- Personal information (e.g. age, residence, etc.)
- Credit providers that you have dealt with in the past (e.g. bank, payday lender, etc.)
- The approved loan amount
- The frequency of loan inquiries and applications made
- Loans or credits that are overdue or unpaid
- Personal insolvency or debt agreements related to bankruptcy
How to Access Your Credit Score
It will be a smart move If you know your credit score even before you apply for a loan. This will give you an idea of what options are available for you.
In Australia, there are two major credit reporting bureaus, Experian and Equifax. The credit bureau obtains your credit file and condenses your score to one number which represents all the collected information on your credit file. Experian scores range from 0 to 1000 while Equifax scores range from 0 to 1200. The more responsible you are as a borrower, the higher your credit score will be.
- Creditsavvy, which will show an Experian score
- Getcreditscore, which will show an Equifax score
Few lenders may offer a cash loan with no credit check. But most lenders see your credit score as a critical factor in assessing your loan application.
Your creditworthiness or unreliability is what your credit report will tell the lenders. It will show if you are a responsible borrower who will repay the amount borrowed. Depending on what your credit score is, the lenders will get the assurance of having their money back.
This is the main reason why your credit report is important for many lenders and why it will be a part of their loan assessments. But as previously stated, some lenders are willing to ignore this assessment step and consider other factors.
Will MyLenders Check Your Credit Record?
MyLenders is a lender finder service and it is not our job to check your credit records. It is the lender’s responsibility to check or altogether skip your credit history.
MyLenders has the most modern and up-to-date safe-banking technology that allows the passing of your information to the lenders in our network. The lenders will then be able to look at more than just your credit history. Stop worrying because you will not be automatically disqualified merely by a poor credit score.
This is all made possible because, during your application with MyLenders, we will require you to provide your online banking credentials. Don’t worry, your information is safe with us – only to be seen by our vetted lenders. Besides, we only obtain a read-only copy of your bank statements.
Your bank information will allow your would be lender to understand your money habits. Even with a poor credit report, you can possibly be approved for a loan if your bank statements show that:
- You have a steady income for at least three months
- You have been responsible with repayments
Are There Guaranteed Loans for the Unemployed with No Credit Check?
Unemployed or not, no loan is ever guaranteed. But a no job loan may be your option if you worry about your poor credit record. Some lenders offer this loan without the need to check your credit record. They will instead assess your loan application based on your banking history, employment situation, and income.
But MyLenders cannot guarantee to find you a lender willing to offer a loan with no credit check if you are currently unemployed.
Can You Apply for Instant Loan Anytime?
MyLenders’ lender-finder service is available online day and night to attend to your instant loan application. No matter where you are in Australia, you can make your application so long as you have an internet connection.