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No Credit Check Loans in London for Bad Credit up to £5k

Representative Example: If you borrow £500 over 6 months at a rate of 25.5% per annum (variable) with a representative 46.19% APR you will make 6 monthly payments of £92.96, repaying £557.76 in total.

Multi Month Loans is a licensed credit broker not a lender. Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk/en.

How To Get No Credit Check Loans in London

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Representative 46.19% APR

No Credit Check Loans Theorised

What is a ‘No Credit Check Loan’?

How Would it be Possible to get a No Credit Check Loan?

How Would it be Possible to get a No Credit Check Loan?

What to do if You Have Bad Credit

Can I still get Instant Loans with Bad Credit?

How to Get a Loan

Top Tips On Getting A Loan (Even if it's Not a No Credit Check Loan)

Things to be Aware of

What To Look Out For

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What is a ‘No Credit Check Loan’?

In the UK there is no such thing as payday loans without a credit check, although some lenders claim to offer ‘no credit check loans’ to potential customers. This is because the Financial Conduct Authority regulates payday loans, and by law, no lender is able to provide you with a loan without performing a credit or affordability check to see if you can afford your repayments first.

It is essential for borrowers to be wary of any lenders who offer loans with no credit check. Instead, if you need to borrow money quickly and are worried about your credit, there are many other available options for those who seek finance and have managed credit poorly in the past. All reputable lenders have a responsibility to ensure that borrowers can afford to take out any money they borrow.

Why Do People Search for ‘Instant Loans No Credit Check’?

There are a number of reasons why applicants may search for short time finance without credit checks.

Namely, borrowers who have a bad credit history, or what is called a ‘thin file’ credit report, will search for payday loans without credit checks. However, as short term credit is regulated by the Financial Conduct Authority, to provide these loans without the appropriate affordability checks is against regulation. FCA regulations ensure that:

  • That the consumer credit market runs efficiently
  • Borrowers have access to the financial services that they need
  • The best interests and rights of borrowers are protected
  • Customers cannot borrow more money than they can afford to pay back

How can I get a loan without a credit check in London?

All lenders must carry out the appropriate checks to ensure that you are able to borrow money and repay the loan and its interest in full.

This will include performing either a hard or soft credit check to confirm your details and your creditworthiness, as well as safeguarding you from affordability issues in the future. Without these carrying out checks, payday lenders would be going against FCA regulation.

Why are they so appealing?

You may be wondering why someone would look for credit without a credit check, specifically.

Why wouldn’t you want a lender to assess your application considering your credit score, especially since it’s so important? Well, there are several reasons why applicants may want to avoid a credit check and borrow a loan:


Poor credit rating

Unsurprisingly, the most common reason why people look for payday loans with no credit checks is that they have bad credit. As you may know, when your credit rating is not ideal, it can be very limiting when it comes to borrowing money. It can saddle you with high interest, short repayment terms and low loan amounts, or even prevent you from getting approved for a loan, altogether.

Everyone wants to get a suitable deal possible, and to be given their best chance, so many believe that ignoring one’s credit score can enable them to borrow at better rates.

To improve credit score

The other aspect you may not have thought about is that opting for a loan may, in fact, improve your credit score.

The more you repay consistently and reliably, the better your score will be. For example, if you were to get a payday loan with no credit check that you then proceed to repay on time for several months dutifully, not only will that not damage your credit score, but it will help it increase because you’d have demonstrated a history of reliable repayment.

To avoid invasive checks

The truth is that when you apply for a loan, a credit check will be performed. Your identity, your financial history, your place of employment – everything will be checked to ensure that you are a reliable borrower.

However, quite a few people can find this type of thorough, comprehensive check very invasive. Not everyone wants their life accessible to just any lender like that, which is why they may want to opt-out of a full-on credit check, unless absolutely necessary.

If you are not in employment

Students in further education or those receiving state benefits, may be attracted to no credit check loans as they may not have a high or steady income. Credit checks are performed not only to authorise creditworthiness but to also confirm applicants affordability of total repayment.

How Would it be Possible to get a No Credit Check Loan?

Are no credit check loans in Londonpossible? They aren’t but how would they work if they were? That is the question we are going to answer today, to make you aware of exactly how things would work with this type of lending – what would be the benefits, the drawbacks, and what would be the catch?

How would I apply for a Loan with No Credit Check in London?

You would be able to apply for a loan without a credit check the same way you would with other short term loans.

Most payday loan applications are made online, by filling out an application form with your personal and financial information. Once you have submitted your application and the lender has carried out the appropriate checks, if approved, you’ll receive your instant loan decision.

Why Would a Lender Offer Money With No Credit Check in London?

One of the most common questions customers have about these loans is how a lender could offer you money without a credit check.

