When your credit score is on the low side, getting a loan from conventional sources can be pretty tough. The market is changing swiftly nowadays and more and more people are seeking loans with no credit checks in NZ.
In this article, we’re going to give you a quick overview of the most important things to know about loans that require no credit check. We’ll fill you in on how these loans work and the most crucial aspects to think about when applying. Let’s start with:
Which loans require no credit checks?
The most well known type of loan is the traditional personal loan. With these, you apply with a bank or a conventional lender that does a full credit report on you before offering you terms that can span several months or even a series of years. These types of loan will always require a decent credit rating and are very different to fast short-term loans.
Short-term loans are provided by companies like us at Pretty Penny Loans! We don’t have to perform a credit check on our applicants because our solutions work very differently. Our loans are designed to be paid out very quickly and paid back within a series of weeks. This means we’re far more interested in seeing what you actually earn at the moment, rather than paying all of our attention on your credit history.
What can these loans be used for?
The main purpose for these short-term loans (also known as payday loans), is to help pay for emergency costs that have turned up unexpectedly. We all appreciate how important it is to be sensible with money but the truth is, most of us do live day to day with our finances. This means every now and then, something can go wrong and we find ourselves a bit short.
It’s in times like these that a very fast injection of cash into your account can make such a huge difference. In most cases, applications can be processed within a day and the money can arrive into the applicant’s account within hours of approval. As you can imagine, this speed of service is one of the main reason this form of loan has become so popular so quickly.
What information is required?
The idea of a short-term loan, is to borrow the exact amount you need, and then pay it back as soon as you get your next payday. This means it’s not all about your past history with credit. What’s more important is your current financial standing. If we can see that you earn the right level of income and don’t have too many outgoings to deal with, we can be sure you’ll have the means to pay the loan back comfortably.
When looking for a no credit check loan in NZ, the most important piece of information you‘ll need is your most recent set of bank statements. It needs to be the account that clearly shows the amount of money coming into your account from your employer. If you pay any bills or standing orders with a different account, you’ll need to provide statements from those too. It’s always best to be as truthful and forthcoming with information as possible when completing an application, as it’s in your best interest as well as the lenders that you take a loan that suits your financial circumstances.
How to apply
There are two main ways you can apply for a fast short-term loan. Online or through the Pretty Penny Loans APP. These are the two most popular methods of applying mainly for their speed and practicality. You can also call our team to apply for a loan over the phone. Applying by telephone does tend to take slightly longer in most cases, but all the information you’ll need is the same.
For all applications, the most important documents you’ll need are a government issued ID and recent bank statements clearly showing your income.
We hope this quick introduction to NZ loans with no credit checks has helped! Remember, you’re always encouraged to take only the amount you absolutely need to cover your emergency situation. This helps ensure you can make repayments comfortably and limits the risk of missing repayment deadlines.
If you’re in a tricky financial situation, you can still take advantage of loans for people with bad credit. These can help you get through an emergency, or help you sleep better at night after a stressful situation.
As long as you borrow responsibly and stick to your repayment terms, a short-term or payday loan can be the right choice for you.
If you need a loan, apply online now, or get in touch with any questions.
Read more about no credit loans in our previous blog post: What To Know About Loans For People With Bad Credit