What your credit rating means for you

Young girl holding purple umbrella and jumping in front of mustard-coloured wall.
bad credit loans

Getting to know your credit rating

Are you wondering what your credit rating is and how it could affect your ability to get a personal loan? Nifty has done the research for you because we believe that knowledge is power. If you’re interested in a personal loan it is very important to be aware of what your credit score could mean for your ability to be approved. So, if you’ve been googling ‘loans for bad credit rating’ then keep reading to find out more.

What is a credit rating?

A credit rating is a numerical expression based on a person’s credit file. An individual’s credit rating represents their ‘creditworthiness’. Your credit score allows lenders to assess whether or not a personal loan is suitable for you. A person’s credit score usually ranges from 0 to 1,000 or 1,200 – the higher the score the more financially trustworthy the individual is considered to be. 

If you’ve ever applied for credit with a traditional lender then you probably know how tricky it can be at the best of times. Traditional lenders often disregard applicants with bad credit ratings before they even have a chance to assess the whole picture. At Nifty, we don’t do this. Our team assess all applications on a case-by-case basis. That means we look at your application individually to determine whether or not you’re eligible for a personal loan. 

 

How can I check my credit rating? 

Have you been googling ‘credit rating check’, ‘check my credit rating’ or ‘how to check my credit rating’? The good news is it’s pretty simple. If you’d like to find your credit rating there are a number of different websites that provide free credit checks. We recommend you check these out:

It is important to stay up to date with your credit score, especially if you are looking to apply for a loan. It is also essential to look over your credit report and check for any discrepancies.

What is considered a bad credit score?

Understanding what your credit score means is a great place to start when applying for a loan. As mentioned above, scores are rated on a scale of 0-1,000 or 1,200. You can use the table below, which shows Equifax’s score range, to get an idea of what your score means:

Bad 0 – 509
Average 510 – 621
Good 622 – 725
Very Good 726 – 832
Excellent 833 – 1200

If you’ve just realised that you sit inside the ‘bad credit rating’ bracket, there is no need to be disheartened. Your credit rating is not the only thing that the lenders will use to assess whether you are eligible for a personal loan. Your current relationship with money will also play a part in whether or not a possible lender will approve you for a personal loan.

What is a bad credit loan?

Bad credit loans are just personal loans for individuals with poor credit scores. If you’ve been googling ‘personal loans bad credit rating’ then you probably already know how many lenders are out there. Some online lenders claim to offer personal loans with no credit check. Although this might seem like a good deal, it is important to do your research.

So, why can people with bad credit still get a loan? Some lenders will assess a number of different factors before approving an individual for a personal loan. Your lender might look at your bank statements to get a better idea of income, spending habits, and other financial commitments to determine whether a personal loan is an appropriate financial option. Although a possible lender will assess your current financial situation and credit score, at the end of the day it is up to the consumer to decide whether or not a loan is the right financial move for them.

How to improve credit score?

Getting your credit rating back on track can take time and therefore, patience! Here are some things you may want to try to help speed things up:

Step 1: Access and check your credit report. Your credit report will give you everything you need to know about your past, present and future finances. Lenders can use this information to assist them in the decision-making process behind whether or not you’re eligible for a loan and to select the interest rate that suits you. You can get a free annual copy of your credit report with Equifax, Experian or Illion. Make sure to check all the information in your report is correct. 

Step 2: Start paying off now! Start by setting in stone a plan of action. Consistency is key. Your rating will start to increase once you can show over time that you are paying off your debts. It shows stability, reassures lenders, and makes you seem reliable.

Step 3: Avoid maxing out on credit cards. Consistently maxing out a credit card can be an indicator of possible financial stress to potential lenders. If you are a chronic shopper, you may find that taking the time to consider each non-essential purchase, impulse buying becomes a problem of the past.

Where can I get bad credit loans?

Nifty Loans is the online lender Aussies turn to when they want a fair go at a personal loan. At Nifty, we understand that everyone makes mistakes. We don’t think a mistake you made up to 7 years ago should have an impact on your ability to get a personal loan today. Our team will look at more than just your credit rating. We’ll assess your current financial situation to ensure you get the best chance possible at approval.

The Nifty team are down-to-earth and friendly – we’ll do our best to match you with an appropriate loan product. If you love convenience, you’ll be pleased to hear that Nifty is 100% online. That means you can apply for a personal loan wherever you are and whenever you like. All you’ll need is an internet connection – you could even fill out our 100% online application form on your smartphone! Gone are the days of waiting in line at the bank and filling out pages and pages of paperwork.

At Nifty, we have worked hard to make the process as streamlined as possible, so you get the fast money you need!  What does Nifty offer? We offer personal loans from $2,500 to $10,000 that can be repaid over a period of up to 24 months. If you choose to submit an application during AEST business hours, the Nifty team will do their best to get back to you within 60 minutes* with an outcome.

We love helping Aussies get the cash they need when they need it. Check out what you could use your loan for: 

  • Holiday loans: That’s right, Nifty could approve you for a holiday loan today. We offer cash loans for all sorts of holiday expenses. Maybe you’re heading away for the weekend, or maybe you’re planning the overseas holiday of your dreams – whatever the case, Nifty could have the cash you’re looking for. The best part is you can apply online wherever you are and whenever you like. Just grab your smartphone and use our loan calculator to get started. 
  • Medical loans: Has an unexpected medical bill popped up at the worst possible time? Don’t stress, just ask Nifty. We understand that when you need fast cash, there is no time to waste. So, we will cut straight to the chase, with no fuss and no long wait times. We won’t even ask you to fill out any paper forms. You can apply for a medical bill loan with Nifty 100% online whenever you like.

If you submit your application during AEST business hours, our team will do their best to get back to you with an outcome in 60 minutes*. Thanks to instant banking, you could have the cash in your account and be ready to use in 60 seconds** once approved.

Who can apply?

To be eligible for a loan with us, this is the criteria you’ll need to meet: 

  • Must be over the age of 18
  • You must have received some type of regular income for the last 90 days into a bank account that is your own
  • Hold Australian citizenship or permanent residency
  • Applicants must have an active mobile phone number and email address that we can contact you on
  • Use internet banking

Will I need to fill out paperwork? Nope! At Nifty, we won’t ask you to submit paper forms when you apply for a personal loan – our team won’t even ask you to provide paper copies of your payslips! Our application process is 100% online, for your convenience. That said, here’s what we recommend you have handy when you apply for a personal loan: 

  • Personal details  
  • Contact details
  • Online banking and employment info
  • The reason you are applying for the loan
  • Your MyGov details (if you are receiving Centrelink payments)

If your application has been approved, a contract will be sent electronically for you to sign. It is important to make sure you read through your agreement carefully. As soon as the Nifty team receive a signed copy of your agreement, your cash will de be deposited straight into your account. Nifty Loans is able to transfer to an NPP-enabled bank account as soon as loans are approved and signed. That means the funds could be in your account and ready to use in just 60 seconds**. If your bank is not currently NPP-enabled, you can expect the funds to reach your account overnight at the latest, provided the contract is signed within business hours. 

If you have any questions about our loans, don’t hesitate to contact us directly. Our team will work hard to get you the money as quickly as possible. 

What is considered a bad credit score?

Understanding what your credit score means is a great place to start when applying for a loan. As mentioned above, scores are rated on a scale of 0-1,000 or 1,200. You can use the table below, which shows Equifax’s score range, to get an idea of what your score means:

Bad 0 – 509
Average 510 – 621
Good 622 – 725
Very Good 726 – 832
Excellent 833 – 1200

If you’ve just realised that you sit inside the ‘bad credit rating’ bracket, there is no need to be disheartened. Your credit rating is not the only thing that the lenders will use to assess whether you are eligible for a personal loan. Your current relationship with money will also play a part in whether or not a possible lender will approve you for a personal loan.

