No Credit Check Loans Explained | Risks & Advice

Can I get a loan with no credit check?

Having a bad credit score or no credit score can make finding the loan you need a stressful process. With many companies offering ‘loans with no credit check’ is this the best option for you?

Life is full of surprises, and not all of them are welcome. No matter what your credit history or level of financial planning, you can never know what unplanned expenses are just around the corner. From smashed laptops and broken-down cars to emergency travel costs and unplanned vets’ bills, unexpected bills are sadly never far away.

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What are no credit check loans?

No credit check loans lend money without checking your credit history and if you can afford the repayments. However, credit checks are required by the regulating body, the Financial Conduct Authority (FCA), so no reputable loan company will offer such a product.

However, there are alternatives. At The Money Shop, we pride ourselves on working with a broker partner whose panel of lenders consider all aspects of an applicant’s finances. While all loans require a credit check, their lenders also consider your current income and employment status so you can feel confident that your credit application won’t be overlooked based on your credit score alone. 

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Your questions, answered

Who is eligible for a short-term loan?

Short-term loans provide fast access to much-needed emergency funds for people from all financial backgrounds. However, you do need to meet the following eligibility criteria, including:

  • Living in the UK
  • Able to provide an address history for at least three years
  • Aged 18 or over
  • Able to prove a regular income
  • Able to provide details of a working email address and mobile phone number
  • Able to provide details of a UK bank account.

If you can meet the conditions above, you are mmay be eligible to take out a short-term loan through The Money Shop. 

How can I apply for a short-term loan?

Our application process is short and simple, and you can even submit it online. Simply fill in your details and use your information to determine whether you can afford the repayments for a short-term loan. If you are approved for a loan with one of our broker partner’s lenders, the money could be in your account quickly, and you will be able to access your funds immediately.

How can I find out what type of loan I can get from The Money shop?

Loan calculators provide a representative example of the type of loan lenders can offer you. Simply select the amount you would like to borrow and choose the repayment period that suits your time frame and income. The lender will then provide a detailed overview of the loan they might be able to offer you. This information will include the total amount you will need to pay back, the level of interest you will need to pay, and the repayment period they would offer you. 

Can I get a loan without a credit check?

No, you cannot get a loan from a reputable lender in the UK without a credit check. Not only are credit checks a good way of assessing whether you can afford to take out a loan, but they are also required by the regulating body, the FCA (Financial Conduct Authority). Any lender offering a no credit check loan offers an unregulated service and could leave you with further debts, so we highly recommend you focus your loan search on regulated lenders. 

While you may still be tempted to approach a lender that offers loans without any credit check, we urge you to avoid companies that claim to offer this service. Lenders who provide loans without any credit check will not be regulated by the FCA and therefore offer an unregulated service that could potentially stretch your finances even further. Many of these loans are only offered by illegal lenders and demand high repayments, which could result in increased debt and further damage to your credit score.

Can I still borrow money today?

Yes. The Money Shop specialises in assisting customers with finding 24-hour loans that can be paid into your bank account on the same day. If you feel confident that you can afford the repayments and meet our eligibility criteria, simply fill out your application, and our broker partner will give you an instant answer from their panel of lenders. Once approved, customers can have access to emergency cash quickly so that you can cover those unexpected costs straight away. 

How much money can I borrow?

Our broker partner works with a panel of lenders who offer payday loans of between £50 and £5,000. Once you have decided how much you need and are happy with the representative example, simply use our online application form to tell us how much you would like to borrow and select your preferred repayment terms. We provide all our customers with instant decisions, so if you are approved for a loan. You can have the money paid into your bank account quickly.

Is borrowing money the right choice for me?

If you are confident that you can meet the repayments, you could be one of the thousands of people who successfully apply with us every week. Our partner’s panel of lenders can lend up to £5,000 within minutes of receiving your application, so it is ideal if you find yourself temporarily short of cash and in need of emergency funds to bridge the gap before payday. 

Applying to borrow money through The Money Shop is a fast and convenient way of covering any unexpected bills and costs that might come your way. But while our service is the right option for many people, it doesn’t mean it’s right for you. Before borrowing money, you should consider whether you have the income to pay back your loan, including any interest. You should also consider any factors that could affect your ability to pay back your loan, such as health problems or issues with job security. If you feel a loan could be the wrong choice, try to find an alternative, such as borrowing from friends or family or dipping into savings. 

How do I repay a loan from The Money Shop?

When you borrow money, you are required to pay it back according to an agreed repayment schedule. The schedule is decided directly with your lender before you commit to borrowing money, so you will have the chance to see how much you will owe in total and how much each repayment will cost. Lenders are generally happy for customers to pay back a loan early, which will reduce your costs. 

What happens if I miss my repayments?

If you fail to stick to the repayment schedule you have agreed with your lender, you may be required to pay the penalty or late fee. This additional cost will be added to your total debt – increasing the amount you owe – and could affect your credit score. By missing payments, you could reduce your chance of being accepted for a loan in the future, so please take the time to consider whether you can cover repayments before applying for and committing to a loan. 

How can a loan via The Money Shop help?

It’s impossible to know what the future holds, and sometimes, life can throw you a financial curveball that leaves even the most financially stable struggling to make ends meet. At The Money Shop, our broker partner’s lenders provide fast loans to customers in need of emergency cash ahead of payday. Once you have been approved, your loan will be delivered straight into your bank account on the same day. 

Our customers need to borrow money for a whole host of reasons, including:

  • Repairing a car 
  • Replacing a laptop
  • Paying for a large vet bill
  • Fixing a broken boiler
  • Paying for emergency travel
  • Covering costs related to medical care
  • Fixing damage in your property
  • Paying for school expenses.

In some cases, you may be able to cover these costs using savings or even borrow from a reliable friend or family member. However, if these options aren’t available to you and you are confident you can meet the repayments, a loan through The Money Shop can provide fast and effective financial relief in a matter of minutes. You can apply for loans between £50 and £5,000, so no matter what life has thrown at you, we can help you bridge that gap until payday.

Need more information about loans?

We hope our handy guide on no credit check loans has helped you decide what loan is right for you, but we understand that financial decisions require a lot of consideration and research. If you’d like more information about our fast loans, please contact our Customer Service team. Our experts are on hand seven days a week to answer your questions and help you explore our borrowing options. If you would like more personalised advice, consider contacting an independent financial advisor who can help you explore the many alternative lending options available to people with bad credit ratings. 

Our experts have compiled in-depth guides on the alternative lending options that may be available to you, so if you need more information, please click on the links below.

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