Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Representative Example: Amount of credit: £300 for 64 days with one repayment of £76.80 and one repayment of £376.80. Interest: £153.60. Interest rate: 292% pa (fixed). 1294.9% APR Representative.
Can I Get Payday Loans With no Credit Check?
Here at QuickQuid we perform traditional credit checks and verify application information via various national databases. People with less-than-perfect credit can apply.
How Important is a Credit Rating?
Essentially, credit is the amount of confidence a lender has in a borrower's ability to pay back a cash advance. Credit scores and credit ratings are a way to turn that confidence into easy-to-digest information, making it simple for lenders to understand your credit history at a glance.
Because your credit rating is used to analyze your credit history, it is an important element in the decision-making process for lenders, but it's not the only one. Depending on the lender and the loan type, other elements considered include a borrower's job status, current debt and/or expenses, collateral available (in some cases), and other outside circumstances.
How Can My Bad Credit Affect Me?
This depends on who is reviewing your credit and why. For our purposes, all licensed banks and lenders review credit for every requested loan — whether a long- or short-term loan — but even this can be a tricky process to understand. The reality is, that while every lender will look at your credit, how heavily they weigh your credit can vary a great deal from one lender to the next.
Lenders aren't the only ones who may take your credit score into consideration. If you're trying to rent an apartment, purchase a mobile plan, or start a utility service, your credit could be reviewed to make certain you have a history of making on-time payments. Further, a potential employer might review your credit simply to learn more about you, though they must first ask permission.
Ultimately, it's impossible to say exactly how your credit will be viewed by lenders, landlords or service providers; while one lender may have issues with your credit history, another very well may have no concerns at all. But due to the variety of ways your credit history can be used, the best course of action is to continue working towards achieving good credit, if you don’t have it already.
How about QuickQuid?
QuickQuid performs credit checks on each applicant. While we do not offer ‘bad credit loans,’ we do have cash loan amounts available up to £1,000† for new, approved customers, and £1,500† for existing customers. We want eligible customers to have the best chance possible at achieving financial security, and take our role as a responsible lender very seriously.