What is a bad credit loan?

Bad credit loans are just personal loans for individuals with poor credit scores. If you’ve been googling ‘personal loans bad credit rating’ then you probably already know how many lenders are out there. Some online lenders claim to offer personal loans with no credit check. Although this might seem like a good deal, it is important to do your research.

So, why can people with bad credit still get a loan? Some lenders will assess a number of different factors before approving an individual for a personal loan. Your lender might look at your bank statements to get a better idea of income, spending habits, and other financial commitments to determine whether a personal loan is an appropriate financial option. Although a possible lender will assess your current financial situation and credit score, at the end of the day it is up to the consumer to decide whether or not a loan is the right financial move for them.

How to improve credit score?

Getting your credit rating back on track can take time and therefore, patience! Here are some things you may want to try to help speed things up:

Step 1: Access and check your credit report. Your credit report will give you everything you need to know about your past, present and future finances. Lenders can use this information to assist them in the decision-making process behind whether or not you’re eligible for a loan and to select the interest rate that suits you. You can get a free annual copy of your credit report with Equifax, Experian or Illion. Make sure to check all the information in your report is correct. 

Step 2: Start paying off now! Start by setting in stone a plan of action. Consistency is key. Your rating will start to increase once you can show over time that you are paying off your debts. It shows stability, reassures lenders, and makes you seem reliable.

Step 3: Avoid maxing out on credit cards. Consistently maxing out a credit card can be an indicator of possible financial stress to potential lenders. If you are a chronic shopper, you may find that taking the time to consider each non-essential purchase, impulse buying becomes a problem of the past.

Where can I get bad credit loans?

Nifty Loans is the online lender Aussies turn to when they want a fair go at a personal loan. At Nifty, we understand that everyone makes mistakes. We don’t think a mistake you made up to 7 years ago should have an impact on your ability to get a personal loan today. Our team will look at more than just your credit rating. We’ll assess your current financial situation to ensure you get the best chance possible at approval.

The Nifty team are down-to-earth and friendly – we’ll do our best to match you with an appropriate loan product. If you love convenience, you’ll be pleased to hear that Nifty is 100% online. That means you can apply for a personal loan wherever you are and whenever you like. All you’ll need is an internet connection – you could even fill out our 100% online application form on your smartphone! Gone are the days of waiting in line at the bank and filling out pages and pages of paperwork.

At Nifty, we have worked hard to make the process as streamlined as possible, so you get the fast money you need!  What does Nifty offer? We offer personal loans from $2,500 to $10,000 that can be repaid over a period of up to 24 months. If you choose to submit an application during AEST business hours, the Nifty team will do their best to get back to you within 60 minutes* with an outcome.

We love helping Aussies get the cash they need when they need it. Check out what you could use your loan for: 

  • Holiday loans: That’s right, Nifty could approve you for a holiday loan today. We offer cash loans for all sorts of holiday expenses. Maybe you’re heading away for the weekend, or maybe you’re planning the overseas holiday of your dreams – whatever the case, Nifty could have the cash you’re looking for. The best part is you can apply online wherever you are and whenever you like. Just grab your smartphone and use our loan calculator to get started. 
  • Medical loans: Has an unexpected medical bill popped up at the worst possible time? Don’t stress, just ask Nifty. We understand that when you need fast cash, there is no time to waste. So, we will cut straight to the chase, with no fuss and no long wait times. We won’t even ask you to fill out any paper forms. You can apply for a medical bill loan with Nifty 100% online whenever you like.

If you submit your application during AEST business hours, our team will do their best to get back to you with an outcome in 60 minutes*. Thanks to instant banking, you could have the cash in your account and be ready to use in 60 seconds** once approved.

Who can apply?

To be eligible for a loan with us, this is the criteria you’ll need to meet: 

  • Must be over the age of 18
  • You must have received some type of regular income for the last 90 days into a bank account that is your own
  • Hold Australian citizenship or permanent residency
  • Applicants must have an active mobile phone number and email address that we can contact you on
  • Use internet banking

Will I need to fill out paperwork? Nope! At Nifty, we won’t ask you to submit paper forms when you apply for a personal loan – our team won’t even ask you to provide paper copies of your payslips! Our application process is 100% online, for your convenience. That said, here’s what we recommend you have handy when you apply for a personal loan: 

  • Personal details  
  • Contact details
  • Online banking and employment info
  • The reason you are applying for the loan
  • Your MyGov details (if you are receiving Centrelink payments)

If your application has been approved, a contract will be sent electronically for you to sign. It is important to make sure you read through your agreement carefully. As soon as the Nifty team receive a signed copy of your agreement, your cash will de be deposited straight into your account. Nifty Loans is able to transfer to an NPP-enabled bank account as soon as loans are approved and signed. That means the funds could be in your account and ready to use in just 60 seconds**. If your bank is not currently NPP-enabled, you can expect the funds to reach your account overnight at the latest, provided the contract is signed within business hours. 

If you have any questions about our loans, don’t hesitate to contact us directly. Our team will work hard to get you the money as quickly as possible. 

Credit enquiry: What is it & how is it used?

Man typing on computer

Here at Nifty Loans, we get a lot of questions from customers asking us if we conduct credit enquiries (also called checks) and how this impacts their credit file. Credit files can be confusing to say the least, as there are several factors that make up a file and the score presented by a credit bureau. We thought we would provide some information about credit checks so you know what to look out for when reviewing yours.  

Types of credit reporting information

When it comes to credit file information, there are a few different types of information that you might be aware of, but not really understand. Here is a breakdown of a few key terms:

  • Credit enquiry
  • Access seeker information
  • Credit default
  • Comprehensive credit reporting data

In this article, we will be focusing on credit enquiries (also known as credit checks). For more information on the other types of credit reporting data, you can check out our blog for upcoming articles!

Will a credit enquiry show on my credit report?

In short, yes. Whenever a credit check is conducted, a ‘credit enquiry’ will be placed on your credit file. This allows other lenders to see a person’s application history and to whom. It doesn’t necessarily mean they have been approved for the loan; it just shows how often a person is applying for finance. 

What does a credit enquiry show?

When an enquiry is placed on a credit file, the information relevant to the application is shown on the report. This allows other lenders to view the customer’s previous financial history and get an idea of their current situation. When an enquiry is conducted this will show:

  • The date finance was applied for
  • The credit provider
  • The amount applied for
  • The type of loan that has been applied for e.g. credit card, personal loan, or mortgage
  • Whether you are a sole or joint borrower

What does a credit enquiry not show?

Now that we know what information is recorded in a credit check, let’s dispel some of the myths about what is not recorded. When an enquiry is left it does not show:

  • If the loan was approved or not
  • The amount the loan was approved for
  • If the person/s accepted an offer for credit
  • Details of any accepted contract, such as repayment amount and loan term

If a lender can see enquiries from other institutions or lenders, they may ask for more information such as a copy of the loan contract to confirm how much has been approved, as well as the repayments. 

If a lender is signed up for Comprehensive Credit Reporting, some of this information may be available in a comprehensive credit report, however, this is different from a credit enquiry. 

Why are credit checks conducted?

Businesses conduct credit checks as it is essentially a requirement before the business can access the consumers credit file and other credit reporting data. Think of this as an exchange between individual businesses and the credit reporting bureaus. 

