When you apply for a loan then most of the lenders will do a credit check on you before they decide on your approval. The credit check not necessarily has a bad effect on your credit score. If the lender does a hard credit check then he will deeply search into your credit history. A hard search may leave a mark and other lenders will also be able to see this if you apply anywhere else. However, there are some loans with soft credit checks available online. A soft credit check will not negatively impact the credit report of the person.
Now the question arises of how to find loans with a soft credit check. For your help, we have described 6 online platforms that will help you to find the lenders that offer soft credit check loans online.
What Is A Soft Credit Check?
Lenders do two types of credit checks when you apply for a loan to them. A soft credit check and a hard credit check. If a lender is doing a soft credit check then it means that he will consider some of the basic information and this check will not be visible to other lenders if you applied to them.
But if a lender does a hard credit check then he will go into more details and history and the credit check will be shown on your credit report. So a hard credit check can be a future problem as multiple checks will damage your score and you may not be able to get a loan in the future.
Advantages Of Loans With Soft Credit Check
Following are some of the advantages that you can take by getting soft credit check loans.
- It will not negatively affect your credit score
- The other lenders will not be able to know about the check.
- If a lender does not approve you then you can go to other lenders without harming your credit rating.
6 Online Uk Platforms That Provide Loans With Soft Credit Check
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FastPaydayLoans.co.uk
FastPaydayLoans is an overall good online loan provider that offers you access to lenders who have done a soft credit check. It has a good network of online available lenders and you can easily access them to get the best loan deals.
Whether you are a new customer or an existing one you can enjoy its services for free as Fast Payday Loans does not take any type of hidden or additional charges from the users. If you need to get loans for soft credit checks then you can take them up to £5000.
Pros:
- It does not do a hard credit check
- It does not take any hidden costs or charges from its customers
- It connects you with lenders who have a high approval rate.
- It has a vast network of professional UK lenders
Cons:
If you do not have a regular income source then you may not find a loan from FastPaydayLoans.
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PaydayLoansUK.com
If you have failed to get loans and your application has been thrown out by the traditional lenders you may have to go with PaydayLoansUK. It offers you a variety of payday loans including personal loans, secured loans and loans with soft credit checks.
You will be connected with the lenders that mostly have low credit score requirements and do a soft credit check. If you meet all the eligibility requirements you have a high chance of getting approval from its network lenders.
Pros:
- Its lenders have a high approval rate
- It provides bad credit loans with soft credit check
- It has a simple and easy-to-understand interface.
- It let you borrow up to £5000.
Cons:
You must have a regular source of income to qualify for the loans.
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EasyPaydayLoan.co.uk
If you need to get a secured loan but do not have collateral to provide them you can turn to EasyPaydayLoan for its soft credit check loans offer. You can get loans with a soft credit check without providing any guarantee. Additionally, you have a high chance of getting loans because its lenders have shown a high approval rate.
One of its unique features is its high level of confidentiality. As you have to provide some of your information but it will not save the data on its servers and only lenders are allowed to get them. Additionally, the interface on which you are entering information is encrypted so no third party can steal it.
Pros:
- It offers an easy and quick process
- It does a soft credit check
- It provides you bank-level confidentiality
- It also does not demand any additional charges from the users.
Cons:
If you are applying for bad credit loans then you may get them with high-interest rates.
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UKBadCreditLoans.com
You can consider UKBadCreditLoans as a good option for affordable bad credit loan offers. It is a licenced company that has been doing well for many years. It has gained a lot of positive reviews from the customer site. It also helps you to find affordable loans with reasonable interest rates.
The online process that it has introduced takes as little as a few minutes to complete and provide the information and it will connect you with the lenders that make fast decisions and you will be informed as soon as on the same day.
Pros:
- It does not take prepayment charges
- Its lender’s members do a soft credit check
- The process is simple and easy
- It helps you get fast and free quotes
Cons:
If you miss the payment deadline you may have to give a late payment fee.
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CocoLoan.co.uk
CocoLoan is another good option on which you can relay to get loans with a soft credit check. This loan broker helps people having poor credit scores access reputable lenders in the UK who can provide them with a variety of loans for up to £5000.
The minimum amount that you can borrow from here is £50, this makes the platform a good option for those people who need to get small cash advances. Most people get approval as soon as on the same day they are applying or the next following day.
Pros:
- Some of its lenders charge very low-interest rates on loans
- It provides free quotes from trusted lenders in the UK
- It can help you to get quick funds
- It does a soft credit check, especially on bad credit loans.
Cons:
You are not allowed to find loans if you are not a UK resident.
Ending Remarks
A Credit check is important for the lenders before approving your loan offer but if they are doing a soft credit check it will not negatively impact your credit rating. In this article, we have described five online working platforms that will help you to access the lenders that do a soft credit check when you apply for a loan to them.
