Payday loans can help you out when you're in a tight spot, no credit checks required.
If you're in need of a loan, for whatever reason, you can have up to $2,000 paid into your account today, all without a credit check. If 'perfect' isn't a word you would use to describe your credit history, you can still have options for accessing credit – find out what they are below.
Borrow up to $1,800 with no credit check
Sunshine Loans offer a no credit check loan with a fast and easy online application to employed borrowers. Apply today to be considered.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Sunshine Loans do not conduct a credit check
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Must be 18+
- Confidential and secure!
- No Credit Checks - Must be employed
Your no credit check payday loans options
Luckily, there are options out there for people with bad credit and one of these options is a payday loan – the below with no credit check required. Compare your options in the table below.
*Total cost may vary based on any other fees charged by the lender at the time of repayment
Warning about Borrowing
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
What exactly is a payday loan?
A payday loan is a type of loan that is between $100 and $2,000 and you can borrow for between 16 days and one year. This type of loan is usually taken out if you need to pay for an unexpected expense that cannot wait until you next get paid. These can include car repairs, medical expenses or for larger purchases such as furniture or even a holiday.
Why doesn't your credit history get checked?
Most providers of credit will take a look at your credit history, although some will not. These are referred to as "no credit check" loans. Keep in mind that most payday loan brands have more flexible lending criteria than banks and other financial institutions and tend to focus more on your current financial situation, so even if you have bad credit you may not need a no credit check loan.If you're concerned about a lender not performing a credit check, then you could compare a range of other payday and short term loans.
5 steps to get a no credit check payday loan
1. Compare your options.
There are a few brands out there who offer these types of loans, so performing a comparison is a good place to start. You can look at the comparison table above to start – remember to consider fees, repayment terms and other features.
2. Work out how much you need.
3. Budget your repayments.
Tour loan repayments will be outlined in your credit contract. Incorporate these repayments into your budget to ensure that you’ll be able to repay the loan.
4. Organise your documentation.
You will be required to produce specific documentation to be able to apply. Check out our payday loan application guide, but you will generally need documents to verify your identity, employment, Centrelink payments (if applicable) and your Internet banking logins. Here's why you'll need your Internet banking logins.
5. Apply online.
When you’re ready, you can apply easily online. Click "Go to Site" from any of the comparison tables to be securely directed to the brand's website to apply.
How do you get approved you for a loan?
You employment situation will be looked at, the amount you are paid from your employer and how regularly you are paid. Using this information they lend you an amount of money that is in line with your income and pay frequency.
For example, if you are paid a yearly salary of $35,000 that is paid to you in monthly instalments, you would be paid approximately $611 a week after tax. Based on your pay frequency (monthly) and pay amount, the lender will determine how much money you are able to borrow and how long it will take you to pay it back.
Payday lenders want you to be able to pay back the loan as much as you do. Some help you to meet your repayments by setting out your repayment amounts and frequency in your contract and direct debiting repayments on the date you get paid.
Case Study: George
George is in a tight spot. His car broke down while he was driving to a job as an electrician. The quote from the mechanic came back at $800 — a cost which is out of his budget. He has a mortgage to cover, not to mention the living expenses for him and his two children. With a defaulted credit card payment from two years ago on his file, he doesn’t think he’ll be able to get a loan from a traditional lender.
He compares his options online and finds a range of no credit check payday loan options that are available. He can borrow the $800 and pay it back over a period of four weeks as per his pay cycle. He budgets for the cost of the loan and by making a few concessions for the month and works out that he can repay it.
Types of personal loans that may not require a credit check
- Same day loans. Same day loans give you access to cash within 24 hours, sometimes even soon if you have an existing relationship with a lender. With no credit checks required, the online application process puts you back in control of your finances fast.
- Short term loans. With no credit check short term loans you don't have to worry about arrears, defaults, missed and/or late payments, or in some cases bankruptcy getting in your way of access to cash. These loans provide a fast and effective solution to help you get on top of your expenses and you can repay it all in the short term.
