Emergency Cash Loans No Credit Check

Sometimes, getting a loan can be the only way to get some extra cash to cover an unexpected emergency money issue.

But, as you know, taking out a loan is no easy feat. At the very least, you need to undergo a credit check, and not everyone has a shining history. 

If that’s the dilemma you’re facing right now, you’ll find your answer with no-credit check emergency cash loans. Just as the name implies, an emergency loan will allow you to get your hands on a wad of cash without any investigations or hassles. 

So, if that’s the type of loan you need, make sure to keep reading. We’ll cover everything you need to know about emergency cash loans.

What this article covers:

What Are No-Credit-Check Emergency Cash Loans?

Emergency cash loans – also known as urgent, fast, or instant cash loans – are a type of personal loan that’s prioritised and granted as soon as possible to cover an unexpected expense. 

Part of the reason emergency cash loans are so speedy is the general lack of credit checks. Most, if not all, lenders will skip the credit check part of the loan, which is great if you’re struggling with bad or insufficient credit. 

emergency cash loans no credit check

But why would they skip a critical step in determining if their client will repay them? That’s because they mitigate that risk by offering higher-than-average fees and interest rates. 

Moreover, emergency cash loans are generally on the smaller side, rarely exceeding the $5,000 mark. As such, even if the borrower ends up defaulting on the loan, the lender won’t have suffered too much damage. 

How Much Can You Borrow with an Emergency Cash Loan, No Credit Check?

If you’re dealing with a private money lender, then you can expect any number from $100 to $5,000. 

Occasionally, however, some will only go up to $2,000. Other times, some lenders will allow you to borrow almost $10,000.

As you can see, there’s quite a variance. Generally, the amount you’ll be able to borrow will depend on whether you have the ability to pay it back. 

Lenders will take a look at your income vs. your expenses and decide how big of a loan you’ll be comfortable paying back. 

Yes, though not all lenders will be willing to give you the money.

Sadly, most lenders, including banks, don’t approve of loans for individuals on government support. Instead, they look for people with stable, high-paying jobs to ensure that they’ll repay the loan.

no credit check emergency loan

Private money lenders aren’t the same, though. 

There are many private loan providers willing to give money to Centrelink recipients, even when they’re unemployed. Not only do these lenders believe in giving Centrelink recipients a fair chance, but they’re also willing to overlook bad credit. 

How Much Will You Pay for an Emergency Cash Loan with No Credit Check?

Your loan fees and interest rates will vary based on how much you borrow. 

Basically, all small loans don’t have interest rates, as stated by the Australian Securities & Investments Commission (ASIC). As such, if your loan is $2,000 or less, it can’t have an interest rate. However, it’ll have an establishment fee and a monthly fee. 

The maximum a lender can charge is a 20% establishment fee and a 4% monthly fee. So, if you’ve borrowed $1,000 to be repaid in 2 months, you’ll end up paying:

  • Establishment fee: $200
  • Monthly fee: $80 
  • Total: $1,280

But what about larger loans, nearer to the $5,000 mark?

Well, these loans come with an interest rate and, most times, an establishment fee as well. Typically, the interest rate will be around 5.99% per annum, and the establishment fee will be somewhere from $100 to $700. 

Of course, the shorter your loan terms are, the less interest you’ll have to pay. So, if you can, pick the shortest loan term you can find. 

However, if you know that you won’t be able to repay the loan fast, then choose a longer loan term that suits your income and expenses. You don’t want to fall behind on your payments. Not only will this affect your credit score, but you may also incur late payment fees and other penalties. 

So, try to be sensible when choosing your loan terms. The extra interest won’t be as bad as the penalties and late fees. 

emergency loans no credit check

What Do You Need to Get an Emergency Cash Loan with No Credit Check?

On the whole, almost all Australian money lenders will give you an emergency loan provided that you:

  • Are a citizen or permanent resident of Australia
  • Are at least 18 years of age
  • Have had a steady job/income for the past 3 months
  • Have an active bank account, email, and phone number

So, if you fulfil all these requirements, you simply need to fill out an online application and attach the following:

  • A copy of your ID/driver’s licence 
  • Proof of employment, if present 
  • Proof of Centrelink income (payslip or income statement)
  • 90-day history of your bank transactions

Once the lender reviews your income, you should get a call from them to confirm your details. If everything checks out, the lender will give you the contract to sign, and you’ll get the money shortly thereafter. 

emergency cash loan no credit check

Pros and Cons of an Emergency Cash Loan, No Credit Check

Here are some advantages of an emergency cash loan:

  • Easy and fast to acquire
  • Allows individuals with bad credit to get a loan
  • Can improve your credit score if you repay the loan on time 
  • Most loans have little to no interest rates

As for the disadvantages, here are a few things to consider:

  • Emergency loans aren’t too large
  • The lenders may ask you to provide a security 
  • Not every lender will agree to deal with no credit check loans for unemployed or Centrelink recipients 
  • You may damage your credit score if you fail to repay the loan 

Conclusion 

No-credit-check emergency cash loans are an absolute godsend if you’ve got bad credit but need loans immediately. 

Since lenders don’t need to run a credit check on you, you’ll usually be able to get your money before the day is out. 

Just keep in mind that your loan won’t really exceed the $2,000 mark (though some lenders may stretch it to $5,000.) 

So, if you’ll need more than that, discuss your options with your loan provider. They may be able to offer you a different solution that better suits your needs. 

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