Some lenders in our panel may only utilise your bank statements as part of their underwriting, however, some lenders may check your credit history too. By applying on our website, your current and past credit history may be checked - if you are approved or declined for a loan, please check with the lender.
Defaulting on repayments and/or requiring an issuance of enforcement directives from a court will hurt your credit score.
If you are grappling with bad credit scores and you are in need of a short and quick loan that can be easily obtained, cash loans can be a good option for you.
One factor which is taken into consideration, 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 see this as a positive factor in your loan application.
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 direct lenders will look at your credit history and credit score.
Your credit history can and will likely be checked by direct 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 up to no more than 3 cash loans against their name.
Hence, to make sure that you don’t have any other outstanding cash loan, direct lenders may check your credit history.
Every cash loan you take (and even apply for!) will be reflected in your credit history in the following format:
The frequency of your payday loan application and the subsequent checks made by direct lenders will appear in your credit history. So, it’s better to apply for a quick loan only when you really need one.
If you apply for a personal cash loan and your application gets approved, the amount of money loaned to you will appear in your credit history.
Further loan details such as the interest charged to you, loan term agreed upon, repayment schedule etc. Will also be mentioned in your credit history, after your application is approved.
If you are not able to repay the loan on or before the due date, you will be charged additional defaulter fees or extension fees as agreed upon in the loan agreement. These fees will also reflect in your credit history. Similarly, if enforcement procedures need to be followed by the lender in order to extract the loan amount from you, charges pertaining to that will also be mentioned.
In the same vein, if you do not repay the loan you have received from a lender on or before the due date, it will be considered to be a defaulted payment.
Most direct lenders will issue at least two reminders to let you know that you have defaulted on the repayment. If you still are not able to repay, legal intervention may be sought by the lenders.