Got Bad Credit? Here’s What You Need to Know About No Credit Check Loans

No Credit Check Loans

Safrock’s got the solution

Have you got bad credit? Are you struggling to find a lender that will offer you a loan because of this? If so, you’ve come to the right place. Safrock’s no credit check loans may be the answer to your problems! 

At Safrock, we will search for lenders that can offer small loans without conducting a credit check. We find lenders that have a fresh approach to credit and will, therefore, consider applicants with bad credit. So don’t stress, you can still get a loan with bad credit!

No credit check loans explained

Essentially, they’re what the name suggests! They are loans that can be approved without conducting a credit check. If the loan is for a small amount, many lenders are willing to provide it without checking your credit history. These loans are tailored to customers with bad credit and that are unable to find lenders who are willing to help.

All loans carry some sort of risk. It’s always advisable to do some research before getting a loan, especially no credit check loans. This is to ensure that the lender you choose is reliable. However, lender-finding services such as Safrock will ensure that the lenders are reliable, trustworthy and affordable for you! We search through all the lenders to find the right one for you, so you don’t have to! So why waste time applying for hundreds of lenders? We can find lenders that may not conduct credit checks and can offer loans between $2,500 and $25,000.

What exactly is a credit check?

A credit check is essentially a review of your credit history report. A lender will typically do this before they provide you with a loan to check whether you are a trustworthy borrower. Be aware that even banks, credit card companies and prospective employers may also conduct credit checks.

Credit checks are important as it tells lenders how responsible you have previously been with your finances. A good credit score generally means that you are responsible. For example, you probably pay back all your bills and loan repayments on time. Lenders will be more likely to offer you a loan because they know they can trust you to repay it. A bad credit score may warn lenders that you may not pay them back on time. This is because you most likely have defaulted on repayments in the past. They will, therefore, be less inclined to lend you money. 

To note, soft credit inquiries are when your lender only has a quick look over your credit report. This will not be recorded on your credit report. On the other hand, hard credit inquiries are when lenders conduct a detailed investigation into your credit history. This is recorded on your credit report, so you and others that look will know. Usually, lenders will do the latter, though it depends on the individual lender. Of course, lenders offering no credit check loans won’t do any of this!

How do I check if I have bad credit?

Chances are, if you’re searching for no credit check loans then you may already know that you have bad credit. However, if you’re unsure what your credit score is, then it’s wise to check via either Equifax, Experian or Illion. You can access them here. The Australian Government has approved all three bodies, meaning that they’re safe and reliable. They are obliged to provide you with a free copy of your credit history report once every twelve months. Potential lenders, employers, banks credit card companies can also be provided with a copy of your credit report on request through these sites

You’ll notice that your credit score should be between 1 and 1200. Here’s what these numbers mean with Equifax:

Excellent 833 – 1200 It is highly unlikely that your credit report will be adversely affected in the next 12 months.
Very good 726 – 832 It is unlikely that your credit report will be adversely affected in the next 12 months.
Good 622 – 725 It is unlikely that your credit report will be adversely affected in the next 12 months.
Average 510 – 621 It is likely that your credit report will be adversely affected in the next 12 months.
Bad 0 – 509  It is more likely that your credit report will be adversely affected in the next 12 months.

An adverse event is something that negatively affects your credit score. Examples include defaulting on repayments or being late with repayments. Credit scores below 621 are generally considered to be bad credit scores.

If you have a credit score below 621, this is generally considered as bad credit. People with credit scores below 510 usually have a hard time finding lenders willing to loan money to them. Of course, that’s where Safrock can help.

So, if I have bad credit I can apply for a no credit check loan?

Absolutely! If you have bad credit, many lenders may turn you down for a loan. However, there are still many lenders out there that will give you a fair go. One option is to apply for companies that will give you a loan with bad credit, but this can sometimes take a while. That’s why Safrock can help you find a lender that may not conduct a credit check at all. 

Safrock has access to a variety of lenders that won’t look only at your credit because they know that’s not the whole story. Instead, they may have a look at things such as your employment situation, income, spending habits and bank statements. This will help the lender gain a better understanding of your financial habits. Some lenders may consider Centrelink as a form of income, so keep this in mind.

At Safrock, we can help you find those lenders that will give you a chance. If you have bad credit, searching for no credit check loans with Safrock might be the answer! We search for loans between $2,500 and $25,000 to suit most budgets.

What’s the difference between this and a payday loan?

