Low Doc Personal Loans

Remember, there is no one-size-fits-all approach when it comes to low doc personal loans, so make sure you search around before applying to any particular lender. Our database at Ozzie Loans provides you with a personal loan comparison across Australia so you can find the right loan for your needs.

How do I get low doc personal loans?

Low doc personal loans are usually only offered to individuals who can meet strict qualifying criteria in personal loan eligibility and can provide the necessary documentation when needed. It also depends on your creditworthiness (i.e., your lender’s confidence that you will honour your debt obligations). It takes into account many factors such as your deposit size, the collaterals you provide, your supporting documentation, your income and debt, as well as your credit history. Most lenders look for people who can do fixed monthly repayments money over time and in equal amounts in evaluating their risk appetite. 

Because of the risks related to low doc personal loans, it is typical to charge higher personal loan interest rates. These loans are sometimes called ‘semi-subprime’ because while the interest rates will be higher than those with good credit, they still might be lower than someone with more expensive debt who needs a larger sum of money. But don’t let your dream of a new car or holiday get away from you. We recommend that you use our free personal loan calculator to find out how much money is available for borrowing, what interest rates are best suited for you and evaluate potential monthly repayments that will suit your budget needs. 

When it comes to requirements, it varies across multiple lenders. Here is the list of documents you may be asked to provide:

• Accountant’s declaration to certify your income (some will allow self-certification)
• Your Australian Business Number (ABN) registration
• Recent Business Activity Statements verified by the Australian Taxation Office
• Bank account statements or interim financial statements

Depending on the declared taxable income from your business activity, some lenders may also require you to provide your GST registration, business tax returns and income tax assessments, including evidence of business operations in the same industry with a minimum of two years or less (as dictated by your lender). If all this seems overwhelming to put together, Ozzie Loans offers a streamlined, efficient way to getting all your requirements through a secured portal. With our proprietary technology and without any hassle on your part, we can collect all of your bank statements in seconds. All it takes is your permission for us to obtain the necessary paperwork.

What credit score do I need to get a low doc personal loan?

You must remember that your ability to maintain a good credit score will have a significant impact on your ability to get approval for low doc personal loans. Major credit reporting bodies in Australia, such as Equifax and Experian, consider 500 as a fair score and a minimum to qualify for application. Although a lower score might still get approved only with higher interest rates and a co-signer, try improving your credit score first if you’re below the threshold. With a higher-than-average credit score, Ozzie Loans can go ahead and approve for bigger loans at lower rates.

Lenders are generally more accommodating, with a credit score around 622 as long as you can demonstrate a reasonable asset to income ratio and minimal financial mishaps like defaults. If you are trying to get approved for a cheap unsecured personal loan or even if you just need some guidance when it comes to banking and finance, then consult with us at Ozzie Loans – our team works tirelessly with lenders to help our clients find the best loan possible so they can focus on securing a solid financial goal for their family.

Can I get a low doc personal loan without a bank account?

The short answer is no; while there are lenders that will issue low doc personal loans, most low-interest loans require you to have a bank account and have one year of continuous automatic deposits into your checking account without any overdrafts or bounced (non-sufficient funds) checks. The reasons for this are twofold. Your bank history is used as the basis for underwriting the loan and because those who use banks are statistically more successful at handling their finances and less likely to incur multiple outstanding debts or commit fraud. 

At Ozzie Loans, we follow responsible lending practices, so you can borrow what you need and then pay it back responsibly, without getting into debt that’s un-payable or being hit with late fees for not making payments on time.

It's difficult to get a low doc loan without a bank account, so you may want to consider getting one first if you can't line up other sources of funding for your project.

To get the best experience with applying for low doc personal loans with none of the hassle and all of the convenience, look no further than Ozzie Loans. We operate Australia-wide from Sydney, Melbourne, Brisbane. With our online lending platform, you get the loan process moving at a more rapid pace. All information will be gathered electronically and sent through a secure connection to your lender. This means faster processing speeds, which is great for many people who are in need of quick cash to help improve their financial security. Apply now!