The NIK Finance personal loan Quick Check is a free 2-minute set of questions about the loan, your job, income, residency and credit history. It tells you whether you look like a match for mainstream personal loan lenders or specialist lenders, or whether to talk to a broker first. It does not check your credit file. A licensed broker then follows up with real rates from our 130+ lender panel.
An estimate is fine. You can change it later.
Personal loan lenders lean heavily on your credit file and recent banking, because most personal loans have no security. Each lender scores you its own way, which is why the same person can be declined by one and approved by another.
| Factor | What lenders look for |
|---|---|
| Credit history | Your credit score, plus any defaults, bankruptcy or hardship arrangements |
| Recent credit | New personal loans or payday loans in recent months can lead some lenders to decline |
| Job and time in it | Past probation for permanent roles, around 12 months for casual or contract work |
| Bank statements | Regular income, and no signs of gambling or dishonoured payments |
| Home ownership | Owners often get lower rates |
| Residency | Citizens and permanent residents have the widest choice |
An unsecured personal loan relies only on your credit and income. A secured loan uses an asset, usually a vehicle, as security, which generally means a lower rate. If you are buying a car, boat or caravan, a secured loan is usually the cheaper option.
Compare repayments with the personal loan calculator, or see how debt consolidation could lower your monthly outgoings.
Rolling credit cards and buy now, pay later balances into one personal loan can lower the rate and give you a fixed end date. It only helps if the new rate and fees are lower than what you pay now and the old limits are closed or reduced. Your broker checks both before recommending it.
No. The Quick Check only uses your answers. Nothing is sent to a credit bureau or a lender. A credit enquiry only happens if you choose to apply with a lender your broker recommends.
Often, yes. Paid defaults or a few late payments narrow the mainstream panel, but specialist lenders regularly approve them, usually at a higher rate. Unpaid defaults, bankruptcy or a hardship arrangement need a broker conversation before any application.
It can. Some lenders decline applications made soon after another personal loan, and payday or short-term loans in the past year narrow the panel. Your broker matches you to lenders whose policy fits your recent history.
A secured loan uses an asset such as a car as security, so it usually has a lower rate. An unsecured loan has no security and relies only on your credit and income.
Limits vary by lender and by your credit profile and income. Your broker confirms the amount each lender would consider once they have seen your details.
Find out which lenders are likely to fit before any credit enquiry, then get a broker’s call back. No credit check.
NIK Finance Pty Ltd (ACN 685 393 917) is a Credit Representative (567387) of Finsure Finance & Insurance Pty Ltd (Australian Credit Licence 384704). This page is general information only and does not constitute financial advice. Consider your personal circumstances and speak with a licensed broker before applying for credit.