Payday loans are small loans taken out in advance of your paycheck. You then fully pay back the loan with the money you receive from your next paycheck. It is important to note that payday loans are now illegal in Australia. Instead, better options include loans designed for those with bad credit or no credit check loans.

Why should I choose Safrock?

If you apply for a loan without a credit check, then our team at Safrock are able to help you. We compare a variety of lenders and their loan offers to find the best loan suited for you. At Safrock, we take into account your individual financial circumstances when finding a loan for you. That’s why we offer to search for lenders that don’t require a credit check. We believe that everyone is entitled to finance and bad credit history shouldn’t have to hold you back.

Our application process is quick and simple, as is our searching process. Why do all the hard work when we can do it for you? You’ll also feel at ease knowing that all your information is safe with Safrock and that you’re going to see real results. If you apply today, you could have money in no time!

Can I apply immediately?

Absolutely! We try our best for everyone to be able to apply with Safrock. However, there are a few basic eligibility requirements that you will have to comply with to apply. These are that you must:

  • Be over the age of 18;
  • Have a regular income into your personal bank account for at least the last three months;
  • Be an Australian citizen or a permanent resident; and
  • Have an active mobile number and email address.

If you tick all the boxes, then go ahead and apply with Safrock. The process is super simple to make it easy for all Aussies to have access to loans. Our application form is 100% online for your convenience. It usually takes only a couple minutes to fill out. You can fill it out anywhere – on your lunch break, walking the dog, even from your bed!

Your part is now done! Once we receive your application form, we get to work looking for the right lender for you. We consider your requirements and financial circumstances to make the best possible match. Once we find the right lender, we’ll put you in touch. They will send you a loan agreement contract, for you to review. If you’re happy with it, simply sign in and sent it back. 

As soon as your lender receives the signed agreement, they’ll organise for the money to be sent to your bank account. You should have the money in no time!

Apply today!

It’s really as easy as that when you apply with Safrock. What are you waiting for? Apply for no credit check loans today!

Safrock’s Guide to Getting Small Loans

Small Loan

Getting started

Every person has cash emergencies from time to time. Not everyone has enough savings to pay for unexpected expenses. Applying online for a small loan is an excellent way to cover these costs in no time. 

Whether you are considering it to improve your home or cover unexpected costs, small loans may help boost you financially in a time of need.

What are Small Loans?

Small Loans are a personal loan not secured against any collateral like your car or home. They are beneficial for people that are struggling to find money to pay for a sudden expense. 

These loans are typically in the range of $2500 – $4500They also tend to have shorter terms than larger loans of around 13 months to 24 months. However, most small loan lenders offer you the flexibility to pick the loan term that would best suit you.

Secured vs Unsecured Personal Loans

When you apply for personal loans, you have two options when it comes to security – either a secured or unsecured loan. 

1) Secured Personal Loans

Secured personal loans are secured against the asset you own (like your home, car, etc.). Basically, this means you are providing something valuable to the lender to cover the risk of not meeting your loan repayments. For these loans, you will need to provide details of your asset to verify the value.

In case you are not able to repay the borrowed amount, the lender will sell the security to cover the loan value. One of the upsides to secured loans is that they generally offer better interest rates than unsecured loans because they are less risky to the lender.

2) Unsecured Personal Loans

Unsecured personal loans do not require the borrower to put forward any asset or form of security to the lender. In this case, the lender usually puts more focus on other factors like your credit rating, income, etc. to determine your ability to repay a loan. 

If the borrower is unable to repay the loan, lenders will still take action to recover the money. Given the increased risk and higher interest rates of unsecured loans, lenders typically only offer them for small loan amounts.

How Can I Get a Small Loan?

To apply for small loans, you need to find a reputed loan provider in your area. Safrock works with large online lenders that are transparent with their charges and fees. 

While we don’t specialise in lending, we could help you find a lender capable of offering you the cash you need. Here are some things to take into account before applying:

  • You are not actually paying down your debt by getting a loan. You are getting a different kind of debt
  • Carefully match charges. Non-reputed loan providers may tell you to pay far more than the actual loan principal.

Can You Get a Small Loan Online?

Yes, of course! You can get small loans online. Safrock is a trusted and accredited lender finder in Australia. We can match you with an online lender that is most likely to lend you the cash you need. 

You can apply for a loan through us at any time by submitting an application form. 

Can I Get a Small Loan with No Credit?

Yes. Even if you have a not-so-perfect credit history, many lenders will consider your application. A lender may evaluate your existing financial situation rather than taking into account just your credit score. So it all comes down to your individual situation and the lender you ultimately apply with. 

