Credit checks are not necessarily a bad thing. A crucial step in ensuring that a loan is affordable is doing credit checks. But what about those with poor credit who have run into trouble and really need a loan to get back on their feet? There are many situations where someone who might not be eligible for a typical loan might need to borrow money and has both the means and the intention to repay that money. No credit check loans are available for just that reason. Be warned that My Borrowing is a lead generator and may sell your application to a lender who does run credit checks.
How Do No Credit Check Loans Work?
No credit check loans are loans that are offered for a small loans, over a short period of time, without requiring the borrower to submit to a full credit check. Lenders will typically still do a ‘soft’ check to confirm the identity of the borrower, but they may not take into account the user’s credit score, and they may not do a full, deep check that might impact on the borrower’s credit score.
No credit check loans are usually a form of payday loan. They are for relatively small sums of money, and the money, under $300, is repaid back quickly – usually in a matter of a few weeks. The lender will have their own eligibility requirements. Example eligibility requirements might be:
- Being a resident or citizen of Australia
- Having valid email and telephone contact details
- Holding an Australian bank account
- Having regular, stable income over the last three months
No credit check loans are available for people with bad credit, even if they are unemployed. As long as an applicant has some income, whether from unemployment benefits, sickness benefits, or even a pension, that should be enough for them to be able to demonstrate the ability to repay a loan. Be aware that My Borrowing website is a lead generator and may sell your application to a lender who does perform credit checks.
Finding a Lender That Doesn’t Do Credit Checks
If you want to apply for a cash loan with no credit check, look at the loan finding tool on the MyBorrowing homepage. This tool will connect you with lenders that are likely to be good options for you given your financial circumstances. These lenders may perform credit checks.
If a suitable loan is available, simply fill out the application form, providing information about your address, the best way to contact you, and your income and expenditure, as well as any dependants that you might have. Lenders may ask why you want the loan, so they can better understand what is going on with your finances.
You will need to be able to show evidence of your income, so it is a good idea to have the relevant information to hand. Online banking statements are often suitable. If you have moved house recently, then you may be asked for information about your previous addresses.
The loan application process should take just a few minutes, after which the application will need to be processed. This should not take long, but depending on your circumstances the loan might need to be reviewed manually. A delay is not bad news, since lenders are looking to review your case individually, rather than declining it outright because of a poor credit score.
Once the loan has been approved, the payment will be sent directly into your bank account. All that remains is for you to repay the loan on time, and hopefully benefit from an improved credit score as a result!
To find out what borrow apply online on MyBorrowing and get approved for your same day cash loans.