No Credit Check Loans
No Credit Check Loans
There are times where you need instant access to money, but it is hampered by bad credit. This is where people think no credit check loans come to the rescue, however having bad credit is not always as big a problem as you may think. There are special short term loans meant to serve the same purpose as a credit card, but without the hassle created by credit cards. If you feel like a no credit check loan might be a viable option for you, this post will provide information you will need on your options and the application process to help you secure the amount you require fast. Mifinance may do credit checks on your first loan, or find a lender that does do credit checks. Just because you have bad credit does not mean you cannot get a loan.
Bad Credit isn’t an Issue
One of the biggest hurdles individuals with bad credit usually encounter is failing to qualify for credit cards and don’t have the means to access personal loans. That’s because these forms of financing heavily rely on credit checks to determine whether the individual is viable for the amount they seek. As such, those with poor credit are instantly denied for these options or offered high-interest rates that taking the loan isn’t feasible.
However, no credit check loans run in a different manner. The interest rates are also usually very high, fixed and the amount loaned is based on income alone. As such, having a history of bad credit doesn’t always negatively affect the ability to borrow.
How do No Credit Check Loans Work?
When applying with an online lender like MiFinance, you can expect the following:
They may not ask for a copy of your credit report from the credit bureau if you have a history with Mifinance, however on the first loan we may do a credit check. This is of course, at the core of taking a no credit check loan. However, the loan details will still be recorded on your credit file.
The lenders will check your banking history and use the last 3 months statements to determine whether you qualify for the loan or not. This is the best way for fast lenders to confirm your financial situation.
From the above point, it is clear that you need to be a regular income earner to qualify for a no credit check loan. That’s because it’s one of the ways to prove that you can afford to repay.
When dealing with lenders like MiFinance, it is possible to get small loans fast the same day that you apply.
Do Fast Cash Loans with No Credit Exist?
Yes, and this is where you need to pick your lender carefully, after assessing the interest rate. There is no cost for applying and you are under no obligation to accept the short term loan offered. It takes just a few minutes to fill the application form and if you qualify you can get the loan within 24 hours. A quick cash loan with no credit check is not guaranteed, but MiFinance do their best to ensure there’s a solution for you. If you cannot qualify, they will work with you to find other ideal lenders. These other lenders will most likely do credit checks.
Are no Credit Check Loans Safe?
Well, there is an array of credit options available. In particular, you can be offered one in the form of a payday loan or a personal loan. These financing options are offered by both reputable and safe lenders and also disreputable ones. This is why it is important to do your homework, especially when taking a substantial amount.
However, by using MiFinance, you do not have to worry about fraudsters. If we cannot offer you a loan, we can take the effort of doing the leg work and finding you an ideal lender in Australia. Even though most lenders perform a credit check, MiFinance can be able to find a lender that may look past it if our terms and requirements don’t match. However it is always better to accept that a credit check may be done but that having bad credit is not the end of the world.
Worried About Your Credit History?
If you want to avoid a credit check, chances are you’re concerned about its state and no lender will accept your application. However, as mentioned above, although MiFinance may check your credit history and only needs your 3 months financial statement to determine whether you qualify or not.
Here are a few examples of financing options that may not call for a credit check. Keep in mind that this is merely a guide and the lenders tend to vary:
Instant Cash Loans
This is without a doubt, an excellent option when you are in need of quick cash. MiFinance business is to offer loans in a relatively short period even if you have a poor credit history. When in an emergency, we will process your application fast and provide a loan that will meet your needs without going through any hassle. If not, our team will work to provide alternatives, such as working with lenders that might accept your situation in Australia.
Payday No Credit Check Loans
There are many lenders in Australia that offer cash loans with no credit check, but payday lenders may not always be the best option. However, you could consider applying for bad credit personal loan and while a credit report may be required, lenders offering this option don’t usually focus on the credit score.
