Personal Loans with No Credit Checks

If your credit score is not up to scratch, then a personal loan with no credit check could be an option worth considering.
iSelect Editorial Team
4 min read
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If your credit score is not up to scratch, then a personal loan with no credit check could be an option worth considering. However, like any loan, you need to know what you’re getting into before you sign on the dotted line. This article will help you understand the ins and outs of no credit check personal loans.

What is a personal loan with no credit check?

A personal loan with no credit check is like any personal loan, but it’s one you can apply for even if you have a less than perfect credit history. The lender will still consider your overall financial situation before they decide to lend you money, so they’ll look at your income, current employment, and any outstanding debts. This type of loan is a riskier proposition for the lender, so you may find that the fees could be higher than offered on other options.

Importantly, it’s not quick, easy money. You’ll still have to prove your ability to repay the loan before you’re approved.

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What do loans with no credit check typically feature?

The main feature is that there is no credit check, as a result, many of these loans do not offer many of the options that traditional loans may.

Here are some of the features you could look for:

  • Flexible repayment. If you have the ability to pay extra off your loan or pay it out early, then it can help save you interest. Beware though, some lenders may not allow extra repayments or early payoffs, so the loan you take out, is the loan you’re stuck with.

  • Secured loans. If your loan is secured with an asset, then it could save you money on interest. However, you risk losing this asset if you default on you loan repayments.

  • Unsecured loans. Unsecured loans often come with higher fees and interest rates than others, but they may be necessary if you don’t have an asset to put up as security.

  • Generally small amounts. Loans without a credit check tend to be for smaller amounts, up to about $10,000, and often repayment terms will be shorter than other loans.

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What can a loan with no credit check be used for?

These loans with a reputable lender can be a financial shot in the arm when you find yourself with a short term financial need. This can include financing things like:

  • Urgent house repairs

  • A new household appliance

  • Unforeseen car maintenance costs

  • Pay medical bills

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What are the pros & cons?

This is the bit where you need to weigh up the pros and cons in your individual case, so here are some of the things worth considering when thinking about a no credit check personal loan.


  • You don’t need a good credit rating. Yeah, we know, that one’s obvious. But you’ll still need to be able to pay it back.

  • Application time can be relatively quick.

  • It can be a short-term fix to cash flow problems.

  • Flexibility of use. A personal loan without a credit check can provide cash which you can choose to spend how you like.


  • Higher interest rates. It’s the price you pay for quick money, with no credit history. Check with individual lenders, these rates can vary quite a lot.

  • Fees, fees, fees. That’s right, some lenders will get into you with high fees. Establishment fees and service fees are always worth checking for when choosing a loan, they can make all the difference to your ability to pay it back.

  • Penalties (another fee). If you miss a payment, or even pay late, then you could well be landed with more fees, and they could be hefty. Check it out before you sign, but most importantly, just pay back your loan on time.

  • More debt. If you’re taking out a loan to ease the strain on other debts, then all you’ve got is another debt, and if you don’t turn it around quickly, you can end up in a downward spiral.

Are there similar alternatives to personal loans with no credit check?

There are some alternatives to personal loans with no credit check, which can include:

  • No-interest loans. Some banks offer low-income families small, no-interest loans to help cover certain needs, such as urgent medical care, or education. Check with your bank to see if you’re eligible.

  • Centrelink Advance payment. If you are receiving Centrelink, you may be eligible for an advance payment. These advances are generally for certain services only.

  • Financial counsellor. If you are struggling to make ends meet, there are financial counsellors who can help, with free advice and assistance, you can find more details on the National Debt Helpline

Am I eligible for a personal loan with no credit check?

As we’ve said, your eligibility for a personal loan still hinges on your ability to pay it back, so lenders will often consider things like:

  • Age. You should be over 18 years old.

  • Residence. You should be a resident of Australia.

  • Proof of regular income. Some degree of Centrelink supplementation is allowed, but generally limited to less than half of your income.

  • Other debts and liabilities. You’ll have to share details of any credit card debts or outstanding loans.

A personal loan with no credit check can be a useful financial product. Picture: iStock

Could applying affect my credit score?

As with any loan, your payment history could affect your credit score. So if you miss payments, your credit score will be impacted.

How can I apply?

Before you do anything, work out how much you can afford to pay back on a regular basis, remember, you don’t want to miss payments.

Personal loans with no credit check can be a good way out of a tricky financial situation, and it’s important that you get the most suitable deal available, so before you apply, we suggest you compare. If you need a hand on that front, we can help, hop online to start comparing from a range of providers.

Where can I compare options?

Well, you can start right here. We work with a range of reputable lenders who offer personal loan with no credit check loans. You can start checking out personal loans online from the range of providers.

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