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If you have poor credit history, or no credit history at all, you might worry about your chances of being approved for a loan.
It’s understandable that you might wonder whether you could get a loan without having to undergo a credit check.
The Cashflex guide to no credit check payday loans breaks down some common misconceptions about bad credit loans and explains why you should be very wary of any company claiming to offer no credit check loans.
The Financial Conduct Authority (FCA) requires all responsible lenders to carry out a creditworthiness assessment before they enter into a credit agreement with a borrower.
A creditworthiness assessment may come in the form of a hard search or via Open Banking.
You cannot get any type of loan in the UK without undergoing a creditworthiness assessment. You should be wary of any company or individual claiming to offer no credit check loans, as they are unlikely to be operating in-line with FCA guidelines. Sharing your personal information with an unregulated company could put you at risk of fraud and you won’t be protected if anything goes wrong.
If a company is authorised and regulated by the FCA, they will appear on the FCA register, which you can view here.
For your peace of mind, Cashflex, and all the lenders on our panel, is authorised and regulated by the FCA.
If a company is authorised and regulated by the FCA, they will appear on the FCA register, which you can view here.
For your peace of mind, Cashflex, and all the lenders on our panel, is authorised and regulated by the FCA.
Some lenders use Open Banking as part of their creditworthiness assessment. This provides them with an up-to-date overview of your financial situation, that would perhaps not be clear from your credit score alone.
Open Banking is a secure process used by authorised third parties, such as lenders. You’re in control with Open Banking; you’ll need to give the lender permission to access your information.
Open Banking may be used by lenders who specialise in loans for those with bad credit, as the focus is more on your current and recent financial habits, rather than the past information often represented by your credit score.
You might be eligible to get a loan, even if you have terrible credit, although it’s important to be aware that you could be offered a higher rate of interest, and you might not be accepted to borrow as much money as you need.
If you’ve never paid bills or borrowed credit before, it’s likely that you have no credit history. This is often referred to as having a ‘thin’ credit file.
If you have a thin credit file, lenders have no indication of how you’ve managed credit in the past.
While they don’t offer payday loans, several of the lenders on the Cashflex panel are willing to consider applications for short-term loans from people with bad credit or no credit history.
Cashflex is a credit broker, not a lender. None of the lenders on the Cashflex panel offer payday loans, although you can use Cashflex to search for a short-term, personal loan as a payday loan alternative.
All you need to do is tell us how much money you need and fill in our online form. Using the information you’ve provided, we’ll scan our panel of lenders for a suitable loan, based on your financial circumstances.
Our credit broking service is free to use and will not affect your credit score in any way.
If you’re happy with the loan we’ve found for you, you can apply directly with the lender. At this stage, a creditworthiness assessment will be carried out by that company. Should be aware that a hard search will remain on your credit file for up to 12 months and multiple hard searches within a short period of time could harm your credit score.
There’s no one set answer to this question, as the right loan for you will depend on your own financial situation.
As the name suggests, payday loans must usually be repaid in full on your next payday – usually within a one-month period.
Short-term loans allow borrowers to spread the cost of borrowing across a duration of months or sometimes years. For example, the lenders on the Cashflex panel offer loans with repayment terms from 3 to 60 months, depending on the amount of money you apply to borrow.
When deciding what type of loan is right for you, you should consider interest. The longer the term, the more you’ll pay in interest, but the more time you’ll have to repay the money. Shorter terms leave a limited window for full repayment, but you will pay less in interest.
When faced with an unexpected expense, it can be easy to panic and rush into a decision; however, you should take a step back and remember that taking out a loan is a serious financial commitment. You must be certain that you’ll be able to afford your monthly repayments, which will include interest.
No loan, either payday or short-term, can be applied for ‘quickly.’
Responsible lenders will require borrowers to complete an application and may ask for additional documents, such as proof of identity and address, bank statements, and payslips. This information will enable the lender to complete their relevant creditworthiness assessment.
It isn’t possible to rush the loan application process; these checks are in place to protect you and must be carried out thoroughly.
If your application is approved, your lender will let you know when you can expect the money to be sent.
Some of the lenders on the Cashflex panel are able to send your money on the same day as your short-term loan application is approved.
Remember, the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
You can use Cashflex to help you search for a loan if you:
If you’ve taken out a loan and are struggling to make your repayments, you should contact your lender as soon as you can. They will be able to talk you through any options that may be available to help relieve some of the pressure.
You can access free, impartial, and confidential money and debt management advice through several charities and organisations, such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.
Try our FastCheck tool with no impact to your credit score
Our tool allows you to calculate your chance of being accepted for a loan.
You are age 18 and a UK resident
You have a regular income from employment
You have a valid UK bank account with an active debt card
Why choose us
Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.
The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £10,000
This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.
Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.
Yes.
Over 18
You'll need proof that you are over 18.
Bank Account
Hold a valid UK bank account.
Income
Have evidence of a regular income and UK residency.
If you're worried about the cost of living, need support with budgeting, or think you might need debt advice, StepChange could help. They offer free and impartial support and help hundreds of thousands of people every year to deal with their debts and take control of their finances.
To find out how StepChange could help you, take the free Money Health Check. It's quick and easy to complete, and will give you a personalised recommendation on what to do next.
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Representative example: Amount of credit: £1000 for 12 months at £117.59 per month. Total amount repayable of £1,411.12 Interest: £411.12. Interest rate: 68.9% pa (fixed). 68.9% APR Representative.
We’re a fully regulated and authorised credit broker and not a lender.