Why Does My Credit Score Matter?

A credit score is a three-digit number given by the bank. It is usually based on the credit report.

Credit providers and lenders use credit scores to decide whether to lend you money. In some cases, it can even impact how much they will lend you.

These scores range from 0 to 1200. The main issue arises when your credit score falls below 510, as this is considered below average. This is why it’s so important to keep track of your score.

Remember, the more it dips, the riskier you are in the eyes of lenders and creditors. A low score also increases the chances of getting high-interest rates on small loans. 

Once you know your score, you can take the necessary steps to enhance it. This will help you to grab better financial deals with time. 

Note: Credit scores are dynamic and are subject to change over time. Your score may change depending on the nature and amount of loan.

Learn more about credit score on MoneySmart!

Can I Get a Loan without a Job?

Out of work does not necessarily mean out of luck when it comes to getting small loans or other types of loans. Remember, even if you are not employed, you can still get a loan at Safrock. 

Being approved will rely on whether you can prove that you will make regular payments on time and are receiving some type of consistent income. Generally, a lender will look at the following when considering an unemployed applicant:

  1. a) Source of income

If you are unemployed, you will need to be receiving an alternative form of income to get approved for a loan. Other forms of income that lenders may accept include:

  • Centrelink payments
  • Pension 
  • Social Security Income
  • Government Annuity
  1. b) Credit history

Lenders will want to evaluate how often you have made payments on time previously. They may also look for the negative things in your credit report.

  1. c) Credit score

Maintaining a good credit score is essential. It will help you in a situation when you do not have any job, but require a loan to meet your financial needs.

Note: Be careful about the type of loan you consider when you do not have any job. Always make sure you’ve done your research before you settle on a lender.

How Do You Get Approved for a Loan?

Each lender will have its own eligibility requirements. You will qualify if you can show some form of income that proves that you can meet monthly payments. Lenders will need to review your financial records to verify the income source. 

Here are the tips you can follow to get fast loan approval:

  1. a) Cater to the Eligibility Criteria

Regardless of the loan you are applying; you need to:

  • Be 18 years old
  • Hold Australian citizenship or Australian permanent residency
  • Live in Australia
  • Meet minimum income requirements
  • Receive regular income for the last 90 days is preferred but not mandatory
  • Have a valid email or mobile number
  • Be able to provide 100 points of identification
  1. b) Have Proper Documentation

It’s always a good idea to make sure you have these details handy when applying:

  • Personal contact information (like name, mobile number and email address);
  • Reason for your loan;
  • MyGov information (if you are receiving Centrelink benefits);
  • Internet banking details;
  • Employment information (if applicable);
  1. c) Apply for the Correct Amount

Borrow the loan amount as per your lifestyle and income. If your revenue is not enough to support the repayments you are applying for, you’re unlikely to be approved. 

  1. d) Build a Good Bank Account History

Effective management of finances is a signal that you are ready to take on a loan. Make sure you do not overdraw your bank account. It will help you avoid charges and create a good account history.

  1. e) Maintain an Excellent Savings Record

Another great way to signify that you are financially responsible is to maintain a good savings record. For this, you need to put a set amount every week or month into your savings account.

  1. f) Ensure that You Have a Valid Identification Means

Without a valid ID proof, lenders will not be able to verify your identity. So make sure you have everything ready to go.

Need Some Extra Cash? Choose Safrock!

If you need a financial boost, Safrock is the ultimate solution. We’re a reputable lender-finding service that offers secured personal loans. The best part is that the online service is 100% free to use Australia-wide. 

Find out more about small loans by heading out to our FAQ page or talk to our skilled team. They will be happy to answer all the queries that you may have.

In Need Of Money Fast? Safrock Has the Low-down On Getting A Loan In Minutes

Emergency cash when you need it

We often think of loans as being a last resort, when things are about to hit the fan. What we don’t realise is that a loan in minutes is actually a great way to cover unexpected bills whilst keeping your finances on track. Minute loans are small personal loans and are designed to be affordable and available exactly when you need it – in just minutes! It can also be used to illustrate consistency on your credit file if you pay on time with your selected repayment plan.

Many Australians are currently living with outstanding debts that they pay off gradually with each paycheck. A loan doesn’t have to affect your lifestyle if you are strategic and realistic with your budgeting. Ultimately, if you’re smart with your spending, you can still go out each weekend, spend your money on the things you want and pay off your debts! However, in the unfortunate event of unexpectedly high bills and expenses, it might throw you off your well-planned budget. But you don’t need to go digging into your savings, you can apply for a loan in minutes!

