No credit check loans

What is a no credit check loan?

A no credit check loan is where you can get a loan without having a credit check completed on yourself. Normally a mortgage lender or loan provider will assess every client on their ability to repay a loan. A no credit check loan or a guarantor loan means that someone else will be guaranteeing to the lender that the loan in question will be repaid.

How does a no credit check loan work?

The borrower (the person who needs the loan) will find someone who knows them - normally a family member or a friend - who is confident that the borrower will manage to pay back the loan and therefore is willing to use his or her own credit history to help the borrower get the loan.

The borrower will provide details to the lender and application forms will be sent for both the borrower and guarantor to complete. Once these are returned the lender might even need to contact the guarantor to confirm their details and confirm that they have consented to the agreement.

The lender will then check the guarantor's credit rating as well as any other criteria that may apply, and if they meet these then the loan will be issued to the borrower. The guarantor will only play another part in the no credit check loan process if the borrower has trouble paying off the loan, at which point the guarantor would be called upon to cover the failed payments.

Advantages of a no credit check loan

It can be easier for you to get a no credit check loan, as you use your friends' and family's credit history instead of your own.

Disadvantages of a no credit check loan

A no credit check loan can have disadvantages:

• Time-consuming
• Can be a risk
• If you are unable to make the payments then your friend or family member will be responsible
• It will NOT help to rebuild your credit rating
• Some lenders charge a non-refundable fee just for the privilege of applying online
• There is no guarantee that you will be able to get the loan
  

I don't have a brilliant credit rating, so is a no credit check loan my only option?

Getting any kind of loan can be a tricky process if you don't have a good credit rating. But don't worry because Month End Money will still consider you and if your two minute application is successful we could help you improve your credit rating, as each time you pay off a payday loan from Month End Money this positive repayment is reported to a credit reference agency.

If you pay your payday loan from Month End Money on time then this will stop a failed payment being reported to the credit reference agency. However, if you do not repay your payday loan on time, that will also be reported to the credit reference agency and could have a negative effect on your credit rating.

Is it easy to get a payday loan?

A payday loan from Month End Money is quick, easy and hassle-free. We can give you your approved amount in one minute and we don't charge any administration or upfront fees.

All you need to do is fill in our fast online application form or call us on freephone
0800 _280 2500¹.

We can lend you from £100 to £750 and we charge £14.50 for every £50 you borrow. Month End Money now has access to the Faster Payments Service so we can deposit the funds into your bank account on the same day you apply².