FAQs

Some lenders will require applicants to provide physical copies of banks statements for verification. Some lenders provide services where access to read-only copies of statements is provided to the lender so no physical copies or uploads are required.

Personal loans without financial statements can be used for a range of purposes including cars, holiday, medical expenses, repairs and general expenses.

The credit profile will be reviewed by lenders for statement-free loan applications. The score and credit history will determine the interest rate offered and any special conditions applying to the loan. Good scores typically attract lower rates and more workable conditions.

Some lenders have the technology which enables loan application approval without applicants having to provide physical copies of bank statements. This is done through secure tech systems which provide the lender with read-only access to the applicant’s bank account to verify statements and financial position.

A loan approved with statements from bank accounts can be a low doc loan or may be a loan approved without the applicant providing physical copies of their statements. With read-only permission provided, lenders verify statements directly.

Personal loans may have fixed or variable interest rates. Unsecured loans typically attract variable interest rates.

As an alternative to statements, applicants may provide income proof, tax returns and declarations of non-traditional income.

A read-only bank statement is where permission is granted to a lender to view a loan applicant’s bank account. The permission is only to read the data. No access is given to transact through the account. No password or PIN is provided to the lender.

Before providing read-only access to accounts to lenders, applicants should confirm the credentials of the lender and be confident in the security of the technology systems used.

To apply for a personal loan, under ASIC regulations, applicants are required to provide proof of identity and income. This can comprise payslips, driver licence, passport and other similar documents.