When looking for payday loans in Birmingham or installment loans it can be strenuous process having to search for a company that does short term loans and then having to leave your house and go to the store which may incur more costs in traveling for some people which they can’t really afford. When you reach the store you may forget the documents you need like wage slips and statement which will mean you have to go all the way home and back to the store again which can be a lot of hassle.
Even after producing all the right documents and completing an application form, the store will run credit and affordability checks to see whether they can lend to you and there is a possibility they may decline your application and then you start to think you have wasted half a day going through the process and maybe spent money on travel which you could not afford in the first place.
Looking for payday loans online in Birmingham is a more simple process than trudging round the streets of the city. When looking for funds to cover your short term financial emergencies you can use The Lenders List to find verified direct loan lenders in the UK who are licensed and regulated by the Financial Conduct Authority (FCA).
Our panel of direct instalment and payday loan lenders allow residents of Birmingham (unless stated otherwise) to submit an application online without having to leave your home. You can use your mobile, PC or laptop to complete an application and in most cases takes around 5-10 minuted to fill out. If documents need to be sent over to the lender this can usually be done by sending it through email meaning there is no need for fax machines or sending documents through the post.
One of the benefits of applying for a short term loan online means that you can get decisions the same day as long as the applications are done within the lenders office hours and if you are lucky enough to be approved you can possibly have the funds in your account the very same day if your bank supports this type of transfer.
If your application is declined the lender will notify you either by calling you or through email. There are many reasons why your application may have been declined but all payday loan lenders have an obligation to carry out affordability and credit checks on all customers wishing to obtain a loan. The checks are done to see whether a loan will be manageable based on your income and to also check your history to see how well you keep up with payments. If you don’t meet the responsible lending criteria then you will probably be declined.
There may be times where you had financial problems in the past, but all is not lost as most lenders will manually check to see whether they can lend to you. On some occasions if you are from Birmingham with a bad credit history some lenders could offer you a lower amount than you applied for but this is at their discretion if they believe you are able to repay.
There is a myth that some loan companies do no credit payday loans and this is not true if you are using a reputable and regulated loan company. Taking a loan of any sort in the UK from a direct lender you are subject to a credit check of some sort. Some lenders have a high score you need to meet to pass for a loan with them and there are others who have a lower score you need to meet.
Even if a loan lender conducts a credit check on you and you don’t meet the criteria required it does not necessarily mean you have been declined. Lenders can take other circumstances into consideration to see if they can accept your application so don’t assume because you have a poor credit history that you think you will be declined instantly.
If you are searching online for no credit check payday loans or no credit check instalment loans in Birmingham, it is not the best way to search for a loan. Looking for a no credit check loan could mean that you have had a lot of financial trouble in the past and a short term loan may not be ideal for you. If you need help and support for any financial issues we recommend you contact the Money Advice Service who will be able to guide you towards a better approach for your situation.