Short Term Loans No Credit Check

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Short Term Loans No Credit Check

I find it hard to believe that any lender could possible make the statement that they offer loans without undertaking credit checks. Why do I say that? Well, the reason is that most lenders experience some bad debt and don’t get their loans repaid. In the Short Term Loans industry, this happens a lot unfortunately. So why would any lender take the risk of lending money to an individual without undertaking a credit check?

I guess they could argue that they do other checks instead of credit checks. Checks like affordability using 3 or 6 months bank statements for example, or check that they are not lending to someone who is involved in identity theft, or checks to make sure that they can get hold of the person borrowing. But if you are going to do some checks, why would you not do a credit check? Sure, a credit check costs money and it is easy to spend a few pounds on each loan application and this can convert into a big cost that has to be carried by the lender; and of course, is passed onto the customer.

I can understand why a consumer might search for Short Term Loans No Credit Check, as they may not want the lender to leave a “foot print” on their credit file, or may know that their credit is so bad that no one who knew about it would consider them. But it would be daft and potentially harder to justify to the FCA that their rules on creditworthiness and affordability had been followed if they were not to undertake some form of credit checking. A lender needs to make sure that the person they are lending to really can afford the repayments and as a lender it is very difficult, although not impossible, to check affordability without looking at the credit file.

It is always possible that those lenders not undertaking credit checks could be illegal lenders, like loan sharks.

Warning: Late repayment can cause you serious money problems. For help, go to

Representative Example: Representative 1286.98% APR on a loan of £300.00 with 5 monthly repayments of £101.03 Total amount repayable £505.13 Annual interest rate (fixed) 290%

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Author: Internal Marketing Department