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No Credit Check Payday Loans

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If you are grappling with bad credit scores and you are in need of a short and quick loan that can be easily obtained, payday loans can be a good option for you.

Payday loans are:

The very ‘unique selling point’ of payday loans is their quick and instant approval. As a part of a drive to remain instant, payday loans are generally approved without a credit check. What this really means for you, as an applicant, is that you can get a payday loan when you really need it, regardless of what health your credit score is in.

The decisive factor is your source of income

If you have ever approached a bank for a loan, you would know that without a credit check, you will not be able to get a loan, even when you have a strong and regular source of income in place.

One poor piece of money management can make your credit score take a plunge, leaving you reeling - despite having a job. That’s why, it’s important to know that payday lenders offer small loans that do not take into account your credit score.

What is taken into consideration, however, is your source of income. If you have a regular source of income that’s good enough to help you pay the loan back come your next payday, lenders will generally not hesitate in approving your loan application and you can rest assured that your credit score will be irrelevant as far as approval of a payday loan is concerned.

This is why payday lenders tend not to check your credit score

At this point, inquisitive readers may wonder why it is that payday lenders deviate from the standard practice of using credit scores as ‘financial health checks’, and it would be well in order to address those doubts.

As the name suggests, payday loans are granted against the payday. In other words, as long as a lender is satisfied with the regularity of your income, your application will be approved. This, in no way, involves credit scores because credit scores tend to reflect a cumulative effect of years of monetary transactions and activities.

Hence, payday lenders do not feel the need to perform credit checks, making it possible for them to approve payday loans quickly and effectively.

Your credit history, however, may be checked!

Even though it’s true that your credit score won’t play a decisive role in the status of your payday loan application, it needs to be noted that your credit history can be checked by payday lenders.

This is in compliance with the rules and norms for small loan disbursement set up and overseen by the Australian Securities and Investments Commission. These norms state that at any given point of time, an individual can have one and only one payday loan/small loan against their name.

Hence, to make sure that you don’t have any other outstanding payday loan, payday lenders may check your credit history.

Every payday loan you take (and even apply for!) will be reflected in your credit history in the following format:

A Payday Loan doesn’t necessarily affect your credit score in a bad way!

Even though payday lenders sdon’t check credit scores before making a decision regarding a loan application, it should always be kept in mind that a payday loan has the potential to affect your credit, in both positive and negative manner.

Here’s how:

Payday loans

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