Will I Need a Credit Check?
Since the financial services and consumer credit industry has been regulated by the Financial Conduct Authority it has been compulsory to credit check each and every individual applying for consumer credit. Whether an unsecured personal loan or an emergency cash loan. Or any other type of loan. Which means the answer to the question of is it possible to get emergency cash from new payday lenders is a resounding yes. It’s the same whether your lender is a new payday lender or has been around for as long as your oldest relative. In our case that’s nearly a century! (Oldest relative not Badger Loans)
Prior to the 2015 FCA regulation it was possible to be given a loan without being searched or scored. That way is no longer available. You will find companies advertising on the internet for loans without having a credit check. You will likely find they are trying to fraudulently relieve you of your money. Don’t click on them! As stated, everyone bar no one must be credit checked prior to any funds being released.
Credit Scoring
Credit scoring usually comes as part of the package with a credit check. For short term loans most lenders won’t pay too much attention to the results of a credit score. Especially when dealing with customers who have had problems with credit prior to applying. While your credit score is important, it’s always a good idea to try and keep it as high as possible. However, it doesn’t matter so much when applying for an emergency loan online.
What generally tends to happen these days and does happen here at Badger Loans is that in order to access an emergency online loan you will be what’s called ‘soft searched’ first once you have submitted your initial application via ourselves. This is an initial credit search against your name which does not appear on your credit file. It’s a basic search which will give the prospective lender a general idea about your finances. Plus it will show the way you have conducted previous loan or credit arrangements.
Once approved for a short term loan the lender will perform a hard search against your name and addresses. This will appear on your credit file. This is an indicator to other lenders that you are looking for credit. Therefore it is important not to apply too many times in quick succession. It will have the effect of making you look like you’re trying to get finance everywhere and not succeeding. That’s a red light for lenders.
Always Read The Small Print
Want to be borrowing money quickly? Hope to get a same day cash advance loan approval? In that case you will have to have a credit check and be credit scored. Please remember to always check your repayment terms before signing anything. Always ask questions about anything you don’t understand or feel is unclear.
We hope this helps.
