysis is a complex. Big data can help automation and create a paperless process
What kind of reference data is available and how it is used
Most UK lenders will use data provided by credit reference agencies. Various national databases (e.g. electoral roll) help verify identity. Other third party software solution providers analyze the authenticity of financial information. Underwriting decisions are based on performing over a tens if not hundreds such checks. Multiple data reference points are the essence of underwriting. In recent years, lenders are also required by the FCA to share data with other lenders. They are also required to check credit worthiness. Their analysis considers a wide range of factors.
So what are your options when seeking an alternative?
See here for more specific payday loans alternative options.
– Apply with CashLady to a panel of direct lenders.
Even if your credit rating is somewhat less than perfect, apply with us to see if one of our lenders will accept your application. Each lender will have their own criteria and some may perform a credit check. Even so, there is a good chance we can find a solution to your needs as we have good market coverage. We also work various kinds of lenders. These include Guarantor lenders, doorstep lenders and sometimes even high street lenders. We can refer you where we can. Lending decisions are the sole discretion of the lenders and may change from time to time. There are absolutely no fees to apply through us as we only receive commission from our lenders. We never pass your details to any other broker that would. We also make sure our direct lenders don’t.
– Find a Guarantor and apply for a guarantor loan
Applying for a guarantor loan could enable you to access credit. The guarantor’s credit worthiness is more important in this case. Still your ability to repay is crucial. Your guarantor will have to trust you and will have to have a good credit history. He will need to provide a backup for your loan in case you are not able to repay it. Guarantor loans may involve more paperwork. Information and Data is required about your guarantor as well as yourself.
– Doorstep lenders
Doorstep lenders will deliver cash to your door following an agent assessment visit. The doorstep agent will verify your information with you and physically speak to you. They may be able to provide you with the cash you need if you meet that lender’s requirements.
– High Street Lenders
High street lenders are not different in this regard. They will need a physical ID check, income verification and affordability checks.
– Apply to a lender directly
Enquire with a direct lender on what kind of credit checks they perform and apply directly. As per recent FCA rules, loan fees are capped at 0.8% per day. Default fees cannot exceed £15 and that is a strict rule for all our lenders
Whatever the reason you were looking for no credit checks payday loans, we at CashLady don’t think that you were in fact looking for the right solution. Lenders have to perform credit checks and they cannot avoid them. Still, If you believe you can afford to repay your loan why not apply with us?