What Is Your Credit Rating and Why Does it Matter?

What is Your Credit Rating and How It Works For You

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 level of analysis of 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 a responsible financial decision for your individual circumstances. A person’s credit score usually ranges from 0 to 1200 – 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?

Are you wondering ‘what is my credit rating?’ Understanding what your credit score means is a great place to start when applying for a loan. Scores are rated on a scale of 0-1200. You can use the table below to get an idea of what your score means:

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. 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.

So, make sure you read through your agreement carefully before signing. How to improve credit score Australia? 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. You can get a free annual copy of your credit report today with Equifax, Experian or illion.

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 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 effect 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 paper forms.

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 $300 to $10,000 that can be repaid over a period of 3 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. 
  • Small loans At Nifty, we provide small loans for when you need that little extra boost. A small loan is a cash amount between the value of $300 and $2,000. This cash can be used to cover a variety of different expenses like car repairs or medical bills. Small loans are unsecured, which means you will not need to attach an asset as security for the loan. 
  • Medical loans Has an unexpected medical bill popped up at the worst possible time? Don’t stress, just ask Nifty. At Nifty, we understand that when you need fast cash, there is no time to waste. So, we will cut straight to the chase, 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 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: 

  • All applicants 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 an 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 paper forms? 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 like your online banking & employment info; 
  • An active email address and mobile number;
  • The reason you are applying for the loan; 
  • Your MyGov details (if you are receiving Centrelink payments);
  • Employer and contact details.

Cash straight to your pocketIf 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.Want to know more?Find out how you could get financially fit in no time! *Only available to NPP enabled bank accounts. 

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


Andrew Bell

Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.

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