Worried about your credit history? Find out about lenders that won't check your credit history.
Whether you need financing to cover unforeseen expenses or just to bridge the gap until your next payday, a short term loan could be an option to consider. You’ll have quick access to your funds and, with some lenders, won’t need to worry about your credit history being checked.
Keep in mind that while your credit history isn’t checked, you won’t be approved for a loan you can’t afford to repay. Find out about your loan options on this page.
- Bad credit applicants considered
- Fast approval service
- Borrow up to $2,000
100% confidential application
Sunshine Short Term Offer
A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.
- Loan amount: $2,000
- Loan term: 9-15 weeks
- Turnaround time: 30 minutes (conditions apply)
- Fees: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks
Your no credit check payday loans options
The lenders in the table below offer loans without the need for a credit check.
No credit check loans comparison
- Sunshine Short Term Loans: 20% of loan amount + 4% of loan amount each month .
- Ferratum Cash Loans: 20% of borrowed amount + 4% of borrowed amount each month.
- Cash Train Loans: 20% of principal amount (establishment fee) + 4% monthly charge .
Why don't these short term lenders check your credit history?
Instead of judging you on your financial past, these lenders focus on what you can afford now and whether you’re able to repay the loan amount. While these lenders may not consider your credit history, they will want to see proof of employment and income, or income from benefits, as well as your living situation.
Either way, lending money without a credit check represents a high risk. While a lender is able to approve a loan within minutes, the loan will come with higher interest rates and fees than those of traditional lenders.
What do you mean by "no credit check"?
- Your bank statements will be checked. The lender will use the last three months of your banking history to judge whether you can afford the loan. Looking at this they can check your income, your expenses and if your account has been in the negative during this time (this indicates financial stress).
- You need to earn an income. You will need to prove you can afford the loan by providing evidence of your employment or Centrelink income.
- Other requirements may apply. If you are currently repaying other short term loans you may not be eligible for a no credit check loan.
Am I eligible for a no credit check payday loan?
Here are some of the criteria you’ll likely be required to meet:
- You must be at least 18 years old.
- You must be receiving a regular income.
- If you’re receiving support from Centrelink you may need to show that you earn at least 50% of your income from alternative sources.
- You will be required to provide read-only access to at least 90 days of bank statements. If you prefer providing hard copies, this will impact the turnaround time.
- Lenders will want to know whether or not you have any outstanding loans or other outgoing expenses such as credit card payments or rent.
How much will the loan cost?
The fees and interest rates associated with a no credit check loan differ from lender to lender, but the cost structures are usually simple. Typically, smaller loans are repaid within a period of 16 days to 1 year, while larger loans are sometimes repaid over a maximum of 2 years. These are the costs you might expect to pay:
- Loans of up to $2,000. Here you will pay a maximum establishment fee of 20% of the principal. The ongoing monthly fee is capped at 4% of the loan amount.
- Loans of between $2,001 and $5,000. Medium loans are usually repaid between 16 days and 2 years. Establishment fees are limited to $400 and interest rates are limited to a maximum of 48% p.a.
- Loans of over $5,000. Lenders offering larger personal loans are not allowed to charge more than 48% annually, including establishment and other fees. It’s important to note that these limits don’t apply to traditional lenders such as banks or credit unions.
How does the no credit check loan application process work?
Keep in mind application processes differ between lenders, but generally when you apply you'll be asked for read-only access to bank statements from the last 90 days as well as details about your job or Centrelink benefits and how much you earn.
If approved, the loan agreement will detail the amount approved, the loan period and the associated fees and interest to be repaid. It’s important to read and understand this contract, especially the information about what happens if you aren’t able to repay the no credit check loan.
Applications are submitted online and are usually approved quickly. If you meet the criteria and supply all the required information, the lenders will usually make a same-day deposit into your account.
How can you compare no credit check loans?
Here are the factors to consider when comparing no credit check loans from lenders that don’t check your credit history:
- Licence. To avoid getting roped into a loan scam, make sure that the lender is licensed by the Australian Securities and Investment Commission (ASIC) or is an authorised partner of a licensed lender.
- Loan amounts. Quick loans can be secured from as little as $100 and up to as much as $5,000. Lending criteria differ, so your choice should depend on which lender can best accommodate your borrowing needs.
- Loan terms. The size of the loan determines the repayment period and the associated fees. Shop around to see which lenders offer repayment terms that best suit your financial situation.
- Fees. Different loan amounts imply different fee structures, but these amounts are capped across the board for licensed lenders. However, other fees may apply for missed payments or for settling the loan before the end of the loan period.
- Applications and turnaround. Thanks to online application forms and read-only access to bank statements, lenders can evaluate your situation almost immediately and approve applications quickly. Depending on when you apply, money is usually available on the same day or within one business day.
Things to avoid with no credit check payday loans
Be aware of the following pitfalls when considering no credit check loans:
- Don't apply for a loan you can't afford. While you might be in a difficult financial situation, it’s not a good idea to apply for a loan you know you can’t repay. As well as fixed fees and interest, you’ll be liable for additional dishonour fees if you miss payments.
- Avoid multiple applications. Every loan application shows up on your credit report. While these lenders might not consider your credit history, several applications within a short period will negatively affect your overall credit rating.
- Watch out for hidden and additional fees. It’s important to research your options. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts.
- Consider if you really need the loan. Once you sign the loan agreement you’re bound to its conditions until you’ve repaid the no credit check loan, including interest and associated fees. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against you if you can’t repay.
Frequently asked questions
I receive a pension. Can I still apply?
Depending on the lender, your pension can be considered an income. How much you can borrow will depend on the size of your pension and other sources of income, if any.
Besides bank statements and proof of income, what other information do I need to provide?
You should also have the following handy when applying:
- Driver’s licence or another form of positive ID
- Medicare number
- Utility bills
Will the lender contact my employer?
In some cases, yes. The lender might need to verify that you are indeed employed and receiving an income, especially since there’s no credit check for this loan type. Lenders may also specify on their website that they don’t tell employers that you’re applying for a loan.