Cash loans no credit check?

Find out more about cash loans from Cash Today and accessing emergency funds without a credit check.

Fast cash paid today

Are you looking for fast emergency cash loans with an online application and speedy approval? Cash Today could be just what you’ve been looking for. Do you have a less-than-ideal credit rating, or don’t want a credit check with your loan application? This is likely to significantly impact your chances of being approved for a loan.

We offer simple-to-understand fees, with flexible repayment options and same-day approvals. And we can help you with emergency cash loan amounts of $500. Our terms and conditions are easy to understand, so there are no surprises. We offer the choice of emergency loans so that you get money fast when time is of the essence. 

What is a cash loan?

 

Also known as an emergency cash loan, or a payday loan, it is a lending option that allows you to borrow loan amounts between $1000 and $2000 that is paid back faster than a regular personal loan. The duration of lending can be as little as 6-7 days. One example would be repaying the loan amount with your next pay cheque. You might also choose to spread the repayments over weeks or months if the amount borrowed is higher. Different emergency cash lenders will offer different fee structures, so it’s important that you understand clearly your repayment choices, as well as any fees charged. Emergency cash loans, which involve a credit check, can be approved for amounts under $5000 as long as you satisfy other lending criteria.

How do I repay a cash loan?

Cash Today is completely transparent with our fees because we take responsible lending seriously. We have a simple fee structure that includes a 20% establishment fee plus 4% of the principal amount per month until the loan is paid off.  This can assist you in making an informed decision about whether an emergency loan is right in your individual circumstances. Your repayments will be set up via automatic direct debit from your bank account, so you have the peace of mind that you’ll never forget a repayment.

What are my cash loans (no credit check) alternatives?

A small payday loan isn’t always the best solution when you have short-term cashflow problems. There are other options available for financial assistance at moneysmart.gov.au

You may be able to receive an advance on government benefit payments, assistance with budgeting, or financial counselling to discuss other options.

At a glance

Simple loan rates & fees

 

See our simple rates and fees below, and then view more information about rates & fees to work out repayments and total costs for different amounts and terms.

*Please note that the figures shown are indicative only and may not include all fees and charges. All applications are subject to assessment. 

Applying

Find out how likely you are to qualify for our lower rate loans.

Healthier financial history = access to lower loan rates

  • Our competitive personal loan rates are between 7.24% – 19.99% p.a. and our urgent loans are between 19% and 48% p.a.
  • The loan rate that you are offered will be dependent on your individual circumstances, loan amount, and the type of loan
    • For example, a secured car loan is likely to have lower rates than an unsecured loan with a vague purpose

Am I eligible for a loan?

If you want to understand whether you are able to be approved for a loan, there are a few things to consider.

Loan requirements

  • Proof of Australian residency (utility bill) and regular income
  • Driver’s license or other identification (over 18 years of age)
  • A read-only 90-day bank statement (via online bank verification)
  • Credit check
  • Repayment affordability can be established
  • No direct debit dishonour transactions in bank statements

Credit check

Credit history

A history of responsible borrowing shows that you’ve paid your bills on time and haven’t maxed out any credit cards.

Credit score

A good credit score is a strong indicator of your creditworthiness and could mean that you are eligible for loans with lower interest rates than another applicant with a less favourable credit score.

Debt-to-income ratio (DTI)

If you have a low debt-to-income ratio (DTI) this is the best position to be in for getting approved for a loan. A great debt-to-income ratio is 3.6 (36%) or less.

The higher your debt-to-income ratio, the less likely you are to be approved. That’s because you will be making repayments on your existing debt, and have less available funds to comfortably make repayments on a new loan. A debt-to-income ratio of 6.0 (60%) or higher is considered risky for lenders.

How to calculate your debt-to-income ratio 

Debt-to-income ratio = Total debt divided by total annual gross income

This can be expressed as a number or a percentage.

Resource:

Debt-to-income ratio calculator

 

Loan amount and purpose

The amount you’re borrowing and what you’ll be using it for can also affect your approval odds.

Generally, smaller loans for specific purposes (like a car repair) are easier to get approved for than large loans with a vague purpose.

Collateral

Some loans, especially larger loans such as home renovation loans or car loans, require collateral. This is an asset the lender can seize if you default on the loan.

Having collateral can improve your chances of getting approved, especially if your credit score isn’t perfect. In some cases it can also qualify you for lower loan rates.

Income and employment

If you have stable full time employemt with income that would allow you to comfortably repay a loan, this makes you most likely to be approved for a loan.

It is still possible to be approved for a loan with part-time employment if your regular expenses are lower and affordability can be established.

Other forms of supplementary income are also considered such as government benefits.

Your total income amount, your employment history, and any other sources of income will be taken into consideration when making an approval decision on a loan application.

Responsible lending

Understanding your individual circumstances

At Cash Today, we understand that unexpected expenses can arise. While we’re here to help you access the cash you need quickly, we’re committed to responsible lending practices.  This means we take the time to assess your individual circumstances before offering a loan. 

Prioritising your financial well-being

We prioritise your financial well-being and want to ensure you can comfortably manage repayments. We also offer clear and transparent loan terms so you understand the full cost upfront. If alternative solutions like payment extensions or budgeting tools can better address your situation, we’ll be happy to point you in those directions.

Lower rates reward good track records

If you can demonstrate a strong financial track record you are more likely to get approved for personal loans and qualify for lower loan rates. If your income compared to your ongoing expenses shows that you have the ability to comfortably afford higher loan repayments you may be able to get approved for higher loan amounts. 

Preventing financial stress 

In the event that your financial history reflects more unstable income, a poor credit rating, or a high debt-to-income ratio, your application may be declined if it is determined that repaying the loan would not be affordable and result in further financial hardship for you. 

You may only be approved for smaller loan amounts with lower repayments, and you may not qualify for lower rate loans and need to carefully decide whether you are willing and able to accept paying higher rates for the loan.

Protecting your future 

It’s important to note that even if you can comfortably afford repayments, your application might not be approved. This is because we assess your financial history to ensure responsible lending. We want to avoid situations where the loan could negatively impact your long-term financial health. This includes missed payments that could damage your credit score and make it harder to access future loans.

Disqualifying conditions

If you display one or more of the following loan disqualifying conditions you are not currently eligible for a Cash Today loan. 

  • Opened a personal loan in the last 90 days
  • Already has two or more payday loans under $2000
  • Bank statements in the last 90 days display transactions for online gambling
  • Bank statements show payments made to collection companies, payment arrears, or dishonours in the last 90 days
  • Bank statements show wage advances such as Wagetap, Wagepay, MyPayFast, Beforepay, in the last 90 days
  • Bankruptcy

You should consider seeking alternative options for financial assistance, or delay applying until your 90 day financial history reflects that you are eligible to apply as well as able to comfortably afford repayments.