Managing your finances and expenditures can be tasking sometimes. Ideally, depending on your cash flow, your monthly income should be sufficient to cover your monthly expenses if you budget properly. But then, life happens sometimes, and you can run into unforeseen expenses that take you out of budget.
In such times, obtaining a loan might be the quick fix you need to sort out your emergencies. However, credit checks, collaterals, and other formal protocols often elongate the time it takes to get a loan from financial institutions. So, what do you do when you really need to get a loan as quickly as possible without these formalities, especially with a poor credit score?
That’s exactly where quick loans come in. As the name implies, quick loans are unsecured loans disbursed within a short time and usually require much fewer approval procedures. This article will explore the easy way to get quick loans in the UK with no credit checks.
What is a Credit Check?
A credit check is a statement of your financial history of previous credits. Lenders use credit checks to ascertain your credibility and determine the terms of your loan grant. It is usually one of the requirements to obtain a quick loan in the UK.
A credit check typically contains your data – name, address, type of account (mortgage, auto loan, etc.), date of account opening, account balance, borrowing history, payment history, and linked financial account.
Firms use credit checks as insurance statements for utility and phone applications. Homeowners use credit checks to ascertain if a lease can be issued. Employers also review credit checks before issuing a job.
Can You Get a Loan With No Credit Check in the UK?
It is usually not possible to get loans in the UK without credit checks. The UK Financial Conduct Authority (FCA) requires authorized lenders to check out the previous credit records of applicants before approving loans. This is to ascertain the borrower’s ability to pay back the loan.
However, you can still obtain some quick unsecured loans from alternative lenders online, even with a bad credit score. An easy way to get quick loans in the UK is through trusted online loan brokers such as 786 Loans.
What Do You Need To Get a Quick Loan?
Quick loans are often short-term loans that range from £100 to £5,000 and have a short period of due payment compared to other conventional loan types. Although quick loans generally take less time and stress to process, you must fulfil certain requirements to be eligible. You must
- Be over 18 years of age
- Be a resident of the UK
- Have a consistent income
- Have an income paid directly to your bank account
- Have a credit score (credit record)
- Have an updated and correct credit file. Wrong details and documents on your file can hinder the approval of your application.
Which Documents Do You Need To Apply For Quick Loan In The UK?
- Proof of Identity (original UK driver’s license, passport or EU member state ID card)
- Proof of address (utility bill, mortgage statement, passport, rental agreement, etc.)
- Bank statement (6 months)
- Proof of employment
- Passport photograph
786 Quick Loans in The UK
Sometimes, finding the right lenders online can be difficult when you have a bad credit score. 786 Loans helps you cross that bridge by connecting you to the best lenders that match your quick loan needs. Unsecured loans you can access with 786 Loans in the UK include payday loans, no guarantor loans, instalment loans, 12-month loans, homeowner loans, etc.
To access a quick loan via 786 Loans, you must visit 786 Loans online and fill out the loan application form with the correct details. Set the terms of the loan, such as loan amount and repayment tenure and submit the application form. The lender accesses your profile and disburses the funds to your provided account if the application is approved.
One major benefit of applying for loans with 786 Loans is that you do not need to pay any upfront fees. Also, with 786 Loans, you can get quick loans in the UK with no guarantor. However, remember that 786 Loans is only a broker and not a lender.
Quick loans can come to your rescue when you need urgent cash for emergencies, even with a bad credit score. However, you should not borrow for fun; make sure you need a loan before going for one. And when you get a quick loan, endeavour to keep to the repayments terms to help rebuild your credit score. With the excellent services of 786 Loans, you can rest assured that you’ll get quick loans in the UK without many hassles.