Does Ferratum Offer Payday Loans With No Credit Check?
Can I Apply For Payday Loans With No Credit Check?
If you search for payday loans or short term loans with no credit check, you will find many brokers and dealers who will offer this to you. It might not be quite as you imagined, though. They technically don’t credit check you themselves but, they may pass your details onto other brokers and lenders who will. If you check the terms and conditions before going ahead, you will find that really, you won’t be applying for a payday loan with no credit check.
Most companies you wish to lend from would want to perform a credit check before sending any funds, they do this to make sure you can afford to repay the loan and that they aren’t putting you into any financial difficulty.
The FCA requires that lenders like Ferratum who are authorised and regulated by them, credit check and assess affordability before granting a facility. Offering short-term loans with no credit check is not allowed or advisable. Ferratum does not offer short-term payday loans with no credit check because we are authorised and regulated by the Financial Conduct Authority.
You should also consider the possibility that your credit report might not be quite as bad as you think it is. If your credit history has had its ups and downs over the years, this isn’t always a true projection of how you will handle short-term credit.
Can I See My Credit Report?
You can check your credit report easily for free with many online services such as noddle.co.uk. Remember that it's not just your 'credit score' that you want to look at, all credit companies will interest your history differently, so the 'score' can vary massively from place to place. Instead, look at your credit report or history. This will show you all the credit agreements you already have, such as your mobile phone contract, car insurance and sometimes utilities. You should also be able to see your payment history, and if there are any late or defaulted payments that might look bad from a potential creditors point of view.
Can I Still Get Credit With A Bad Credit Score?
Remember, it's not necessarily the score, but the actual details of your financial relationships that creditors are interested in. Having a bad credit history doesn't automatically mean that you won't be able to get any form of credit, but it does mean you might not be able to take advantage of the most competitive rates. This is why bad credit loans are sometimes more expensive, as this covers the extra 'risk' to the lender.
You may also find that other factors increase your ability to get credit, such as your overall income and expenditure, which shows if the loan is affordable to you.
How Do I Apply For One Of Ferratum’s Short-Term Loans?
When our customers come to us for their loan needs, we like to keep it simple for them. Ferratum is a direct lender, and this means the process is much simpler, as your whole application is done directly with us. Complete the online form in 5 minutes and we'll give you a decision straight away. Generally, our 1-month loans are used as an advance on wages to bridge the gap when your salary isn't quite due, and our longer-term loans are for covering a larger expenditure, where you might need to spread the repayments over a couple of months.
We charge daily interest on our loans and we have a minimum 7-day term. We don’t ask you to scan or post sensitive documents, all of our security checks are done online so your details are safe. You simply provide us with a few pieces of information, we validate it then process the application.
We offer payday loans between £50 and £300 for new customers and up to £500 when you have repaid your first loan. The amount you are offered is based on your credit and affordability checks and can go up and down. If your credit report shows other items of similar credit due to be paid around the same time, we won’t be able to overcommit you as it is not fair practice. This is why we cannot and have not ever offered a payday loan with no credit check.
Even though our payday loan applications are subject to very sophisticated identity validations and credit checks, it only takes about two minutes to complete one. You’ll have an instant decision on screen at the end and, if approved, we send your money within a couple of hours.
If your application isn’t successful, that doesn’t mean you can’t try again. Check your credit report and address areas that could improve by making all repayments on time and not applying for too much short-term credit. Don’t make lots of applications as this won’t help. We advise waiting about 30 days before submitting a new application.
Check out our loan calculator below to see what kind of loan term would suit you.