Payday Loans, No Bank Statements Required in Australia
Acquiring a loan from traditional lenders like banks and credit unions without providing account statements is virtually impossible. With online lending, however, it’s possible.
In this article, we go over everything you need to know about acquiring payday loans with no bank statements required in Australia, so stick around.
What Are No Bank Statement Loans?
With traditional lenders, you have to provide hard copies of your bank account statements to go over weeks or even months of transaction history in order to qualify for a loan.
With online lending, you can apply for a payday loan for bad credit online without having to leave your house, which means you don’t need to provide hard copies of your bank statements.
Does that mean the lender won’t get to know your banking details? This is exactly where a lot of the misconception about no bank statement direct payday loan comes.
Even though you’re not required to provide tangible bank statements, the lender still has to go over online read-only copies of your bank statements. You simply provide the lender with your online banking details, and they’ll look through your online statements via third-party encryption.
Simply put, no bank statements no employment verification no credit payday loans are really no paperwork instant payday loans. The lender has to assess your financial situation in accordance with the ASIC’s lending guidelines.
If you find a lender that’s willing to provide you with a payday loan online no credit check instant approval no faxing without checking your bank account statements, that lender is most likely running a scam and should be avoided.
How Much Can I Apply For?
Well, there are three types of loans that you can apply for in Australia, namely small, medium, and large loans. Each type has varying repayment terms, interest rates, charges, and security.
Small loans are the ones ranging from $300 to $2,000. Their repayment durations are typically between 6 and 9 months, depending on the loan amount.
Medium loans are the ones ranging from $2,001 to $5,000. These come with repayment terms ranging from 9 to 24 months.
Lastly, large loans are the ones ranging from $5,001 to $10,000, and they come with repayment terms ranging from 9 to 24 months.
Please note that interest rates, charges, and repayment terms can vary from one lender to another. With small payday loans, expect to pay an establishment fee of 20% and a monthly fee of 4%.
You should also note that medium and large loans tend to be secured, meaning they require some sort of collateral such as home equity, car title, or other. Small loans, per contra, can be applied for without having to present anything as collateral.
What Are the Eligibility Requirements?
Eligibility requirements for no bank statement loans from direct lenders high acceptance rate tend to vary from one lender to another. That said, here are the most common eligibility requirements for this type of loan:
- Borrower has to be over the age of 18
- Borrower has to be a permanent resident
- Borrower has to have an active phone number and email
- Borrower must provide their online banking details
- Borrower must be receiving a regular income for the last 90 days.
What Information Do I Need to Provide?
The information you’ll need to provide to qualify for a no bank statement loan may also vary from one lender to another.
Most loan providers ask for points of identification, basic personal information like your name and address, online banking details in order to access read-only online bank statements, myGov details if you’re receiving Centrelink benefits, and your reason for applying for a loan.
What Is the Typical Application Process Like?
Like we already mentioned, applying for a no bank statement loan is done entirely online. All you need to do is head to the lender’s website, select their loan calculator, select the desired amount and repayment term, and click ‘apply.’
You’ll then be redirected to a short application form that you need to fill with some information, both personal and financial. The application form shouldn’t take you more than a few minutes to complete.
After having submitted your application, the lender will begin assessing it. The good thing about online lending is that applications are processed very quickly. Some lenders actually process their applications in less than 60 minutes. If not, it shouldn’t take more than 24 hours.
Once your application is approved, you’ll be sent an electronic contract that you need to review thoroughly before signing it. The contract will include all of the cash loans without bank statement details, including charges, interest, repayment duration, and so forth.
Happy with the terms of the contract? Sign it and send it back to the lender. Once they receive your signed contract, the funds will be transferred to your bank account in no time.
Instead of jumping through hoops to acquire a payday loan bankruptcy from a bank, online lending presents a much faster and convenient alternative that requires no paperwork at all. What are you waiting for?