Safrock – Who are we? 

Safrock is the lender-finder more Aussies are turning to for fast, reliable personal loans.  What is a lender-finder? We’re glad you asked. Essentially, we’ll find a lender for you. This means you won’t have to sift through pages and pages of google results. Because let’s be honest, nobody has that sort of time on their hand. Our application only takes a couple of minutes to complete and then we’ll do the hard work and find a lender for you. With personal loans of up to $25,000, Safrock finds loans for people for all purposes. Our team is committed to matching Aussies with lender’s suitable for their needs and financial circumstances. 

What is a minute loan? 

A minute loan is pretty straight forward, it’s basically just a fast approval personal loan! We can all find ourselves in situations where we need money fast. Maybe your car has broken down, you need to replace an old fridge that is no longer working or you’ve experienced a medical emergency. Unexpected occurrences of this nature happen all the time, and when you don’t have the cash upfront to cover the costs, it can be stressful and frustrating. In such situations, all you can wish for is money in a minute.  

Typically minute loans are fast and easy to get your hands on. Minute loans will often be unsecured meaning that they don’t need to be attached to an asset such as a car, motorbike or boat. Lenders offer small loans fast as a short-term solution that is perfect for if you’re looking for urgent cash to cover any unforeseeable bills.

How to apply for a 1 minute loan 

You can easily apply for a loan in minutes online! Don’t bother with long queues and paperwork. Safrock’s 100% online application takes most people only a few minutes to complete! 

Step 1: Apply online

Scroll to the top of this page to find our loan calculator.  Put the amount you’d like to borrow and the repayment period hit ‘Apply Now.’ You’ll then be taken to our simple application. Don’t worry you won’t be asked any unnecessary questions. You’ll just need to provide some basic information and then click ‘Submit.’ 

Step 2. We’ll get to work

Once you’ve submitted your application, we’ll get to work in matching you with a suitable lender. If you apply during AEST business hours you can expect a same-day response. 

Step 3: Meet your lender

If we have been successful in finding you a suitable lender we’ll put you in touch to discuss terms. If you’re approved for a loan you’ll be sent a loan agreement for you to review and sign. We recommend reading over this carefully to make yourself aware of any fees or charges for late or missed payments. Once you’re happy, sign your agreement and send it back to your lender.  If you’re having second thoughts, remember that Safrock has a no-obligation policy. If you decide that none of the loans you’ve been presented with is right for you, then you’re absolutely welcome to withdraw free of charge.

Step 4 Wait for your cash

The time it takes for you to be paid all depends on the bank you are with and the time of day you apply. You can probably expect to see your money in your account before the end of that or the next business working day.

Where to find minute loans online?

You can search on Google for ‘loans in a minute’ and you’ll be directed to all sorts of clickbait for loan services. By looking at the reviews and reading the fine print on their websites, you’ll be able to make a decision on a lender service that suits you.

Alternatively, you can put your trust in the hands of expert lender-finders like Safrock who will pair your loan request to a selection of reputable lenders. Lender-finders spend their time evaluating the service of lenders in order to form a network of only the best loan providers out there.

Is it possible to get 60-minute online loans? 

If you apply for a loan during AEST business hours, you can get a loan a response from your lender in as little as 60 minutes, however, this differs from lender to lender. You could possibly receive a cash loan in 60- minutes! If your application is assessed and approved right away, you could receive the cash in your bank even faster. If you are eligible, you could receive a 10-minute loan, 15-minute loan or a loan in 30 minutes. This is subject to when you apply and how fast your application is assessed. However, lenders will need to review your application before you can receive your cash loan. If you’re approved you can get your cash loan in just minutes!

What can you use a minute loan for?

There are many purposes for personal loans. It really all boils down to the situation you’re dealing with. Either way, minute loans are a great way to get yourself out of trouble. You might want to consider getting a small loan for car repairs,  a holiday, home improvement, and for medical emergencies.  

Can you get last-minute loans for bad credit?

Your credit report may be checked to spot any outstanding debts. Your current employment information may also be reviewed. However, most lenders won’t assess your application solely on the basis of your credit score. Your lender wants a better understanding of spending patterns and habits as well as your relationship with money. They need to be able to trust you before getting you the cash loan you are looking for.