As credit checks are an essential part of verifying your credit and that you can pay back the loan, how else can they assess your creditworthiness and verify your identity to secure the money you are borrowing? Lenders carry out other background checks including:

  • Affordability checks
  • Identity checks
  • Employment verification checks


Affordability Checks

Any reputable lending or credit brokering company will perform an affordability check, regardless of whether or not they’ve run a credit check or of how good your rating is. The Money Advice Service has a loan calculator available to check what payments you’d be able to afford.

A good rule is not to make deals with any lender who will not perform this check, as they do not have your best interest in mind. You should, of course, also make sure you can afford a loan, but it is also their responsibility.

Identity Checks

In addition to the affordability check, you will also undergo an ID check of sorts. This is like a background check looking at your identity if you are genuinely whom you say you are, where you live, how long you’ve been in the country, etc. Think of it as kind of a DBS check.

This, again, does not require your credit score or anything of that sort, so it’s still not taken into consideration during your assessment. This does, however, help the lender gain a better understanding of your identity and reliability.

Employment Verification Checks

Finally, they will do an employment check, where they will verify your place of employment, your income, if you are likely to continue to receive income for the duration of your loan repayment, etc. This ties into the affordability check, and it is a very important step in confirming that you can, indeed, be trusted to reliably repay the loan, even without checking your credit history and rating.

What are the risks of a No Credit Check Loan in London?

There would be many potential risks of borrowing without the appropriate credit and affordability assessments. If a lender did not carry out a credit check before they approved your application, you could potentially find yourself struggling to manage your debts. The main risks include:

  • Lenders may be unreliable
  • You could encounter affordability problems
  • High rates of APR and interest


Lenders may be unreliable

One issue with quick loans no credit checks is that the lending company may not be as trustworthy as it appears. Be sure to look into the company’s history, as well as reviews to make sure you are not falling prey to a loan shark. Also, be vigilant when looking over the documentation and check for surprise clauses, hidden fees, and undisclosed charges.

You could encounter affordability problems

The other problem is the limitation caused by the terms of the loan itself. You see, the lack of credit check means they offer you less money, on a shorter repayment term, and with a higher interest rate. All these things can make things difficult when it comes time to pay the regular loan instalments and cause money problems in the future.

High rates of APR and interest

As most lenders who provide bad credit payday loans will have to account for the risk of lending to customers with bad or in some cases, no credit, higher rates of interest and APR can be applied to the loan. Higher interest rates can cause affordability problems in the future.

What would be the benefits of loans with no credit check?

Seeing as so many short term finance customers look for ‘No Credit Check Loans’ what would be the benefits? Many customers look for these loans as potentially they believe that:

  • Their credit score does not matter
  • They can repay in instalments
Their credit score does not matter

The most obvious benefit is the fact that you can get a loan without having your credit score factor into the assessment. It doesn’t matter if it’s not up to snuff, because you can have other checks done instead, to give the lender peace of mind and some security regarding your ability to repay.

They can repay in instalments

There are types of payday loans that you need to pay in full, typically within a month of borrowing the money – these are the traditional loans until payday, hence the name. Payday loans with no credit check, however, are available to be repaid in regular instalments over a longer period, offering you some flexibility and affordability.

What’s The Catch?

However, since nothing is all positive and these loans don’t exist, there is a catch – the interest rate would typically be quite high. With an APR that can even reach 1500%, they would be a very expensive loan to repay, depending on how much you would get and how long it would take you to pay back.

Borrowing higher amounts would mean that you repay over a longer period, meaning higher interest charges. Which could lead you to more affordability problems over the course of your repayment period.


Can I still get Instant Loans with Bad Credit in London?

Loans without credit checks are solely aimed to attract people who have problems with bad credit. While you may think that a poor credit rating stops you from borrowing money, in fact, this is not always the truth. There are a number of ways in which applicants can get personal loans with bad credit, while also actively improving their credit scores. You can improve your credit score by;

  • Check your credit report for mistakes or unrecognised activity
  • Ensure that you’re on the electoral register
  • Make sure you’re not maxing out your credit
  • Don’t apply for too much credit over a short span of time
  • Repay your debts in full and on time

Need a Loan but Keep Getting Declined?

Poor credit can be one of the main reasons why applicants get declined for credit. If you can’t demonstrate that you can manage credit responsibly it can impact your life in many different ways when you need a loan. Here are some of the problems you may experience when you have bad credit:

  • You may be rejected for tenancies, mortgages and repayment plans
  • You may be rejected for loans and credit cards


You may be rejected for tenancies and payment plans

Before agreeing to anything, everyone will take a look at your credit score to see how responsible you are with finances.

Your credit will come into play if you are trying to secure a tenancy or a mortgage. Or if you want to pay for a sofa in instalments. Lenders will access you and your credit managing ability based on your past behaviour. If this is poor, you could face rejection.

