Loans without a credit check
No credit check loans
No credit check loans include cash loans that are provided by lenders without reference to your credit history or credit score. They are often used in emergencies or where someone has no credit history (or a bad one).
Can you get a loan if you think your credit score is bad?
It is possible to get instant approval of a fast, cash loan with no credit check – but they almost always come with a hefty interest rate and lots of fees – sometimes as much as double or more of what you borrowed. But often, in the rush to get a quick, small loan, many people forget to actually check out their credit report – missing out on possibly getting approval for a more reasonable loan.
Where do you find your credit report?
Australia has three main credit reporting bodies – Illion (previously Dun & Bradstreet), Experian Australia Credit Services, and Equifax. You have a right to request your free credit report from each of the three credit reporting bodies.
Your credit report is a record of how you’ve handled loans and debts with other credit providers. It is important to note that your credit report could differ slightly between the credit reporting bodies so get your free credit report from each of them. Your credit report holds similar information that potential lenders and creditors access when you apply to open a credit account – whether that’s a loan, a credit card, or even a mobile phone plan.
Head online to one of the three credit reporting bodies where you’ll find links to order your free credit report. Here, you’ll be told which types of identification you’ll need to provide – naturally, all the usual ones are there such as passport or drivers licence. Then simply fill out the online form and submit. Your report can be emailed to you within 10 days (although it will often arrive sooner).
Learn more about credit repair
How do you access your credit score?
What to do if there’s an error on your credit report
Errors can sometimes appear on your credit report. It’s another reason why it’s very important to check your credit report often, from each of the credit reporting bodies.
If you do find an error, the credit reporting body will have ways for you to request a correction. Of course, you’ll need to provide information about the entry on your report and tell them why you think it is wrong – but on the whole, there are clear processes to make sure your report is accurate and up-to-date.