How To Know If You Have Bad Credit
Your past borrowing habits can have a huge impact on the ability to access money. Having a poor credit history specifically can limit the options available to you. A good indication that you have a bruised credit file is being knocked back by conventional lenders. However, it’s still important to check the credit score yourself. Thanks to the internet, there are a number of sites that allow you to do this in the comfort of your home.
What Leads to Poor Credit?
Your credit file and score are reflections of your borrowing history. As such, a poor credit score means poor borrowing habits. To be more specific, here are the reasons you may have a low credit score:
- Defaulted loans
- Missed payments
- Debt agreements
Ways to Improve Your Credit Score
As mentioned above, the credit score is a reflection of your borrowing habits. As such, displaying good borrowing habits will certainly improve your credit score. Here are the specific ways to increase your creditworthiness:
- Minimizing your credit applications
- Reducing credit card limits
- Consolidating multiple credit card products such as credit cards and personal loans
- Making loan repayments on time
- Paying the credit card off in full
- Paying rent and other expenses on time.
How to Get a Fast Loan With No Credit Check
If you want to find a lender that will give you a loan without doing a credit assessment, then consider MiFinance. We are an excellent option for getting your poor credit history back to normal. We won’t always consider the credit score, but only your income, expenses as well as normal spending habits.
MiFinance is aware of the pressures people face today and that is why we provide these services, in addition to pairing you with the perfect lender. We may not guarantee a loan, but it’s highly likely that you will find an ideal lender from our network of trusted lenders. If you are looking for a fast loan of between $500 and $5000, we are the lender to contact.
What Can You Use Your Instant Loan For?
Are you on the fence about applying for an online instant loan? Maybe you’re concerned you don’t have a legitimate reason for getting a loan. Well, you can use a no credit check loan to cover basically any personal expense. In fact, you can use it to cover way more than just emergencies, including the following:
Events – Don’t allow your budget to hamper the ability to afford your favourite band. Secure a loan ahead of time and enjoy your special day.
Special Occasions – From birthdays to Valentines and everything in between, you can use your loan to buy the perfect gift. So, if you wish to do something special for an important person in your life, then do not hesitate to apply for an online instant loan.
Birthdays – Celebrate your special day or a loved one in style. With flexible terms, you can be able to fit the repayments quite comfortably around your daily lifestyle.
Car Repairs – With an instant cash loan, you will be able to get back on the wheel after an unexpected breakdown.
Sales – There are numerous times where we all come across a sale we cannot go past. A quick cash loan can help deal with this without too much hassle.
Who is Eligible to Apply For No Credit Check Loans?
As mentioned earlier, lenders vary and so do their requirements when it comes to all financing products. With MiFinance, you are required to meet the following in order to be eligible for applying:
- At least 18 years old
- Have a regular income going to your personal account for at least 3 months
- Be an Australian citizen
- Have an active email address and mobile number
So, before applying for any financing product, ensure that you meet the above criteria. If you do not meet the requirements above, unfortunately, you will not be able to submit an application.
What Are The Costs?
Interests rate differ when it comes to these loans, primarily due to the nature of every lender. However, in regards to short term loans with MiFinance, expect to pay 20% of the borrowed amount, usually referred to as establishment fee. Also, expect to pay 4% of the initial amount per month. MiFinance does not charge any interest on any loan product.
If you are unable to pay in time, it is important that you communicate in order to reschedule or adjust the repayment. If the payment amount is reduced, you will be exposed to a $20 fee. If you miss a repayment or dishonor one, you will be subject to a $30 fee. You will never be charged for being in arrears and if we are unable to recover the debt after 60 days overdue, the duty may be passed to external debt collectors. As such, ensure you are in constant communication to avoid such inconveniences.
Why Pick MiFinance?
There is no denying that the ability to get a loan with no credit and fast is appealing in itself. You also do not have to leave your couch to do this as the process is done 100% online. You do not have to jump a thousand hoops and wait for an eternity to apply. You only provide the necessary information within a few minutes and simply wait a while for the approval process.
The process is stress-free and enables you to meet your needs in no time. Also, the repayments are made easy by being automatically deducted from your account and the customer support is unmatched. Get in touch today for all your financial needs!