Unfortunately, you may have recently dealt with something in your life that has impaired your credit score. Circumstances arise that are out of our control and can be difficult to rise out of. Defaults or infringements appear on your credit score when you miss scheduled repayments. Also, if you avoid giving a reason to why your bills haven’t been paid on time. Bad credit scores are usually valued anywhere between 0-500 . Whilst defaults can stay on your credit file for a long period of time, they don’t remove your chances of getting your hands on a loan. We don’t think a mistake you made up to 7 years ago should affect your ability to get a loan today.  So there you have it! You could get a fast approval loan even if you have a poor credit history!

If you’ve been applying for loans and not having much luck, we may have the answer! Whilst it’s unusual for a lender to offer minute loans no credit check, lenders will judge the risk factor by reviewing your current relationship with your finances. 

Can you get a loan whilst on Centrelink?

You sure can! Getting money from Centrelink counts as a regular source of income. It could qualify you for a loan with many lenders. Those on Centrelink or people who are unemployed will only be able to get their hands on small to medium-sized loans.

It’s worth knowing that if you have received an emergency Centrelink payment in the last 3 months, you will not be eligible for a loan. However, you can receive loans in a minute if your application is approved.  

There are lenders all over Australia who can help you get the finances you need to get back to work. You might be looking to get a new laptop so you can bump your resume and job applications. Or are you just trying to pay off an unexpected bill? A loan can help relieve the stress of unemployment and make room for you to focus more on getting a dream job. Having cash loans in your pocket within a minute can give you back your mojo in time for your next big interview. 

How can we help?

Expect the best service when using Safrock. Our clients are at the heart of what we do. We tailor our solutions to your problems, not the other way round. You are what matters to us. We want to make sure that your experience with us is a quality one. When you apply for a loan through Safrock, you can trust us to find reputable lenders to provide you with the best loans available.

Where to find out more

If you’re looking for a larger secured loan, you should be aware that it will need to be attached to equity. To prepare the documents you have to prove your ownership of the chosen asset, which could be a boat, car or motorbike and head over to our page that focuses on larger loans. Before you consider taking out a larger loan; remember that if you end up having problems paying off the loan, you will be at risk of losing the secured asset. This, however, is usually only a last resort for lenders. No lenders like seeing clients lose their possessions due to an unpaid loan. So, they only try to lend to people they believe will be able to pay it back.

Want to hear more from Safrock? Follow us on Facebook to get the latest updates.

‘How Much Can I Borrow?’ Your Guide to Personal Loans in Australia

How Much Can I Borrow

Personal Loans in Australia

Ever thought to yourself ‘how much can I borrow?’ It’s not as complicated as you think, as the answer depends on the circumstances and the situation. To answer the question you need to figure out what personal loan you’re after and why.  While the loan amount you are entitled to is influenced by your present financial ability and the past record of credibility, it is also subject to the comfort and consideration of a lender. 

Easy to apply and quick to receive, personal loans have helped a lot of people in sticky financial situations. Whether you need money to pay for education, marriage, business, vacation, treatment, car repair or purchase of appliances or assets, personal loans are there to help you meet the need. A personal loan is defined as a credit amount provided to a borrower to meet his personal needs. The best thing is that it remains personal and not limited by spending conditions. You can use it for various purposes at your discretion. 

Personal loans in Australia have evolved with the change in the economic needs and financial behaviour of the borrowers. In Today’s age, bad credit doesn’t necessarily prevent you from accessing finance.  Personal loans are available for everyone, including those without a job or regular employment. However, it is the question of how much I can borrow that continues to impact your borrowing ability. But before we tell you all about personal loans and borrowing we’d better introduce ourselves first.  

How Much Can I Borrow

Introducing Safrock 

Safrock is an online lender-finder that everyday Aussies are turning to for personal loans. What’s a lender-finder you ask? let us fill you in. Were you a bit overwhelmed with the results when you googled ‘how much can I borrow?’ We don’t blame you! There are endless online lenders claiming to be the best when in actual fact they’re most likely not. That’s where Safrock comes in.  Basically we’ll do the searching for you. Just submit an application with us and we’ll do our best to find you a suitable lender for your needs. 

We can find loans ranging between $2,500 and $25,000 with flexible repayment options. So whether you’re looking for a quick financial pick me up or a larger sum for an important investment, we can find a lender providing loans for a whole range of purposes.  

How much can I borrow for a personal loan?

Ultimately, it is our goal to find a lender who can give you the amount you want to borrow. Typically online lenders are more lenient than traditional lenders such as banks when it comes to personal loans. We do however partner with lenders that adhere to responsible lending practices. 

