How do “No Credit Check” Loans Work?
- The lender will not request your credit report from a credit bureau. At its most basic level, this is what a no credit check loan is. When you apply the lender will not request your credit report from any credit bureau to check what your borrowing history is.
- The loan details will be listed on your credit file. While the lender will not check your credit report, it will tell the credit bureau that you applied for a loan. If you are approved that credit account will also be listed on your credit report.
- 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.
What are cash loans for bad credit?
Cash loans for bad credit are simply a loan for people with bad credit history. Most lenders do a credit check before approving your loan request, depending on your specific case. However, we look at more than just your credit score. Cash loans for bad credit vary from $300 to $10,000 and are repaid over 24 months.
What are Centrelink Loans with No Credit Check?
If you need a payday loan, yet do not have regular employment, you may find it difficult to find a willing lender to fund you. However, if you are receiving payments from Centrelink, this may qualify as income to receive a loan. If this describes your situation, we encourage you to submit your application today.