Generally, when you apply for a normal loan, then banks and traditional lenders ask for collateral against the loan. The people who are financially strong can easily fulfill this very condition, but there are many people who are unable to place collateral against getting the loan such as tenant, student, waif, small businessman etc. To assist such people during their financial crisis, the idea of Unsecured loans have been formulated.
Actually, unsecured loans
are designed for such people who are unwilling to place collateral against getting the loan. So, these loans have high interest rates due to lack of collateral. Unsecured loans allow you to get funds starting from AU$1000-AU$25000 with repayment period of 1-10 years. You must repay the loan amount an agreed time to stay away from penalty. A person with bad credit scores like defaults, arrears, CCJ, IVA, foreclosures, insolvency, delayed payments; Skipped payments etc can take full advantage of unsecured loans.
To get unsecured loans, you need to fulfill following eligibility criteria-
(1) You should hold citizenship of Australia,
(2) You should be at least 18 years of age or older,
(3) You should be employed. Your monthly salary should be at least AU$1000 and
(4) You should hold a valid bank account.
The process to get no credit check loans Australia
is straightforward. You just need to complete 3 steps to get unsecured loans quickly-
(1) Select a lender
- You need to choose a lender which suits your needs well.
(2) Fill up the online form
- The next step is filling up online application form with your essential information such as name, address, age, gender, loan amount, Email ID, bank account number, cell number, Employment status etc. No faxing of documents or enormous paper work is needed.
(3) Submit the form
- At last, submit the form online. As soon as the loan gets approved, the loan is instantly wired into your account.Summary
Unsecured loans can be availed easily and swiftly even without collateral. These loans are available for bad creditors too. You can use unsecured loans to put an end to several short term expenses. By repaying the loan on time, bad creditors can remove their poor credit status for good.