No credit check loans often come in the form of advances on your next paycheck from a third party, generally for between £80 and £750, which are to be repaid on your next payday. Either on-line or at a physical office, “anyone over 18, working in the UK, with a current bank account that has a Switch, Solo, Visa Electron, or Visa Delta card,” according to Advice Online, can apply for no credit check loans, by giving the company your personal information, usually including: names, birthday, e-mail and physical addresses, insurance numbers, home and mobile phone numbers, employer’s name and phone number, source of income, frequency of pay, pay dates, monthly salary amount, and bank name and account. Take note that you must earn a minimum monthly amount to be eligible for no credit check loans in the first place. However, obviously, your credit will not be checked. Either the money will be deposited into your bank account or you will be handed cash in exchange for a post-dated personal cheque which will be cashed on your next payday.
While many of these no credit check loans are legitimate and offer secure and fast on-line transaction methods, there are scams everywhere. Before supplying any of your personal information, such as what is listed above, be sure to check the service with the Office of Fair Trade. Using only those services offering no credit check loans for which you have positive personal references is also a good idea.
Once you do get your next paycheck, the no credit check loans company will then withdraw the amount that you borrowed, plus any interest and fees, directly from your bank account, for which they already have the information, or they will cash that post-dated cheque that you previously wrote. Because they either have your bank account information or a paper cheque in hand, they are assured repayment. This is why you do not need a credit check to be eligible for such a loan.
You can defer the repayment of no credit check loans, but this is not advised. New charges will be incurred for every month the payday loans are deferred.
In a pinch and with a less than optimal credit history, no credit check loans can help. Remember, though, that working towards the amelioration of your credit history is just as important as getting through the present tough times.