For the majority of lenders, checking credit is a part of the assessment process as this gives a big indication as to a person’s financial history. Credit scores will be one of the first things lenders look at which indicates the individual’s financial history. It can also show previous repayment history to other commitments, any credit defaults as well as enquiries. Most lenders like to see good repayment history, low debt, and no missed or late payments in order for them to consider offering the applicant loan. 

Will a credit enquiry impact my credit score? 

One of the biggest unknowns for many people when it comes to credit checks is that shopping around for credit can have an impact on your credit score. Every time an enquiry is conducted, regardless of whether the credit was approved, it can impact the person’s credit score, either positively or negatively. 

As credit scores can change month to month and are updated each time new information is added, it is always best to contact the lender directly before applying to see if they will conduct a credit check as part of their assessment. This is another reason you should only apply for credit when you need it.

Depending on the individual credit bureau, such as Equifax, Illion, or Experian, over time the type of credit, the amount and the number of credit enquiries can have an impact on your credit score. This varies from each credit bureau as they all calculate enquiries differently. 

Where can I get a copy of my credit report?

If you would like to view your credit report, by law you are entitled to get one free copy of your credit report every 12 months. There are several ways to get this:

  • Equifax – You can also sign up to Equifax directly for a report to be sent once a year by visiting www.equifax.com.au 
  • Illion/Credit Simple – You can request a report directly by visiting www.creditsimple.com.au
  • Experian – You are able to request a report directly through Experian by completing a request form. This can be done at www.experian.com.au
  • Annualcreditreport.com – By requesting your report from this website, you can receive a report from each of the 3 nationwide bureaus. These are Equifax, Experian, and TransUnion. As different agencies hold different information it can be beneficial to check each bureau as you may have more than one report. 
  • Tippla  – You are able to access your credit scores from Equifax and Experian. You can sign up here https://www.tippla.com.au/ 

If you would like to look into your credit report further throughout the year you may be able to receive a more detailed report however, there may be additional fees associated with this. 

Will a credit enquiry stop me from being able to borrow from other lenders? 

Each lender will have their own set of criteria as to how they look at the information shown on the report.

They will often take into account the number of enquiries on the report and who they are too. If there are a number of recent enquiries in a short amount of time, a lender may see this as a sign of financial hardship and decide against offering the loan. 

Credit enquiries to certain types of creditors may also impact how other individual businesses view the credit file. For example, some long term mortgage lenders may view small amount credit enquiries negatively. Again, this is something that individual businesses decide and have their own rules for.

How does Nifty Loans view credit enquiries?

Here at Nifty Loans, we understand that people are going to have some credit enquiries from time to time. While some lenders look unfavorably on multiple credit enquiries, Nifty will look at your whole financial picture and the reasons for the enquiries. 

Have more questions? 

Hopefully, this post has provided some useful information on credit checks and how they might impact you. If you have any more questions, please don’t hesitate to get in contact with us. For specific information about your credit scores, you can also contact each of the three credit bureaus for your score with them and how this was calculated.

Trans-Tasman Travel Bubble: Everything You Need to Know

A plane in the sky in the distance.

Future of International Travel

With international flights grounded and country borders closed, it is fair to say that avid travellers from all over are feeling the weight of the Coronavirus (COVID) pandemic. Although Australia has reportedly been comparatively successful in suppressing the spread of the virus, it is unlikely that international travel will return to its pre-COVID state for a number of years. As each country takes its own measures to prevent the continued spread, there will be a number of Trans-Tasman travel requirements that need to be met before any form of international travel can resume. 

These requirements will most likely be in the form of on-the-spot testing, wide-spread vaccination and the introduction of Immunity Passports. Given that it is expected to take anywhere from 12 to 18 months to produce a successful vaccination, it is unlikely we will be heading overseas anytime soon. This was put into perspective by the International Air Transport Association’s Director-general, Alexandre de Juniac, “We have published today a new forecast about the potential recovery of the air traffic and what we see is that things should come back to normal in 2023,” as he told ABC TV.

This news comes as one of a series of setbacks that have been experienced by the Australian tourism industry, which has seemed to suffer the most during this trying time. Though, if Australians are to be labelled as anything, resourceful should be at the top. As restrictions began to tighten, many popular tourist destinations have sought other ways to bring their attractions to the wider community via online interaction. Take Brisbane’s own Lone Pine Koala Sanctuary, for example. Given the park is not open to outside visitors, employees have begun live-streaming wildlife sessions, where-in they will give brief educational lessons on a specific animal kept within the sanctuary. Pretty cool, right?

Trans-Tasman Bubble

With what has been said, things aren’t all doom and gloom for travel-oriented Australians. As restrictions are beginning to ease, more and more residents are being given the green-light for non-essential travel. Although rules will vary from state to state, full inter-state travel restrictions are expected to be lifted within the coming months. Along with this, both Australian and New Zealand leaders, Scott Morrison and Jacinda Ardern have shared that they have a joint-interest in introducing a ‘Trans-Tasman travel bubble’ that would allow unrestricted travel between the ANZAC nations.

As both governments are, understandably, moving very cautiously; there has been no set time frame regarding the introduction of this ‘bubble’. Given inter-state restrictions are yet to be lifted, it can be expected that it won’t be put in place until the risk of cross-contamination is at a minimum.

Benefits of the Trans-Tasman Bubble

Unrestricted travel between Australia and New Zealand could work to greatly benefit both countries’ economies as both nations share a closely integrated tourist network. Reports by Tourism Research Australia show that New Zealand travellers made up a total of 14.91% of all international travellers during 2019. This makes New Zealand our second-largest market, right behind China. Given the tourism industry generated $2.6 billion from NZ  travellers during 2019, re-introducing the NZ market could prove to be a lifeline for many tourist-centric businesses in Australia. 

The same could be said for New Zealand as its travel numbers are somewhat similar. As presented by Tourism New Zealand, Australia is the country’s largest tourist market, with as many as 590,000 Australian travellers visiting between April 2019 and March 2020. A lift on the restrictions could be crucial as NZ enters its annual ski-season; an influx of eager Australian tourists could be exactly what it needs. 

Will other countries be included?

With the continued discussion on the Trans-Tasman Bubble, other nearby countries have also shown an interest in being included. These include the Pacific Island nations of Fiji and the Cook Islands. As both countries are popular tourist destinations for Australian and NZ travellers alike, it comes as no surprise that they are interested in opening their borders. Along with this, as both countries have remained relatively untouched by COVID, they could prove to be a low-risk stepping stone for the re-introduction of international markets. 

As with NZ, there has been no set-plans for the introduction of Pacific Island countries, in fact, it has not yet been confirmed whether they will be included. Again, the time frame will revolve around each country’s ability to control the spread of COVID. Though, if you are itching to head overseas, the Pacific Islands may be in reach within the near future. 

Places to Visit – Things to do!

As aviation and tourist-focused industries look to bounce back from the pandemic, consumers can likely expect low prices on airfares, accommodation, holiday packages and cruise tickets as companies attempt to entice reluctant travellers. This could mean your next holiday could be taken at a fraction of the normal cost! If you’re currently cooped up inside and dreaming of your next holiday (we’re with you on this one), why wait?! Let us give you some insight on the best places to visit once the Trans-Tasman bubble has been established: 

Australia

Great Barrier Reef

Being one of the seven wonders of the natural world, the Great Barrier Reef is a must-see for Australian residents and international travellers alike. Located just off the east coast of Queensland, the Great Barrier Reef stands as the largest reef system on Earth, covering approximately 344,400 square kilometres. If you’re looking for a marine adventure, it doesn’t get better than the Great Barriers reef.

