Unsecured Personal Loans No Credit Check Australia
Finding the right personal loan to suit your needs when you’re struggling with your credit.
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Getting an unsecured personal loan to suit your needs is easy given the wealth of options on the market, but you may find that a bad credit score could impact your success rate with some of the bigger lenders. However, there are still plenty of avenues available to people with bad credit looking for personal financing. Find out more about your bad credit unsecured personal loan options in Australia, and whether you can get one with no credit check, here.
Can I get an unsecured personal loan with no credit check in Australia?
No – there are no lenders who can offer you an unsecured personal loan with no credit check in Australia. Even if you’re borrowing the minimum amount offered by your lender, and even if your lender advertises no credit checks, your credit file will always be assessed as part of your application. This isn’t always to do with your credit score, however.
Bad credit lenders are far more lenient when it comes to credit scores, so they aren’t typically bothered if that is the only negative factor in your application. Your credit file is assessed to gain more personal information about you, such as your residential history and other identifying information. In addition to this, it can reveal public record information like court judgments if you’ve been declared bankrupt or recent defaults on your record for similar types of loans which might suggest a lack of reliability as a borrower. It’s important that you can’t apply for a loan hoping that your lender won’t find these; they will.
The primary reason why borrowers might want to avoid a credit check is that their score is in the lower range and they believe it will impact their capacity to get a personal loan. While this can be the case, particularly with larger bank and non-bank lenders like credit unions, there are plenty of options that you can look to if you’re struggling with your credit score and need personal financing.
What are my unsecured personal loan options in Australia if I have to get a credit check?
If you’re in a position where you feel that avoiding a credit check will help your application, you should probably look to apply for a bad credit personal loan. These are available to customers with bad credit through online lenders across Australia and are an alternative to personal loans with traditional eligibility criteria. These lenders are not as concerned by your current credit score as they are with the current state of your finances and any personal circumstances that might have led to your position. There’s a reason why these are often called “second-chance loans”: bad credit lenders are there to provide you with financing you may not otherwise receive and afford the opportunity to improve your credit score.
Bad credit unsecured loans function in the same way as any other unsecured personal loan: you apply for a certain amount to your lender and, if approved, you’ll pay it back over a pre-determined term with interest and fees. You can still choose whether your personal loan has a fixed or variable interest rate and the term over which you can repay it (between one and seven years). The amount you can borrow will depend on your current finances and what your lender determines is an appropriate and safe amount for you to repay.
Just because the application is open to bad credit customers doesn’t mean you’ll be guaranteed approval, though. Your lender still reserves the right to turn down your loan application if they don’t believe the amount you’re asking for is realistic or if you have recent defaults for similar loans showing up on your credit file. As such, you should treat your application as carefully as you would for any other type of financing to ensure the process runs quickly and smoothly.
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How to get approved for a bad credit personal loan
Pay off your current debts
If you have debts outstanding at the time of your unsecured personal loan application, paying them off prior to applying will make you more appealing as a potential borrower to your lender
Lower your credit card limits
Lowering your credit card limits is a tactic that many adopt when aiming to improve their credit score. Doing so ahead of your application will show your lender that you’re serious about your finances and keen to service your loan as a means of raising your score.
Only ask for what you can manage
Countless personal loan applications have fallen flat in years gone by due to the borrower asking for more money than they appear capable of comfortably repaying. It’s important to only ask for what you can manage and what you need overall
Carefully review the lending criteria
Looking over these criteria carefully prior to submitting your application can ensure that you’re approved in a prompt manner. Reviewing these will make you wholly aware of any documents or qualification points that you might’ve otherwise missed that could delay or sabotage your application.
Common unsecured bad credit personal loan questions
Small loans to suit your circumstances
Helpful small loan guides
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.
