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No Credit Check Loans

If a company offers you a "no credit check loan", you should be aware that any credit provider regulated and authorised by the FCA will perform a credit check for new customers.

However, there are different types of credit checks, some of which will leave a footprint on your credit file whilst others do not.

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Representative Example: Amount borrowed: £250 for 3 months. Number of repayments: 3. Interest rate p/a: 292% (fixed). Each repayment amount: £137.21. Total repayable: £411.63. APR 1272% Representative

Today, there are many companies offering new types of credit evaluations that do not use traditional credit bureaus.

These can be useful to give you a high probability of success indication before you enter into a formal credit check.

If you are looking for emergency, short term finance, is the solution a ‘no credit check’ loan?

What is a credit check?

A credit check is a way for credit providers to learn about your financial history and how you manage your money.

Doing so helps them to make a decision about lending money and mitigate any risks on non-repayment.

UK Credit Reporting Agencies

The main credit reporting agencies in the UK are: CallCredit, Equifax, and Experian.

Every time you have applied for personal finance, every time you have signed up to a utility supplier, every time you have taken ownership of a new mobile phone on contract, this information is fed back to the credit reference agencies.

They also know if you have been keeping up to date with your bills and if you are paying them in full and on time.

Credit reference agencies monitor nearly everything ‒ if you are up to date with your mortgage account, whether you are within your overdraft limit (or over!), whether you have been making your credit card repayments on time and, so much more.

Short term credit providers will almost always go to a credit reference agency to check your file before they make a decision on whether they want to lend you money.

If you are an existing customer they may be able to make a decision without a credit check if you have a long history of good repayments.

What are UK main credit reporting agencies?

And it is not just lenders who use credit reference agencies.

Sometimes potential employers or landlords will need to perform a perform a credit check.

There are two types of checks ‒ a hard check and a soft check.

What are hard credit check?

A hard credit check is when a lender looks at everything on your credit file.

That is the type of check a bank or building society would use if you are applying for credit.

They look at nearly every type of account that you have where you make regular payments.

They check your credit file to see if you have missed any payments.

They can also normally find out what your overall level of debt is (that is both your unsecured debt and secured debt like mortgages).

Hard credit checks stay on your file for 12 months and every company who looks at your file can see who performed those checks and why.

As a rule of thumb, the more hard credit checks you have on your file, the more nervous potential lenders get.

Rightly or wrongly, they may believe you present a higher likelihood of risk than you actually do.

What are soft credit check?

A soft credit check is an enquiry into your credit file to look at certain information on your credit report.

Companies perform soft searches to determine how successful your loan application would be without conducting a thorough examination of your credit history.

It is like a background check to get a quick indication.

Soft searches are not visible to other companies which means they have no impact on your credit score.

Are there any Credit Reporting Agency Alternatives?

Do credit reporting agencies have alternatives in the UK?

In recent years there have been many innovations in personal finance, where technology companies are finding new ways to assess your credit history.

Many companies utilise details of your bank account activity to help support decisions.

The rationale behind this is your management of money may demonstrate a more up to date and granular picture of your financial behaviour.

Companies that utilise transactional banking data to make decisions alongside traditional credit reference bureaus may be able to give more customers what they are looking for as they can assess risk in different ways.

Transunion (formerly Callcredit) work with a company called MogoConnect. If you are interested in finding out more, you can visit their website here

What is a no credit check loan?

In truth, a no credit check loan will usually utilise some form of soft credit search. They use it to reach a quick online loan decision on whether to lend you or not, based on the information they have.

This means that your credit score is protected from the detrimental impact of a hard credit search which means you can safely look around and get a strong indication of success.

If a company performs a soft credit check on your credit file, other loan companies cannot see these historical soft searches.

They are supposedly transparent and they do not affect your credit score.

These types of checks are made by companies wanting to verify someone's identity or to offer them a new financial product without doing a hard search.

Have you had those letters come through the door saying you are pre-approved to take out a credit card?

The company making that offer to you would have probably performed a soft search on your credit file.

So, ‘no credit check loans’ are often simply, ‘soft credit check loans’ which will still require a formal credit check before a decision is made.

For the rest of this article, we will keep referring to them as ‘no credit check loans’.

But beware ‒ not everything is as it appears with no credit check loans. Read on here to find out more

On this occasion, you may even ask yourself why am I looking for a no credit check loan in the first place? Am I not better off working towards rebuilding my credit? - Read more in this series of guides.

Do I need a credit check?


Many online lenders may advertise that they offer loans without a credit check, but, as we have seen, they actually perform soft credit searches.

That is because, legally, all lenders have to check you can pay back the loan and that you are who you say you are.

Most credit providers will also search files to make sure that you are not bankrupt or subject to an Individual Voluntary Arrangement (IVA).


