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No Credit Check Loans[edit]

Most loan companies will run a credit check before they are happy to lend to you. But some lenders are happy to offer no credit check loans. This means that they will look at your personal situation and use the information you give them to make a decision rather than an automated credit search. No credit check loans are aimed at people who have had some negative credit in the past and therefore would not pass a credit check. This means that no credit check loans are solutions for people who have had CCJs or defaults previously. These loans will be more expensive than high street loans.
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What do you mean by no credit check loan?

A no credit check loan means you can get a loan from a company without them carrying out a credit check on you. They lend based on your current situation. This is a good option for people who have no credit or may have a really bad credit history (defaults, CCJ's, arrears, etc.).

Unemployed loans will always have a higher APR than bank loans or high street loans as the people looking for no credit check loans are at a higher risk (more chance of defaulting). These loans are aimed at people that would not be accepted by lenders who run an automated credit check.

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Who offers no credit check loans?

Payday lenders – some payday lenders will not do credit checks and will base their decision on your current situation. They will probably require you to send some documents in to prove you can afford the loan.

Logbook lenders – no credit check loans as your car logbook is used as security on the loan. They are able to sell the car to gain back their money if you don't repay.

Doorstep lenders – you have to have a meeting with a doorstep agent before the offer you the money. They base their decision on the meeting and your current situation and they don't carry out credit checks.

Pawn broker – no credit checks as a personal item of value is used as security of the loan. They don't credit check because if you don't pay back your loan they will sell your items to get back their money.

Credit unions – majority of credit unions offer no credit check loans but some of them won't. They usually base their lending decisions on your past and present savings history and may carry out a credit check on the side.

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Characteristics of a no credit check

  • Typically high interest rates
  • They do not credit check before lending to you
  • You may have to give something as security
  • Doorstep lenders are common no credit check loans
  • Easy to involve debt collectors if you miss repayments
  • The lender can sell your security if you do not repay
  • Can totally ruin your credit history if you do not repay
  • Usually short loan terms
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Which companies offer no credit loans?

See all No Credit Check Loans

Example Loans:

Morses Club

469.8%APR

Money in Advance

1413.1%APR

Logbook Money

442.66%APR

Amigo Loans

49.9%APR

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