Payday Loans No Verification
There are payday loans no verification lenders who tend not to use the compliant and non-compliant approach when considering a potential customer to lend to. These lenders tend to have a higher than normal interest charge and may have high arrear charges if failure to pay on the nominated repayment date. Interest rates for these no verification lenders can be as high as 49%. This means, for every £100 borrowed, you will need to pay a charge of £49 within 30days or your next payday.
However, there is usual codes of practice that payday loan lenders needs to abide and follow, this is called Know Your Customer, which is also known as KYC Verification.
This verification includes:
- Identify check – Proof of ID,
- Address check,
This check if now done online so therefore, there is no need for faxing paperwork back and fourth. A KYC check does not include a verification of employment; it’s just the basic customer check. Most payday loans no verification lenders do an affordability check and employment check in order to complete verification of salary income.
Payday loans no verification means no credit check and lenders today can fund loans disregarding your credit history. As these loans are small, there may be no need to take into account bad credit as these may have been there for bigger loan products that was taken out years before the current date.
However, despite a no verification payday loan, it may in your best interest to have a lender fully verify you. The more credible a lender can be whilst checking your loan application shows the cut down in fraud rate.
There are many checks related to the payday loans industry and these are as follows, you can get payday loans no verification checks, no checks, no credit checks, no broker fee checks. As mentioned previously, any lenders providing no checks carry a higher interest rate and fee.