We can find loans between $2,500 and $25,000. The amount of a personal loan on offer as well as the eligibility and conditions differ from lender to lender. Even interest rates vary given risk factors. So, the answer to how much I can borrow for a personal loan in Australia is dependent on your need, the ability to repay and the status of your income. Simultaneously, it is up to the lender to evaluate your suitability to extend a line of credit in the light of risk factors that put a limit on your borrowing capability. 

Here are the important factors that come into play as you calculate your general borrowing limit. 

    • Type of loans: Unsecured personal loans are typically of a smaller amount and do not require the borrower to attach an asset for security. Secured personal loans differ in that they do require the borrower to attach an asset for security.
    • Status of employment: The repayment of a loan is the biggest concern for a lender. This results in employment or regular income becoming a key factor in loan approval. A salaried person will probably have a better chance of getting a larger amount for their ability to repay while an unemployed individual is to face more scrutiny of his borrowing ability.
    • Income and earnings: How much you can borrow is usually subject to if you can afford the repayments. And the repayment ability is usually dependent on the income.
    • Expenses: Personal loan lenders seek bank statements to check your incomes and expenses. This is to make sure your spending habits and relationship with money won’t negatively affect your ability to make repayments.
    • Credit score: Most lenders will not assess your application solely on the basis of your credit score. That’s not to say it’s not an important factor in some cases, it is used to predict your financial behaviour based on past credit history. A good score makes you a candidate for a higher limit.
    • Lenders: The minimum and maximum limit linked to each loan product and risk calculation by lenders set the borrowing limit in each individual case.
    • Existing liabilities and debts: If you have already substantial liabilities and debts, this may affect the amount you can borrow from lenders. 



What’s the difference between a secured and unsecured loan?

A secured personal loan is merely a personal loan that needs to have an asset attached to it. When you apply for a loan, the lender may ask you to present collateral, such as property, stock, bond, or vehicle, as a guarantee against any failure to repay it. Thus, the loan is secured from any potential risk of default. Whereas, an unsecured personal loan does not have to be backed up by an asset or security. 

The answer to how much you can borrow lies in which type of loan you are applying for. If it is a secured personal loan, you are allowed to borrow a larger amount, as it is less risky for the lender. In case of any loan default, they have something to fall back and retrieve their money. This is typically only a last resort, however. 

Lenders take into consideration your income, credit score or social security payment as the basis for approving an unsecured personal loan. You don’t have to attach any collateral to this sort of loan. This restricts them to allow a higher limit for borrowing.  You can get unsecured loans even if you don’t own any asset to attach to the loan. The approval process is quick. However, interest rates for unsecured loans tend to be higher compared to secured loans and your application is just more on your creditworthiness and relationship with money.

Can I get a loan with bad credit?

Yes, it is possible to get a personal loan with bad credit. Though the amount of such a loan and the rate of interest may differ from one that is based on your credit history, still you have an option to apply and get a personal loan. You can find more details on how to calculate interest here.

There are many lenders who are willing to give personal loans for bad credit. Their products are specifically made to provide options to those with bad credit or no credit history. Such lenders took into account your ability to repay the loan, which is approved based on your income. Even a borrower’s Centrelink allowance is accepted as proof of regular income making a borrower eligible for a loan with no credit check. Safrock is proud to partner with lenders who offer bad credit loans and Centrelink loans. 

If you are contemplating how much I can borrow with bad credit, you must know that it is your income that fixes the amount. 

Do personal loans hurt your credit score?

A personal loan application is likely to cause a short-term, slight dip in your credit score. Once you apply for a loan, the lender does a hard check of your credit history. This involves digging deep into your financial history and an extensive inquiry for liabilities. Loan applications account for 10% of a credit score and any review required by such an application indicates that your financial position is not strong. It is recorded on your credit score indicating an upswing in the debt. As a result, the credit score loses a few points. But this is a temporary change and it recovers as you start paying the loan, as a third of your credit score is driven by your loan repayment. 

However, multiple credit checks over a short period of time could cause a larger dip in your credit score. To avoid it, use online lender findings, such as Safrock, that match you with a suitable lender for your situation. Once you are in touch with the preferred lender, ask how much I can borrow based on the credit score. 

Where can I borrow money fast?

Looking for a quick personal loan? Apply through online lender finding services. For example, Safrock enables you to find and receive personal loans between $2,500 and $25,000 fast and with minimal search. All that you need is to fill in your details. The site helps you get a list of lenders willing to extend you a line of credit and a comparative analysis of fees, charges, benefits and interest rate to empower your loan decision. 

