For those who have bad credit, no credit check loans provide an opportunity to gain finance even if other lenders have said no. They also protect the credit that you do have from declining due to excessive enquiries.
Since your credit score is not checked with this form of Australian loan, no credit check loans do come with their drawbacks. Interest rates are generally higher and you will only be able to borrow smaller amounts of money compared to other types of loans. This is due to the greater level of risk that this form of loan poses since there is no proof that you are a reliable borrower.
No credit check loans do, on the other hand, come with benefits, including:
1. No Additional Credit Enquiry On Your File
You will not receive a credit enquiry on your file, meaning that you can receive financial support without denting your credit score with a credit enquiry.
2. Get a Loan, Regardless of Your Credit Score
They enable you to receive a cash injection, no matter how bad your credit score is, or how many other lenders have turned you down.
3. Gain Approval And Get Fast Cash
You can gain approval and receive cash fast. In some cases, the process of applying to receiving the money in your bank can take as little as 48 hours.
4. Minimal documentation required
There is minimal documentation required. You must be able to prove you are over 18 years of age, that you have a steady income and provide bank statements.