With its pristine waters and low tides, there is no shortage of amazing sights to see. Some of the most popular methods of exploring this natural wonder include; snorkelling, glass-bottom boat tours and scuba-diving. Other popular activities include; fishing, kayaking and island hopping. Not only is the coral incredibly diverse and beautiful but there are also over 1,600 unique species of animals to encounter! These include; fish, turtles, sharks, whales, rays and dugongs. You’ll be hard-pressed to find a location with more marine life!

Melbourne

First established in 1835 with the arrival of settlers from Tasmania, then known as Van Diemen’s Land, Melbourne was one the first large settlements on mainland Australia. After being declared a city in 1847 and then the capital of Victoria in 1851, Melbourne has grown to become the second-most populous city in Australia. Thanks in part to the great Australian gold rush during the mid 19th century, the city has become known as the cultural melting pot of Australia due to the wide variety of ethnicities and cultures. 

It is due to this diversity that the city is such a wonder to explore! Channel your inner Aussie and spend a day at the local bowls clubs, head to Etihad Stadium to watch the local AFL team (up the Demons!) or sit down for a chicken parmigiana and a pint at one of the many pubs. If you’re feeling artsy, take a stroll through an art gallery, jump around to some live music or laugh out loud at a comedy club. 

For a more cultural experience, it would be best to simply explore the city. With pop-up markets, corner stores and food stands, the city is practically oozing with unique experiences. One notable example is Melbourne’s own Chinatown, one of the oldest Chinese settlements outside of Asia, it offers everything you could expect from traditional cuisine, medicine and entertainment!

New Zealand

Kaikōura, South Island

Located on the eastern coast of New Zealand’s southern island is Kaikōura, a picturesque coastal village known for its marine life and unique animal encounters. The name ‘Kaikōura’ comes directly from the Māori language, New Zealand’s indigenous population, and literally translates to ‘food crayfish’. As the name suggests, crayfish is Kaikōura’s specialty. Just a two-hour drive from Christchurch, Kaikōura is a great stop for those looking to explore New Zealand’s landscapes with the offer of whale-watching tours, coastal hikes and dolphin swimming!

Queenstown, South Island

Queenstown is your one-stop-shop for everything New Zealand has to offer. Offering all of the amenities common for a modern city, Queenstown is also uniquely assimilated with its natural surroundings. This means a pristine climate, stunning views and plenty of outdoor activities. From casual experiences like hiking, nature tours and fishing; Queenstown also offers a good variety of adrenaline-filled experiences. 

Test your courage and take the plunge by bungy jumping off the historic Kawarau Bridge. Zip through the forest or over a canyon at one of a number of high speed flying foxes or try out the world’s highest swing, the Nevis Swing – we would recommend packing an extra pair of pants for this one. Being one of the few destinations in Oceania with consistent snowfall, Queenstown is perfect for those looking for a world-class skiing (or snowboarding) experience. Whether you’re a beginner or veteran, the ski fields of Queenstown will have something for everyone. 

Pacific Islands

Bouma National Heritage Park, Fiji

Located on Taveuni, Fiji’s third-largest island, Bouma National Heritage Park is a dream for any nature-loving individuals. Covering roughly 80% of the island, the park offers everything you could want from a nature adventure. Including birdwatching, hiking trails and kayaking routes. Along with this, you can snatch a moment of respite from the tropical heat by taking a dip in the natural pools under one of the three Tavoro Waterfalls, each maintained by each of the four nearby villages; Waitabu, Vidawa, Korovou, and Lavena. To sum it all up, you can make the trek to Des Voeux Peak, a mountain that offers spectacular views from its 1,195-meter summit.

Aitutaki Lagoon, Cook Islands

Comprising a host of smaller islands, Aitutaki is best known for its lagoon. The quintessential tropical paradise, Aitutaki’s crystal-like turquoise water makes it look like something out of a film. Like many tropical destinations, Aitutaki offers all of the usual kayaking, snorkelling and fishing experiences. Though, if you are looking for a little more freedom, you could hire a private boat to visit one of the 21 smaller islands dotted around the outer edge of the lagoon, most of which are uninhabited. 

If you’re looking to stay, the lagoon offers gorgeous places of accommodation at a wide range of prices. From resorts to bungalows both luxurious and modest, there are plenty of accommodation options. So whether you’re honeymooning or are on a trip with the family, Aitutaki could be the place! 

Nifty Loans

If you are looking to travel without an immediate dent in your budget, consider a holiday loan with Nifty. We offer quick cash loans to eligible applicants from $2,500 to $10,000. We are a 100% online lender, so our loan processing speed is as fast as it gets.

JobSeeker & JobKeeper: What are they?

jobkeeper

As a part of a $1 Billion relief and recovery fund, the Australian Government has introduced two new payments aimed at assisting individuals and businesses during the Coronavirus (COVID-19) pandemic. These payments, being JobSeeker and JobKeeper, serve two completely different purposes when it comes to assisting the Australian public. 

Some of our customers have expressed some confusion between the two payments. As such, we thought we could dispel some of the false information surrounding these two payments to clear this confusion. If you are an existing Nifty Personal Loans customer and require assistance with an existing loan, please get in touch. 

JobSeeker

JobSeeker was introduced on the 20th of March to serve as the main Centrelink benefit for working-age Australians (22 to 66 years). This is primarily through a fortnightly payment $565.70 that is paid directly into the recipient’s account. Though this amount can change depending on the individual’s circumstances.

The initial aim of JobSeeker is to support those who have lost their employment due to COVID-19. Though, it also has a long term goal of consolidating a number of existing benefits, simplifying the payments for working-age Australians. The benefits that are set to be consolidated are as follows:

  • Newstart Allowance
  • Wife Pension
  • Sickness Allowance
  • Partner Allowance

Each of the listed benefits will eventually be phased out by Jan 1st 2022. Residents currently receiving one these benefits won’t be required to do anything to facilitate the transfer, this will be done automatically.

How does JobSeeker work?

Australian’s who have recently lost their job or have been left unable to work due to sickness or injury should consider JobSeeker payments. With that being said, though, there are some eligibility requirements that need to be taken into account. In order to be eligible, applicants must be an Australian resident between the ages of 22 and 66 and cannot be earning over the earnings limit. For exact figures on income limits, Services Australia provides a quick breakdown here

Residents younger than 22 that are in need of assistance can look at applying for Youth Allowance. Eligibility requirements for this benefit are much the same as JobSeeker, though, there are specific rules that separate students and individuals looking for work. For further clarification, please visit Services Australia here.

In addition to relaxing the commitments required to keep JobSeeker, the Australian Government has also added a temporary COVID supplement on top of the JobSeeker payment. This is an extra amount of $550 that is aimed to further assist those who have been directly affected by COVID-19. This extra supplement will continue for up to 6-months, depending on individual eligibility. 

JobKeeper

Employees

Employees of a company that has been significantly affected by COVID-19 could be eligible for JobKeeper payments. There is a fundamental difference between JobSeeker and JobKeeper payments that we would like to address. Instead of Centrelink paying individuals directly, employers need to apply for the JobKeeper subsidy through the ATO, which they will then use to help pay their employees. If you’re an employee who is going to receive JobKeeper payments, there are a few takeaways to keep in mind:

  • If you are working more than one job, you can only receive the benefit from one job.
  • Tax is withheld from payments at your marginal tax rate, so you may receive less than $1,500 in your bank account.
  • You will need to talk to your employer if you are interested in the JobKeeper payment.
  • If you run a business as well as work full-time at another business, you will not be able to claim the JobKeeper payment for both.