How to apply

The Safrock process can be broken down into 3 simple steps. these are:

Step 1: Apply online 

Scroll up to the top of this page and use our loan calculator to input the amount you’d like to borrow and the repayment period and hit ‘Apply Now’.  You’ll then be taken to our online application form which could take you just a few minutes to fill out. 

Step 2: Meet your match

Once you’ve submitted your application, we’ll take it from here. Our team gets to work on finding you a suitable lender. If we find you a lender to match your circumstances we will send them your application. 

Step 3: Get your cash

Your lender will then assess your application. From there, processing times depend on each individual lender. If you’re approved, you’ll be sent an online agreement for you to review and sign. We suggest reading this carefully to make yourself aware of any fees and charges for late or missed payments. Once you’re happy, sign your agreement and send it back to your lender. You should receive your cash shortly after that (transfer times differ depending on each lender and what time you apply).

Get more finance news from Safrock. Learn more about collateral loans and loan rates.

Looking for fast easy loans? Find your match with Safrock!

How to Calculate Loan Interest & Work Out Your Loan Repayments

How to Calculate Loan Interest


Can I calculate loan interest?

Are you in the market for a personal loan calculator? Maybe you’re ready to apply for an unsecured loan but are wondering how to calculate loan interest? At Safrock, we’ve got the tools that could give you a good idea of the cost of a personal loan. It is important to remember that Safrock is a lender-finder. That means we don’t actually provide cash, we find lenders who could. Keep reading if you’d like more details on how to calculate loan interest

How to Calculate Loan Interest

What is loan interest?

Before we get into the nitty-gritty of how to calculate loan interest, let’s talk about what interest actually is. Loan interest is the percentage of a loan paid by a borrower to a lender. In most cases, interest is paid in addition to principal payments. Loan interest is usually expressed in APR, annual percentage rate, that includes both the interest and any fees or charges.

At Safrock, our lender finding services means we could match borrowers with a variety of different lenders with a range of different interest rates. It is important to do your research before signing a loan agreement. Borrowers should make themselves aware of what the whole cost of the loan actually is – including any fees, charges and interest payable. 

How to calculate loan interest

These days, you don’t need to know how to calculate loan interest as, most of the time, lenders will do it for you. You may even get to see an estimate of your repayments when you apply for a loan. That said, if you want to calculate the amount of interest paid on a loan you’ll need the following information:

  • The interest rate
  • The length of time the loan lasts
  • The loan balance you’re paying interest on (aka the principal amount)
  • The monthly payment

There are then several formulas for working out your interest payments. 

The simple formula is: Principal x rate x time

Chances are, your loan won’t be simple though. Since you often repay a loan over multiple years, interest is charged every year – sometimes compounding. Compounded interest causes your balance to grow over time. If this is the case for you, the easiest possible solution is to use one of the many online loan calculators to give you an estimate.

Who is Safrock?

Safrock is an Australian lender-finder matching borrowers with local online lenders. We’re the middleman between you and your perfect personal loan. Our team are committed to making it simple and stress-free for applicants to access fast, reliable and safe cash. From application to approval, our entire process is 100% online. That means you can apply wherever you are and whenever you like across Australia. 

Looking for car loans, secured loans or unsecured loans? No stress, we could have a lender for the job. Not even bad credit has to stand in the way of a personal loan anymore. Safrock could find you a lender to approve a bad credit loan. We do our best to find open-minded lenders that won’t discount applicants based solely on their credit score. 

Often, lenders will take a look at your income, spending habits and financial commitments whilst assessing a loan application so you get a better chance at approval. If you’ve been thinking about submitting an application, there is no better time than the present. You could scroll up right now and get started. 

Who is eligible?

So, now you know a little more about us, let us tell you who is eligible to apply. At Safrock, we like to keep our application criteria as simple as possible. Here’s what you’ll need to meet: 

  • All applicants must be over the age of 18;
  • You must be receiving some type of regular income for the last 90 days into a bank account that is your own;
  • Applicants must have an active mobile phone number and email address that we can contact you on; 
  • Use internet banking.

If you can say yes to the above, you could scroll up right now and start your application. 

How do I apply?

Wondering how to submit an application? You’ll be pleased to know it’s super simple and could only take you a few short minutes. Here’s what you’ll need to do: 

Submit an application 

If you’re ready to submit an application the good news is you won’t even have to leave the comfort of your own home. Just head to the top of the page and use the loan calculator to input your desired loan amount and the repayment period. You should then be able to see the possible repayments on the loan. 

