If you have been caught out by an unexpected expense before pay day, there are a variety of loan options available. Despite careful financial planning, an emergency can occur at any time and not everyone has access to the money needed to cover these issues. For those with a poor credit history, a payday loan may provide the money you need. These loans need to be repaid on your next pay date, which can make them a useful option for short term cash flow issues.

If you have a poor credit history, you could be searching for loans with no credit check. Although there are some lenders which advertise payday loans with no credit checks, there are no regulated lenders offering these types of loans. Instead of borrowing the money from an untrustworthy company, there may be regulated lenders available. There are some providers willing to consider those with a poor credit history, however, they will always complete credit checks.

Are there any payday loans that don't do credit checks?

If you have a bad credit history and need a loan to cover a short-term emergency money situation, you should not apply for a payday loan which doesn't require a credit check. Instead, choose a lender which is authorised and regulated by the Financial Conduct Authority (FCA), as they will complete various checks to ensure that the loans they offer are affordable. As part of these checks, the lender is required to complete a hard credit check, which means no responsible lenders will offer no credit check loans.

Your credit report is a record of your financial history and your current financial situation. A hard credit check is an important part of assessing your loan application, as lenders will be able to see your borrowing history. The information it contains will help payday lenders predict your ability to repay the loan, enabling them to assess the risk associated with lending to you. They will assess details such as your regular payments and your overall level of secured and unsecured debt.

Although your credit history will always be taken into account by reputable lenders, a low credit score doesn't necessarily mean your loan application will be rejected. If you have a low credit score but can show that you have been managing your finances well and are able to afford to repay the loan, your application may still be considered.

How can I get a loan with no credit check? 

Here in the UK, payday loan providers should not be offering loans without a credit check, as it would break the rules set by the FCA. If you have found a lender which states there are no credit checks, they are likely to be offering loans irresponsibly. All regulated lenders will only consider offering loans if they believe you can comfortably afford to repay the loan, without causing financial issues.

Taking out a payday loan from an unregulated lender could cause you serious money problems if you make a late repayment. It is worth bearing in mind that the only loans which can be considered safe are the ones which you can comfortably afford to repay. Accepting a loan without the required credit checks will mean that your application has not been through the rigorous affordability checks required.

The FCA has placed a cap on interest rates and fees which regulated lenders can charge, so borrowing from an unregulated lender may cost much more. All regulated payday lenders cannot charge more than 0.8% in interest per day and you will never repay more than double the original loan amount. In addition, if you make a late repayment, a regulated lender cannot charge more than £15. This cap is especially important with payday loans, which often charge a much higher interest rate than traditional instalment loans.

Borrowing from an authorised and regulated payday lender will mean that you do business with a company which is subject to a wide range of regulations. These lenders have a legal obligation to offer transparent and fair loans, so you will benefit from increased protection. If you do have a complaint regarding a loan, you will be able to contact The Ombudsman, who has the power to investigate irresponsible lending.

Can I get a payday loan with very bad credit?

If you have a poor credit history and are concerned about finding a payday loan, there are responsible lenders which may consider your application. Although reputable lenders will complete a hard credit check, the lender will also take into account several factors when they make their decision. Although your credit report may show missed payments, if the loan is affordable and you have been able to make recent payments, your application may be considered.

If you have a poor credit history, it is advisable to avoid making too many loan applications in a short space of time. Every time a hard credit check is completed, it will stay on your file for 12 months. Too many hard credit searches could indicate to lenders that you are not effectively managing your finances.

What is the easiest loan to get with bad credit?

There is no such thing as an easy payday loan, as all responsible lenders will only approve loans if the borrower meets their eligibility criteria and affordability assessment. However, there are loan providers which have higher acceptance rates than others. As alternative lenders, providers of payday loans tend to offer higher acceptance rates to those with a poor credit history, than traditional lenders such as banks and building societies.

There are several factors which can impact your credit score, including serious financial mistakes and even minor historic missed payments. To improve your chances of being considered for a loan, you should ensure you make all payments on time, are registered on the electoral roll and that any details on your credit file are correct. It is also advisable to avoid making too many applications for credit in a short space of time, as this could signal to lenders that you are struggling to manage your finances.

If you need to borrow money quickly due to an unexpected emergency or short term cash flow issue, you may not have time to wait for your credit score to improve. Although you may struggle to obtain a traditional loan from a bank or building society, there are alternative lenders which may consider your application for a payday or instalment loan.

Do CashFlex offer loans to those with bad credit? 

As a broker, we have partnered with a variety of lenders which are willing to consider lending to those with poor credit history. Although it is not possible to apply for payday loans through our website, our panel of alternative and traditional lenders do offer loans of £100 up to £5,000. The repayment terms start at 3 months up to a maximum of 36 months, depending on the amount you choose to borrow. For example, for loans of less than £1,000, our lenders offer repayment terms of 3, 6 or 12 months. 

Spreading the loan repayments over a longer period of time will reduce the amount which you need to repay each month, however, the longer loan term could mean you need to repay a larger amount of interest. Many payday loans tend to be offered with a high-interest rate when compared to instalment loans, due to their short term nature, however, the amount of interest paid overall could be less.

When you apply through our website, we send your details across to the providers on our panel which we think may consider lending to you. They will then complete a soft credit check, which will only be visible to you. If a lender indicates that they may consider your loan application, you will be redirected to their website to finalise your application. The lender will then complete their final affordability checks, which will include a hard credit check. This type of credit check will be visible to those who view your credit report, however at this stage you will be matched to a lender which has already indicated that they are willing to consider your application. 

If your application is approved, you will be able to sign the agreement online and the money could be sent to your bank account within minutes*. However, the final availability of the funds will depend on the processing speeds of your bank.

If you are struggling with your finances and feel as though you are unable to manage your debts, a new loan may not be the ideal option for you. If you take out a loan and are unable to make the repayments, it could cause you serious money problems. When the costs of the loan begin to mount you may struggle with repayments and your credit score will be negatively affected. Although it may feel as if you are in a difficult situation, there are several organisations which can offer free and impartial advice, including The Money Advice Service, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.

Try our FastCheck tool with no impact to your credit score

Our new tool allows you to calculate your chance of being accepted for a loan.

You are age 18 and a UK resident

You have a regular income

You have a valid UK bank account with an active debt card

Why choose us

Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.

How much can I borrow?

The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £5,000

What are the repayment terms?

This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.

Can I apply for a loan with bad credit?

Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.

Can I repay in instalments?

Yes.

What will I need to get a short term loan?
Can I get a short term loan?

Over 18

You'll need proof that you are over 18.

Bank Account

Hold a valid UK bank account.

Income

Have evidence of a regular income and UK residency.

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Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative.

We’re a fully regulated and authorised credit broker and not a lender.