You may be rejected for loans and credit cards

When it comes to things like credit cards and loans, you will either be outright rejected from borrowing money or getting an overdraft. Or you will be offered very bad or limiting terms, such as:

  • Higher interest rates
  • Lower loan amounts
  • Shorter repayment periods


How To Keep On Track With Payments

Is the thought of making repayments giving you a hard time? Have you had trouble with consistent repayments in the past? Here are some of the things you can do to keep on track with payments:

  • Cut back on your expenses to save money for your loan instalments
  • Mark your due dates in your calendar and set alarms
  • Use an app that tracks your debt and payments
  • Set up direct debits to make sure your loans get paid on time


How to get a loan to improve your credit score

Since you’re struggling with bad credit, you will probably already know that many lending companies will deny you loans based on the credit check, or you will be offered very bad deals. You can, in fact, circumvent rejection by opting for personal loans no credit check. As the name says, a no credit check loan is a loan you get without going through the typical credit check.

Why does getting a loan help build your credit rating?

Since your credit rating is a reflection of your financial behaviour and responsibility, it is affected positively or negatively by every move you make. We all know that defaulting on loans or making late payments drags our score down, but we tend to forget that good, consistent financial behaviour will improve our score.

So, if you were to get a loan and pay it off quickly, consistently, and responsibly, not only would you benefit from the money you borrowed, but you would also improve your score at the same time. All in all, poor credit is not the end of the world, especially when there are plenty of reputable lenders out there who are willing to understand circumstances and offer you a loan, regardless of your bad credit.


Top Tips On Getting A Loan (Even if it's Not a No Credit Check Loan)

If you’re looking for a loan without a credit check, then the chances are that you’re concerned that your credit file could affect your ability to be approved for credit.

However, as appealing as a no credit check loan can sound, it is safer and easier to get yourself a loan from a lender who carries out all the appropriate checks, as this will protect you from affordability issues in the future.

If you still need some tips to help you get a loan, here’s what you can do;

  • Keep on top of your repayments
  • Use budgeting tools and apps
  • Repay your payday loans early

Keep on top of your repayments

If you’re looking to borrow money and wish to improve your credit score, then you’ll have to make it your number one priority to keep on top of your repayments.

Ensure that you create a more financially responsible image for yourself. Keep track of your repayment dates, set up direct debits to ensure your bills are paid on time and in full.

Use Budgeting Tools and apps

It’s 2020 and time you take full advantage of all the technology that can make your life easier.

Budgeting tools can help to do all the work for you and are an excellent way to ensure that:

  • You have enough money to afford your loan instalments
  • That you pay everything on time

A simple excel spreadsheet, a special website or a smartphone app can be exactly what you need. Input all the information in that you need and allow the tool to do the hard work for you, keeping track of your finances.

Pay Your Payday Loans Early

In some cases, paying your loans early can benefit your credit report.

However you should ensure that the lender does have Early Repayment Charges, so that you do not have to pay any additional fees or interest for repaying your loan early. This can, in some cases, appear positive to potential lenders because you are demonstrating your ability to repay a loan promptly.

Inform yourself about the top tips on getting a loan with no credit check so you can rest easy and enjoy your money.

How To Avoid Getting Scammed

One of the unfortunate drawbacks that come with these loans is that many payday lenders are out to prey on their borrowers. However, luckily, there are some surefire ways to protect yourself against scammers and make sure that the deal you’re signing is legitimate. Here’s what to look out for with no credit check loans:

  • Research the company beforehand
  • Always read the terms and conditions of the loan


Research The Company Beforehand

Before anything else, you have to look into the company you are planning to use. How long have they been operating? What are the reviews like? Are they authorised to lend money?

These are all important aspects to consider and check before committing to a loan with any lending company. You wouldn’t want to sign a contract and then realise you’ve just legally tied yourself to a loan shark. Exercise caution.

Always Read The Terms and Conditions Of The Loan

The other rule of borrowing money is to always read the terms of the loan they offer you. To understand the conditions you have agreed to. Only once you are aware of everything there is to know about this loan, such as charges and interest, should you sign a contract.


What To Look Out For

No credit check loans sound like a dream come true for some borrowers – but not so fast – there are some risks you need to be made aware of. Fortunately, you can successfully avoid them and benefit from all the advantages of payday loans with no credit checks offer you!

What Would The Risks Be?

You’ve probably heard many rumours surrounding these loans – that they are sketchy, that they will put you even deeper in debt, that you will end up paying through the nose in interest fees, that they can damage your credit score irreparably, etc. Some of the things you hear are true, while others are just plain misinformation. Let’s talk about the risks and drawbacks:

  • Interest rates would be high
  • Loan amounts would be small
  • Lenders would be unregulated

Interest rates would be high

Let’s start by addressing the elephant in the room, shall we? Yes, a loan with no credit check comes with a very high-interest rate. You can expect APR rates that sit around 700% or even 1500%, depending entirely on the lender, your financial situation, how much you borrow, and for how long. What you need to remember is that the longer it takes to pay off the money, the more it will cost you, which can create issues of affordability.

