Need a small loan but worried your poor credit score will prevent you from accessing the finance you need? Small loans without credit checks may seem like the solution to all your problems, but with so many lenders out there – who or what can you really trust?
Nifty Loans does not claim to provide ‘small loans no credit check’ because we do conduct credit checks. But, that doesn’t mean we can’t still help you out of a financial pickle! Nifty offers small, short-term finance to a range of clients, even those with bad credit. Keep reading to find out more about small loans no credit check and how we may be able to help you get a personal loan, even with bad credit.
What are Small Loans No Credit Check?
In theory, ‘small loans no credit check’ allow you to borrow small amounts of money without requiring a credit score check as part of the application assessment process. Typically, small loans are offered as a form of personal finance that can be as much as $300 or as little as $5,000 – depending on the lender. Because they are smaller and short-term, these loans are an optimal choice in times of emergency or unexpected events where you need help covering small-scale costs.
However, if you have a poor credit rating, accessing this kind of finance has historically been more difficult as many lenders view a low credit score as a high-risk indicator. Consequently, this has prompted some lenders to offer loans without credit checks to address the demand for the likes of ‘small personal loans no credit check’, ‘small cash loans no credit check’, ‘small short term loans no credit check’ and ‘same day small loans bad credit.’
Why Do Lenders Conduct Credit Checks?
In a nutshell, the reason lenders look at your credit score or credit rating (which is shown in your credit report) is to work out whether or not they should lend you money or credit. Although lenders are not legally required to look into your credit history, they have to meet certain responsible lending obligations to be in compliance with their credit licence.
So, what is your credit score? Well, a credit score is a number derived from an analysis of your credit file. Credit reporting agencies collate all your financial and personal information into a document known as your credit report and use this data to calculate your credit score. The information contained in your credit report includes:
- Personal details (i.e. age, living address);
- The type of credit providers you have used (i.e. bank or private lender);
- How much you have borrowed;
- The amount of credit applications or enquiries you have made;
- Unpaid or overdue loans;
- Any other debt agreements (i.e. bankruptcy).
What Does Your Credit Score Mean?
Your credit score will be a number between 0 and 1,200 or 0 and 1,000, depending on the credit reporting agency used. A score above 620 is usually considered to represent a good history of borrowing but the higher the better. Generally, the number will be rated on a five-point scale, demonstrating how risky it would be for the lender to give you credit:
- Excellent – you’re highly unlikely to negatively impact your credit score in the next 12 months
- Very Good – you’re unlikely to negatively impact your score in the next 12 months
- Good – you are less likely to negatively impact your score in the next 12 months
- Average – you are likely to negatively impact your score in the next 12 months
- Below Average – you are more likely to negatively impact your score in the next 12 months
Where to Check Your Credit Score – For Free!
There are a number of online providers that allow you to check your credit score for free. Results tend to vary from provider to provider, so it’s a good idea to check more than one to get a reliable measure of your credit rating. The Australian Securities and Investments Commission (ASIC) recommends the following websites to check your score:
- Creditsavvy (Experian score)
- Finder (Experian score)
- Credit Simple (illion)
- Getcreditscore (Equifax score)
- WisrCredit (Equifax and Experian score)
The responsible lending obligations listed in Chapter 3 of the National Consumer Credit Protection Act 2009 must be complied with by all Australian credit licensees. Essentially, they state that lenders must not enter into a contract with a borrower if the loan product is unsuitable for them. For example, the borrower did not have a demonstrated history of being able to repay loans. Ultimately, it is up to individual lenders how they will meet these obligations but there are legal expectations that credit providers have to abide by.
For more information, view the ASIC website.
Does Nifty Conduct Credit Checks?
Yes, at Nifty we conduct credit score checks on all loan applications as part of our responsible lending commitment. That’s why we will never claim to offer small loans no credit check. Worried this means you won’t be approved for a loan full-stop? You don’t need to be! Our experienced team doesn’t base an entire assessment on the outcome of a credit check. Instead, we take a broader look at your financial circumstances and look at other factors such as income and employment status to determine eligibility. As a result, bad credit doesn’t have to prevent you from accessing Nifty’s loan products.