Employers

If you’re an employer looking to claim the JobKeeper subsidy, applications were announced to only be accepted up until the 31st of May 2020. There is also a list of eligibility requirements that the business and employees need to meet. To be an eligible business, you must meet the following requirements:

  • Your business or not-for-profit organisation operated in Australia as of 1st March 2020
  • You employed at least one employee as of 1st March 2020
  • Your eligible employees were employed for the fortnights that have been claimed (employees who have since been stood down could still be eligible)
  • Your business experienced a 15%, 30% or 50% fall in turnover, depending on your business type and size

To be considered an eligible employee, they must meet the following requirements:

  • Were employed at 1st March 2020
  • Are a full-time, part-time or fixed-term employee. Casual employees are only eligible if they have been employed on a regular basis for at least 12 months
  • Are 18 years or older as of 1st March 2020. If employees are younger than this, they need to be a proven independent
  • Are an Australian Citizen or resident who is not studying full-time
  • Has agreed to be nominated and is not claiming the subsidy from another employer

For further information and a step-by-step application guide for the JobKeeper Subsidy, we would recommend that you visit the ATO here.

Nifty’s stance

With the introduction and rapid adoption of these two benefits, we would like to offer a little disclosure as to what we can and can’t accept as income. If you have experienced a loss in hours or have been stood-down from your employment and are now receiving JobKeeper payments through your employer, we will still be able to process your loan application.

Though, if you are now receiving JobSeeker payments, we will not be able to assist you with a loan, unfortunately. This comes down to a number of factors, including both the nature and volatility of the payments. As such, we have come to the realisation that we are not currently in the position to assist clients who are receiving JobSeeker payments as their sole form of income. We’re truly sorry for any inconvenience.

10 Ways To Save While Isolating

Young man and woman gardening

Nobody likes being stuck at home. Though, this is the unfortunate reality experienced by most Australians during the ever-evolving COVID-19 (Coronavirus) pandemic. There is an upside to this, however, as it is more difficult to spend money when at home. So, for many Australians, this isolation period has become a prime money-saving opportunity. 

If you’re fortunate enough to be able to work from home, now is the perfect time to boost your savings! Need a little inspiration? Well, we have done the brainstorming! Take a look below because Nifty has a few ideas for you.

Nifty’s Saving Tips

1. Cut the non-essentials – Now, this is fairly straightforward. If you’re stuck at home and looking to save on some cash, try to cut down non-essential food items and services. This could mean cleaning the pool or trimming the hedges without the help of maintenance services or sticking with the cheaper brands when buying essentials. The little things add up. 

2. No travel – If you’re fortunate enough to be able to work from home, you may find that you can start saving money by simply doing that. Did you know the average Australian can spend up to $70 per week on fuel or $50 per week on public transport? With travel restrictions in place, all of this extra cash can go straight to your back pocket!

3. Pay down debt – If you’ve managed to save money in other areas, you could use this time to tackle some outstanding debts that you may have. Whether this is a credit card, personal loan or rental account; you could save yourself from paying extra interest or account fees by settling the debts early. If you have multiple outstanding debts, you could use a consolidation loan to simplify your repayments.

4. Avoid online shopping – With all of this extra time on your hands, it is inevitable that you’ll be drawn to online shopping. Let’s be real, window shopping is fun, though it’s important you don’t overindulge! Remember, don’t attempt to cure your boredom with retail therapy. Do you really need those new sneakers? Why not wait? By the time isolation is over, you may find you don’t actually need them. 

5. Cook at home –  Being stuck at home is the perfect excuse to develop your cooking skills. Not only is it good for the soul, but it’s also good for the bank account! Eating out is expensive, so much so that the equivalent meal at a restaurant can cost up to 4x the price than if it was made at home! So, get in the kitchen and experiment, create, enjoy and save money! With enough effort, you could be a Michelin star chef in no time… probably. 

6. Cancel or hold memberships – Memberships are great when you can use the services but quickly become a liability when you can’t. Take gym memberships, for example, gyms and other fitness facilities are expected to remain closed for a minimum of two months. Considering the average membership costs around $65 per month, being out of pocket $130. With this in mind, it might be worthwhile contacting your gym to arrange a possible hold on the payments or an outright cancellation if you don’t intend to head back after they re-open.

7. Grow some veggies – Although not really short term, you could look to save on your grocery bills by starting your very own veggie patch! You could even get the kids involved in this little side-project. With a simple investment, you could be reaping the rewards within a short few weeks! New to gardening? Start with the easy stuff! Carrots, spinach, lettuce and tomatoes are all relatively easy to grow and remain versatile in the kitchen. If you add some herbs and other vegetables along the way, you will have a great yield in no time!

8. Maximise your savings – With this new saving opportunity, you could look to maximise your savings through the use of a dedicated savings account. A dedicated savings account will offer a return on the savings you deposit into it. Granted, it’s not much, as most return rates sit around 1-2% p.a. This can work to compound, though, as the greater your savings balance, the more you will receive in return.

9. Sell some stuff – Now might be the perfect time to do some spring cleaning. Have any clothes you no longer wear? How about some furniture or appliances collecting dust? Well, with the help of the internet, you could turn your unwanted items into extra cash. Facebook, GumTree, eBay and DePop are just a few outlets that come to mind. If you’re feeling extra charitable, you could skip the hassle of selling and simply donate your odds and ends to the local thrift store.

10. Keep track for tax time – If you’re working from home during isolation, it is important that you keep track of your working hours during this period so that you are able to claim the extra expenses when you lodge your tax return. The Australian Taxation Office has made this even easier by introducing a new method which will allow people to claim 80 cents per hour for all their running expenses, this is as opposed to calculating the expenses themselves. This change is optional, though, so if you believe you can claim more by calculating the expenses yourself, you are still welcome to.

And that’s it; just a few ideas to help our fellow Aussies save some money! Found any good ways to save money while isolating or working from home? We’d love to hear about it, share them with us on social media!

Quit Putting it Off

If anything could be considered a silver lining during this trying period, the extra time that isolation has awarded us should count for something. Got a passion project you’ve been putting off? Haven’t had the time to truly connect with the fam? Been meaning to exercise? Now is your opportunity to seize the moment!

With the tight structure of a normal 9 to 5, many find that the hobbies they once held dear start to dwindle. Add some children into the mix and what little you-time you had left gets thrown out the window. Well, as we’ve already mentioned, now is the time to re-ignite those old passions! Whether it’s model train building, music-making or video gaming, whatever hobby that makes you happy is worth devoting at least a little of your time.

As ironic as it may sound, forced social distancing has caused some families to become closer than ever! As group video calling has been put into the spotlight, some families have come up with some creative ways connected. Why not try getting the fam in a call for a game of charades? Get Grandma in the call to host a virtual cooking lesson – who doesn’t love Grandma’s lasagna?! Whatever the idea, you’ll feel better connecting with your loved ones.

If you’ve been putting off the thought of exercising, now is the time where excuses stop – come out of isolation as the best version of yourself! Now, this doesn’t mean going all out in a 1,000 calorie ultra workout. Starting to exercise should be like climbing a hill, not a mountain. If you’re a newbie, simply going for a stroll is a perfect starting point. Slowly building off this, while remaining consistent, is the best way to really make a difference in your lifestyle. If you also take a little caution as to what you eat, you’ll be golden!

Nifty Loans

Nifty Loans are fast loan specialists. We provide quick cash loans to eligible applicants from $2,500 to $10,000. We also offer bad credit loans to people with bad credit. If you are looking for a fast cash loan, Nifty is the lender for you.

The Pros And Cons Of Instant Loans

Young man in a buttoned-up shirt on his phone at a cafe

Looking for a quick fix?

