Why No Credit Check Loans Do Not Make Any Sense in Emergent Financial Technology Segment

By Stacey

Emergent FinTech market in the UK brought with it revolution and this revolution gave way to innovation. FinTech lenders always had multiple solutions for the new generation borrowers, and this was not a gift in surprise. Borrowing funds through the route of loans followed a strategic process, guided through the terms and conditions of FCA. However, there were implementation problems, caused as the result of loan sharks, who tried to pull borrowers through fake and jargon phrases like no credit check loans, or bad credit no check loans etc.

The result was devastating, and FinTech market began to slow down, and emerging financial technology companies were bearing all the brunt. No credit check loans or No Credit Check Payday Loans are misnomers, which are not counted as the mainstream loans. Furthermore, the aggressiveness with which financial promotion is done, leads to problems, for the end borrowers.

 What is Hard Credit Check?

A hard credit check is undertaken, especially when you are applying for a loan or credit card. When the lender opts for hard credit checks, he is going to look deep into your credit history. It is not a big deal for him to ask for previous records of your credit ratings too.  With every hard credit check, you can expect your credit score to make a dip by 1-7 points, and this drop is visible on your credit report for a maximum period of two years. 

What is the Soft Credit Check

A soft credit check will immediately provide your lender with an in-depth summary of your credit report. You lender will put into place a soft pull strategy for verifying and then sending you a pre-approval. Besides, there are other units such as the employers and insurance companies, which become interested in undertaking a soft pull of your financial situation. You need to have the idea that a soft credit check is not going to affect your credit score and this is not visible to the lenders out there, listed in the FinTech market.  Basically you do not have any no credit check loans in the UK, and this is what matters at the end. You cannot make your life like a living hell, for the simple reason, you have no awareness on funds granted from the soft credit check.

Funds without a Credit Check

The melodrama around ‘No Credit Check Loans’ can be easily identified, when you come to know that everything being said is either about the soft or the hard credit check. You need to place yourself in between these loans to ensure financial health. When ‘No Credit Check Loans’ is talked, reference is only made to ‘Soft Credit Check’. Lenders at the online marketplace offer quite flexible and fast funds without the borrower waiting for days.  The borrower, if he has a bad credit score, can still have the funds. 

Why Favouring Soft Credit Check Loans Instills Positivity

Searching for the loans, and then making the decision, which eventually leads you into pit, is nothing less than a boomerang. Your financial situation is not going to improve in this way, albeit you may stall in life. Your knowledge on a particular loan should be clear. This is right in case you go for soft credit check loans, which clearly outlines the following:

• There is no need for collateral to show up;

• Approval time for the loan is quite quick;

• Rate of interest is fixed, and always on the lower side;

• You do not need to have a good  credit profile;

• Tenure period of the loan is likely to vary;

• Paper work and documentation is eliminated.


Benefits of Soft Credit Check

If you want to strike the balance between your loosing finances and your desire to build up funds, then you need to have a look on the aspects of benefits of soft credit check loans. Here are a few of these benefits:

#1 – Your credit report will not be affected. Your lender is not going to have any inkling of your credit ratings. This is obviously the benefit you like to look on.

#2 – Lenders will never ignore your loan application thinking that you had a recent soft credit check. They always welcome you with his exclusive offers.

#3- You still have the loan available on lowest interest rates, even after you had a soft credit check done.

#4 –With soft credit check completed on your credit report, you are going to build up a reputation with your lender. It is going to benefit you later.

#5 – In the end, you are going to have positive borrowing experience, and it is this experience, which always counts in your favour.

#6 – You have the loan, when your credit report is not impressive or you have a long history of bad credit.


Are you interested in taking the funds through no credit check loans? It is very important to make your intentions clear right in the beginning of your borrowing.  You cannot have the funds from no credit check loans, and this is quite simple. In all practical situations, you do not have anything that can be called as:  ‘No Credit Check Loans’. This is nothing more than a bad jargon key phrase that is utilised by loan sharks quite a number of times to befool the borrowers, and make lot of money out of them.

It is entirely your responsibility to look on such key phrases, and make the decision later. This is going to be an informed decision and you will not have to repent.

Do not wait for the Wake-up Call

You never know when your financial condition changes and you have the need felt for a loan.  It is better to be prepared than wait for the wakeup call to be heard by you.

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