Fast No Credit Check Loans for Unemployed People
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Many Australians use cash loans each year to bridge cash flow gaps and address unexpected expenses. Applying for a cash loan online takes minutes, and lenders make decisions just as fast. No credit check loans are impossible, but you can get a fast cash loan whether you’re employed or unemployed, even with bad credit. Read on to find out more about your fast finance options here.
How do I qualify for a fast no credit check loan when I’m unemployed?
In reality, there are no loans on the market where the provider doesn’t perform a credit check – fast approvals or otherwise. All lenders must conduct credit checks regardless of the type of loan and profile of the customer. However, some lenders look at your report in different ways than just your credit score.
Many Australian lenders offer a product called a cash loan. It works a lot like any other loan, but qualification requirements are different, so it’s nowhere near as hard to qualify as you might think. Cash loans can open doors for unemployed people who are capable of servicing a smaller amount, but don’t fit the lending criteria of other loan types. Providers work to responsible lending rules, so rather than not conducting a credit check, they use this to examine your current credit commitments more than your borrowing record. In other words, they’re more interested in your capacity to repay the loan than your current credit score.
One of the reasons cash loans are so fast to arrange is because qualification requirements are pretty inclusive and clearly defined. You need to have a regular form of income – but you can still get a cash loan on Centrelink payments, for instance. A cash loan’s rigid qualification requirements and structure can also work well if you’re in between jobs. When you’re unemployed, it’s important you’re able to budget and fixed, capped fees allow you to do so.
However, it’s also essential not to over-extend your borrowing capacity. Cash loan lenders work to strict rules for assessing your ability to repay your loan, which is why when they run a credit check, they’re looking at your existing borrowing and figuring out if you can handle repayments without hardship. While credit scores aren’t necessarily front of mind, more recent issues and problems with other cash loan products may be of concern to them. You can combat this by applying for a cash loan with bad credit, even if you’re unemployed.
How do I apply for a loan when I’m unemployed?
The quickest way to find a cash loan lender that accepts applications from unemployed people is to apply via Savvy. We’ll get a few details from you and match you instantly with the most relevant loan provider out there. It’s 100% digital, so it works in seconds, and we compare products and requirements from a panel of reputable, licenced lenders. You can apply from wherever you live in Australian, whether you need a cash loan on the Gold Coast, Broome or Brisbane. You can get pre-approval with a lender within 60 seconds, making it a very fast process.
Once that’s done, we’ll connect you to the lender’s website, where you can complete their quick application form. It only takes a few minutes, and you can upload all the required documents to their website. Here’s what a lender will ask for:
- ID – in the form of a driver’s licence or passport, for example.
- A recent utility or mobile phone bill.
- Your Centrelink Income Statement – which you can find via your MyGov account.
- 90 days’ worth of bank statements – you can even grant read-only access via the web.
Once your loan is approved, the lender will send an agreement for you to sign and return. After that, it’s just a case of waiting for your funds. With many lenders, you’ll be able to see the funds hit your account on the same day.
How much do fast loans for unemployed people cost?
Cash loan fees are very straightforward. Instead of an interest rate, cash loan lenders use charges based on what you borrow and for how long. All fees are capped according to government guidelines, so you always know precisely what you’re going to repay – both on a regular basis and overall. Here’s how cash loan fees work:
- You pay a setup fee, which can’t exceed $400.
- You pay a regular repayment fee that never exceeds 48% of your loan amount in total over 12 months.
How much that ends up costing you will differ according to the total amount you borrow and the length of your loan term. You pay your setup fee back over the total amount of repayments. Here are a few examples of that:
| Loan | Term | Establishment fee: | Repayment fee: | Monthly total: | Total cost: |
|---|---|---|---|---|---|
|
$5,000 |
24 months |
$400 |
$200 |
$425 |
$10,200 |
|
$4,000 |
18 months |
$400 |
$160 |
$404.44 |
$7,280 |
|
$3,000 |
12 months |
$400 |
$120 |
$403.33 |
$4,840 |
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Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
