Safrock Could Connect You To Lenders, With One Application!
Trying to find the best bad credit personal loan 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.
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 legitimate lenders who may be willing to help. So, within minutes could let you know if we have found a lender that fits your situation best.
What causes bad credit?
A bad credit score is typically the result of failing to meet the terms of previous credit agreements. Basically, any time you miss a payment on a loan or make a late payment on your credit card, it will be added to your credit history. The more records you have of these instances the worse you credit score might be. Negative information can stay on your credit report for up to seven years, making it difficult to access finance in the future.
Can You Apply For Bad Credit Personal Loans Australia?
Safrock can help you find legitimate lenders across Australia who may be able to offer a personal loan with bad credit. We’ll match you up with lenders that look at more than just a credit score when assessing a loan application. They will look at other factors such as income to determine eligibility for their personal loan products. So, quit googling ‘personal loan bad credit instant approval’ or ‘how to get a personal loan with bad credit’. See what Safrock and our network of lenders can do for you!
How can I get a personal loan with poor credit?
By applying online with Safrock! Our lender-finding service means you no longer have to spend hours online trawling through different lender options. Gone are the days of wasting time and filling out multiple applications.
Apply online and we will search through our network of legitimate lender-partners to see if we can find the right loan solution to meet your needs.
Do lenders perform credit checks?
In most cases, lenders do perform credit checks. 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 each lender. However, we will aim to match you up with a reputable lender that complies with responsible lending practices as set out by ASIC. As a result, it is likely that a lender will conduct a credit check on your bad credit personal loan application.
Responsible lending practices, as laid out in the National Consumer Credit Protection Act 2009, aim to prevent lenders from approving loans that consumers cannot afford. You can find a copy of the act right here. For more information on responsible lending, refer to the ASIC website.
Why do you ask for my internet banking details?
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. We realise that people can change in a few months, let alone years, and a credit score may not always reflect this.
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 get a secured personal loan with bad credit?
Yes, you can get a secured personal loan with a bad credit history depending on the requirements of the lender. 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.
So, if you’ve been searching ‘secured personal loan bad credit’ or ‘secured bad credit personal loan’ we’ll do our best to help you out.
Can you get unsecured personal loans with bad credit?
Yes! 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 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.
If you’ve been searching for ‘unsecured personal loans bad credit’ or ‘unsecured personal loan bad credit Australia’ apply with Safrock today. We’ll do our best to find the right loan solution for you.
Are there any guarantee loans for bad credit?
There are loan options available for people with bad credit, but a loan cannot be 100% guaranteed. Lenders are required to carry out a proper assessment of your finances on application. Application processing times can be fast, however, and many lenders will look at other information beyond your credit score to determine eligibility for a loan.
Who can 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.
We can help you find lenders across Australia willing to offer you a bad credit personal loan ranging from $2,500 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 for a bad credit personal loan?
Ideally, we all want to find a personal loan bad credit low interest rate. At Safrock, we’ll do our best to find you an affordable bad credit personal loan. We are, however, just a lender-finder. This means we can’t give you an idea of what your interest rates will be as we do not set them. Each interest rate will vary from lender to lender and, should you be approved for finance, will be outlined in your loan agreement with the lender.
Can you find low income loans?
Under certain circumstances, we can find low income loans. Most lenders assess an online bad credit personal loan application by its affordability and suitability. This means is that your income levels may not affect the chances of you being approved for a loan. Being approved for a loan depends on whether a lender believes you will be able to meet repayments.
Even if you are receiving Centrelink benefits 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. Ultimately, ‘low income loans’ will be subject to assessment by your lender.
When will I see my 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 an outcome.
If we find you a lender, you will then deal directly with them as they conduct their own assessment of your application. Should you be approved, they will send over a loan contract. If you send back your signed loan contract during normal business hours, you could expect to see the money in your account as soon as the next business day. However, this, of course, depends on your individual circumstances.
What documents do I need?
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 be unable to afford your repayments, you need to get in contact with your lender immediately. Generally, if you are upfront with them, you should be able to reach an alternative agreement to suit your situation.
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 loan products and lenders. However, these fees and charges will be outlined in your loan contract. So, 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.
Get in contact
At Safrock, we are always keen to hear from our customers. So, don’t hesitate to get in contact with us! We have a team of lender-finder experts who are ready to answer any and all questions you may have. Alternatively, if you are unsure about anything you’ve read so far, make sure to check out our FAQ page.
Like what you’ve read? Curious to know more? Learn about how you can consolidate your debts here!
Looking for a secured car loan? Let Safrock save you the hassle and find you a reputable lender for the job!