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Published 2017-11-21 09:22:00

Do payday loans do credit checks

People usually go for payday loans when they need extra cash for unexpected occurrences. If they need to borrow money that does not exceed a large amount and them pay it back over a short period of time (usually less than 12 months) this is called a short term loan. Even though short term lending is much simpler to apply for when compared to your typical personal bank loans, not everyone can get accepted for them. This is usually down to poor credit. Some payday loans still require a credit check when applying, but do they all? What happens if you need extra money but you have bad credit? Fortunately for people who carry bad credit there is now loan companies who specialize in the bad credit field.

Why do people look for no credit check payday loans?

People look for payday loans that don't do credit checks for a number of reasons. Bad credit history is usually the main reason why people seek out no credit checks, to keep their credit history private. Some people do it to boost their credit score. No credit check companies were made specifically for people who carry bad credit scores to make it easier for them to get accepted

Do payday loans do credit checks?

When it comes to payday loans they all differ from each other, not one is the same. When you apply for short term loans some do require a credit check, the down side to this is if you fail it will show up on your credit score and knock it down a little. Your luck isn't out if you do carry bad credit because not all payday loans will require a credit check, these instead just ask for extra information about your personal details. By filling out an application it will let you know if you are eligible for a payday loan.

Diversity of payday loan companies

These are some loan companies that do not need a credit check when you apply others do.

  • Cash Carrot loans.

Cahn carrot finance is one option. They allow you to apply for a loan even if you have bad credit history and their services are absolutely FREE. If you find yourself struggling with the re payments cash carrot will provide contact details of companies that will help you with that matter. Approval can take anywhere up to 30 minutes after you submit your application. It is a very secure website and has its own security watch to prevent fraud happening. You can apply to borrow anything from £100 to £5000 with an interest rate of 161.9% variable and 305.9% APR. Credit checks do apply when taking out a short term loan with Cash Carrot. If you ever become stuck Cash Carrot finance is a great option and they offer excellent customer service to answer any of your concerns.

Payday Pixie

If you have bad credit but in need of some extra money then Payday Pixie is one of your options. They do not run credit checks on applications so it gives people with bad credit a better chance of getting accepted. In replace of doing no credit checks instead they just ask for more information from you such as your address, employment past and present and proof of your current monthly income. They believe that credit checks should not be stopping people getting help financially. Your application can be reviewed within 15 minutes and you can borrow anything from £50 to £2000 and are usually paid back over a 3 month period.

Swift Money

Swift money is another short term loan company that doesn't require a credit check before making the decision of your application. You can borrow from £50 to £1000 but make sure you can repay the interest to. For example if you borrow £50 you will pay back £62 and if you borrow £1000 you pay back £1240. Swift money has a high acceptance rate of 97.5%. They do not charge any fees for taking on your application form, the only charges you will have to pay are to the lender once Swift money matches you with one.

If a short term loan with no credit check is what you want, be sure to check the company offers this service before applying because not all offer the same services you can find this information on their websites or by contacting the company direct.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk