Trying to find bad credit personal loan lenders is difficult at the best of times. It really can feel like you’re going swimming with sharks. These less-than-savoury characters can end up charging eye-watering interest rates, or just be downright frauds. If you’re looking for a personal loan bad credit, chances are the last thing you need is to be taken for a ride. Being stitched up by a predatory loan shark can quite easily make your situation ten times worse.
With that in mind, Safrock wanted to make this whole process a lot easier and safer for hardworking Aussies. What do we do? Well, with just one application, we go out and find multiple, legitimate lenders who may be willing to help. Within minutes we’ll be able to send over a personal loans comparison. Our customers are then able to compare these options and choose what fits their situation best.
When using Safrock’s service, you no longer have to spend hours online trawling through different lender options. Gone are the days of wasting time, filling out multiple applications. And the best bit? All the options we present to you will be legitimate lenders complying by responsible lending practices.
So, what are you waiting for? If you need a lender offering a bad credit personal loan, why don’t you see if Safrock can help?
We Find Lenders Who Could Offer You A Personal Loan
As time goes by and the cost of living goes up, budgets are being stretched thinner. When something unexpected pops up, it can really throw us off course. A lot of Aussies have found themselves turning to quick cash lenders to help them through these tough times.
Sometimes, your repayments on these loans don’t quite go to plan and can leave you with a black mark against your credit score. Negative information can stay on your credit report for up to seven years.
With a bad credit score, trying to find a bad credit personal loan becomes increasingly difficult. Often, consumers can end up making poor decisions when they are looking for a personal loan with bad credit history.
You may be enticed by online offers promising ‘personal loan bad credit instant approval’. Lenders like these who promise the world are more often than not, too good to be true.
When you use Safrock, however, you don’t need to worry about any of this. We can find legitimate lenders who may still be able to offer a personal loan with bad credit.
So, don’t start googling personal loan bad credit instant approval’ or ‘how to get a personal loan with bad credit’. Instead, see what Safrock and our network of lenders can do for you.
Do Lenders Perform Credit Checks?
Now, as we are only a lender-finder, we can’t guarantee whether or not a lender will conduct a credit check. Doing a credit check on a bad credit personal loan is up to the lender themselves. We do, however, only work with reputable lenders. So, these lenders will comply by responsible lending practices. This means that they more than likely, will conduct a credit check on your bad credit personal loan application.
Now, before you start clicking out of this page, let us tell you why this may actually be a good thing. These lenders will comply by the lending practices, as laid out in the National Consumer Credit Protection Act 2009. You are able to find a copy of the act right here.
To cut through the legal jargon, this act aims to prevent lenders from approving loans that consumers cannot afford. In other words, they are regulating predatory lending.
Why Do You Ask For My Internet Banking Details?
Are you still worried your bad credit rating is going to have lenders running away in fear? Let us tell you about how Safrock’s banking technology may be able to change all of this.
You’ll notice in your application that we ask for your banking details. This isn’t to steal your identity and all your money – quite the opposite.
By accessing a read-only copy of your bank statements, we are able to get a better picture of your current relationship with money. If we can see you’ve made a positive effort with your finances and other repayments, we can convey this to potential lenders.
Safrock and the lenders we work with know that people are so much more than a credit score. Seriously, why should a mistake seven years ago affect your application today? We realise that people can change in a few months, let alone years!
The lenders we associate ourselves with share our philosophy. If they can see your finances have improved in the last few months, there’s every chance you could be approved for a loan.
Can You Find Lenders Offering An Unsecured Personal Loan Bad Credit Australia?
While you’ve been searching for a personal loan with bad credit, you may have seen the terms ‘secured bad credit personal loan’ and ‘unsecured personal loan bad credit’.
A ‘secured bad credit personal loan’ is a loan that will require an asset attached to it as security. You can use things like your car, motorbike, caravan or boat as security. Attaching these assets to the loan provides a level of assurance for the lender. If a customer is, for whatever reason, unable to repay the loan, the lender is able to repossess this asset and recoup some of their losses.
An ‘unsecured personal loan bad credit’ is simply the opposite of a secured loan. In other words, you are not required to attach an asset as security. This poses more of a risk for the lender, so in general, unsecured loans are generally of a lower amount.
