1294.1% APR Representative Example: Borrow: £300 for 90 days Interest: £144.06 Total to repay: £444.06 Repay in 3 instalments of £148.02 each. Annual interest 274% (variable). Representative 1294.1% APR.
Nowadays, due to strict guidelines and regulations, short-term loans with no check is not allowed based on many verticles. The concerns regarding credit scores, credit report and the increasing demand for payday loans, short term loans, numerous lenders claim to allow no credit check payday loans and no fees loans. All lenders who grant such short term loans with no credit check may be faced with problems with regulators as creditworthiness needs to be accessed on a list of important criteria before approving such applications. No credit check without your permission unless you grant this by making an application. Therefore, if a direct lender declares to offer short term loans with no credit check, stay away as if this fundamental rule is broken, there may be other rules they may be breaking too which may not work in your favour.
Some direct lender brokers charge upfront fees and other brokers may add extra fees to the original amount you have borrowed. That is, as a no-fee introducer/broker is the way forward. Most direct lenders have no hidden fees and we will always be absolutely honest in everything they do for you.
Accessing people applications using affordability information is essential for direct lenders. The process shows the disposable income which gives a clear indication of the likelihood of whether the loan can be repaid on time or not.
Many direct lenders are now advancing short-term loans for people with bad credit. As with other short-term loans, these loans are often for small amounts of money and highlight a short repayment period; normally around one month to up to 12 months. Particularly created for people with bad credit, certain short-term loans accommodate people with prompt access to funds in times of financial difficulties.