No Refusal Payday Loans

No refusal payday loans in the UK - Direct Lenders. 

Are you being refused payday loans? We understand the feeling...complete the form, hit submit and then the wait. Decline. Sucks, doesn't it? Surely 'no refusal payday loans' exist?

Why was my loan declined? 

We have discussed what Lenders look for here and the impact of bad credit here but is it always obvious when Lenders will decline loans?

Not always, is the answer. Lenders work with differing risk models - i.e. the percentage or level of risk that they are prepared to work with when reviewing all the application data.

If recent CCJ's exist or bankruptcy, then unfortunately, it will be very difficult to find a Lender prepared to take the risk - indeed, it would even be irresponsible for them to do so. Sadly, there is actually no such case for any no refusal payday loans in the UK.

Some Lenders will be prepared to take on customers with fairly low credit scores provided that a genuine case can be made for repaying the loan.

This means that evidence must be present in the data available to the Lender that the Applicant is making amends for their low credit score. So not all is lost. Low credit scores need not be an obstacle in themselves to being accepted.

Approved Payday Loans in the UK

How can we turn a declined loan into a no refusal payday loan? The best way to do this is to demonstrate that you are not a bad risk. Clean up your credit file and improve your score.

In addition to the above, spreading the application to reach as many Lenders as possible in a single go could work. How do you do that?

The answer is simple: use a Direct Lender who will also act as a free Broker should they decline your application themselves.

Here at The Quick Loan Shop we offer both services. If your application and risk model fits within our own algorithm for acceptance then we will happily fund your loan.

However, should we decline, then we will request our Affiliate Lender Partners review your application.  This is in order to see if any would like to fund the loan themselves. Often, this yields a positive result for our customers.

A word of caution concerning no refusal payday loans

No regulated Payday Loan Lender can truly offer no refusal loans. They don't exist within the regulated space. The reason for this is because Lenders have a duty to be responsible and act with due care. Lenders cannot provide loans to vulnerable people who have little realistic chance of repaying the loan.

The Financial Conduct Authority

In the United Kingdom, Lenders are subject to strict monitoring and rules as set out by The Financial Conduct Authority. 

Any Lender in breach of these Rules risks losing their license. Therefore, when reviewing applications for loans, Lenders will be very careful to avoid issuing loans to anyone who simply cannot afford to repay them.

Advertisements for guaranteed no refusal/no decline loans are misleading and not to be trusted.

Use Regulated Lenders for your loan

Check for licenses. FCA licenses within the UK. Check for positive reviews.

Review the Financial Ombudsman's Lender Complaint's files for any negative concerns that might exist pertaining to a Lender.

Never accept offers of a loan from a cold caller.

Accept the refusal

This one is hard to do. There will be a great temptation to try elsewhere. But don't, it only makes matters worse. Adding to existing declines hurts credit files even more.

The best course of action is to work upon improving your credit history.

Don't try and massage your data to make the risk seem less. This action doesn't help you and it doesn't help the Lender. Instead, it sets up a scene for a CCJ.

Be responsible 

Lenders have a duty of care towards you, they cannot lend to anyone who is a default risk. Similarly, you have a duty of care not to apply for loans that you know you will never be able to repay.

Lenders refuse payday loans. It happens every day.

Seeking financial help

If your financial situation is dire, rather than apply for more debt, seek advice from the professionals who can help you such as those at Stepchange.org

Serious debt is harmful. Free, confidential and expert advice will help.

Debt Management Plans, Individual Involuntary Arrangements, Debt Relief Orders, Bankruptcy, Debt Arrangement Schemes and Sequestration Bankruptcy are just some of the available solutions.

The Good News

The good news is that payday loans are available to those who can repay. This type of loan can be a great source of income advance when not abused. Used correctly, having an on-demand cash flow is pretty handy.

Application

Should you wish to apply for a short-term advance, please do so here: 30 day loan

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