Online Loan No Credit Check* – Is There Such A Thing?

£50 - £2,500 paid out by 10:33am

How much would you like?

£

Representative 305.9% APR

Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
*Omacl will not perform a credit check but lenders will determine your loan eligibility by performing a soft search. If you accept the loan offer presented to you, a hard credit search will be performed.

Are Online Loans Available With No Credit Check?

The personal finance industry is crowded with consumer lending options, causing confusion when money is needed fast. Among the many UK borrowing alternatives available to credit consumers, some finance companies promote online loans with no credit check. These loans furnish flexible funding for short-term financial needs, but their description doesn’t exactly reflect what goes on when you apply for a no-credit-check loan online.

You may want to leave your credit history out of it, but in practice, online lenders do evaluate applicants’ credit status during the approval process for short-term loans. They may not follow exactly the same credit check procedures that banks use to assess applicants, but payday advance lenders are required to review your creditworthiness before funding your loan request.

Personal credit history aside, online loans offered with no credit check provide short-term financial relief, when money’s needed between paychecks. Users appreciate the streamlined approval process, which gets money in their hands quicker than traditional finance sources.

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Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.

Why Get an Online Loan?

The good news for online credit applicants is that the approval process for short-term funds is faster than it is for conventional banks loans. And because each online lender establishes its own set of lending standards, you may run into fewer obstacles getting approved for an online loan.

Online alternatives are ideal when you need a relatively small sum of cash for a short period of time, before repaying the loan. Benefits of working with online lenders include these advantages:

  • Fast – Like other tech-inspired modern conveniences, working out your financial needs online can lead to faster results than traditional banking methods. From start to finish, the online loan approval process often takes less than a day, whilst getting approved for a conventional loan can take weeks.
  • StraightforwardBad credit loans offered with no credit check serve UK borrowers’ immediate need for fast cash. A cumbersome approval process is counter to the cause, so online lenders use a streamlined application process to assess eligibility and speed approval. After you’ve established loan terms and repayment requirements, the money is transferred directly to your current account.
  • Convenient – Moving in a mobile world, your banking and borrowing services need to keep up with your lifestyle. Comparing quotes online and finding a lender match through a broker provides an efficient alternative to wading through conventional channels, searching for the best rates and loan terms.
  • Lower Interest Rates – Online lenders may have greater flexibility with their interest rates than brick and mortar banks do. It’s easy to compare multiple providers online, before submitting an application for no-credit-check funding. And since loan rates are fixed, there’s no worry about interest payments growing unaffordable.
  • Low Loan Amounts – Why borrow more than you need? A big-ticket purchase, such as a house or property investment requires substantial financing, with repayment lasting decades. At the other end of the spectrum, online loans with no credit check are small, bridge loans that get paid back within weeks.
  • Flexible Spending – It’s always a good idea to have a purpose set out for your online loan proceeds, but your options are virtually unlimited, when it comes to spending the cash. As long you’re prepared for repayment, it’s up to you how the money’s spent.
  • Fewer Fees – Bank branches add overhead expense, so brick and mortar lenders must recover costs by charging fees and interest. By connecting online, alternative lenders are able to sidestep some of the traditional costs of doing business, passing the savings to UK borrowers.

How Does Omacl Compare?

Why Use Us?
How much can I borrow?
Up to £2,500
No hidden fees
Chance of getting approved?
95%
High approval
What are the repayment terms?
3 - 18 Months
No paperwork.
How do I apply?
Apply Online
2 min Application
Do I need to pay back a lump sum?
No
Easy repayments

When you need money in a hurry, access to cash may be your biggest obstacle. Online loans can help you overcome conventional finance challenges, particularly when your credit’s not perfect. Even if you’re turned away at the bank, you may qualify for a fast alternative loan, without spending restrictions.

Omacl’s online loan brokering service helps you efficiently search multiple online loan providers, using a single application to find an ideal lender match.

Am I Eligible for an Online Loan With No Credit Check?

A negative credit history can work against you when applying for any kind of loan. Though some online lenders promote no credit check products, they still take your history into account when reviewing your application. However, because they apply their own metrics for evaluating applicants, online lenders may be willing to fund your UK loan request, even with an imperfect past. Top online providers also have flexibility approving a partial loan, when the requested amount is too much.

Unlike mortgages and other types of secured credit, online loans are not guaranteed by real property. If you don’t pay your mortgage, the lender takes your house. But without collateral to back up unsecured online loans, they are considered riskier than secured funding. In order to lower their exposure to risk, lenders specialising in online loans with no credit check use your stable employment history and pending paycheck to determine eligibility.

You don’t need perfect credit to qualify online, but you must meet basic borrowing criteria to be considered for a loan. To borrow online you must:

  • Be at least 18 years old
  • Have an active current account
  • Be a legal citizen of the UK
  • Prove you have the means to repay the loan
  • Be free of existing balances with the lender

More than a perfect credit history, online lenders consider your ability to repay a loan. Approval is based upon consistent employment and proving payroll is on the way.

Finding Fast Flexible Funding Solutions

Though online lenders can’t approve your application with no credit check, they understand your urgent need for a short-term loan. Top online lenders use an efficient screening process to assess eligibility and match you with a lender prepared to fulfill your loan request.

Once approved, your online loan proceeds can be used to pay routine expenses or reserved for a specific spending need. Popular usage for online loans includes these spending demands, among others:

  • Motoring Expense – It is thought UK car owners each spend nearly £400.00 monthly for access to personal transportation. Each driver’s expenses are unique, so the price of your car and insurance cover, as well as financing costs and movable petrol expense may push the cost of motoring even higher in your household. Add-in an unexpected repair bill and the total cost of staying mobile may be more than you can afford to pay. Online loans are commonly used to address car maintenance and repairs, such as unexpected break-downs, tyre replacement, and the cost of routine service.
  • Household Spending – Replacing broken fixtures and appliances, making house repairs, and addressing maintenance you can’t put off can all take a toll on your household budget, calling for outside help. When a long-term personal instalment loan is too much, but you need additional cash flow for household spending, online loans promising no credit check fill the short-term spending gap.
  • Family Crisis – Personal emergencies not only take a bite out of your finances, but unforeseen family circumstances can also lead to additional expenses, further complicating your financial picture. Should a parent or family member take ill, for instance, travel may be required, adding to you customary spending budget. And if your relative needs ongoing care, you may require unpaid time off work to help them back to good health. With added expenses to account for and income interruptions straining cash flow, a short-term online loan may be enough to ease worry during a critical period.
  • Bills – It takes a steady flow of income to meet household spending obligations – and it isn’t always easy to predict expenses from month to month. If a big bill hits at the wrong time or your paycheck drags for a day or two, it may interrupt your flow, creating a cash crisis at home. An alternative to revolving credit, an online loan may furnish a more cost-effective spending solution than reaching for your card.

These are only a few of the spending categories occasionally calling for outside financing. Identifying how much money you need and working out a repayment strategy before you apply can help prevent borrowing too much or missing timely payments. Online lenders participate in credit reporting, so you can use your timely loan repayment to build stronger credit.

If yours is one of the many UK households without proper emergency savings, a single disruptive expense can cause financial worry. Without reserves on hand, you may turn to credit cards and other types of financing to make ends meet. Among a crowded field of funding options, online loans with no credit check present a straightforward, short-term loan alternative. The online resources provide increased access, streamlined approval, and fast funding for most applicants.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Omacl is a broker, not a lender, and does not make credit decisions.