Can I get a no credit check loan?

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Affordable repayments
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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.

Rates between 11.8% APR and Maximum 1698.1% APR. Loan term lengths from 3 to 60 months. There are no fees for our service.

Thousands of potential borrowers in the UK use the Internet every month to search for no credit check loans. But are there actually any lenders or brokers offering no credit check loans in the UK? The answer is no – that’s because no credit check loans are not regulated by the Financial Conduct Authority (FCA). So, why do people still search for them then?

There are two main reasons. First, people are generally unsure about how loan companies decide who they lend money to and why. For example, some will worry that they don’t earn enough money to qualify or that a lender might not say yes because of the reason they want to borrow the money. Others are concerned that their application will be turned down because of what they think is on their credit report.

Whatever the individual reason, when people are looking for a loan, they want to find one with the minimum of fuss. You’ve probably seen adverts on the Internet or had flyers posted through your letterbox from companies offering quick loans without any need for a credit check.

If you do see an advert like that, you should be very wary. Why? The FCA is in charge of who can legally lend money to people in the UK. And the FCA only allow reputable lenders and brokers to work in this sector.

As one of the FCA’s conditions on being able to offer loans to consumers, they require each and every lender to run a full credit check on anyone who completes an application for a loan.

With Growing Power, you can find out how likely you are to be offered a loan before applying. All you need to do to find out is to use our free “Eligibility Checker”. No credit search is run on you at any point. Within 60 seconds of completing the form, we’ll then show you our confidence rating on your loan being approved. Please note that a high confidence rating does not guarantee that you will be approved.

No credit check loans – how do they work?

There are no legitimate UK lenders who can offer a loan without running a credit check on you when you have completed their application form. However, many people who need money use Google to try to find lenders who will anyway.

How and why lenders say “yes” to some borrowers and “no” to others is a mystery to lots of people. And it’s this confusion and lack of certainty which drives many people to look for no credit check loans.

People worry about applying for a loan for lots of reasons. As well as thinking that there might be information on their credit report which would lead a lender to say “no”, they also worry that they might be turned down because they haven’t been in their job long enough or because they missed a repayment on a credit card a few years ago.

Here’s the way that lending actually works.

There are hundreds of different lenders in the UK and each one of them has their own guidelines on who they’re happy to lend money to. One lender might say “no” to you because of what’s on your credit report, how much you earn, and how long you’ve been with your current employer for. But there might be one or more lenders who say “yes” to your application using the exact same information.

It might be a surprise to you, but there are over 80 lenders in the UK who specialise in lending money to people with less than perfect credit histories. If you need to borrow money and you’re sure that you can comfortably meet all the repayments, there may well be a number of lenders who would accept your application.

Can people with bad credit really get loans?

Yes. 20 years ago, it was nearly impossible for any potential borrower with a bad credit rating to find a lender willing to say “yes” to a loan. Things are very different today – there are dozens of lenders competing to lend money to people with bad credit scores.

Every time you make a complete application for a loan through an FCA-authorised and regulated company, they will have to perform a credit check on you before making you a firm offer. They tell you beforehand that they want to run a full credit search on you and they ask for your permission before they do so.

Remember, there is no such thing as a no credit check loan. No credit check loans are not regulated by the FCA. Lenders now understand better than ever that there may be a legitimate reason why a borrower has a bad credit score. Many of these reasons also might be absolutely no fault of the borrower.

Lenders consider bad credit scores as part of a bigger picture. When deciding whether to offer you a loan, lenders take into account other things like how much you earn, what you do, how long you’ve been with your employer for, and how much you spend on outgoings every month.

Credit reports are still very important but please remember that many of the lenders on our panel try to get a real understanding of you and your life when you apply to them. By getting to know borrowers better in this way, many people who would have been flat refused a loan 20 years ago are now being approved.

Why use Growing Power?

Growing Power Choose us because…
How much can I borrow? Up to £10,000 Online application, no paperwork
How long do I have to pay the loan back? 3 months to 60 months No obligation quote
What is the Growing Power APR? 49.9% variable Get an instant decision
Are bad credit applicants welcome? Yes Flexible repayment options
Can I pay the loan back in instalments? Yes We don’t charge any fees
Time it takes to receive your loan? 10 minutes* FCA-Authorised broker

Are no credit check, no guarantor loans legitimate?

No credit check, no guarantor loans are not regulated by the FCA. If you come across a company offering one, you should take extra care because it’s not a regulated activity. The fact that an activity is regulated offers you important legal protection.

In the past, if someone wanted a loan, they may have gone to their bank first. To get a loan from their bank, they would often have to have a high credit score and a well-paying job. If they didn’t, the bank would probably say “no” to their application. However, some banks would consider saying “yes” to an application from someone with bad credit if they could find a guarantor.

A guarantor is someone who promises to pay back a loan in full if the borrower can’t meet the repayments. Getting someone to make this promise is a lot to ask so, in the end, many people with bad credit who wanted to borrow money would have had nowhere to go.

Lending has changed a lot since then.

Many of the lenders on our panel are now very happy to work with borrowers without the need for a guarantor. Although there is no such thing as a no credit check, no guarantor loan, borrowers now have the option of checking to see how likely they are to be approved for a loan before they make an application.

Want to find out the likelihood of being offered a loan through GrowingPower? You can by completing our eligibility checker. No credit search is run on you at any point. Within 60 seconds of completing the form, we’ll then show you our confidence rating of your loan being approved. Please note that a high confidence rating does not guarantee that you will be approved.

Credit scores are still a very important part of a lender’s decision-making process but it’s important for you to know that, for many of our lenders, they now take into much greater account a borrower’s financial situation today when making their decision. Let us help you find a lender who takes that constructive approach by using our service.

For many of our customers, the bad credit loans we find have a similar interest rate to guarantor loans meaning that you wouldn’t be paying more for your loan because you don’t have a guarantor.

Please be aware though that the rate you’re offered on any loan we find for you depends on your personal circumstances and that the best rate we find for you may be higher than the rate on an equivalent guarantor loan.

Ready for a quick loan?

Are no credit check no guarantor loans right for me?

No credit check, no guarantor loans don’t exist. The Financial Conduct Authority requires all licensed lenders to carry out credit checks on anyone applying for a loan although guarantor loans are not an FCA-regulated activity.

Some lenders will run a full credit check on both the borrower and guarantor when a complete application is made. Other lenders will run a soft credit check on the borrower and a full credit search on the lender. You will be advised on a guarantor lender’s specific policy on credit searching prior to completing your application.

Before you take out any loan, you should make sure that you can afford the repayments you’ll be agreeing to make and that making those repayments will not cause you or your family any financial hardship.

If you are worried about the amount of debt you have, there are six organisations you can approach free of charge for help – StepChangePayPlanNational Debtlinethe Money Advice Servicethe Debt Advice Foundation, and Citizens Advice.

No credit check loans and Growing Power

We’re here to help you find an affordable and competitive loan deal from our panel of lenders. Our service is completely free of charge to borrowers. All you need to do to start is to answer the questions we have on our easy-to-use application form.

Once you’ve completed that, we’ll send your details to lenders on our panel more likely to be able to offer you the loan that you need. The lenders will carry out a soft credit search on you but this will not affect your credit rating.

If we find a lender likely (although not guaranteed) to offer you a loan, you will be automatically sent to their website to complete their application form. The lender we find to work with you will carry out a full credit search prior to making you a firm offer. You’ll be shown all the key information you need to know about any offer that’s made to you and you’ll be asked to read, understand, and agree to the lender’s terms and conditions.

To start your application, please click here

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.