If you’re on a modest Centrelink income, getting a loan might not seem like the easiest option, especially with bad credit. Is possible to get a guaranteed loan without any credit check? Find out about your possibilities for a small loan when you’re unemployed with a low credit score.
No –regardless of Centrelink benefits, there’s no such thing as “guaranteed approval” for a loan application in Australia, nor can you avoid a credit check to get around a bad score. There are very lenient lenders out there, but none that are going to offer automatic approval with no questions asked. Credit checks are a key part of confirming someone’s details for a loan application, and no legitimate lender is going to skip that step.
There are still loan options out there even if you’re a Centrelink customer and don’t have the best credit, however. Many online lenders are willing to help customers in tough times, including those with lower credit scores, or who depend on Centrelink for support.
When you’re on the hunt for a small loan, Savvy can be a handy place to start. We can connect you one of our lenders and, for loans up to $5000, you can get instant approval within 60 seconds of clicking submit on your application.
It can narrow your options, but it doesn’t rule you out. Larger financial institutions like banks are less open to helping someone with a lower credit score, especially if they’re depending on government benefits, but smaller financial operators and online lenders are more willing to help. They’re more interested in the current state of your finances than your past credit history and accept more income types, such as Centrelink payments in some cases.
Savvy can quickly and easily connect you with lenders willing to work with your situation and budget. Being on Centrelink doesn’t mean you can’t get help when you need it.
No outstanding loans
Outstanding debts will show up on your credit report and can negatively impact your loan application chances. It’s best to clear your existing debts before trying to borrow again.