Is your credit report holding you back from acquiring a loan? A no credit check cash loan might be an option for you. Specialist lenders in New Zealand who offer no credit check cash loans will approve applications based on the borrower’s income, employment, and bank statements as alternatives for your credit history.
What is “no credit check”?
With no credit check cash loans, the lender will not request your credit report from any credit bureau to be used in checking your loan history in the initial phase of your application. Instead, the lender will inform the credit bureau that you applied for a loan, as well as when you get approved. These will show on your credit report as the lender will list it during the application process.
The lender will also check the last 3 months of your bank statement to assess if you can afford the loan. The bank statement can show your income, expenses, and the financial stress of your account. You will also need to provide evidence of your employment or Work and Income payments to demonstrate that you can afford the loan.
Keep in mind that no credit check cash loans come with higher interest rates and fees than traditional lenders. The interest rates and fees for no credit check cash loans vary depending on the lender. A loan amount that is smaller can be repaid within 2 days up to a year, hence a larger amount is up to 2 years.
Factors to consider for No credit check cash loans in NZ
- Reputable lender — Check the lender’s website or call it’s hotline or customer service to ask for its credit license.
- Can you afford it? — It’s never a good idea to get a loan you know you cannot repay. For financial help and assistance, contact the New Zealand Federation of Family Budgeting Services. No credit check loans in NZ can amount from $100 up to $5,000.
- Avoid multiple applications — Since lenders will list every loan application you make on your credit file, multiple applications within a short period have negative effects on your credit rating.
- Fees — Go to the lender’s website to check their Terms and Conditions and what they will charge you for fees. You can also find out the charge for late payments or default. Different loan structures imply different fees. Some lenders may also charge an additional fee for early loan repayment.
- Do you really need the loan? — Until the loan and it’s associated rates and fees have been repaid, you are bound to its conditions. Make sure to only acquire the loan if you really need it as the lender can take legal action against you if you default.
Eligibility for No credit check cash loans in NZ
The borrower has to meet the following criteria before acquiring a cash loan with no credit check:
- The borrower must be at least 18 years old.
- The borrower must have a regular income.
- A Work and Income payment or pension may be considered an income. If the borrower receives support from Work and Income in New Zealand, 50% of the income must be earned from other sources.
- The borrower will be required to provide read-only access to his 3-months bank statement. This will show if the borrower has any outstanding loans or expenses such as rent, or credit card payments. Read-Only access will be faster and will affect the turnaround time, as opposed to hard copies.
Not everyone who has bad credit needs a no credit check cash loan, but in the case that you do, learn more about them here. The same with no credit check cash loans, bad credit loans will be decided upon the borrower’s earning power and whether or not he is employed.Considering a no credit check cash loan? Here are The Essentials Click To Tweet
Prepare your 90-day bank statement (read-only access); your job details and how much you earn; or your Work and Income benefits. These are common but may differ depending on the lender.
Upon approval, the agreement between you and the lender will detail the loan amount, and associated interest rates and fees. Do not forget to carefully read this agreement, most especially the terms and conditions on default for no credit check cash loans in NZ.
Online application is provided for a quick process. A same-day deposit into your account is possible once you meet the lender’s criteria and requirements.
In any decision to make about getting a loan, it is always beneficial to do thorough research and act responsibly as a borrower. Keep in mind that this will consume a great amount of your time which is why it’s wise to only get what you can afford. If your mind is already made up for a no credit check cash loan, apply now.