How Can Nifty Loans Help?
While we can’t provide small loans no credit check, we do offer fair assessments on small loans that can be used to cover a variety of expenses you may be facing in the short-term. No matter your situation, we might be able to provide the funding you need through one of our three types of loans: small, medium, and large. So, if you actually end up needing a larger loan, our other two products might be able to help.
Basically, each personal loan group has the following specifications:
- Small Loans: Unsecured personal loans of $300 to $2,000 that do not require an asset as security and are repaid over a period of 3 to 6 months.
- Medium Loans: Secured personal loans of $2,100 to $4,600 that require a car, motorbike, boat or caravan as security. They can be repaid over a period of 13 to 24 months.
- Large Loans: Secured personal loans of $5,000 that require a car, motorbike, boat or caravan as security. They can be repaid over a 13 to 24 month period.
Key Information About Our Small Loans
|How quickly will I get my money?||If your application is approved, you will receive an electronic contract to sign. We will release the money to your bank account if confirmed by 4.30pm (AEST) Monday to Thursday, otherwise the funds will be distributed the next business day.|
|When do I have to pay it back?||You can have a maximum of 6 months to repay your small loan, depending on your situation and loan request.|
|Where can I apply?||We only accept online applications. If you cannot submit the form, please contact us directly.|
Why Choose Nifty Loans?
There are other lenders out there offering products like ‘small online loans no credit check’ and ‘small quick loans no credit check’ – so why should you choose Nifty? Well, Nifty Loans prides itself on being 100% transparent. We don’t claim to provide small loans no credit check because that is not what we do. Credit checks allow us to ensure we are not causing our clients any further financial stress and instead, we do our best to help them find the right solution for their circumstances. Consequently, you can rest assured knowing we will always be upfront with you regarding our loans. No hidden fees.
You can count on Nifty to give you a fair go when you’re looking for the finance you need!
Who is Eligible?
Our small personal loans are available to applicants who satisfy all of the following requirements:
- Are you an Australian citizen or permanent resident?
- Are you 18 years of age or older?
- Over the last 90 days, have you received a regular income into your own personal bank account?
- Do you have an active email address and mobile phone number?
What You’ll Need Handy
If you checked off all of the eligibility requirements, then you can apply for a small personal loan today! For a smooth application, we just need you to provide us with a few documents to help us adequately assess your application. These include:
- Personal details such as online banking and employment info;
- A reason for why you are applying for the loan;
- Your myGov details (if you are receiving Centrelink payments);
- Your employer’s contact details.
How to Apply
While Nifty can’t provide small loans no credit check, if you would like to apply for one of our small personal loans it’s easy to get started! Just follow these four steps to start your online application:
Step 1: Complete Your Application Form
Use our loan calculator at the top of the page to enter your preferred amount and repayment period. When you’re satisfied, hit the ‘apply now’ button and you will be directed to our full online application form. This could take you just a few minutes to complete if you’ve got all the documents needed handy (see above).
Step 2: Wait For An Outcome
After you’ve submitted your application it’s time to sit back and relax as our team conducts the assessment. If you have submitted your application during regular AEST business hours, you could even have an outcome within the hour.
Step 3: Receive A Loan Contract
If your application is approved, our team will contact you and present the proposed loan contract. You must read through the agreement thoroughly to ensure you’re aware of any fees or charges you could incur for late or failed payment. When you’re happy, simply sign and send it back to us.
Step 4: Get Your Money!
As soon as we receive your signed loan agreement, our team will schedule the release of funds to your account. It’s important to remember that inter-bank transfer times can affect the speed at which the cash will reach your account. We cannot guarantee instant transfers and cannot say for sure how long this process may take. However, we will do our best to get your money to you ASAP!
Want to Know More?
Still curious to know more about small loans no credit check? ASIC’s MoneySmart website is a great source for information on credit checks and lender obligations. Alternatively, if you’re looking for more on our small personal loans offering, check out our FAQ page, send us a message via our Enquiries form or call us direct on 1300 471 328. We’d be more than happy to assist you with any questions you may have!
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