No Credit Check Loans? Apply for Bad Credit Loans Up To $5,000

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Fast Personal Loans

  • Smart and quick application form, which can be completed in minutes
  • 70% of applicants receive an outcome instantly
  • For applications that do not receive instant outcome, most receive a final outcome within 60 minutes!*

*During normal business hours.

No Credit Check Loans

Personal loans with no credit check

When you are hit with an unavoidable cost out of nowhere, it can be difficult to get funds quickly. For some, turning to no credit check loans seems like the best solution. 

With this said, things aren’t all rosy when looking into the finer details of no credit check payday loans. For one, they have a history of being offered by lower-tier lenders, which are companies that may not be as reputable. Secondly, due to the increased risk to the lender, a no credit check loan may work out to be more expensive than traditional finance. 

What are ‘no credit check loans’?

No credit check loans are personal loans provided without the lender conducting a credit check prior to approval. The reason this isn’t often seen is that lenders take on considerably more risk when offering a loan without a credit check. Approving an applicant without first checking their credit score can be equated to buying a car without checking its service history. 

What’s involved in a credit check?

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:

  • The date of the application
  • The credit provider
  • The amount requested
  • The loan type e.g. credit card, personal loan or mortgage
  • Whether you are a sole or joint borrower

Why do some lenders offer ‘no credit check loans’?

Costs

As when checking your own score, lenders need to pay every time they request a credit report. The cost of credit checking/reporting can quickly pile-up if not appropriately managed. 

Enticing customers

If you have bad credit, hearing that a lender doesn’t conduct credit checks could make you feel more comfortable when applying. You may think that if they don’t know your credit score, they are more likely to approve your application. Unfortunately, if a lender does not conduct a credit check, they are not following the responsible lending obligations set by the ASIC, which are in place to ensure that any loan provided can be reasonably repaid by the borrower. 

The advantages of conducting credit checks 

Follows lending requirements

It is mandatory for credit providers to conduct a credit check as per the ASIC’s responsible lending obligations. Any entity that lends money without conducting a credit check is acting illegally, and should not be considered trustworthy.

Better clarity

The more information a lender has on an applicant, the more informed their decision can be. Bank statements of an applicant don’t always show the entire picture. Because of this, lenders conduct these checks to ensure the information reported by the applicant is genuine.

Things to consider with ‘no credit check loans’

Some lenders that offer online loans with no credit check make a few tweaks to make the venture more reasonable, some of which are listed below:

Unreputable lenders

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.

Higher rates

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. 

Required collateral

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.

Alternatives to no credit check loans 

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. 

Bad credit loans with Nifty

We offer bad credit personal loans because we do not think you should be defined by just your credit score. Often, traditional lenders will see a bad credit score and they will not consider granting your loan application. 

Our bad credit personal loans are fast cash loans ranging from $300 to $10,000. Here at Nifty, we like to focus on the present, not your past. So, if your relationship with money has improved, we may be able to help you with a bad credit personal loan. 

Why choose Nifty?

Transparency

All our loan products are transparent. There are no hidden fees. Just read over your contract for details about your loan i.e. fees and charges. And if you have questions, you can visit our FAQ page or contact our team

Simple Application

You don’t have to fill out lengthy applications to apply for a bad credit loan with Nifty. Our super simple, 100% online application requires just a few details – you could complete it within a few minutes.

Fast Approval

While you may have to wait days to get approved from other lenders, Nifty is different. We understand the value of your time. That’s why we may let you know the outcome of your application within 60 minutes*.

Quick Funds

We offer fast approvals and even fast payouts. The funds may be transferred to your account within 60 seconds (If your bank supports instant transfers). At the latest, you’ll have the cash in your account overnight.

Simple Repayment

Your repayments will be made via direct debit. This is generally set up in line with your payday. This way, you won’t have to worry about repayments; you will just need to ensure the funds are available in the account on your repayment day. When you repay your loan in full, the payments will stop automatically. 

How to apply 

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:

Step 1

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. 

Step 2

Once you have completed the application, our experts will review it to determine if you are eligible for a bad credit loan. 

Step 3

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.

Apply Now

Andy Andy

AUTHORITATIVE SOURCE

Andrew Bell

Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.

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Loan Costs

Large Loans

Large Loan Example

$5,000 - $10,000

Loan amount:
$5,000
Terms:
9 - 24 months
Establishment fee:
Variable
Monthly Fee:
$0
APR:
21.24%
Comparison Rate:
48%**
View Example
Loan amounts:
$5,000
Terms:
18 months, (78 weekly repayments)
Establishment fee and Total Interest:
$1,897.54
Total payable:
$6,897.54
Weekly installments:
$88.43
View Loan Details

Medium Loans

Medium Loan Example

$2,001 - $4,600

Loan amounts:
$2,001 - $4,600
Terms:
9 - 24 months
Establishment fee:
$400
Monthly Fee:
$0
APR:
47.8%
Comparison Rate:
65.86%**
View Example
Loan amounts:
$2,500
Terms:
24 Months, (104 weekly repayments)
Establishment fee:
$400
Total other fees:
$1,609.44 (reducing interest)
Total payable:
$4,509.44
Weekly installments:
$43.36
View Loan Details

Small Loans

Small Loan Example

$300 - $2,000

Loan amounts:
$300 - $2,000
Terms:
6 - 9 months
Establishment fee:
20%
Monthly Fee:
4%
APR:
N / A *
Comparison Rate:
138.37%**
View Example
Loan amount:
$1,000
Terms:
6 Months, (24 weekly repayments
Establishment fee:
$200
Total other fees:
$240
Total payable:
$1,440
Weekly installments:
$60
View Loan Details

* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true 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. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.