During times of need, an instant loan sounds pretty convenient, right? Unlike traditional loans, instant loans have short approval times and short repayments periods. With instant loans, there’s no need to wait long periods of time or deal with endless paperwork. It’s a speedy service designed to provide quick money to borrowers. But before you jump into any agreements, there’s a few things to know and consider. Let’s talk about the pros and cons of instant loans.

Pros of instant loans

Easy application

Instant approval loan providers generally have quick and easy online application processes. Therefore, your application could take a matter of minutes to complete! You can fill in your application form and submit all documents online. If you’ve applied for an instant loan within business hours, lenders could process your application on the same day you’ve applied.

Quick approval

If you’ve ever found yourself in a situation where you need emergency funds and there’s no time to wait, instant loans can be super handy. Once you’ve sent in all of the necessary paperwork, a lender can give you a quick decision depending on your application status. Most lenders who offer instant loans will require less information than a traditional lender would. These types of lenders typically specialise in loans therefore their process is much more streamlined from application to approval.

Bad credit? Don’t sweat it!

Depending on your lender, you might not need a perfect credit score to qualify for a fast cash loan. Instead, these lenders will look at your ability to pay now. They may have a look at your income and outgoings rather than your past poor credit history. Depending on the type of loan you are applying for you may need an asset of value such as a car, bike, boat or jet ski to attach to your loan as equity. In saying that many small personal loans can be unsecured which means you won’t have to put an asset up as collateral.

Instant cash

Once a lender has received your signed contract you could see the cash in your bank account on the same day of approval. If your lender offers the New Payment Platform (NPP) and you have an NPP-enabled account, you could receive your money within a matter of minutes. If not, it will always be useful to enquire before signing to know gauge when you’ll receive the funds.

Cons of instant loans

High interest rates

Although instant cash loans online can offer customers the cash they need quickly, they usually charge high interest rates, depending on the amount you’re looking to borrow. These loans usually work on a short-term basis which means borrowers must pay back their loan in a short amount of time. This will vary from lender to lender, though, the usual time-frame for this product will be 9 – 24 months.

But wait, there’s more… On top of that, fees and charges could include an establishment fee and a possible monthly fee. This will vary between lender to lender, so it is essential that you research prior to applying for a loan to avoid getting stuck with unknown fees.

Impact on your credit file

What you may not realise is that these loans could affect your credit score if you fail to make repayments. This can result in a default which will most certainly go on your record. Additionally, applying for too many instant loans can lower your credit score and may look bad to future lenders. To avoid this, it’s best to keep tabs on the number of applications you’re filling out and continue to monitor your credit report for changes.

Things to consider…

Borrowing money may not solve your financial problems. So to avoid finding yourself in a greater amount of financial trouble you should only borrow what you need and plan to spend it wisely. To gain the most benefit from your loan and avoid paying late fees, you should always make payments on time.

With countless lenders in the market, it can be overwhelming and sometimes difficult to make the right choice. Finding a trusted lender who is secure and reliable is the best option. Most instant loan lenders operate online so it’s a good idea to check out their reputability from their website. Their site should be transparent with information about their fees and payment structure. 

Before shooting through a loan application, we would suggest that you consider all of your options. Have any friends or family that could lend you the money? Got any furniture posing as a glorified dust collector that you could sell? What about doing some odd jobs around the neighbourhood? Loans can be expensive and should be taken when all other options have been exhausted.

If you’ve decided an instant cash loan is the right option for you and you’ve found the right lender make sure to read the complete loan agreement before you accept the offer as some lenders may have hidden costs. If you’re willing to do some research, look into the loan you’re after and get a sense of the average rates available. Ultimately, it’s always best to be well prepared. A loan is an important financial decision you should only make after understanding the pros and cons as well as considering available alternatives.

How Nifty can help

So we’ve discussed the pros and cons of instant loans and you’ve determined that a quick loan is the most suitable step forward for your finance. Then why not apply with Nifty? Although we cannot offer instant loans, we can offer the next best thing – fast personal loans! We are 100% online, therefore you can apply from the comfort of your own home. We strive to provide quick approvals to all our customers.

Applying for a Nifty loan couldn’t be easier! If you can tick these boxes you’re all set to go!

  • Be 18 years of age or over;
  • Be an Australian citizen or permanent resident;
  • Have been receiving a consistent income into a personal bank account for at least the past 90 days;
  • Have a mobile phone number and email address.

Our loans range from $2,500 to $10,000 and you can repay them over a 9 to 24-month period, depending on the amount you borrow. More importantly, we are a committed responsible lender who believes in 100% transparency. We understand that when you need money you need it now. 

If you apply during our regular business hours, you could get an outcome in 60 minutes*. What’s even better is that once you’ve been approved you could have your cash in your account and ready to use in 60 seconds**! We think that’s the closest you’ll get to instant loans! Below we’ve provided the 3 types of personal loans you could apply for with Nifty: 

Loan typeSecured optionsLoan amountLoan term
Medium personal loanUnsecured or secured$2,500 to $4,6009 to 24 months
Large personal loanSecured$5,000 to $10,0009 to 24 months

Let’s talk!

Still have some questions to be answered? Our team is always here to lend a hand. So get in touch with our team today or you can check out our FAQ page.

Whether it’s cash loans Brisbane or anywhere else in Australia, Nifty may have a loan for you.

Want to read more on fast money loans or emergency loans?

*If you apply within business hours

**If your bank accounts supports NPP-enabled transactions

Top 10 safety features to look for when buying a car

A young man and woman looking at each other while the man drives a convertible car.

How important are safety features?

If you are planning to upgrade to a safer and newer car, there is a lot to consider. Which model to go for, which features to choose? Modern cars come with a bunch of safety features that protect you and your loved ones from serious damage in the unpleasant case of a crash. If you are wondering about the overall safety of a prospective new vehicle, their safety rating is a good first indication. We recommend to go for a newer model whenever possible as their safety features will be up to modern standards. Only 10% of cars made in 2003 had a 5-star safety rating, in comparison to 87% of new cars sold from 2015 to 2016. 

Please note that many modern cars come with similar features under a slightly different name. If you are unsure, your car seller can give you a hand and explain all features in-depth. 

Essential safety features

When looking into which car to buy, you should ensure that these safety features are included. While they are mostly mandatory, it is still worth checking, if your essentials are in good condition and ready to be used. 

Seatbelts

Needless to say that seatbelts are the most crucial safety feature in all cars, no matter their age. While seatbelts already had been invented in 1849, they only became a mandatory feature for all car seats in 1971 in Australia. You are required to wear a seatbelt at all times while driving. Tests have shown that wearing a seatbelt reduces your risk of injury about 90%. In case of a crash, your seatbelt keeps you safely in place and prevents you from smashing against other people or hard surfaces. Some cars come with a more basic set of seatbelts while others have more enhanced features to protect you more effectively. 

  • Seatbelt pretensioners ensure that your seatbelt is tensioned appropriately and take in slack in the case of a frontal impact. This may position the passenger better, so it can take full advantage of deploying airbags and receive maximum protection. 
  • Force limiters normally come with pretensioners and reduce the force that the shoulder belt puts on the passenger’s chest. 
  • Often ignored, adjustable anchors for the shoulder belt can make a big difference for your safety. They help you adjust your seatbelt position across the chest instead of the neck. While they also provide more comfort and ensure that your seatbelt won’t move down your shoulder, they can prevent serious neck injuries. 

If you happen to buy a used car, it is sensible to check all seatbelts thoroughly. Worn or torn seatbelts must be replaced. Most modern cars come with a warning system that starts beeping when the driver or one of the passengers forgets to put on their seatbelts.

