Can you get a loan in Australia with Bad credit? Yes, you can if you follow the instructions and list of bad credit loan lenders in Australia.
Having Bad credit can be quite a problem when you need financial assistance for immediate solutions to your issues. However, when placed in the right direction, you can choose from the few options available. Generally, there are two sets of Loans you can have if you have bad credit. These include secured and unsecured bad credit loans.
In addition, some of these loans come with lower interest rates and fees. Learn more about secured bad credit loans and the list of such loans in Australia.
- 1 What is Secured bad credit loans?
- 2 What are unsecured bad credit loans?
- 3 How to get a bad credit loan in Australia
- 4 How to compare bad credit loans in Australia?
- 5 Eligibility criteria for bad credit loans in Australia
- 6 5 Best Bad Credit Loans in Australia
- 7 Australian Lending Centre
- 8 2. Direct Finance Loans
- 9 3. BIDeLoan
- 10 4. Cash Train Loans
- 11 5. Ferratum Loans
What is Secured bad credit loans?
Secured bad credit loans are loans that can be used for a large purchase such as a vehicle and many more as long as you have an asset that can be used as security. These loans include Car loans, Home Equity loans, Secured personal loans and many more.
What are unsecured bad credit loans?
This kinds of loans are applicable if you have no assets to secure your loan.
How to get a bad credit loan in Australia
Getting a bad credit loan is a tricky process but with the right steps, you should be able to get one today. Typically, the process follows the steps below:
- Do a research across bad credit loan providers and compare the rates, fees and features of the loans applicable.
- Check to see if your credit history, employment and income history falls in line with the conditions for a successful application with a potential lender.
- Critically analyse the amount you will have to pay until you are done with repayments. Ensure that it does not exceed your nominal budget.
- When you are sure that all conditions are met, you can then submit your application
- Once approved, read and accept the terms and conditions of your intended lender
- Lastly, the funds will be transferred directly to your bank account.
How to compare bad credit loans in Australia?
When making comparisons, check out for the following features:
- Loan amount: This refers to the minimum and maximum amount of loan you can borrow.
- Loan term: These refers to the amount of time, you are required to pay the loan. For instance, personal loans can offer not more than 12 months.
- Interest rates: Naturally, you will have fixed and variable rates to look out for. But since it is a bad credit loan, these rates may be quite higher for you.
- Flexibility in repayments: Check to see the repayment schedule of the loan. Some loans utilize a weekly repayment schedule while others utilize a monthly repayment schedule
Eligibility criteria for bad credit loans in Australia
When applying for a bad credit loan, it is important you meet some conditions. first, you must be over 18 years old and a permanent Australian resident or Australian citizen. In addition, you must have some sort of employment. If you wish to get secured bad credit loan, then you must also have a collateral or asset to with which, you will secure the loan.
5 Best Bad Credit Loans in Australia
Australian Lending Centre
The Australian Lending Center features as one of the marketplaces where you can get a bad credit loan in Australia. This loan marketplace offers a variety of loan options include home loans, personal loans, business loans and many more. All of these are applicable whether you have bad credit or not. The process of application is quick and very straightforward. To begin, you can either call the number 1300 138 188 or click here to begin your enquiry.
2. Direct Finance Loans
The Direct Finance Loans also offers bad credit loans in Australia. However, there are a few conditions that you must fulfil. These include a collateral and a stipulated income level ( dependent on the number of funds). In addition, you must exhibit a certain level of stability. If you wish to use the Direct Finance loans, then begin by calling this number today 1300 800 260 or you can get on with your application through their website.
BIDeloan offers home loans up from $150, 000 to $1.5 million which can be paid monthly and incurs up to 80% Interests. The Interest rates offered by these loan establishment is variable and you will be required to pay an application fee (upfront fee) of about $1,499. Also, loan terms vary from 15 to 30 years. To begin, click, here.
4. Cash Train Loans
The Cash Trains offer bad credit payday loans in Australia up to $2,000 which can be made available to you within 24hours. Minimum loan amount offered by cash Train is $200 and loan terms may range from as little as 10 weeks to as much as 3 weeks. Interest rates are up to 20% of the principal amount plus a 4% monthly charge. To begin, click here.
5. Ferratum Loans
The Ferratum Loans offers Payday loans from $300 to about $1,900 which can span for up to 6 months and incur an interest of about 20% of the Principal amount plus a 4% monthly charge. To begin, click here.
And there you have it, some of the best lenders who can offer you loans even when you have a bad credit. Do you need more information on these lenders, place a comment below let’s discuss it.