Bad Credit Loans
- Find and compare multiple bad credit finance options including; loans, subsidies, benefits & more.
- Understand the qualification process see what lenders look for.
- Get genuine money assistance options if qualifying for a loan is not a possibility.
Do you have a poor credit history? Are you finding it hard to get approved?
Finding a genuine lender when on a low income with bad credit can be difficult. Getting approved for the great rates advertised by the banks will virtually be impossible and continuously applying for them can further impact your credit score.
Options for bad credit applicants are limited but there are a few borrowing opportunities available. One thing you must come to terms with is that if you have bad credit, you have little to negotiate with; you are primarily limited to accepting the terms of the lender. This can be costly and agreeing to unfavourable terms may put you in a worst position.
Many Australians with bad credit believe that payday loans are the only choice available for those who need quick cash. They tend to have looser approval criteria than the banks although are an expensive way of getting cash. They typically have high admin and weekly fees in addition to even higher late fees should you miss a repayment. If you don’t have the means to service this type of loan, you can quickly add to the negative aspects of your credit score and be further out of pocket.
Some alternative funding options for emergencies or house hold living needs include government, non-profit and community based initiatives. These services are specifically designed for low income earners and provide financial assistance that cover most needs.
Quick view – See loan and benefit options for specific circumstances here.
Below are multiple loan and money assistance programs for Bad Credit issues
Specialist Lender: – If your having troubles getting a small loan through the bank, a specialist lender may be a good option. They provide loans from $1000 to $5000 and generally have flexible approval criteria, even helping those with bad credit – Learn more and apply here.
Speckle Loans: This is a small short term loan with lending amounts from $200 – $2000 with a pay back period between 3 and 12 months. Those collecting Centrelink benefits can qualify however no more than 50% of your total income can be made up of benefits.
StepUp – These are great small unsecure loans between $800-$3000 dollars with a low interest rate of 3.99%!
Advanced Payments – This is available to Centrelink recipients and is essentially what it states, an advance on your next benefits payment. With good budgeting, this can be a great alternative to borrowing money.
No Interest Loans Scheme – Similar to the StepUp, this is a small loan between $800- $1200 but there is no interest paid on this loan. This loan needs to be used for the purchase of essential household goods.
Be careful and question short-term loan providers that try to sell benefits of bad credit loans as being positive. Be mindful of lines such as:
– Credit repair or fix bad credit
– Establish a credit score
– Easy and fast approval
– Instant fund transfer
– Flexible repayment terms
Whilst it may seem like these loans are simple and hassle free, there are serious consequences to them should you have issues with the repayments – these are never highlighted. If you are in need of a loan to cover everyday living bills, talking to a free financial counselor would be highly recommended.