Why is a credit check important?

A lender can never be absolutely certain that any borrower will be able and willing to repay a loan. Whether because of a lack of financial means or simple irresponsibility, a number of borrowers will default on their obligations.

Short term lenders, just like others, have to be confident of recovering the money they lend out if they wish to stay in business.

If certain borrowers fail to repay their loans, fees and interest paid by others must make up for any associated losses.

If every loan applicant were just as likely as all others to repay, loans could be responsibly approved with no regard to individual circumstances.

Information about financial circumstances and history can help highlight those borrowers who are most likely to repay.

Payday loans with no credit check forgo this important step. As with many other responsible lenders, Moneyboat uses a standard, discreet credit check process to inform loan approval decisions. Our loan underwriters assess credit-related information provided by Call credit before extending any loan offer.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.