Airbags 

While some older cars may not have airbags, their implementation is now key safety feature to keep the driver and their passengers safe. In case of a crash, your airbag will deploy and protect you and other passengers from hitting impact points in the car. It is recommended to have airbags in front, sides, curtain, and knees for ideal protection. 

If you buy a used car, you should ensure that your airbags haven’t been recalled. 

Electronic Stability Control (ESC)

According to RACQ, some experts consider the ESC as the most important safety feature since the invention of seatbelts. It has been a mandatory feature in Australian cars since 2011 and controls understeer and oversteer. By monitoring the car’s behaviour through attentive sensors, it automatically alters engine power and brake application if needed.  In the case of a critical maneuver, your ESC can help you regain full steerability while a vehicle without ESC might break away and skid, putting you into a higher risk of crashing. Note that depending on the model, manufacturers may have slightly varying names for their ESC but they fulfil the same purpose. 

Anti Lock Brakes System (ABS)

Your ABS supports your ESC by preventing your wheels from locking up during hard braking. If the wheels stop turning while you brake, your front tires may slide which makes it impossible to steer, especially on slippery surfaces. Your ABS monitors your wheels through sensors and helps maximise braking while preventing each individual wheel from lock-up. This may allow you to steer around an obstacle while braking and prevent a crash. A light may flash on your dashboard to indicate that ABS got activated but it shouldn’t concern you. It’s best to brake as hard as you normally would and let the system assist you. 

Additional safety features

Not all safety features are essential. While a few decades ago, your own instinct was the only safety feature you could rely on, additional safety features will make your life much easier. They help you look out for obstacles and can react faster and more precise which, in a worst-case-scenario, may even save a life. 

Adaptive Cruise Control 

The Adaptive Cruise Control, or sometimes called Active Cruise Control, may feel a little spooky at first. Once set, the feature will detect the speed and distance of the vehicle in front of you and keep a safe distance. If you set your cruise control to 110 km/h but the car in front of you slows down to 90 km/h, your car will automatically adapt and follow at a safe distance. Once the car in front speeds up again, your car will, too. This is particularly useful for driving long distances in traffic. However, you should always stay alert and pay attention to your surroundings. 

Auto Emergency Braking

Similar to the Adaptive Cruise Control, your car uses radar or lasers to measure the distance to the car in front of you. If your reactions are too slow, your car will hit the brakes for you, preventing most rear-end accidents up to a speed of 60 km/h. While it can be a little annoying in city traffic if your car reacts to obstacles much faster than you, it could save your life. Some cars also come with a system to detect pedestrians in the way of the car and will either make an audible sound to give you enough time to react or start braking for you. 

Reversing cameras

Most modern cars come with a reverse-parking assistant of some kind. It gets activated once you put your car in reverse and gives you a camera view of the blind spot at your backside. It could help you detect playing children, passing adults, or may simply help with your reverse parking. 

Blind-spot warning (BSW)

Similarly, your BWS uses radar or cameras (depending on the car model) to monitor your blind spots. A light or icon in your side mirrors will warn you if a car is sitting in your blind spot next to you while you are considering changing lanes. Some systems also make an audible sound if you indicate or try to change lanes regardless. Some more advanced systems may fully prevent you from turning into a lane if your car detects an obstacle in there and moves your car back into the middle of your current lane. 

Adaptive Headlights 

Your headlights are meant to improve your vision after sunset. Adaptive headlights provide better visibility for your car by monitoring its elevation and adapting their position and strength. This way, they reduce the glare for other drivers while providing the best street vision for the driver. 

Traction Control

Traction control is an electronic system that limits how much your wheels spin while accelerating. This allows you to drive with maximum traction, even if your outside conditions are far from ideal and slippery. They often come with an antilock brake system that gently puts the breaks on when a wheel starts spinning too quickly to prevent your car from skidding. 

How to find the right car loan for you

A woman with red hair putting a pot with white flowers down

Finding the right car loan for you

Buying a car may be one of the biggest purchases you’ll make in your life, so it’s worth looking into all aspects that come with it before committing. If you don’t have the money to buy upfront, you still have other options to buy your dream set of wheels. Taking out a loan can be daunting and it is a big decision to make. That’s why we’ve created a guide to getting the best car loan for your personal circumstances. Here’s our guide to find the right car loan for you. 

What is a car loan?

If you can’t afford to buy a car upfront, a car loan is an ideal option to finance the purchase. You can borrow money from a lender and repay the loan over an agreed period of time.

A car loan is a type of personal loan to specifically buy a new or used car. When you take out a secured personal loan, you’ll have to provide an asset as security for the loan. You can use the car you are buying or any other valuable asset as security. 

If you are somehow unable to make the repayments, the lender can repossess and sell the asset to cover the cost of the loan you have been provided. This, however, is usually only done as a last resort. This makes it a lot less risky for the lender to lend you the money you need, and you are eligible to borrow a larger amount than with an unsecured personal loan. 

How can I get a car loan?

You may wonder how you go about getting the best car loan for you and there are several factors to consider before applying. First off, you need to make sure you qualify for a loan. For your application to go as smoothly as possible, you need to have all your personal details handy and you need to find out if you are eligible for a loan. 

Am I eligible?

There are several points of eligibility requirements for all the different lenders, but generally, your age, income and credit score are the most important requirements. You need to be over 18 years of age, you need to have a stable income as well as being an Australian citizen or permanent resident.

Most lenders check your credit score but it is not the determining factor if you will get a loan or not. However, you can find and fix any errors or fraud on your credit report to increase your creditworthiness. Don’t worry too much if you know your credit score isn’t the best, most lenders aim to look at the bigger picture of your financial circumstances, like your current spending habits and your overall relationship with money.

Don’t let a past economic situation ruin your chances for getting the car loan you need, learn how to apply for a bad credit car loan through Nifty Loans!

Nifty offers fast, reliable car loans

You may already know Nifty as your friendly neo-lender, our commitment to finding quick loans for all Aussies had led us to offer car finance to customers. As lenders, we’ve noticed the influx of loans for car-related reasons, like rego, repairs or buying a new or used car. So, we listened and decided that we want to help Aussies fund their car dreams by offering fast, reliable car loans. Nifty could even offer bad credit car loans!

Applying for car loans with Nifty is easy! Our application is 100% online, so you can complete it anytime, and our team works hard and fast to bring you quick outcomes. If you’re in need of car finance, follow these three simple steps to apply: 

1. Apply online 

2. Get an outcome 

3. Get the cash you need

Nifty offers loans from $500 all the way up to $10,000. We like to give power to the customer, which is why we offer flexible repayment periods. 

What car loan can you afford?

Before you apply for a loan it is important to know about and budget for all the costs of buying a car and owning the car. This will include the total cost of the loan with interest rates, fees and other charges. Make sure you agree with all the terms and conditions that are concerned with the loan, including the fine print on the contract.

It is worth looking into the repayment plan for the loan. The return of the funds borrowed happens through monthly payments during an agreed period of time. The longer the payment period is, the more interest you will pay. 

Check out your loan options before you go shopping for a car. Many credit providers will give you in-principle approval for a loan before you find your car. Then you will know exactly how much you’ve got to spend and you’ll only have one high-pressure decision to make at the car dealership.

Budget for all the costs included in buying and owning a car 

Owning a car involves costs like annual fees such as insurance and registration fees, as well as ongoing costs like road tolls, petrol, repairs and maintenance. We encourage you to budget for the full costs of buying and owning a car. 

Driving without car insurance in Australia is illegal. You can choose between third-party property insurance or full comprehensive insurance for your car. Third-party property insurance covers you for damage to other people’s vehicles or property that is not covered by your compulsory comprehensive third party (CTP) insurance. Full comprehensive insurance also covers you for damage to your own car. Insurance can be expensive, but in the event of an accident, it can cost you a lot more. Shop around for the best deal. It is often cheaper to arrange your own insurance, rather than going through the car dealership.

