*During normal business hours.
*Only available for NPP enabled bank accounts
- It's possible with Nifty.
When your credit score is less than fantastic, getting a loan can be a downright struggle. Fortunately, if you’ve been searching for bad credit finance you’ve come to the right place! Nifty Loans is a private lender with a difference. When we assess applications, we look beyond your credit score to the broader picture. The reality is, bad credit sticks even when circumstances change. We get that, and that’s why we can provide easy finance loans for bad credit.
Been hit with an emergency? Need help covering unexpected bills? Whatever you need cash for, Nifty’s personal loans can be used for a range of purposes. Best of all, we’re 100% online! Since the modern world moves fast, we believe loan approval shouldn’t be any different. That’s why we’ve made applying for finance as simple as can be! Scroll up now to get started on your application or keep reading to learn more about your options for finance with bad credit history.
So, what is bad credit? Well, when we talk about bad credit we’re effectively talking about a person’s poor credit history. Your credit history is derived in part from your credit rating, which is typically measured on a scale of 0 to 1200. This scale can vary slightly depending on the credit reporting agency. Yet, the higher your rating the better.
To determine your credit rating, these agencies will look at the information contained in your credit report. The report includes details such as:
In most cases, a score above 620 is considered to represent a good history of borrowing while anything below indicates the opposite. Creditors will look at low credit ratings as a sign of increased risk and subsequently reject applicants with bad scores. As a result, it’s always a good idea to check your rating before applying for a loan.
Fortunately, checking your credit rating is relatively easy here in Australia. There are a number of online providers that allow you to check your credit score for free, including:
Ultimately, results will vary between sites depending on which credit reporting agency they use – Experian, Equifax or Illion. So, it’s generally best to try a few to give yourself a better idea of what your credit situation is. For further information on credit ratings, you can always check out ASIC’s MoneySmart website for the latest.
Although poor credit ratings are generally a no-go zone for lenders, some do offer bad credit finance to applicants with low ratings. In these instances, they usually come in two forms – secured or unsecured. Unsecured bad credit loans allow borrowers to access bad credit finance without providing a form of security. Naturally, secured bad credit loans require the inverse of this, usually asking the borrower to provide an asset to secure the loan against. Either way, applicants will need to sign a binding loan contract before they receive their funds.
Nifty Loans is an online private lender that takes a fresh approach to bad credit. When we receive a loan application, we look at more than just your credit score. So, we may approve you for a loan based on other factors such as your employment.
Essentially, Nifty Loans can provide bad credit finance through our small personal loans of $300 to $10,000. These loans can be used for a variety of purposes, such as:
After you apply online, we will assess your situation and determine whether or not we can supply the funds you need. Our application and approval process is so simple, we may even provide you with an outcome in as little as 60 minutes (subject to a submission within AEST business hours)!
Basically, with Nifty you can apply for three different personal loan products. Divided into small, medium, and large – our personal loans each have specific requirements designed to meet the needs of their loan size. All have the potential to provide bad credit finance, depending on your application assessment results.
Here is a quick overview of each loan type and what they can offer to borrowers:
|Small Personal Loan||Unsecured personal loans between $300 to $2,000, repaid over a 6 to 12 month period.|
|Medium Personal Loan||Secured personal loans between $2,100 and $4,600, repaid over a 9 to 24 month period.|
|Large Personal Loan||Secured personal loans of $10,000, repaid over a 9 to 24 month period.|
When it comes to our loan products, we may require an asset to be used as collateral for the funds. As mentioned, Nifty’s small loans of $2,000 and below are unsecured. Yet, our medium and large loans are a little different. We require security for these loans and may accept a car, motorbike, boat or caravan as an acceptable asset. However, a vehicle can only be used if the applicant is the registered owner of the specific vehicle.
To qualify for bad credit finance with Nifty Loans, you will need to meet all of our eligibility requirements. Before applying, please check to see if you fulfil the following criteria:
If you tick all the eligibility requirements, then you can apply for bad credit finance! There are just a few documents you will need to keep handy for your application. These include:
These documents help us to conduct an assessment of your application. Consequently, if we do need more information from you we’ll let you know via text or email.
Nifty is 100% online lender, so the only way you can apply for bad credit finance with us is through our online application form. Fortunately, our application process is as quick and simple as possible! So as long as you have access to the internet, you will be able to apply for one of our personal loans from any device.
If you ever have any questions or concerns, you can contact the Nifty team directly who are ready to assist in any way they can. Alternatively, check out our FAQ page for some answers to questions we typically receive.
Applying for a loan, let alone bad credit finance, is a big step for most people. So, aside from our fresh take on bad credit – why should you apply for a loan with Nifty? We’ve narrowed it down to four key reasons:
What you see is what you get here at Nifty. We highly value transparency, so we’ll never try to hide our fees or charges from you. All our costs will be clearly outlined in your loan contract. To get an idea of what these might be, you can even check out our costs page before you apply.
That’s right, our application is 100% paperwork free! To assess applications, we instead use the latest in safe banking technology to access read-only copies of your bank statements. So, there’s no need to worry about tracking down your documents. Our online application keeps things simple and paperwork free.
Keeping track of your repayments is super straightforward with Nifty. Repayments are made through direct debit, usually in line with your payday. This saves you the hassle of having to remember when to pay by ensuring the money is automatically deducted from your account. Best of all, if you wish to make changes, you can contact our team to alter the schedule. The power is in your hands!
If you have a loan with us you’re welcome to pay it off as soon as you’d like. We don’t charge any fees for early repayment. Rather, we encourage our borrowers to pay off their loans at the earliest convenience.
Ready to apply for bad credit finance online? With Nifty, it’s super simple to submit your application. Just follow these four easy steps:
Scroll up and using our loan calculator enter the basic details of your loan request. When you hit submit, you’ll be directed to the full application form, which could take just a few minutes to complete!
Once your application has been submitted, we’ll get to work assessing whether or not we can offer you a loan. So, just sit back and relax – we’ll be in touch with you soon!
If we approve your application, we’ll send you through a loan contract to read and sign. Make sure you read through the agreement carefully, so you’re fully aware of all fees or charges that can result from late or failed payment. When you’re happy, sign it and send it back!
Once we have received your signed loan agreement, our team will schedule the release of funds to your account. Individual inter-bank transfer times can impact how quickly your money will be sent, so we cannot say exactly how long this will take. That said, we’ll do our best to get it to you within the same day! If you are with an NPP bank, most of the time you will receive the funds instantly after you sign!
Want to know more about bad credit finance? Nifty has all the info on loans for people with bad credit, including bad credit car loans and other personal loans for bad credit. You can also contact the Nifty team directly with any questions you may have regarding our finance options.
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.Read More
$2,001 - $4,600
$300 - $2,000
* Not applicable. Small loans do not charge an annual interest rate.
** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.