Can I get a bad credit loan with no credit check?
In the UK, you can’t get any type of regulated loan without a credit check. This is because the Financial Conduct Authority (FCA) requires all authorised and regulated lenders to complete a creditworthiness assessment, which includes either Open Banking, or a hard search – sometimes referred to as a hard credit check.
These checks are carried out on anyone who applies for credit, regardless of their credit score, the amount of money they need to borrow, and the type of loan they apply for. You cannot avoid a credit check, and it’s important to remember that these guidelines are in place to protect you.
Will a bad credit score affect my chances of being approved for a loan?
If you have bad credit history, it’s understandable that you might feel apprehensive when thinking about searching for a loan. While your borrowing options may be restricted and you could be offered a higher interest rate, there are lenders who are willing to consider applications from people with bad credit.
Growing Power is a credit broker, and we work with a panel of over 30 lenders, some of whom specialise in bad credit loans.
Can I search for a no credit check bad credit loan with Growing Power?
Please be aware that Growing Power only works with lenders who are authorised and regulated by the FCA. If we’re able to match you with a loan and you choose to make a full application with the lender, a creditworthiness assessment will be carried out.
You can search for a bad credit loan with Growing Power if you meet the following eligibility criteria:
- You’re over the age of 18;
- You’re a UK resident;
- You have a UK bank account and valid debit card; and
- You have a regular source of income paid into your bank account.
Any credit score considered.
Different types of credit checks
We’ve included a breakdown of different types of credit check and when they might be used below.
| Credit check | How it works |
| Soft search | A soft search can sometimes be used to determine your eligibility for a product before you make a full application and provides a lender or credit broker with an insight into your financial history without affecting your credit score.
A soft search will only be visible on your credit file to you, and the company who completed the check. |
| Creditworthiness assessment | A creditworthiness assessment is carried out by a direct lender when you apply for credit and will consist of either a hard search or Open Banking. We’ll explain more about each of these below.
A creditworthiness assessment will give the lender an idea of how likely you are to be able to repay the loan. |
| Hard search | A hard search will remain on your credit file for up to 12 months and will be visible to any other company accessing your file. Multiple hard searches within a short period of time will harm your credit score. |
| Open Banking | Open Banking is a safe and secure procedure used by many authorised third parties, such as lenders. With your consent, Open Banking allows your chosen lender to view your recent financial activity via your online bank account. |
I need a bad credit no credit check loan. How much money could I borrow?
As mentioned, you cannot get a loan, bad credit or otherwise, without undergoing a full creditworthiness assessment.
You may still be able to get a loan with a responsible lender, even if you have bad credit, although you’ll need to think very carefully before you decide whether to apply.
With Growing Power, you can search for a short-term, personal loan from £100 to £10,000. Depending on the amount of money you apply to borrow, you can choose from a repayment term between 3 and 60 months.
Do I need a guarantor to apply for a bad credit loan?
A guarantor loan is when you apply to borrow a sum of money from a lender, and a family member or friend agrees to act as a ‘guarantor’ and make your repayments if you can’t.
While you should never apply for a loan unless you’re 100% confident that you can afford to repay it yourself, having a guarantor could help your chances of being approved if you’ve struggled with credit in the past.
A guarantor loan might be something you wish to consider if you have a history of poor credit, although you could still be eligible for a bad credit loan without the need of a guarantor. Please note that none of the lenders on the Growing Power panel offer guarantor loans.
Guaranteed no credit check bad credit loans
You should be cautious of any company claiming to offer ‘guaranteed’ loans.
No loan can be guaranteed, even if you have an excellent credit score.
Responsible lenders are required to carry out a creditworthiness assessment, which is in place to ensure that customers can afford to repay the money they owe. This could help to protect customers from potential financial difficulties further down the line.
Any company operating outside of FCA guidelines will not offer you the same level of protection and could put you at risk.
Six reasons to choose Growing Power as your bad credit no credit check loan alternative
- Growing Power is a credit broker and is authorised and regulated by the FCA.
- We only work with FCA authorised and regulated lenders. This means that if you choose to apply for a loan with one of the lenders on our panel, you’ll be fully protected.
- Any credit score considered.
- If approved for a loan, your money could be sent today.*
- Our service is completely free to use.
- Quotes are no-obligation.
*Payout timeframes will vary between lenders. The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
What to do if you can’t repay your loan
If you’ve been approved for a loan and are struggling to make your monthly repayments, you should contact your lender. They will be able to discuss any options that may be available to you. While it’s important to remember that every lender will have different protocols, you could be offered temporarily reduced repayments, or a repayment holiday.
Get free money and debt advice
Worried about your financial situation? Please don’t suffer in silence.
You can contact any of the following organisations for free, confidential advice: StepChange, MoneyHelper, Citizens Advice, and National Debtline.