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What is a no credit check payday loan?

A no credit check payday loan is a short-term loan which is granted without the lender first carrying out a comprehensive review of your credit history.

A credit check is a review of information that is held centrally about your financial situation. It is used by lenders to assess how risky it would be to lend money to you. It is therefore used to assess whether they should lend to you at all, and if so what interest rate you should pay.

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The information a lender will typically look at when conducting a credit check includes:
  • All of the loans, credit cards and mortgages that you currently have open, or have closed at any time in the last six years
  • Any overdrafts on your bank current account
  • Details of previous occasions on which you have missed credit repayments
  • Details of previous County Court Judgements (CCJs)
  • Any previous bankruptcy

Together, this information makes up your ‘credit history’.

payday loan was traditionally a loan of no more than one month’s duration. The idea was that you could borrow a small sum (usually no more than £400) to assist with short-term cash flow issues, and then you would repay the loan, with interest, after your next payday.

However, many ‘payday lenders’ now offer longer term loans. A loan over 12 months is not unusual, and some lenders now have a minimum loan duration of three months.

No credit check payday loans direct lender

If you are seeking a payday loan, you can either approach a lender direct, or go to a credit broker, such as CashLady, who might have access to loans offered by a number of lenders. Some companies, whether they are lenders or brokers, might tell you they can offer a no credit check payday loan. However, as we shall see, you should be very wary of dealing with any company that promises this.

No credit check payday loans in the UK

In the UK, no lender should offer a payday loan without conducting a credit check - to do so would breach the regulator’s rules. The regulatory environment for short-term finance in the UK has become stricter in recent years – for example there are now restrictions on:

  • The interest rates a lender can charge
  • The number of times a loan can be re-financed
  • The amount a lender can force you to pay in fees should you default on the loan

Companies that fail to comply with the rules can be fined, or ordered to compensate customers that they may have treated unfairly. In serious cases, the regulator can withdraw a firm’s permission to act as a lender.

If you have a complaint regarding your lender, and you are dissatisfied with the way that the lender handles your complaint, then you can refer the matter to an independent adjudicator at the Financial Ombudsman Service. The Ombudsman has the power to force financial companies to pay compensation to any customers it may have disadvantaged.

This strict regulatory environment should provide you with re-assurance. If you do business with an authorised payday lender or authorised credit broker, then you are dealing with a company that is subject to a wide-ranging series of rules, and which has a legal obligation to treat you fairly at all times. One of the regulator’s operational objectives, laid down by law, is to ‘secure an appropriate degree of protection for consumers’.


Should I consider a no credit check payday loan?

Should I consider a no credit check payday loan?

CashLady doesn’t recommend this. Any company that suggests it can provide a payday loan without a credit check will be breaking the rules.

Are no credit check payday loans legal?

No, lenders must carry out some form of credit check before reaching a decision on an application for credit. Payday loans are regulated by the Financial Conduct Authority (FCA), whose rules state that appropriate credit checks must be carried out on all applicants.

Are no credit check payday loans safe?

As we have seen, no lender should offer you a payday loan if they have not first carried out a credit ccheck, as to do so would involve breaching the FCA’s rules. If a company indicates that it is prepared to grant you a loan with no credit check, then it may indicate that the company is not actually authorised by the FCA, and is therefore operating illegally.

Before you deal with any financial services company, you can check if they are authorised on the Financial Services Register. If you choose to do business with an unauthorised company, then you would have no legal protection were things to go wrong. You would also be unable to refer any complaint about that company to the Financial Ombudsman Service.

CashLady is authorised and regulated by the FCA to act as a credit broker.

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In summary, it is certainly not ‘safe’ to do business with an unauthorised company. If however the company is authorised but is still offering to provide you with a loan without carrying out a credit check, then it may also not be safe to do business with them.

Additionally, a loan is only ‘safe’ if you can comfortably make the required repayments. If you accept a loan without a credit check then it means that no-one has conducted an honest assessment of whether it is likely you will be able to repay it.

Do CashLady offer no credit check payday loans?

No, CashLady only deals with FCA authorised lenders who carry out rigorous credit checks on everyone who applies for a loan. We believe it is important that the lender is confident you can pay back the loan before it agrees to lend you any money. We are also committed to meeting our obligations to comply with FCA rules and regulations, and to dealing only with lenders who are authorised by the FCA, and who promise to meet their obligations under FCA rules.

Why is a credit check important?


The credit checking process is extremely rigorous. It is used by lenders to determine the level of risk involved with lending money to you, and whether you are likely to be able to make the required repayments, and repay on time.

When you apply for a loan, the lender will pay a fee to access your credit record. Records of your personal credit history may be held by any of the three main credit reference agencies in the UK: Experian, Equifax and Call Credit.

The following information is included in a credit check:

  • Electoral roll information – used as evidence of your current and previous addresses
  • Loans, credit cards and mortgages that you are repaying at present, together with any such debts you have paid off within the last six years
  • Any current account overdrafts
  • Details of how frequently you have missed repayments on credit products
  • Any previous bankruptcy or County Court Judgements (CCJs)
  • Any details of when your identity might have been stolen for fraudulent purposes

Credit checks also consider the record of anyone with whom you have a financial link. If you for example have a joint account with your partner or anyone else, and that other person has a poor credit history, then this could adversely affect your own chances of being accepted for a loan. This is because the lender may assume that you pay the other person’s bills, and that this could place additional strain on your own financial affairs.

All of this information is used to determine your ‘credit score’. This can be anything between 0 (very poor) and 999 (very good), according to Experian. Some lenders may automatically reject any applicant whose score is below a certain level.

Any credit check that is carried out on you will leave a ‘footprint’, i.e. there will be a mark on your credit file showing that a check has been carried out. If a lot of checks are carried out on your file within a short space of time, this could harm your chances of being accepted.

Should I accept a payday loan without a credit check?

This is not advised. Whilst ultimately you need to be confident you can repay any loan before taking it out, undergoing a credit check can provide you with additional re-assurance. Passing a credit check means that the lender is also confident you can meet your repayment commitments.

As mentioned earlier, before doing any business with a financial company, you can check the Financial Services Register to ensure that they are authorised.

However, just because a company appears on this Register, it does not automatically mean that they comply with all of their regulatory obligations. Some companies are less committed than we are in this respect, and some are less concerned about treating their customers with fairness.

Ask yourself one key question – would you want to deal with a broker or lender that didn’t intend to comply with the rules? If you apply for personal finance with a company that promises you a payday loan without first carrying out any form of credit check, then that is exactly what you would be doing.

Can I credit check myself before applying?

You can always contact any of the credit reference agencies to check your credit score. You will be able to do this without adversely affecting your score. However, the agencies may charge a fee for this service, and in any case, CashLady only deal with lenders who carry out their own credit check before reaching a decision on your application.

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