Some payday loan lenders offer no credit check loans. If you’ve got a bad credit score, this may appear to be a perfect solution for you. However, loans with no credit check have a history of being offered by lower-tier lenders who may not be considered reputable. Here at Nifty, we pride ourselves on being a responsible lender. We offer bad credit personal loans up to $10,000 with flexible loan terms up to 24 months.
If you have bad credit, seeing that a lender offers ‘no credit check loans’ may entice you to apply if you think this will increase your chances of having your loan approved. However, unreputable lenders, higher interest rates, and required collateral can be some of the pitfalls that come with no credit check loans. With a Nifty bad credit personal loan, you can be assured you’re borrowing from a responsible lender and offered competitive rates.
You can apply for up to $10,000
within minutes!
Before applying or entering an agreement with any lender, ensure they hold an active credit licence. It is illegal within Australia to provide credit without an appropriate credit licence; any company found to be doing so should be avoided and reported.
Some lenders offering no credit check loans may have higher costs than that of a traditional loan. Provided the lender holds an active credit licence, though, the amount able to be charged for a loan is capped.
Offering collateral for a no credit check loan may be a requirement with some lenders. If you don’t have an asset you are willing to offer, this is something to keep in mind.
A credit card can be a good option for an emergency expense. Credit cards give you the option to make payments without the cash readily available in your account at the time, for you to pay back at a future date (usually within the month). A credit card can also allow you to build your credit score if you make due repayments on time. If you are only using your credit card for an expense you can reasonably pay back within the month, this may be a better option for you.
A bad credit personal loan is another option for your consideration. These are a popular loan option among people with poor credit scores. The lender will look at other aspects of your finances, including bank statements, to reasonably decide whether you can afford to take out a loan for your desired amount. This allows you flexibility in how much you borrow and clearly sets out how much you will need to pay back over a specified period of time.
Nifty has no hidden fees. We pride ourselves on transparency and include all fees and charges in your loan contract, so there aren’t any surprises.
There’s no lengthy applications with Nifty so it’s easy to apply for a loan. Our simple, 100% online application can be completed in minutes.
At Nifty, we know how valuable your time is. That’s why our experienced loan assessors will let you know the outcome of your application within 60-minutes*.
We offer quick approvals and even faster transfers here at Nifty. Once your loan is approved, the funds can be transferred to your bank account in 60-seconds**.
Here at Nifty, repayments are simple. They’re set up via direct debit so you just need to make sure you’ve got enough funds in your account on repayment day.
You don’t have to fill out mountains of paperwork to apply for a bad credit loan with Nifty. Just follow these simple steps to apply:
Use our loan calculator to select the amount you need to borrow and the time you need to pay it back. Done? Click the ‘Apply Now’ button and complete the application.
Once you have completed the application, our experts will review it to determine if you are eligible for a bad credit loan.
If you are approved, we will let you know and send you a contract for you to sign. Once we have received your signed contract, we will transfer the funds straight to your account.
For those who are unsure, a credit check can be summarised as a report card for an individual’s credit history. Everything from credit enquiries to bankruptcies may be seen on a single report. This allows other lenders to view the customer’s previous financial history and get an idea of their current situation. When an enquiry is conducted, it shows:
As a responsible lender, we have to make reasonable enquiries to ensure the suitability of a loan product. In line with this, we conduct a credit check. However, we’ll also take into consideration your bank statements and assess your saving and spending habits. So, be rest assured that we’ll give you a fair go and take into account more than your credit score when assessing your application.
Nifty is an inclusive lender and considers some Centrelink payments as a source of income, unlike some other credit providers. So, if you’re a Centrelink customer and need a fast loan, look no further than applying with Nifty to give you a fair go.
| Loan Amounts | $5,000 – $10,000 |
|---|---|
| Loan Terms | 9 – 24 months |
| Starting Interest Rate (APR) | 11.42% (Excellent Credit) |
| Starting Comparison Rate | 14.49% (Excellent Credit) |
| Ceiling Interest Rate (APR) | 21.24% (Average Credit) |
| Ceiling Comparison Rate | 45.56% (Average Credit) |
| Type of rate | Fixed Rate |
| Repayment options | Weekly, Fortnightly, Monthly |
| Monthly Fee | $0 |
| Early repayment fee | $0 |
| Average turnaround | 60 minutes* |
| Loan Options | Unsecured & secured options |
Credit criteria and terms and conditions apply. Representative example: based on a loan of $10,000 over 36 months a borrower with an excellent credit history can expect to pay a total of $12,389.76. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Interest rates vary subject to a full credit assessment. This represents a comparison rate of 14.49% p.a. and includes all interest and fees included in your loan repayments over the life of your loan. For our personal loan product the APR starts from a minimum of 11.42% (14.49% comparison rate) with a maximum of 21.24% (45.56% comparison rate). The minimum loan term is 9 months and the maximum loan term is 24 months. For more details and examples visit our rates and fees page.
