Do Cash Loans With No Credit Check Still Affect My Credit Score?

If you are in need of fast cash loans, no credit check options can seem like your only choice when you have a less-than-stellar credit score. It can be stressful when medical bills, car repairs, home repairs, travel costs, or any other unexpected expenses come up. A less-than-ideal credit score can make it difficult to find a bank that will offer you a loan or credit card, but there are still options for funding.

Fundo is an Australian lender that specialises in small, short-term personal loans for people searching for ‘fast cash loans no credit check’ due to unplanned and emergency costs. We have a streamlined online loan application process, flexible repayment terms, and no hidden costs.

Do cash loans with no credit check still affect my credit score?

Whether or not ‘fast cash loans no credit check’ will affect your credit score depends on the type of loan and the lender. Generally speaking, most lenders will report the loan to a credit bureau, which means that it could have an effect on your credit score. Some lenders may choose not to do so, but this does not mean that you should take out a cash loan with no credit check without being careful. 

No-credit-check lenders typically won’t report payments to credit agencies. This means, however, that on-time payments won’t help build your credit score. On the other hand, if you end up defaulting on a no-credit-check loan, the lender may sell your debt to a collection agency, which often reports to credit agencies. This can severely impact your credit score.

You don’t have to resort to looking for ‘fast cash loans no credit check’ because we at Fundo consider more than just your credit score when determining your ability to repay your loans. A less-than-perfect credit score does not always indicate mistakes or poor decision-making. That’s why we look at other factors in analysing your financial situation.

If you want to be considered for one of our quick short term loans, you must meet the following criteria:

• At the time of application, you must be at least 18 years old.
• You must be an Australian citizen or a tax-paying resident.
• You should make a regular income of at least $500 per week from a full- or part-time job, excluding government benefits.
• You have to show that you can make repayments on time.
• By borrowing from Fundo, you should not put yourself under undue financial strain.

How long are the payment terms for small cash loans online?

If you’ve been looking up ‘fast cash loans no credit check’, take note that payment terms for small cash loans online can vary depending on the lender and the loan product you are applying for. Generally, payment terms for small cash loans online can range from a few weeks to several months, depending on the loan amount and your credit history.

If you need to borrow money today, Fundo gives you the freedom to select the length of your loan thanks to our flexible payment options of up to 180 days. The majority of customers choose a period that lasts between five and twenty weeks. Note that the shorter the loan, the higher each repayment will be.

To get started, all you have to do is hit the ‘Apply Now’ button on our website and follow the steps to fill out our online form. It only takes a couple of minutes to complete, and you can apply from anywhere, even on your phone.

It helps to be ready with the following information ahead of time:

• your regular income details;
• your government benefit details, if applicable;
• valid ID (e.g. Australian driver’s licence, proof of age card, passport); and
• bank account details (bank name, account name, BSB, and account number).

What are the associated fees for instant cash loans online?

The associated fees for cash loans online will depend on the loan provider, the amount of money being borrowed, and the repayment term. The application setup fees, ongoing expenses, early termination fees, late payment fees, and default fees are just some of the common fees you may encounter while applying for an online loan in Australia, especially if you’ve been searching for ‘fast cash loans no credit check’.

As a responsible lender licensed with the Australian Securities & Investments Commission (ASIC), all our fees at Fundo are in line with industry standards. Given that you pay on time, we typically charge two fees: an establishment fee for setting up your loan and a monthly fee throughout the term. Both of these have flat rates based on the principal amount, so you can calculate the total cost to decide whether the offer is right for you.

After determining how much you want to borrow, you can fill out our 24/7 online application form, which is quick and easy to complete. If your application is received and approved during our regular business hours (Monday through Friday, 9.00 a.m. to 6.00 p.m., and Saturday, 9.00 a.m. to 5.00 p.m.), you may even receive your funds within the day.

Furthermore, we offer our approved borrowers a Fundo Credit Score, which is our unique credit scoring system that rewards good financial behaviour. By making successful repayments, leaving reviews, and referring others, you can earn points, increase your approval chances for future Fundo applications, and even receive special discounts. You can even improve your Fundo Credit Score if you use Fundo as your primary lender.

You can manage your Fundo account online through a self-service interactive dashboard. Use it to track your Fundo Credit Score, make and schedule your repayments, and get access to tips from Fundo related to everything involved with financial wellness, whether you’re curious about ‘cash loan Sydney’, ‘emergency loan Australia’, or ‘cash advance apps Australia’.

Instead of looking up ‘fast cash loans no credit check’ online, apply for a quick fast loan with us right here at Fundo.

Disclaimer: This article is intended only for general informational and entertainment purposes and should not be viewed as financial advice or recommendation. Views expressed in this commentary may change without notice.