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Loans without a credit check are not available from most lenders in the UK. The vast majority of short-term and payday loans include some form of credit check; at the very least an identity search will be carried out to ensure the borrower is not bankrupt. Lenders will perform a credit and affordability check on every application we receive for alternative payday loans to ensure our customers can repay what they borrow. The good news is that they will perform a soft credit check when first assessing your application.

What are no credit check loans?

If it were possible to get one of these loans, it would involve applying for the amount you want to borrow and not being subjected to checks that assess how likely you are to repay what you borrow, and how much you can afford to repay. For those with poor credit scores or negative notes on their credit history, a no credit check payday loan may seem like a good option to improve their chances of being accepted.

If you are looking at where to borrow money for an emergency situation and spot any loans that don’t credit check, it’s best to pause and consider carefully whether such a loan would offer the service and protection you expect from a lender.

Credit checks are designed to help lenders make sure they only lend money to customers who can afford to repay them and to make sure the loan wouldn’t put the customer in financial difficulty. This protects the customer and the lender too. After all, lending money a customer can’t repay helps nobody in the long run. Here, we’ve looked into loans that don’t credit check and why it’s recommended to use a broker like Sunny, who only work with lenders who conducts credit and affordability checks on all their applicants, instead.

Eligibility for a payday loan

When you apply for a loan through Sunny, by submitting an application you are agreeing to have a credit and affordability assessment conducted on you by our broker partner’s lender panel. This looks at your credit report to see how well you’ve managed to borrow money in the past and therefore how likely you are to repay. Meanwhile, an affordability check looks at your income and outgoings to determine whether you can comfortably afford the repayments on the loan that you want.

If you have a poor credit rating or can’t afford the repayments on some loan amounts, this won’t necessarily exclude you from being able to take a short-term loan, but it may limit the amount you can borrow and mean you aren’t eligible for the lowest interest rates. Click the link below to find out more about the criteria you will need to meet to be eligible for a loan with Sunny and decide if it’s the right choice for you.

Representative 89% APR

Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.

Sunny Loans is a registered trading name of Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.

Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Loans without a credit check Information Hub

We’ve answered some key questions around no check loans and credit scores to help you better understand how it all works and what to consider when applying for a loan.

• Why would someone choose a no credit check loan?

  A no credit check payday loan may seem like a good solution if you feel you don’t have time to wait for a lender to run credit checks on you, or if you have a bad, or even non-existent, credit history. Many people believe that forgoing a credit check makes it quicker to get the money you need, and gives people in a bad financial situation a better chance of borrowing money. However, no credit check loans are rarely available in the UK, as the law requires all lenders to conduct appropriate checks on all applications they receive. In the majority of cases, this means a credit check, and an affordability assessment, too. However, as companies know that getting the money you need to deal with a financial emergency is crucial to many borrowers, lenders’ thorough checks are done in a matter of minutes, and funds are transferred on the same day if you are approved.

  If a lender does forgo a credit check as part of their application process, they may not be able to accurately gauge whether you are likely to repay them and whether you can afford it alongside your other obligations. While this poses a bigger risk to the lender that could cause them to raise their interest rates, it’s also a risk for you, too, as lending money you’re not able to repay only leaves you with a larger bill to deal with further down the line.

• What is a credit score?

  Your credit score is a number calculated using your financial history and past behaviour. It is generally used to predict how likely a lender thinks you will be to pay back the money that they lend to you, and helps them decide whether they should approve your application. Your credit score can affect your ability to borrow money in the form of credit cards, loans and mortgages. Often, lenders will examine your financial history and past borrowing behaviour and assign you a bespoke score according to their criteria. This means there’s no such thing as a universal credit score, but the scores you are assigned by Credit Reference Agencies will give you a good impression of how a lender might score you.

• Where can I look at my credit score and report?

  There are three main Credit Reference Agencies in the UK, who allow you to check your credit score. These are TransUnion (formerly CallCredit), Equifax and Experian, and their credit checking tools are known as Credit Karma, Clearscore and Credit Expert, respectively. The Credit Reference Agencies compile information about you and will supply this to a lender when you apply for credit. They gather their information using the electoral roll, court records, and information from other companies you’ve applied for credit with; this includes bank accounts, loans, credit accounts, mortgages, energy suppliers and mobile phone contracts.

  Each of the Credit Reference Agencies use different scales to show what a good, bad, or excellent score is. These scores are designed to give you an impression of what kind of score a lender might give you if you apply to them, so, don’t be alarmed if you find three slightly different versions of your credit score when you check.

• What causes a bad credit score?

  The most common things that negatively affect your credit score are:

  • Having credit balances at or close to the account maximum across your credit accounts, even if you’re keeping up with all your payments
  • Late or missed payments on loans, bills, mortgages, credit cards
  • Bankruptcy
  • A County Court Judgment
  • Not being on the electoral register
  • Making a number of applications for credit in a short period of time

Lenders can deposit the money into your bank account fast. In fact, the majority of customers receive their loan on the same day of approval.

We don’t charge a penny in fees so you don’t need to pay for any admin charges.

You can apply for a loan 24 hours a day, 365 days a year and you will receive an instant decision.

More information on no check loans

Although loans without a credit check may seem like the quickest solution to pressing financial issues, by not considering your credit score, a lender could lend you money you aren’t able to repay, leaving you worse off in the long run. This is why all lenders carry out credit checks before accepting a loan application. 

Traditional credit checks can be conducted in a matter of seconds, and consider the borrower’s address, outstanding credit and other financial commitments, as well as how they’ve managed credit in the past. Using credit checks, lenders are able to quickly and objectively judge if an applicant can afford the loan and can pay it back without getting into financial difficulty. For this reason, a lender who will look at your credit score before giving you a loan is, in most cases, the better route to opt for.

When looking for an emergency loan, ensure it is at an affordable rate for you and has an repayment period with manageable amounts each month. A loan for an emergency should help you out of a tough financial situation, not burden you further. 

Looking for alternative lending options?

Want to know more about our emergency loans and how suitable they are for your situation? Here we’ve broken down a range of circumstances where a short-term loan may be a good option, with a guide for each to read through before making your decision.

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