- Bad credit loan. Small term collateral free loans are a suitable solution for bad credit borrowers. No credit check payday loans can help you find the right deal for your status, even with a few black marks on your credit history.
- Flexible loan terms. Unsecured personal loans allow you to borrow for any purpose, within reason. This puts you to be back in control of your finances when expenses such as bills, car repairs and home renovations drain your monthly income. If you're overdue for a holiday, a flexible loan could help you out too.
How you can compare payday loan brands
There are quite a few payday loans you can choose from, so you need to know how to compare to find the right one for you. Here are some things to look out for when you compare:
Payday lenders are restricted by ASIC when it comes to fees. For loans of less than $2,000 with terms between 16 days and one year, lenders can only charge:
- An establishment fee which is 20% of the amount loaned
- A monthly account-keeping fee which is 4% of the amount loaned
- A government fee or charge
- Default fees or charges
- Enforcement expenses that will be charged if you fail to pay back to loan
Make sure you review all fees and charges outlined in your contract before you take on any loan.
Most payday lenders operate online, so determining their reputation isn't quite as easy as checking out their physical location (if they had one) where you could find out about them in person. When you look at a payday lender's site you should check how open they are about their loan terms and conditions, how easy the information is easy to find, if they have a detailed "about us" section which includes contact information and also if they have an FAQ page.
You can also read customer reviews from third-party websites to see what other people's experiences have been. Check if they offer a secure connection by looking for a 128-bit secure padlock in the address bar of your browser. If you have any concerns, it's always a good idea to call once you've clicked through to their site.
If you're after a specific amount of money for a certain amount of time then you should confirm this. Loan terms are specified in all comparison tables on finder.com.au and in the reviews. Payday loans (also known as short term credit contacts) are generally for between $100 and $2,000 and offer loan terms of between 16 days and one year. Your repayment amounts will change and the amount of total fees you will pay will increase with the more money you borrow and the longer the loan is for.
Features and benefits of no credit check payday loans in Australia
- Flexible repayment options
Whether you're paid weekly, fortnightly or monthly lenders can offer flexible repayment plans to meet your needs. Your account will usually be direct debited on the day your repayment is due.
- No credit checks at all
If your credit history is less than perfect, you may find it very difficult to obtain a loan from a bank or credit union. You don't have to let your credit history stand in the way of you obtaining finance with this kind of loan.
- Ability to get finance quickly
Most lenders offer quick turnaround times. You can find out if you've been approved within minutes and lenders can often have your funds to you on the same or next business day.
- Flexible application process
If you are an Australian citizen with an active bank account and earn a regular income, you may find a few options for no credit check loans. The application process is simple and quick for most lenders and you can review the eligibility criteria before you apply.
What should you avoid with these loans?
- Lenders who charge over the government regulated allowed fees and rates
- Lenders who offer guaranteed loans
- Loans that you aren't 100% confident you will be able to afford to pay back as this may hurt your credit rating
- Loan terms you aren't comfortable with
Weigh up the benefits and drawbacks of no credit check payday loans
- Is there a quick turnaround time?
Most lenders will be able to send your loan amount within one business day and some even within one hour.
- Are there set fees and rates?
Payday loans are heavily regulated by the government and have a limit on the fees and rates they are legally able to charge.
- Higher fees than standard personal loans.
The fees and rates you will pay for this type of loan are higher than what is charged for most other types of personal loans.
How to apply for a personal loan such as a no credit check loan
If you're interested in applying, your first step is to compare your options using the table above. Once you find a loan you are eligible for and that you want to apply for, you can click "Go to Site" to start your application on the lenders site. Most lenders offer quick application and approval, so you won't have to wait long to find out if you're eligible and to receive your funds.
So, are no credit check payday loans actually safe?
You'll be offered bank-level security during the application process, meaning your details are protected from the time you enter them in until the time the lender receives them. This will ensure your privacy and that any personal details you enter are secure. You should also make sure that the information about the lender checks out – do they have a phone number or a physical address? You should always compare your options before submitting your application.