Payday loan with no credit check

There are some payday loan lenders that don't conduct credit checks when assessing an application, which can be suitable for people with negative listings on their credit history. However, applicants must still meet eligibility requirements and lenders will base their decision based on income, employment and bank statements. Lending to people without knowing their credit history presents a higher risk, so these products may charge higher fees than other loans.

Discover how these loans work and the eligibility requirements as well as the repayments and fees that apply.

Sunshine Short Term Offer

Sunshine Short Term Offer

• 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: 9-12 weeks
• Turnaround time: 30 minutes (conditions apply)
• Fees: 20% of borrowed amount + 4% of borrowed amount each month
• Income requirement: 50%+ of income cannot be from Centrelink
• Bad credit borrowers OK
• Quick and easy Approval
• No Credit Checks

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Name	Product	Maximum Loan Amount	Term of Loan	Turnaround time	Arrears Fee	Costs	Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans		$2,000	9-12 weeks	30 minutes - conditions apply	$35	20% of loan amount + 4% of loan amount each month	$396	A small loan up to $2,000 that you repay over 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income	Go to site More Info	Compare	loading Fetching your data...
Cash Converters Personal Loan		$2,000	up to 12 months	Within 48 hours	$33	20% establishment fee + 4% monthly fee	$396	Cash Converters offers this loan from $400 that gives you up to 12 months to repay.	Go to site More Info	Compare	loading Fetching your data...

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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.

_{*Total cost may vary based on any other fees charged by the lender at the time of repayment.}

What does a "no credit check" loan involve?

• The lender will not request a credit report from a credit bureau. When someone applies for a loan, the lender will not request a credit report from any credit bureau to review borrowing history.
• The loan details will be listed on credit reports. While the lender will not check your credit report, it will tell the credit bureau that you applied for a loan. This means that the credit enquiry and the loan (if you're approved) will be listed on your credit report.
• Bank statements will be checked. The lender will use the last three months of banking history to judge whether the applicant can afford the loan. It will consider income, expenses and if the account has been overdrawn to understand the applicant's ability to repay and see if they're under financial stress.
• Applicants must earn an income. Applicants are still required to meet eligibility requirements and demonstrate that they can repay the loan by providing evidence of income including proof of employment, payslips and Centrelink income.

People with a low credit score can also consider bad credit loan options.

The eligibility requirements for a no credit check payday loan

The specific requirements will vary between lenders and products, but the criteria usually include:

• Age. You must be at least 18 years old.
• Income. Applicants must prove that they receive a regular income. If this includes support from Centrelink, they'll need to show that at least 50% of their income is from alternative sources.
• Banking statements. To assess income and expenses, lenders usually require read-only access to at least 90 days of bank statements.
• Liabilities. Applicants must provide details of any other liabilities including outstanding loans or credit card repayments.

As long as the eligibility requirements are met, people can apply for these loans online. The applications usually only take a few minutes and applicants can expect a response quickly. If approved, the lender may make the deposit in the same day.

Find alternatives to payday loans

What are the risks of no credit check loans?

As a credit product, there are some risks involved when applying for a payday loan. Before you submit an application, consider the following factors:

• Make sure the lender you're applying with is reputable. Check the lender has a credit licence and is not charging you more than ASIC allows (the maximum fees are listed in the "costs" section above). You should also check the lender is easily contactable.
• Don't apply for a loan you can't afford. Consider the regular repayments you'll need to make and whether or not you can afford to repay the loan within the loan term. If not, you'll be charged extra fees if you need to extend the loan term. People who are struggling financially should contact the free financial counselling service on 1800 007 007 for assistance.
• Avoid applying multiple times. Every loan application shows up on your credit report. While these lenders might not consider your credit history, every application you make will be listed on your report and several applications within a short period can have a negative impact on your credit score.
• Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. It's important to check what will be charged for late payments or default on the loan.
• Consider if you really need the loan. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can’t repay.

Questions we've been asked about no credit check loans

I receive Centrelink. Can I still apply?

Depending on the lender, a pension or Centrelink can be considered a legitimate income. However, applicants won't usually be approved if the government benefit accounts for more than 50% of their income.

Are no credit check loans guaranteed?

No loan is ever guaranteed. If you see a lender promising guaranteed approval, you shouldn't apply. Legitimate lenders offering loans with no credit checks still need to assess if customers can afford to repay the loan, which is why they consider income, employment, bank statements and other factors before approving a loan.

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 photo 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.

Can I repay my loan early?

Most payday lenders will let you repay your loan early and will not charge you any additional fees.

Are no credit check loans legal?

Yes. If a lender is certain that you won't face financial hardship or struggle to make repayments, there will be no credit checks performed on your account.

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