In saying this, lenders will assess your bad credit personal loan application based on affordability and suitability. In other words, will you be able to comfortably fit in your repayments within your budget? So, if a lender is able to see you’re able to afford the repayments on a larger loan quite easily, you may not be required to attach an asset.
Who Can Apply To Borrow Money?
While Safrock would love to help every Aussie find the bad credit personal loan they’re looking for, there are a few eligibility requirements that need to be met. So, before applying to use Safrock’s service, make sure that you:
- Are 18-years of age or older;
- Have an active email and mobile phone number;
- Have an active bank account of your own;
- Are an Australian citizen or permanent resident.
By using Safrock’s service, we are able to provide you with a personal loan comparison from a selection of different lenders. These lenders may be able to offer you a bad credit personal loan ranging from $2,500 all the way up to $25,000.
Loans ranging from $2,500 to $4,600 are known as a ‘Medium Amount Credit Contract’, or a MACC. These loans can be repaid over a period of between 13 and 24-months. Loans over $5,000 are known as a ‘Large Amount Credit Contract’ (LACC). This type of loan can be repaid between 13 and 36-months.
What Are The Interest Rates?
Ideally, we all want to find a personal loan bad credit low interest rate. At Safrock, we’ll present you with a bad credit personal loan comparison, so you are able to choose the interest rate that suits your situation the best.
We are, however, just a humble lender-finder. This means we can’t really give you an idea of what the interest rates will look like. Each interest rate will vary from lender to lender. These interest rates will be outlined in your bad credit personal loan comparison.
We leave choosing the best personal loan bad credit low interest to you. After all, who understands your situation better?
Can You Find Low Income Loans?
As we mentioned, most lenders assess a bad credit personal loan application by its affordability and suitability. What this means is that your income levels may not affect the chances of you being approved for a loan. Being approved for a loan hinges on a lender deeming the repayments to fit comfortably within your budget.
Even if you are receiving Centrelink and are looking for a bad credit personal loan, you may still be approved. This is because lenders regard regular Centrelink payments and other government benefits as a form of income.
This is all, however, subject to assessment by your lender.
When Will I See My Quick Cash?
We understand that often people need their bad credit personal loan to be processed as fast as possible. With this in mind, we’ve designed our application process to be super simple. Once you’ve completed your application process, it shouldn’t take us long to send you over the personal loan comparison.
Once you’ve selected a lender, you will then deal directly with them. Keep in mind that at this point the lender will conduct their own assessment of your application.
If approved, they will send over a loan contract. If you send back your signed loan contract during normal business hours, you could even expect to see the money in your account in as soon as the next business day. This is also, however, dependent on your individual circumstances.
To really breeze through your application process, make sure you have this information handy:
- 100-points of identification;
- Contact information;
- Internet banking credentials;
- myGov account details (if applicable);
- Employment information (if applicable);
- The registration, make, model, transmission, fuel type and other general information about the vehicle you’re attaching as an asset.
Again, how long it takes to see the money in your account may depend on your individual circumstances. For instance, how your bank processes things like this may affect the transaction time.
What If I Can’t Afford My Repayments?
If at, some stage, you feel you may unable to afford your repayments, you need to get in contact with your lender. Generally, if you are honest and upfront with your lender, you should be able to reach an alternate agreement.
If you miss a payment and fail to get in contact with your lender, additional fees and charges may be added to your loan.
Additional fees and charges will vary between loans and lenders. These fees and charges will be outlined in your loan contract. It is important to carefully read through your contract before signing. If you are confused or unsure about anything, get in contact with your lender before signing. We always stress that our customers know exactly what fees and charges are associated with their loan, prior to signing.
Get In Contact
At Safrock, we are always keen to hear from our customers. If you are unhappy with the service you received, had any feedback, or need some questions answered, don’t hesitate to get in contact with us.
We are always looking to improve our business model, so any feedback, good or bad, is very much appreciated. If you are unsure about anything you’ve read so far, check out our FAQ page or feels free to get in contact. We have a team of lender-finder experts who are ready to answer any and all questions you may have.
If, unfortunately, you not happy with the service you’ve received from Safrock or your lender, you are able to make an external complaint. You can reach The Australian Financial Complaints Authority (AFCA) on 1800 931 678, or through www.afca.org.au
Like what you’ve read? Scroll up to the loan calculator to get started. Apply today!