No Credit Check Loans

Know what no credit check loans are

You must be tired of facing rejections on your loan applications. You may now think that options with bad credit scores are almost no more. It is the stage where you wish to have easy loan options, like no credit check loans.

In reality, these loans are not the particular loan product but are available as the facility while availing a loan. However, every lender has to perform a credit check to estimate the affordability of the loan applicants. You are fortunate to have the services of Advanceloanday, as you get the relevant suggestions on what to do on no credit check loans for bad credit.

A no credit check loan is a deal where the lenders do not execute a ‘hard’ credit check. Instead, they involve a ‘soft’ credit check on the credit profile of the loan aspirants to analyse the risk and later decide whether to approve a loan or not. This is done only to offer an affordable loan, which you can repay easily from your monthly income.

Now, it is clear that there is no credit check loan where only a soft credit check is done instead of a hard one. As a responsible direct lender, we have tailor-made our services so that you can explore our loans without leaving any mark on your credit profile.

With us, you may have a high chance of loan acceptance as we offer only affordable deals. Your credit profile will not show the loan, and you have a better chance of building a positive credit score.

How does credit check work precisely on a loan?

A credit check is common when someone applies for a loan. Lenders perform this to be familiar with your financial history. For instance, the loan provider may ask for your credit profile to see any pending arrears, defaults, bankruptcy or County Court Judgement (CCJ) against your name. They also want to examine your repayment history in previous loans.

A credit score check process determines the amount you are qualified to avail. It gives confidence to the lender while offering a loan to someone else, particularly those with poor credit histories. If they find you trustworthy in making loan repayments, they can assign you a loan with affordable interest rates.

There are two types of credit checks: hard and soft. A hard credit check is a process where the lender strictly goes through the credit profile of the applicant. If everything is fine, loan approval will be there. If there is some fault, the loan provider refuses a loan for you.

On the other hand, a soft credit check is a reverse process of the hard one where the lender does check your score, but it will not be the decider of the loan approval. The credit check will not be visible on your credit profile. Thus, your options of getting more loans will remain intact.

Despite all these things, mainstream lenders are very much particular about the applications of bad credit people. They may refuse their loan requests considering the risk involved with them. However, it becomes a reason to go for direct lenders providing soft or no credit check loans in the UK.

Is guaranteed loan approval with no credit check a myth?

Expectations go higher when we only do soft or no credit score checks. Eventually, you may inspire to have a guaranteed loan approval with no credit check. We want to say responsibly that it is not possible at all. No lender can guarantee you a loan since it is subject to affordability.

Every loan goes through a credit check procedure, but we do it softly, as we have already committed. There will be no impact on your credit profile, and your chances of availing of future loans will always be there.

Since we cannot promise guaranteed approval, it does not mean we can reject your application. We make all the efforts to ensure high acceptance loans, which include:

Affordability: Our primary criterion to analyse a loan application is affordability. You make sure that whatever amount you want to borrow, you can repay it sincerely till the loan term ends.

Present financial handling: We are not interested in your past. Instead, our focus is on seeing how you are doing now. You should be punctual in paying the recent bills, which is showing improvement in your credit score.

Debt-free life: You should not have pending debts while seeking a loan with a soft credit check. You should be debt-free as it puts a good impression on the lender. With no pending debt, you can handle a new loan with its monthly instalments.

No multiple applications: Another way to grab loan approval despite having a poor credit score is to avoid multiple loan applications. If you have already applied with us, then do not apply anywhere.

Income-based loans: We try hard to keep our loans obligation-free. You can avail of our bad credit loans with no credit check and no guarantor if you earn a stable monthly income and ask for an affordable amount only.