Googling how to get a loan with bad credit? Here’s what you need to know.

bad credit loans

There comes a time in many people’s lives where they find themselves in need of some financial support. We all deal with upsets from time to time, some worse than others. Before getting into a panic, or on the phone with every relative you can think of, you might have found yourself searching Google to see if you could find any reassuring answers. Sound familiar to you?

Sometimes, it can be hard to talk about taking out a loan with friends or family, especially if the amount is over a few hundred dollars. Who needs relatives digging into a financial mishap that’s marred your credit score? Not us! We keep things confidential and aim to do all we can to get you the loan you are looking for. When you apply, your application will be reviewed, then you will be notified about whether or not we will be able to help.

Our FAQ page may be able to give you an idea of what to expect when taking a loan. If you’re still left with unanswered questions, try getting in touch through our contact page. Nifty will then be able to help work with your application to get you the money you need.

What is considered a bad credit score?

Understanding what your credit score means is a great place to start when applying for a loan. Lenders will know your credit score and for that matter, so should you. Let’s begin by examining your credit scores. Scores are rated on a scale of 0-1200. Use the table below to see where you score:

Bad0 – 509
Average510 – 621
Good622 – 725
Very Good726 – 832
Excellent833 – 1200

Don’t be disheartened if you fit into the bad credit bracket and haven’t had much luck applying with loan companies. Your credit rating is not the only thing that the lenders will use to assess whether you are eligible. Your current relationship with your finances will also play a part as well as other components.

What is a bad credit loan?

Bad credit loans are given to people with a below average credit score. Yes, you read that correctly! You can still get quick cash with a low credit rating. Your score does not define you! Apply right now by clicking here to see if you’re eligible.

All you have to do is prove to the lender you are both willing and reasonably capable of repaying the loan.

Why can people with bad credit still get a loan?

Lenders will look at a number of different factors before offering a loan. They are there to take the pressure off urgent bills that you may be struggling with but should always look at whether a loan is a suitable solution to your needs and whether or not you can reasonably afford to repay the loan. Lenders do their best to find ways to offer suitable loans designed to fit your needs.

What are small loans?

Small loans are unsecured loans usually between $300 and $2,000. Being unsecured means that they do not need to be attached to any of your personal items, such as your car. As a result of this, they can be given to you to help you cover any extra costs that may arise.

How low can small loans go?

People with a below average credit score may find it harder to get hold of a loan. Even so, if that’s you, don’t lose faith, as there can still be ways to get over those hurdles.

You might want to start by setting a realistic target. This may be to increase your credit rating. Higher scores are an indicator of less risk to the lender, this can then increase your chance of approval. Raising your score may be as simple as paying off a few maxed-out credit cards or making sure all of your bills are consistently paid on time.

Be prepared to provide certain information

In order for a lender to minimise the risks when lending you money, they must first consider a few things. Once they’ve received your credit score, they will want to know information regarding your employment status and history. If you require a secured loan, you will also be asked to provide information about your assets at home. These may include information about your car, home or any other outstanding payment plans. You may want to set aside recent bank statements for all of your accounts.

Nifty Loans may be able to help

We could be an easy solution for your financial situation. Our online application is designed to give you a fast and simple transaction that can be completed whilst on the move or at home. You may even hear from a member of our team the same day.

We tailor our loans to your preference and needs. Our short-term loans start at $300 and reach up to $5,000. The repayment plan will be dependent on the type of loan you apply for.

Paying off bills doesn’t need to be a complicated process. If approved and once you’ve successfully signed all of the paperwork for your loan, we will disburse the funds and set up a direct debit payment with your chosen bank. The repayments will come out of your account automatically in line with an agreed schedule. All that’s left for you to do is to make sure that on the chosen due date, you have enough funds in your account.

Bad credit. Are you eligible for a loan?

At Nifty loans, we want to give Aussie’s a chance to receive some quick cash when trouble strikes. There are a few things, however, that are required before we can take the first step towards helping you out. If you answer all of these points with ‘Yes’, then look no further, scroll back up and get started with your application now!

You must be:

  • Over 18 years old
  • An Australian citizen or permanent resident
  • Have proof of income from the last 3 months
  • Able to provide active contact details (incl. Telephone number/Email)

Cash straight to your pocket

If your application has been approved, a contract will be sent over electronically for you to sign. Have a read through to make sure you’re happy with everything and know when your repayments will be due. When that’s all done the funds will be scheduled for release.

Nifty Loans is able to transfer to an NPP enabled bank account as soon as loans are approved and signed. Depending on their bank, our customers can get access to their cash in 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. Our team works hard to get you the money into your hands as quickly as possible.

What makes a credit score devalue?

We cannot stress enough the importance of showing signs of attempting to pay off outstanding bills. Moneysmart, the Australian government financial advice team, recommends you could start by trying to pay off the highest interest debts. You will be monitored on your efforts to pay off your debts. Leaving debts sitting in your account with a rate of interest could lead to an on-going decrease in your credit score and more to pay off!

Filing for bankruptcy is possibly the most damaging fate for a credit score. Doing so can leave a lasting effect on someone’s accounts making it that much more difficult to get a hold of a loan in the future. That being said, there are still alternatives for people in this position. Nifty can offer quick cash loans for clients who have filed for bankruptcy.

How can I get a loan without a credit check?

Loans without credit checks may sound great if you’re in need of some quick cash, however, we do not offer loans without doing a credit check. This is because we’re committed to responsible lending and want to make sure a loan is a suitable solution for you. An alternative solution available for low-income households seeking essential goods such as home appliances, would be the NILS program.

Just a little reminder: to improve your credit score, a good place to start would be to find a way to take control of your spending habits.

Is it time to fix that ongoing problem with your car but you can’t afford it?

If you’re looking to get hold of a personal loan but you have bad credit, you could apply for a secured loan. This would be attached to an asset, likely your vehicle. An example of this may be that the car you currently own is in need of some much needed TLC. To resolve this, you might want to consider applying for a loan to cover the cost of the repairs.

We like to keep things super simple!

At Nifty Loans, we take pride in clearly outlining all of the important stuff for you. We wouldn’t want you to find out about additional costs or information after signing off for the loan. We understand that taking a loan can be a tricky task at the best of times. As a responsible lender, we want you to feel that sense of relief knowing that you’ve got things covered!

What you need to bring to the table:

We will need to oversee a few things before offering you a loan. Collect all of the following items to make the application process as easy as possible:

  • First name, surname and D.O.B;
  • BSB and account number;
  • A brief summary of why you are requesting a loan;
  • Centrelink and MyGov where applicable;
  • Employment information
  • 100 points of identification.

Finding it hard to boost your credit rating?

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: 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 also, to select the interest rate that suits you. Get your free annual credit report today with Equifax or Moneysmart.

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: Consider Personal Loans. It’s a little known fact, but credit card interest rates are often higher than those for a personal loan. Moving your debts to a personal loan payment plan may save you in the long run.

Step 4: 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 time to consider each non-essential purchase, impulse buying becomes a problem of the past.

We know that bad credit can sometimes take time to improve. We understand that one’s spending habits can change with time. So, we like to give everyone a chance at getting the financial support that they need to get their lives back on the straight and narrow.

More about Nifty

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