Do Cash Loans Without Credit Checks Really Exist?
In Australia, are there any loans with no credit checks? Getting a loan in Australia can be difficult, especially if you have bad credit or no credit score. This is where no credit check or bad credit loans come in handy. Read on to learn more about cash loans without credit checks.
What are loans without credit checks?
According to the National Consumer Credit Protection Act 2009 (National Credit Act) from ASIC, most lenders want to complete a credit check on a loan application to see how well you’ve managed past debt. This information helps the lender to qualify you as a potential borrower and offer a competitive rate. The rule of thumb is the higher your credit score, the lower your interest rate. Loans without credit checks are loans where your credit score is not the deciding factor in your ability to borrow.
How do no credit check loans work?
Loans without credit checks are based on your current bank statements and pay slips to determine your affordability.