When searching for a short term loan, the quest for some quick emergency funds can be particularly challenging. This is especially so if you happen to have a poor credit history. And a poor history could be down to a wide variety of reasons. Or you may have no credit history at all. In the following article, we will outline why this doesn’t automatically exclude you from still accessing a quick loan. We took a look at how to get a quick loan with no credit.
Can you get a Quick Loan with no Credit?
The short answer is yes. We could still find you a loan even if you have little to no previous credit history. Instead of ruling certain people out for being applicable to receive a loan through us based on a lack of credit score, lenders instead look over each application on a case-by-case basis. We consider each applicant as a unique person, with unique circumstances.
At Moolr, we will of course never work with certain lenders. Those that provide a loan to someone who they believe can’t afford to keep up with the loan repayments. Lenders will take into account every individual factor in the application process. This means that you may still be able to take out a quick loan from one of our lenders without any prior credit history.
How to get a quick loan with no credit
To apply for a quick loan with no credit history from Moolr, there are a few simple steps you’ll need to follow:
- Firstly, you’ll need to make sure you meet the following pre-application eligibility criteria;
- You must be 18 years of age or over
- Applicants must live in the UK
- You must have a regular income
- Applicants must have access to a UK bank account in your own name, with a debit card associated with the account
- You must have a valid email address and mobile telephone number
- Decide how much you want to borrow and how long you’ll need to pay it back and use our loan calculator to discover how much you will need to pay back each month, as well as the total repayable amount
- Fill in our online application form – you will need all of your personal details as well as bank account details and employment information
- We then provide you with an instant initial indicative decision
Other Points
- whether you have been accepted by a lender or not, or if they need to conduct some more checks about your application
- If you decide to then proceed with your application, your lender will then perform a full credit history check against the details you have provided to us.
- If your application is fully accepted and approved, your loan will be paid in full directly into your bank account, and this will usually happen within 5-minutes of loan approval
- You then repay your loan as per the terms and repayment schedule agreed to during the application process, or of course, you can choose to make early repayments or loan overpayments
If you can meet all of those pre-eligibility criteria, the next steps are as follows:
What is a Quick Loan?
A quick loan through Moolr is a fairly simple thing to explain; we are of course aware that many people who are seeking emergency funds in the form of a short term loan are doing so because they are in need of these funds in a hurry. The idea behind a quick loan is to bring you the money you need to deal with whatever financial situation you are going through, without any unnecessary roadblocks or a needlessly complicated application process.
Simple Process
When completing your quick loan application, we like to keep the process as transparent and as straightforward as possible, and it is not uncommon for you to have completed the online application, heard back from your lender to find out whether the application was successful or not, and received the money from the loan, all within a matter of minutes.
That concludes this short blog article on how to get a quick loan with no credit. You can learn more about our Quick Loans by visiting our blog site.
