Loans

Second Chance Loans

If you would like to improve your credit rating you might consider a Cash Today second chance loan.

This is a small no credit check loan of $500 which can help you to improve your credit rating if you make your repayments on time.

You may be able to be approved if you have stable income, your regular income vs. expenses allows for you to comfortably afford the repayments, and your 90 day bank statements display no disqualifying conditions.

This is the only kind of no credit check loan that we offer, and all loan amounts higher than $500 will involve a credit check.

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No Interest Loan Scheme (NILS)

Borrow up to $2,000 for essential purchases interest free and with no credit check required

To qualify you need to:

• Have a Health Care Card/Pension Card or be on a low income
• Have lived at your current residence at least 3 months
• Be able to make the repayments

Arrange a meeting with a NILS service provider to complete your loan assessment and work out how much you can afford to repay.

This usually takes between 45 and 90 minutes, and loan approvals can take up to 2 weeks depending on the provider.

Centrelink Advance Payments

If you are entitled to government benefits, it may be possible to request a cash advance from Centrelink

• The Government website MoneySmart is an invaluable resource to assist with financial counselling, budgeting, saving for an emergency fund, and assistance with paying bills.
• Get information about other options for managing your unexpected bills or debts by calling 1-800-007-007 from anywhere in Australia to talk to a free and independent financial counselor.
• Speak directly to your service provider to see if you can work out a payment plan if you aren’t able to pay your bills on time.

Characteristics:

• Credit score: Good (above 600) 
• Stable employment or income with clear repayment affordability
• Low Debt-to-Income Ratio (well below 36%)
• Positive Savings History
• Minimal existing loans
• No disqualifying conditions.

Characteristics:

• Credit score: Ok (above 400)
• Recent job changes/ gaps in employment but clear repayment affordability
• Debt-to-Income Ratio approaching 36%
• No new loans in the last 90 days
• No disqualifying conditions.

Characteristics:

• Credit score: Low (less than 400) or none
• May have a high debt-to-income ratio (DTI) above 36% or significant outstanding debts
• May have a history of unemployment or frequent job changes
• No disqualifying conditions.

Characteristics:

• Displays one or more disqualifying conditions.
• Unable to afford repayments
• No regular income
• Risky debt-to-income ratio (DTI) above 60%

Consider improving your financial health and applying at a later date.