Payday loan no credit check UK lenders include PayDayWay, while most other firms in the industry require credit checks to complete the loan application process.
Typically, the requirements to getting a payday loan in the UK include that you are at least 18 years old, UK resident, and that you are employed and receive a regular salary of a certain sum (varies from lender to lender).
However, even though credit check is part of most lenders loan processing procedure, less than perfect credit is often acceptable, as long as the borrower can verify regular income and steady job.
For example, Pounds2Day, one of the more popular payday loan companies in the UK, markets their services with "Less Than Perfect Credit Accepted".
Instead, companies such as Pounds2Day rely on numerous indicators of creditworthiness, verifying the applicant information via various national databases.
Also, many firms restrict the maximum loan amounts to first time customers, thus reducing the lending risks without a need to rely on credit checks alone.
Because of the central requirement for a steady job and regular income, some companies do not do credit checks at all.
One of these companies is PayDayWay, an online payday lender, whose FAQ section states "...nearly half of our customers that apply for a payday loan have bad credit history."
Their requirements for an applicant to be approved include (at the time of writing this):
For those fulfilling these requirements, the company provides a very fast application form, marketed as a "1 minute payday loan application form".
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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