How to Get Quick Loans Without a Credit Check
Emergencies can happen in anyone’s life – often without warning.
No matter how well you budget each month, there’s always a chance that a broken-down car or a problem with your clothes dryer could leave you desperate for cash before your next payday.
Unfortunately, not all lenders will be willing to give you the help that you need when an emergency happens. If you have a history of struggling with your money, or you’ve ever defaulted on your loan, then lenders will be able to see that in your credit score. As soon as a payday lender spots a bad credit score in your application, your chances of getting the money you need go way down.
Not only is it hard to get approved for a typical loan when you have a bad credit score, but it’s tough to find a loan that’s suitable for your needs. If you know you’ve had issues with money before then you probably don’t want to borrow too much money or commit to paying back cash over countless months or years. In this case, a traditional lending strategy might not be right for you.
Fortunately, quick loans could be the answer.
How much would you like to borrow?
Representative Example: 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).
What are Quick Loans?
A fast loan is a type of unsecured lending product designed to give money to people who need it as quickly as possible. Unlike other forms of lending, these loans, otherwise known as payday loans, don’t require complicated applications or long repayment processes.
With a fast or short-term loan, you can apply for the money you need through a lender like Boutell in a matter of minutes – even from the comfort of your own couch.
All you need to do is log into the website of the lender that you want to borrow from or the broker you want to work with, fill out the answers to a few important questions, and wait. If you’re borrowing through Boutell, we’ll do the hard work of searching through short-term loan providers on your behalf, so you can get the money you need as quickly and painlessly as possible.
There’s no need to wait around for weeks for your application to be approved like you would with a personal loan. Additionally, because short-term loans are designed for smaller lending strategies, you can borrow as much or as little as you need to. What’s more, you might not need to explain why you need the loan to your lender either.
When you need to access extra money quickly, and you can’t afford to spend forever waiting to be approved with a conventional loan company, quick loans are the perfect alternative. There are even loans out there for people with bad credit too!
Can You Get Quick Loans with No Credit Check?
If you’re intrigued by the idea of taking out a quick loan, but you know that you don’t have the best credit history, then your gut reaction might be to search for a company that claims to offer loans with no credit check. There are a lot of web pages out there designed by loan companies that offer “Quick loans no credit check” to UK borrowers. However, that term might be a little misleading.
In the UK, all lenders, whether they’re a payday, short-term, or conventional lender, must always conduct a credit check. That’s because the Financial Conduct Authority (FCA) that’s responsible for regulating the loan environment in the UK demands that all companies check that their clients can afford to take out a loan before they approve an application.
Your credit rating doesn’t just tell your lender how much of a risk you are to them, it also highlights whether you can safely take out a loan without putting yourself at risk. Because of this, any company that actually offered you a loan without a credit check wouldn’t be acting in your best interests. In fact, they would be going against the rules of the FCA, and therefore putting your finances in danger.
The good news is that there are lenders out there for people who don’t have the best credit history. Short-term loan providers and quick loan companies like the ones that we work with here at Boutell, are less likely to take your credit rating too seriously when you’re applying for a loan. These companies still need to check your credit, but they also take other factors into account too.
For a short-term lender, your affordability rating, or how easily you can pay back your loan today will be more important than your credit history.
Getting Loans with Soft Credit Checks
Because short-term loan providers are more forgiving when it comes to bad credit ratings, they’re also capable of conducting a different kind of credit check when they need to figure out whether you’re going to be eligible for a loan or not.
Usually, when you apply for a loan with a traditional provider, that company will conduct a hard credit pull which allows them to look at your entire background with spending, and how you’ve used your money in the past. They need that deep dive to determine how risky you really are. However, because short-term lenders look at other things, like affordability and your monthly income, they can just look at the basics of your credit report with a soft check.
A soft credit check allows your lender to scour the surface of your credit history without leaving a fingerprint on your file. This means that you’re not going to tell other lenders that you’re more of a danger by adding multiple black marks to your record, and you can determine which lenders are most likely to approve your application before you go ahead with the full loan process.
When you apply for a short-term or quick loan using a broker like Boutell, we’ll take your information to lenders for you and allow them to do a soft credit check. Once we’ve found out which lenders are likely to approve your application, regardless of your credit history, we’ll come back to you with a list of lenders, and the terms that they can offer.
There’s no need to worry about a hard credit pull until you choose the lender that you want to borrow from and accept their offer.
Applying for the Right Loans
Protecting your credit score and making sure that you’re in a good position to apply for future loans doesn’t mean having to hide your credit background from every potential lender. Instead, it can be as simple as using a Broker to apply for the right soft-check credit options before you go ahead and fill out your full applications.
The fewer fingerprints left on your file by people scouring for evidence of your lending risk level, the less you’ll need to panic about getting future loans. In the meantime, you can work on improving your credit score in other ways, by making sure that your details are on the electoral register and double-checking that your information shared with the credit bureaus is correct.
In some cases, even borrowing money with a quick loan could be beneficial to your credit score. After all, lending any kind of money gives you an opportunity to show the credit bureaus that you can be responsible with your money. If you can follow the terms outlined by your provider and make sure that you get your cash back to your lender on time, then your credit score will begin to improve.
What’s more, with a fast loan for people with bad credit, you can rest assured that you’ll only be dealing with your debt for a short amount of time. This means that you can enjoy fewer restless nights worrying about your finances and get your budget back to normal as quickly as possible.
By the time you’ve finished paying off what you owe by the end of the next month, you could find that you feel more confident about money, and that you have more options available to you the next time you choose to lend.
Getting the Loans that You Need
Most conventional loan companies will automatically judge anyone that doesn’t have the right credit score. This makes it much more difficult to get the cash you need to pay for emergency situations where you can afford to wait until your next payday.
However, with Boutell and its offering of the best payday loans, it’s much easier to get the approval that you’re looking for. Thanks to the no-pain process of soft credit checks, and a quick and simple online application strategy, you can get access to the money you need in no time. What’s more, you’ll learn once and for all that you don’t have to give up on getting a loan just because you don’t have the best credit. Today, anyone can get a loan if they know where to start applying, and what kind of loans they need to apply for.
Contact Boutell today for help getting your quick loans.