Payday Loans No Credit Check†

Instant cash loans of up to £5000*

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Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed).Representative 669.35% APR (variable).

No Credit Check Payday Loans – No Need For A Great Credit Record!

Looking for a no credit check payday loan? Well unfortunately there is no such thing, but apply through us and all types of credit history are considered.

What Is A No Credit Check Payday Loan?

When you take out most forms of loan (including conventional payday loans), the lender involved will take out a credit check on you. This involves them contacting one or more of the UK’s credit reference agencies such as Equifax and Experian where they will be given details of how you have handled credit in the past. As past history of how you have handled credit is seen as a good indicator of how you will handle it in the future, it means if you have missed payments in the past or had issues such as Individual Voluntary Agreements or County Court Judgements you may not be accepted for a loan.

In the UK there is no such thing as a no credit check loan, all lenders are legally obliged to perform a credit check, but let’s talk about theoretically if there where, the lender in question would not carry out any form of credit history check but instead asks for other details to help them come to a decision. Information they may require includes:

  • Name – The name on your application must be your proper name.
  • Address details – Your address details are needed to comply with the UK’s fraud and anti-money laundering regulations. To ensure that your application is handled as smoothly as possible, your current address details should match the address details on your bank account.
  • Monthly salary – As payday loans without a credit check are not assessed on your credit history but on affordability, it is essential that you can prove you can afford to make the repayments of the loan without difficulty.
  • Employment history – Your employment history is needed not to contact your employer (that will never happen) but is needed to prove that you have a regular and steady source of income.

Whilst other lenders look at how you have handled credit in the past, loan providers would, in theory, instead look at whether you can afford to pay the loan back. This would make them a great option for people who need credit and can afford to pay it back but their past history stops them from being accepted for loans.

In short, the common features of theoretical no credit check payday loans are:

  • No search of your credit file – No footprint would be left on your credit file whatsoever, so applying for a payday loan will not harm your chances of getting credit in the future elsewhere.
  • Small loan amounts – The amounts you can borrow with these types of loan are typically small although some lenders may be prepared to lend up to £2000 in certain circumstances.
  • Short-term loan length – Because these types of loan would be riskier for the lender, the length of time you are given to repay such a loan is relatively short to minimise the risk as far as possible for the lender.
  • Interest rates – Interest rates on these types of loan would be generally more than mainstream loans in view of the greater amount of risk involved for the loan provider. Used wisely however, these loans could be useful to build a better credit history and access cheaper forms of credit in the future.

Why Might You Want A Payday Loan Without A Credit Check?

There are number of reasons why you may prefer to apply for a short term no credit check loan.

Poor Credit History

You may be aware that you have had significant credit problems in the past and are certain that any lender (even non-prime payday lenders) will not choose to lend you money. This may be because you have had past issues such as:

  • Bankruptcy
  • Been subject to an IVA (Individual Voluntary Agreement)
  • One or more County Court Judgments against you
  • Multiple Payment defaults
  • Extensive credit searches by multiple lenders
  • All current credit limits at their maximum
  • Not being on the electoral roll

Credit History Privacy

When you apply for regular or most payday loans, a search is done on your credit file to see if your credit history is worthy of being considered for a loan. For some people, they may feel that such searches are invasive and are an intrusion of privacy.

Credit Status Improvements

Some people want to take out a no credit check same day loan because they are unable to access normal credit and use these types of loans to build up their credit history. This is done by complying with the loan and its conditions in full by making regular repayments on-time and repaying the loan in full.

Benefits Of Loans Without A Credit Check

  • Quick and easy application process – Online loans are very quick and easy to apply for and can be done in a matter of minutes thanks to the fact that there is no credit check involved.
  • Instant decision – Unlike a traditional loan where you may have to wait days or even weeks for a decision, loans that don’t have a credit check will have a decision for you within minutes.
  • Quick cash transfers – Once your loan has been approved, the money will be transferred into your bank account straight away, meaning you can access it in as little as fifteen minutes.
  • Variable loan amounts – You can ask to borrow between £50 and £2000.
  • Variable repayment lengths – You can choose to spread the cost of your repayment over a range of time periods up to three months
  • No credit check – When applying for a loan, no search of your credit file would be made and no footprint is left.

Frequently Asked Questions

Can I get a payday loan with no credit check?

It may sound like an attractive proposition, a ‘no credit check loan’, especially for those with a poor credit record or maybe even no credit record at all. But in the UK all regulated lenders must undertake credit and affordability checks before being able to offer a loan.

However, having a bad credit score or no credit history whatsoever doesn’t mean you won’t be able to get a loan, some of the lenders we work with specialise in helping bad credit customers, rather than relying on your credit report they can put far more emphasis on your current financial situation and your ability to repay on time. Apply through us and you may just be surprised.

Why should I use Cobra Payday Loans if I want to apply for a loan?

As an authorised credit broker we are in an excellent position to help you find the finance you need. We work with over 30 lenders, many of which will accept applications from people with a bad credit history, far more importantly they are more interested in whether you can afford to repay the loan and don’t base their decision solely on your credit past.

Submit our secure application form and we will search the market to find a loan for you.

Why do people search for no credit check loans?

More often than not the main reason people search for this type of loan is because of problems obtaining finance. That may be because they either have no credit history or have had trouble in the past and are now classed as having a bad credit record.

But all may not be lost, having a bad credit record doesn’t have to be the be all and end all. We have helped thousands of people find the credit they need. Some of the lenders we work with will consider applications from all types of credit background. So give us a try today and find out if we can help you too.

How can my credit score be improved?

A lot of people in the UK suffer with a bad credit record and as such are unable to get very good deals on credit and finance, if any at all. As a first step you should check your credit record with the big 3 credit reference agencies, Equifax, Experian and Transunion. Check for any incorrect information that they may hold and rectify with them as necessary.

Unfortunately if a poor credit score is because of historic financial mistakes then there is no quick fix, first and foremost it’s important to get on top of your current credit commitments and pay them in a timely fashion. Over time your score will gradually improve.

† In order to assess your eligibility for a loan a lender will perform a soft search of your credit record which will not leave a footprint on your credit file. If you decide to go ahead with a loan offer a full credit check will be needed by all FCA authorised lenders.

Loan Options

Apply Now!

Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

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