There are so many different reasons you might be looking to take out a loan. Whether it is for a luxury expense, such as an overseas holiday, or an emergency situation. Perhaps you need to pay for a car accident or even to purchase that new vehicle you have been eyeing off for a while.
But what happens if you don’t have a steady income and your bank accounts are looking a little empty? It is no surprise that you would want to keep this from any potential lenders. But, is it even possible to get loans without bank statements in Australia?
The short answer, yes. It’s entirely possible to get loans without bank statements. This will often just apply to particular loans and entail higher interest rates, but you do have options. Let’s look at this in more detail below.
Loans Without Bank Statements Australia
Looking for loans without bank statements in Australia? Don’t worry, you aren’t alone. Maybe you don’t have a regular income and there are no frequent payments being made into your account, Or perhaps you simply can’t be bothered to go back through bank statements and print them all off for a loan. The good news is that it is entirely possible to get loans without bank statements in Australia.
Say goodbye to the days of heading off the bank with a tree of paperwork under your arm in the vain hope of walking away with an application for a loan. These days, things can happen much faster with much less effort. In some cases, there won’t even be a single form to fill in. How easy is that? If you’re willing to look away from traditional lenders such as banks, you will find there are a plethora of non-traditional lenders out there.
These private lenders don’t have the same rigid rules as banks, meaning you can access the cash you need and fast. It is about knowing the different types of loans you can apply for. However, it is also worth noting if there are any extra conditions attached, such as higher interest rates.
Types Of Loans Without Bank Statements in Australia
When it comes to taking out a loan without bank statements in Australia, there will be restrictions. For instance, you will not be able to apply for a mortgage. But there are other loans that are covered, which will see you out of a difficult period, or help you jet off on that dream holiday. Here are some of your options:
- Payday loans: these are short-term loans that cover you between paychecks, and generally aren’t big loans. They may require you have some proof income, such as a payslip. But every lender will be different and a bank statement is often not required.
- Car loans: got your eye on a brand new (or brand new second hand) car? Lenders often won’t require a bank statement and are more than happy to use the care as collateral against your payments. This is also known as a secured car loan, where the lender can seize the car if you default on your payments.
- Personal loans: these are another type of loan that often won’t require a bank statement. Personal loans can be taken out for your own personal needs, and the terms of your loan will vary from lender to lender. Some lenders may ask for a secured loan in lieu of the bank statement, while others will ask for a higher interest rate.
There are a number of options available to you if you are hoping to take out a loan without a bank statement. You simply need to do your homework and decided which one best meets your needs.
How To Apply
The application for these types of loans is often very quick and easy with very little paperwork. First, you will need to get in touch with a private lender. We recommend the Australian Lending Centre. These are one of Australia’s largest, most trusted private loan providers. They have a wide range of flexible finance options available. Often the application process will involve these 3 steps:
- Fill out an application form or phone up and speak to the lender. This is the stage you can discuss loan options and how they might be able to help you in your circumstances.
- Put together any documents required, such as ID, or if you are putting up an asset as collateral. The lender will inform you of exactly what they require.
- Wait to hear from the lender if you have been approved (this often happens in a matter of hours). In some cases, the money will be in your bank account that same day.
Take Out Your Loan Today
Are you ready to look into loans without bank statements in Australia? Now is the time to look into it, so you can finally buy that dream car, or pay off that accident you had the other week. The expert team at Clean Credit can advise you on your options.
We recommend the Australian Lending Centre if you are looking for a loan and the banks say no. They can help you find the loan which works best for your circumstances. The good news is, you can keep that bank account hidden in the process.