One of the major obstacles to securing a loan is not having all the documentation required by the big banks and other traditional loan providers. When you are in an emergency this can be extremely frustrating.
At Bad Credit Loans we understand this is often not your fault. Some documents can be very difficult to obtain in a matter of days while others may be impossible. Many of those with bad credit stop pursuing financial assistance because the answer from these lenders is usually ‘no’.
Low doc borrowers are all too familiar with this type of answer from banks and other lenders, especially if they’re trying to apply for bad credit low doc home loans.
Having bad credit puts a damper on getting loans in the future. It acts as a red flag for banks and creditors. With banks tightening their lending practices, it is more likely that they will reject any loan application for a fear of late or missed payments.
Bad credit loans are designed for just this reason. Bad Credit Loans is an alternative lender that can offer you understanding rather than judgement, so you can get the cash you need.
Bad credit situations happen, and it’s often due to circumstances beyond your control. If you are already in a position of bad credit and another unexpected situation crops up, it can be almost impossible to take out a loan to help.
With no credit check loans you can cover the unexpected, like medical bills, repairs and other financial issues that may have arisen, without needing to dig out your poor credit file.
It’s a way to get fast cash without the drama.
You find a reputable lender that offers no credit check loans. They won’t request your credit report, however will ask you to provide other documentation to determine your financial situation.
While your credit report won’t be checked, the loan details will still be marked on your credit report. Therefore, it will still be marked as a credit enquiry.
The creditor will then check your bank statements from the previous three months to check your incoming money and outgoing expenses. This will help them determine whether or not they believe you can afford the loan.
The approval process for no credit check loans is generally very quick and straightforward.
In most situations you will have the money in your account within a few working days.
These are just some of the factors that can result in a negative listing on your credit report. Your credit history is then used to give you an overall credit score. A low credit score indicates you have a poor borrowing history, while a high credit score suggests the opposite.
A credit rating is quick and easy way for a potential lender to get an accurate overview of your borrowing history to make a decision about whether or not you are worth taking a risk on.
The one thing a credit rating doesn’t take into account is the circumstances surrounding your credit score. There are factors beyond your control that can influence it, such as losing your job, getting into an accident and paying medical bills, repairs needed for your home or car, and so on.
No credit check loans take these factors into account and allow you to borrow from a lender, such as Bad Credit Loans, who understands you and your individual circumstances.
If you have been applying for loans with traditional lenders with no luck, then it’s time for you to take a look at no credit check loans. Do your research and take a look at alternative lenders, such as Bad Credit Loans, that offer loans without a credit check. No credit check loans are extremely simple and can really help those who have negative listings on their credit history. But in order to take one out, you do need to meet eligibility requirements, and these will be different depending on your loan provider.
Lenders aren’t relying on your credit score to determine whether or not you are worth taking a risk on. Instead, they will look at your income, employment and bank statements in order to make an assessment of your borrowing ability. Here are some of the requirements to consider:
You have to be over the age of 18 years in order to take out a no credit check loan.
you need to prove you receive a regular income. If you are receiving payments from Centrelink, these count as regular income, but on top of this you are expected to have 50% of your income from a different source.
These are used by the potential creditor to look are both the income and your expenses. They usually just ask for access to the past 90 days, so they can see whether or not you will be able to repay the loan.
Creditors will also want to be made aware of any other liabilities you may have. This will include any other loans you have taken out, or even credit cards you are using.
If you can meet the criteria, then the application process is fairly straight forward. In most cases, you can simply apply for the loan online. While approval isn’t guaranteed, if you are approved then you can see the money in your account in a matter of days. It’s a quick and easy solution to your bad credit, that can help get you back on your feed when you need it the most.
At Bad Credit Loans, we understand that everyone’s situation is different.
Having a bad credit score doesn’t make you a bad borrower, there are often circumstances beyond your control that affect it. We look part those negative marks on your credit report and give you a second chance at getting that loan you need.
The process is simple, pick up the phone and give us a call today, or simply apply online. We will offer you the right no credit check loans with competitive interest rates and repayment options to suit your situation.
You don’t need to let your bad credit hold you back, simply give our expert team a call today and we will help you out.
With over 30 years of financial expertise, Bad Credit Loans has helped thousands of Aussies to secure finance despite having a a bad credit history.
In times of need, a bad credit loan can help you see the light at the end of the tunnel.
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