Loan amounts would be small

The other thing is that the loan amounts are not all that high, which can become an issue if you need more money. That could lead to a situation where you take out multiple loans to cover the full sum you need, and that can make repayment a very difficult game to keep track of. It can be more responsible to simply look for a loan that will accommodate your needs regarding the amount.

Lenders would be unregulated

When it comes to the actual lenders, unfortunately, you can encounter problems. You see, not everyone is registered and trustworthy, and there are quite a few loan sharks out there masquerading as earnest payday lenders. The number of people who’ve fallen prey to these predatory establishments is not small, and if you’re not careful, you may end up in their greedy hands, having signed a very unfortunate contract.

How Can You Avoid The Risks?

Once you have been informed and made aware of the risks involved with a no credit check loan, we can now proceed to talk about how to avoid those risks. Here’s what you need to know about avoiding the pitfalls of short term finance:

  • Check out the lender first
  • Work out your affordability
  • Ensure the money is enough to cover your needs
  1. Check out the lender first: Before signing anything, you need to investigate the lending company. Look into their background, look for reviews from third-party websites online, and check with the Financial Conduct Authority (FCA) that they are properly registered and authorised to lend money.
  2. Work out your affordability: A good lending company will always carry out affordability checks before accepting your application for finance. However, it is also your responsibility as a borrower to make sure that you can afford to take this money and then pay it back, including the full interest amount. Use the Money Advice Service’s Loan Calculator to work out what you can afford.
  3. Ensure the money is enough to cover your needs: There is no use in getting a loan if the amount will not even meet your needs. Therefore, before you sign on the terms and conditions, you need to check the amount you need.

If the amount you can get comfortably covers your needs, then you’re good to go, but if there is any chance that you might need to borrow extra from another source, then it’s not worth it.


The Alternatives

If your credit could be better and it’s stopping you from getting accepted for a loan or other types of financing. There are alternatives you can look into if you’re still unsure which way you want to go. Let’s take a look at what alternatives are available for those who have bad credit.

Are There Better Ways To Get Money?

As loans with no credit checks aren’t authorised and regulated, making them unsuitable for borrowers, you may be wondering what the alternatives products and loan offers are out there. Here are some suitable alternatives, which are regulated:

  • Bad credit loans
  • Secured loans
  • Family loans
  1. Bad Credit Loans: Poor credit loans are specially designed for potential borrowers who do not have the best financial history. That means that you won’t be rejected automatically and they have options for a variety of credit levels. However, pay attention to interest, as it will be higher, and to other limiting factors, such as a smaller borrowing limit and shorter repayment periods.
  2. Secured Loans: If you have assets, then the solution to your credit issues could be a secured loan. You’ll need to offer your asset as collateral to secure your loan. It can be a car or a property, this will allow you access to a lower interest rate and a higher borrowing limit. Be aware that if you fail to keep up with your repayments your assets may be repossessed.
  3. Family Loans: Circumvent all the issues that come with borrowing from banks and traditional lenders with a family loan. You won’t have to deal with eligibility issues, interest rates, amongst other things. However, always keep in mind that borrowing money from family can cause conflict to arise.


While loans with no credit check isn’t a valid option to pursue if you need financing with bad credit, there are other viable choices you can make.

Alternatives include bad credit loans, secured loans, and no credit score loans. However, each will have its own pros and cons that need to be considered. Compare your options before deciding to make sure that you pick the best credit for you.


  • What is a No Credit Check Loan?

    No credit check loans in London are a form of short term credit which allows the lender to borrow money without the lender having to undergo a credit report check. Instead, lenders would, in theory, use bank statements and paycheques to determine a borrowers affordability and creditworthiness. However, not carrying out the appropriate credit and affordability assessments is against FCA regulation.

  • Is it possible to get a loan without a credit check in London?

    It is against FCA regulation for payday lenders in the UK to lend money without performing the appropriate credit and affordability assessment checks before they issue the loan. All regulated lenders must carry out these checks as part of their obligation to carry out responsible lending practices.

  • How can I get a loan with poor credit in London?

    If you have bad credit, then you can consider providing a guarantor with your loan application. Many lenders will consider loan applications from people who have poor or a thin file credit report if they have a guarantor. Guarantors will ensure that the loan is repaid if the borrower cannot make the repayments.

  • Why choose Multi Month Loans?

    At Multi Month Loans, we provide applicants with short term finance solutions and an application process designed to make your life easier. Whether you’ve got bad credit in London or need help covering an unexpected bill, we can help. We offer fast and flexible loan options from £100 to £5,000 for periods of 1 to 24 months.