If you’re looking for payday loans with no credit check, we understand the situation you find yourself in. You’re worried that your less than perfect credit rating will affect your chances of being approved for a loan. When you need to pay for essentials, such as car repairs so you can continue travel to work, or a plumber to fix a broken down boiler, you need money fast, and don’t want anything to stand in your way.
As a responsible lender, we credit check every prospective borrower who approaches us for a loan, and run affordability checks so both parties can be confident in your ability to make the repayments. However, that does not mean that if you have a less than perfect credit rating you will not be approved for a loan.
How important is credit rating?
In today’s economy, all sorts of goods and services are bought on credit, and even something seemingly minor as a missed payment on a monthly phone bill could adversely affect your ability to access credit in the future. In such a credit-reliant society, there are actually very few people out there without some sort of black mark against their name.
So, while we might be happy to agree payday loans for people with bad credit, credit checks are still an important element in our decision-making process, as they allow us to make sure our product is right for you. However, a credit check is not the only piece of information we look at, as it really only tells one side of the story.
What is the potential impact of a bad credit rating?
Borrowers often look for payday loans with no credit checks because they are worried their credit records will affect their ability to access a loan. The reality is that short term lenders that do not run a credit check have no concern about your ability to afford the loan. These lenders are more interested in the default charges and other hidden costs they can apply if you fall behind on your repayments. The fact is that bad credit payday loans are available, but you should only apply to lenders that run a credit check.
We understand that everyone misses the odd phone bill every now and again, as a result we look at more than just your credit history. At Wizzcash we take into consideration our customers circumstances and our checks are only conducted to align with our commitment of being a trusted and responsible lender. As part of this commitment, potential customers need to meet the following criteria to be eligible for a loan:
- Over the age of 18 years old
- UK resident
- Finally, you are earning a monthly wage that exceeds the amount of £750.
Read more about the type of checks that we do here.
How is your credit rating viewed?
A bad credit rating is viewed very differently, depending on the lender. For example, a mortgage provider is likely to view a poor credit record very dimly, due to the long term nature of the product and the amount of money that’s at stake. A short term lender on the other hand will expect to see some negative information on a credit record. The reality is that while every lender will look at your credit history, the importance they place on the information it contains will vary a great deal from one to the next.
A short term loan is often used to bridge the gap between income and expenditure to pay essential and unavoidable costs. As a result, most short term lenders will still approve payday loans for people with bad credit, as long as the negative events on the individual’s credit rating are not too serious.
How do Wizzcash loans work?
At Wizzcash.com, we perform credit checks on every applicant, and while we do not necessarily agree to ‘bad credit payday loans’, we are willing to accept that very few people out there have perfect credit histories. As a responsible lender, we take our role very seriously, and would never offer payday loans with no credit check, as this could be a route to potential financial difficulty for our borrowers, which could damage their credit score further.
We offer loans of up to £1000. The loan period is 3 months. For more information, please take a look at how our loans work, or if you’re ready to get going, you can complete your loan application here.