The only real type of ‘no credit check loan’ is offered by pawnbrokers.

When you take out a no credit check loan from a pawnbroker, you offer security.

That security could be jewellery, electrical goods, a vehicle or gold.

A pawnbroker will only present a loan to you if what you offer for security is worth more than the amount of money you want to borrow.

If you do not keep up repayments on your pawnbroker loan, you lose that item forever.

If it is something personally valuable to you, or something you are really sentimental about, is it really worth putting it at risk by taking out a pawnbroker loan?

For most people, the answer is no.

Should I consider a no credit check loan?

When a lender or credit broker offers ‘no credit check loans ’, they will base their decision on whether they want to lend you money from the information they have about you from:

  • the affordability and identity form you filled in when you applied, and
  • the limited information available on the soft search they carried out.

With that information, they might very well say ‘yes’ to you.

But, it is not a firm ‘yes’ – it is a provisional "yes".

Basically, they like what they see so far. But that is not the end of it.

Are no credit check loans legal?

Getting your provisional ‘yes’ is perfectly legal using a soft credit search.

But the company who has your application now has to make a full credit search.

So, your no credit check loan has now turned into a full credit check loan.

What are the legal aspects of borrowing?

Why is this?

In 2014, there was a big shake-up in the payday loan and short term loan market.

The regulator, the Financial Conduct Authority (FCA), made every lender undergo stringent tests to make sure they were being fair, open, transparent, and honest with their customers.

Are no credit check loans safe?

The safety of any type of unsecured credit is very important to the FCA.

All finance companies, including providers of these so-called no credit check loans, have to follow the rules laid down by the regulatory bodies.

The FCA regulate all providers of short term credit.

They are the governing body that decides whether a company can provide these types of credit to customers or not.

If they are, you will see a notice on their website saying, ‘Authorised by the FCA’.

So-called no credit check loan companies who are verified and registered must also follow the same rules as standard payday loan and short-term loan companies.

These rules are:

  • They cannot charge more than £24 per month for every £100 borrowed
  • Any default penalties cannot cost you more than £15
  • You will never pay back in interest and charges more than the amount of the loan. So, if you borrow £250, including interest and charges, you will never pay back more than £500

If someone is offering no credit check loans and they are not authorised by the FCA, please stay well away.

They are trading outside of the law and, more often than not, they will be loan sharks.

No matter how much you need money, never borrow from a loan shark.

Should I accept a no credit check loan?

Should I accept a no credit check loan?

If a credit company registered with the FCA, there is nothing that should prevent you from accepting a no credit check loan, even though every no credit check loan company will do a full credit check on you before they give you a definitive ‘yes’ or ‘no’.

Whether or not the loan is the best credit product for you is for you to decide.

This is where a broker can help you make a good decision.

No credit check loans direct lenders

There are not that many direct lenders who state they offer ‘no credit check loans’.

That is because, by law, they must carry out full credit checks on anyone applying for a loan.

For those who do, these no credit check loans direct lenders will always perform a soft search on your credit file.

Together with the information you supply to them, they will give you an indication about whether they think they will say ‘yes’ or ‘no’ to your application.

If they say ‘yes’, they will ask you for permission to perform a full credit search.

While your soft search will not be recorded on your file, your full search will.

And remember, just because they said ‘yes’ after your soft search, it does not guarantee that they will say ‘yes’ after your full search.

You have to ask yourself the question whether it is worth all the running around trying to find a no credit check loans broker when they do not exist and they all perform full credit searches before they give you a firm decision anyway.

Do cash lady offer no credit check loans?

CashLady do not offer ‘ no credit check’ loans.

We are regulated by the FCA and believe in responsible lending practices.

We accomplish this by working with lenders we trust matching them with the loan applications that meet their lending criteria.

Our panel of lenders may carry out a soft credit search when you apply through us. Why do they do this?

When we present your application to our panel of lenders, they will assess your details for many things including loan affordability.

The soft search will give lenders an indication of your credit worthiness, which means they can give a preliminary decision of acceptance before we put you in touch.

This means when we finally match you with the most suitable lender, you should already have a high probability of acceptance.

The benefit to you is that you shouldn't have to deal with a negative (declined) decision, which is a) better for you as you of course want to receive an offer and b) means you shouldn't have to apply again and have yet another credit check.

By doing it this way, you do not have to make dozens of online applications to no credit check loan companies.

That takes time, it is frustrating, and the no credit check loan you get could be very expensive.

If you want to have a better chance of borrowing money than approaching no credit check loan providers direct, click here to fill in our loan application page.

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Representative 1272% APR
Representative Example
Amount borrowed: £250 for 3 months
Number of repayments: 3
Interest rate p/a: 292% (fixed)
Each repayment amount: £137.21
Total amount repayable: £411.63
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