Can you get Quick loans with no credit check in the UK?

Posted by Emma Adams on September 8th, 2017

If you have bad credit and need a loan then you can approach a reputable loan broker, who will help you to avail quick loans with bad credit. However, do bear in mind that according to the guidelines and regulations of the Financial Conduct Authority of the UK, no lender can provide a loan to an applicant without a credit check. This is necessary in terms of lending responsibly which is important for the overall economy of the country. This is the reason that if you see an advertisement saying quick loans with no credit check then you should be wary. This is because the lenders who provide loans without a credit check are often loan sharks who are out there to fleece the hapless borrowers.

What is meant by loans without credit check?

Of course when a lender promises to provide a loan without a credit check it is always likely that they are unscrupulous elements. However, in some cases some legitimate lenders also advertise loans without credit check. What they mean however, is that they will not consider only the credit history or score of the applicant while approving a loan. They instead take into consideration the overall financial condition of the applicant in the current times. These lenders are modern day specialist lenders who not only provide loans to people with bad credit, but also to people who are unemployed. Of course since they are taking a higher risk, they charge a higher interest, but if you apply for the loan through a loan broker then the chances of getting a reasonable and affordable rate of interest are increased greatly.

Who are loan brokers?

Loan brokers are the companies that act as mediators between the lenders and borrowers. The best part of dealing with loan brokers is that you will be protected from unscrupulous elements mentioned above. This is because all the lenders associated with loan brokers are thoroughly vetted in order to ensure that their modus operandi is above suspicion. The loan brokers themselves follow the regulations and guidelines of the FCA and always form associations with lenders who do the same.

The other benefit of dealing with loan brokers is that you do not have to undergo the tedious and lengthy application and approval process that is demanded by traditional lenders. You can get quick loans on the same day that you apply and sometimes even within an hour of application of the loan. The other benefit of applying for quick loans UK through loan brokers is that there is hardly any paper work involved and the entire process of application and approval is completed online.

Then again the loan brokers employ financial advisers who provide free loan advice. This ensures that you do not take a loan amount that you cannot afford. This is important because if you are unable to repay the loan it will have a negative impact on your credit score which is not good already. This is the reason that more and more people are opting to apply for loans through loan brokers.