Bad Credit Loans Defined

bad credit loans explained

What are bad credit loans?

Bad credit loans are provided to someone with a poor credit history. They are for people who do not have good credit scores. You can usually qualify for this type of loan if you are regularly employed and can demonstrate your capacity to repay the loan.

Bad credit loans are mostly unsecured – that is borrowers sign a loan contract and promise to repay their loan according to the loan terms and conditions. You can borrow between $300 and $2,000 and repay your loan over a 3-6 month period. To understand the fees and charges for bad credit loans or small personal loans under $2,000, please visit the moneysmart website

How do you know if you’ve got bad credit?

A credit rating is an estimate of the ability of a person or organisation to fulfil their financial commitments, based on their previous credit related dealings. It contains personal details, judgements, bankruptcies, length of credit file and more.

A credit score is a numerical score that represents how trustworthy your reputation is as a borrower. Your credit score sums up the information on your credit report into a number.

When you have an imperfect history of borrowing money, it will show on your credit rating as a numerical score between 0 and 1200. Your credit score is a summary of the information in your credit report. A low your score shows a poor credit history. A score below 650 is generally considered as poor.

Even if you have had bad credit in the past, we will consider your CURRENT situation and make a decision on your current ability to service a loan. We understand that people may have has a hard time in the past and that it should not affect their lives forever.

We will review your employment situation and your recent 90 day bank history over the last 90 days. Our loan assessment specialists will base their decisions on current data, not just your past mistakes. Every Aussie deserves a second chance, so if you meet our personal lending requirements, we’ll try to assist you with a bad credit loan.

What are the must-haves to apply for a bad credit loan?

  • You need to be 18 years of age minimum
  • You need to earn a regular income / wage
  • You need to be an Australian citizen or permanent resident

How Can I Apply For A Bad Credit Loan?

  • Simply Apply Online 24/7 In Just 5 Minutes
    • Our loan application process is fast, efficient and clear. Use any connected device to apply online.
  • Get Approved & Confirm Online
    • If you meet our lending criteria, we will notify you via email/SMS to digitally sign your contract online. We verify the assessment information you send us in a very secure manner, without tons of paperwork. Our entire process is online and we keep you informed at every stage of the process.
  • Get Funds Same Day
    • If approved before 5pm, we will deposit the funds into your account the same day. All approved loans are paid as soon as they are approved. Depending on your bank, you will receive your money on the same day as you apply, Monday to Friday.
    • Apply for a Poor Credit Loan Online today.