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No Credit Check Loans

If you are like many Australians with a less than perfect credit score, you have probably endured the painful experience of applying for a loan and being denied. Many lenders only deal with people with a strong credit score and employment history.

Fortunately, even if you do have a poor or limited credit history, there are still finance options available. If you have a poor credit score—but are confident in your ability to pay back a loan in full and on time—then you may want to consider applying for a no credit check loan.

What is a no credit check loan?
As the name might imply, a no credit check loan is a type of loan that does not involve a credit check. This means that no matter what your credit score or history might be, you will not be automatically disqualified from applying for one.

Unlike risk-based lenders, no credit check lenders typically use the same interest rate for all of their clients. This means that the cost of borrowing is set and transparent. Do note that these types of loans generally have a higher cost of borrowing based on the lending risk level.

How do I qualify for a no credit check loan?
General eligibility for finance is below, qualifying for a no credit check loan is almost guaranteed if you meet these criteria and can provide proof of information.

To apply for a no credit check loan, all you need is:

– Must be 18 or older
– Permanent Australian resident
– Have a bank account
– Have a wage of at least $500 a week
– Centrelink cannot be your sole income to qualify. You must have an additional provable income source.

Contrary to loans from more traditional lenders, many no credit check lenders will return your application in less than a day.

Compare loan and finance options below

Micro Loans through Specialist Lenders: As the name suggests, these loans are for smaller amounts. Most lenders provide funds up to $5000. These loans are usually processed fast and can be a great option for emergencies or other urgent needs.
Learn more on applying criteria here.

Payday Loans: Are short-term loans that are typically up to $2,000. They come with a high cost of borrowing and must be repaid within 16 days and 1 year. Loans are processed quickly and typically have a high acceptance rate compared to banks.

Advance Payments: If you are currently collecting Centrelink benefits, you may qualify for an advance or your normal Centrelink payment. Depending on the amount of money needed, this can be a way to bridge certain financial gaps.
Learn more about Advanced Payments here.

Compare No Credit Check Lenders
When reviewing any type of loan it is important to do your due diligence. Entering into a loan under poor terms can make your financial situation worse. Below are some tips on how to avoid engaging with un-reputable lenders.

– Always check online reviews
– Always search for online complaints
– Use comparison sites but be wary, many of these sites only promote lenders that advertise with them. They may not disclose the actual best loans for pensioners.
– Verify the lenders are appropriately licenced, this can be done with a quick search on ASIC

Following the above tips will help keep you falling victim to scams or predatory lenders.

Quick view – See loan and benefit options for specific circumstances here.

As is the case with all financial decisions, it is important to know the pros and cons of a situation before making any lasting commitments.

There are benefits to applying for a no credit check loan. You are almost guaranteed to qualify, the turnaround is incredibly fast, and you will also gain access to the money that you need with no spending restrictions.

The obvious downside of a no credit check loan is the cost of borrowing. The cost of borrowing is higher than normal borrowing from banks.  Fortunately, the National Consumer Credit Protection Act protects Australians. This means that lenders cannot charge more than a 20% establishment fee and a 4% monthly fee moving forward. These are the typical rates you will find for a no credit check loan, but you may occasionally be able to find them for even less.