An incentive to refinance is if you can save costs by lowering the interest rate on your existing loan. On large loan amounts such as a car loan, lowering the interest rate can result in saving a lot of money. However, refinancing is only desirable if it enables you to lower the current interest rate!

Do research before you apply for a car loan

Before you go ahead and apply for a car loan, do some shopping around and compare all the products you find in order to find the right car loan for you. The research should include a determination of how much you can afford to spend, taking all the previously mentioned factors into account. Compare the lenders’ terms and conditions like early payout fees, penalties for missed payments and the repayment plan. Also, make sure you get the best credit deals before you accept a loan. You can call local banks and credit unions to find the best prices.

When you are searching for the best insurance deal, you might be offered additional options for insurance coverage. If a person offers you extra cover, be sure you’re not misled or deceived about the real benefits of additional insurance coverage. Always check the terms and conditions of any additional coverage, as they may vary from those included in your comprehensive insurance coverage. 

Don’t rush a decision!

Looking to buy a car? Take your time to find the right car loan for you. Don’t feel pressured to make a spontaneous decision. Buying a car and taking out a car loan has a long-term effect on your finance and you should be confident you’re making the right decisions.  

Before applying for a car loan, be prepared to give your financial information and have all your personal details handy. 

Good luck and drive safe!

Bad Credit Car Loans: What Credit Score You’ll Need to Buy a Car

Bad credit car loans

Bad credit car loans getting you back on the road

Are you asking yourself what credit score you need to get a car loan in 2020? Or you’ve got bad credit and need a car loan? If so, you’ve come to the right place! Nifty has a reliable, no-nonsense broker finding service that can help you get on the road today. With Nifty’s broker-finding service, you can apply for loans from $10,000 to $100,000 and we don’t discriminate against those looking for bad credit car loans. To find out how to become one of the hundreds of Aussies getting back on the road with Nifty, keep reading! 

We promise that bad credit car loans aren’t as scary as they may seem. We’ll explain everything you need to know about obtaining a car loan with bad credit so there’s no need to stress.

Credit scores made simple 

A credit score is a number between 0 and 1,200 that is calculated from the information in your credit report. This number represents your financial habits. Your credit score is affected by a variety of factors, such as: 

  • How reliably you pay back your bills and loans;
  • The amount of money you’ve previously borrowed; 
  • How long your credit history is; and
  • Your current debt.

Essentially, it reflects how well you are able to manage your debt. The higher the number, the better your credit score. On the other hand, the lower your number, the worse your credit score. When applying for any type of loan, your lender will look at your credit score during the application process. This number will show your lender how responsible and trustworthy you are as a borrower. 

It is also important to know that there are some things that don’t affect your credit score. For example, your employment status, income and amount of savings won’t affect your credit score. However, these are things that your lender may still want to check when reviewing your application for a loan. It may give your lender a more complete idea of your financial situation, rather than only looking at your credit. This is why it is possible to find a lender who will offer you bad credit car loans.

Comparing your credit score

Equifax, an Australian credit reporting body, has made it easy to compare your credit score. They’ve split the range of credit scores into five broad but simple sections. This makes it easy for lenders to assess how risky it may be to lend money to you. Compare your credit score to this table below to find out if you have good or bad credit.

EXCELLENT: 833 – 1200 It is highly unlikely that something could harm your credit report in the next twelve months.
VERY GOOD: 726 – 832 It is unlikely that something could harm your credit report in the next twelve months.
GOOD: 622 – 725 It is less likely that something could harm your credit report in the next twelve months.
AVERAGE: 510 – 621 It is likely that something could harm your credit report in the next twelve months.
BELOW AVERAGE: 0 – 509 It is more likely that something could harm your credit report in the next twelve months.

Where to find out your credit score 

If you don’t know what your credit score is, you can easily apply online to check. You should always do this before you decide to take out a loan. This will ensure that you can be upfront and honest with your lender. It also means that there will be no surprises for you or your lender!

The Australian Government website provides three reliable credit reporting bodies that you can check your credit score through. These are Equifax, Experian and Illion. These three bodies are approved by the government, so they are obliged to give you access to your personal credit report once every twelve months. The application process is simple and safe, so you can find out your credit score today. 

Car loans with bad credit

If you’ve got a credit score in the excellent and very good range, you typically won’t have a problem getting a car loan. Those with good and average credit scores may also get car finance from certain lenders. However, people with bad credit may have some trouble obtaining car loans. 

If you have looked at the table and discovered that you have bad credit, this will present some financial challenges. For example, some lenders may turn you down for a loan due to a bad credit score. However, there are many other, reliable lenders out there who may be willing to give you a chance and will offer you bad credit car loans

How much should I borrow?

With Nifty’s broker-finding service, you can apply for loans from $10,000 to $100,000. We encourage you to research the type of car you want, considering things such as the year, make and model. These factors will affect the price of the car and therefore the amount you will need to borrow. Carefully weigh these up against your financial situation to find out what you can reasonably afford to loan.

Other factors to consider

Bad credit can sometimes be indicative of unfortunate financial predicaments of the past. This can have a long-term negative impact on your credit score. However, have a look at some other factors, such as your employment situation and your income. These can sometimes be a good indicator of what you can reasonably afford to pay back on a loan. 

Interest rates

As well as showing lenders how responsible you are as a borrower, credit scores can affect the interest you pay on your loan. For example, bad credit may mean that lenders will stick a higher interest rate on your loan. However, don’t stress – Nifty will connect you to brokers who will do their best to find you a lender that offers competitive interest rates. 

Our car broker service explained 

Nifty Loans offers a broker finding service. This means that we work with a broker to search the loan market and find the loan best suited to you. We use experienced brokers who will do all the work for you so you don’t have to stress! They’ll consider your financial situation, your credit score and the amount you’re looking to loan. They then calculate what you can reasonably afford to spend on a car loan. 

If you have bad credit, our brokers will search for bad credit car loans with affordable repayments and interest rates. No matter what it is that you’re after, our broker finding service will find the best option for you! 

Rehabilitate your credit score 

Taking out car loans with bad credit isn’t always a bad thing. In some cases, bad credit car loans can provide a gateway to a good credit score. If you can keep up with all your repayments, this will demonstrate that you are a trustworthy borrower. Future lenders will see that you can make repayments on time and therefore be more inclined to lend you money. Over time, your credit score may also increase. 

Additionally, another method to improve your credit is to maintain your outstanding debt below 30% of your overall credit limit. If you take out a car loan, make sure that the amount you will have to repay does not exceed this 30% rule. Constantly reaching your credit limit may show lenders that you are always strapped for cash. If you are borrowing below your credit limit, lenders will see this as a responsible financial decision.  

What are you waiting for?

If bad credit car loans sound like something you would be interested in, then contact Nifty today! We can help you find car loans starting from $10,000. We can’t guarantee approval of bad credit car loans, but we do our absolute best to find you a broker to help. 

Our application process is quick, easy and 100% online. All we need to know are some personal details (such as your full name and residential address), your mobile number and your email address. We will also need to ensure that you meet the following requirements:

  • Are you over 18-years of age?
  • Do you have a valid driver’s license?
  • Are you an Australian citizen or permanent resident?
  • Have you been receiving a regular work income into your personal bank account for the last 3 months?
  • Do you have a credit score of at least 300+?

If you satisfy these criteria, then scroll up now to apply! You could be driving off in the car of your dreams before you know it.

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