Fill out the form 

We will then ask you to complete our online application form. Safrock’s 100% online application form could only take you a few minutes to complete. We just need to collect a few important details to show a possible lender.

We look for a lender 

Once our team receive your application we’ll submit it to a variety of different online lenders. The Safrock team will do their best to match you with a potential lender. If we’re successful our team will put you in touch with a lender straight away.

Sign your agreement 

Your new lender will send over an agreement for you to review and sign. The Safrock team encourages applicants to read through their agreement carefully. It is important to make sure you are aware of any fees or charges that could incur for late or failed repayments. If you have questions regarding the terms and conditions of your loan the Safrock team encourages you to get in touch with your lender as soon as possible. 

Get your cash 

Once your new lender receives a signed copy of your agreement they will transfer the cash straight into your account. Some lenders are now able to use instant banking. That means the cash could be in your account and ready to use in just 60 seconds.* It is important to remember, however, that some lenders might not be able to transfer funds instantly. If this is the case, you will receive your funds in the next round of banking.

How to calculate loan repayments

Wondering how to calculate interest on a loan with us? It is important to remember that Safrock is a lender finder. That means we cannot speak for the interest that might incur on a loan from a potential lender. We can, however, give you a good idea of what a personal loan could cost you using our loan repayment calculator. 

Saforck’s loan calculator allows you to input a loan amount between $2,500 and $25,000 and view the potential repayments over a period of 13 to 36 months. If you’d like to know more about the interest payable on a personal loan we encourage you to get in touch with your individual lender. Ultimately, they will be the best source for you regarding how to calculate loan interest

What if I have bad credit?

Bad credit doesn’t have to mean a personal loan is off the table. When you apply with Safrock you’ll be pleased to know that we look for open-minded lenders who could approve personal loans for bad credit. Some lenders will look at factors like income, spending habits and pre-existing financial commitments to determine whether or not a personal loan is a responsible financial decision. 

If a lender can see that you have made a considerable effort to reconcile bad credit you could be eligible for approval on a personal loan. So, what are you waiting for? Why not scroll up right now and use our loan repayment calculator to get started. 

Responsible lending 

All Aussie lenders are required to comply with the Code of Responsible lending. What is responsible lending? Basically, it just means that lenders are required by law to do the right thing by consumers. Online lenders must:

  • Make reasonable inquiries about the consumer’s financial situation, as well as their requirements and objectives;
  • Take reasonable steps to verify the consumer’s financial situation;
  • Conduct a preliminary assessment about whether the credit contract is ‘not unsuitable’ for the consumer (based on the inquiries and information obtained in the first two steps).         

The Safrock team strongly urge all consumers to do their research before signing a loan agreement. It is important that you understand the full terms and conditions of the contract. In most cases, online lenders will charge a default fee for missed payments. Safrock encourages borrowers to make sure they know when repayments are due to avoid incurring these charges. It is also important to understand the full cost of the loan and how to calculate loan interest. If you’d like to know more about this we advise you to contact your individual lender. 

Can I get a payday loan?

Traditionally, payday loans were loans paid back in full on the borrowers next payday. This type of lending is now illegal and, therefore, Safrock cannot match you with a lender who provides payday loans. We can, however, do our best to find you a lender who could approve a SACC. 

What is a SACC? A SACC is a Small Amount Credit Contract that covers loans up to the value of $2,000. If you’re looking for a small amount of cash to borrow over a smaller period of time, the Safrock team encourage you to submit an application. We’ll do our best to match you with a lender who could help.

Can I get a car loan?

Yes, Safrock could match you with a lender that could approve a car loan application. If you’ve been thinking about upgrading you could apply for between $2,500 and $25,000 for the car of your dreams. Our team will submit your application to a variety of lenders so you get the best possible chance at approval. Wondering how much a car loan could cost you? Why not scroll up and use our car loan calculator to check out what your repayments could be.

Can I get a home loan?

Safrock does not find lenders who can provide home loans. If you’ve been googling ‘home loan calculator’ or ‘how to calculate home loan repayments’ unfortunately we are unable to help. Safrock could, however, help you find a lender to provide home improvement loans. If you’re keen to do some renovations or maybe even put in a pool, you could apply for $2,500 to $25,000 cash using our loan calculator at the top of the page. Why not check it out? 

Want to read more?

Enjoyed learning how to calculate loan interest? Keen to read more from the Safrock team? Check out how you could get a debt consolidation loan or a travel loan.

Get more finance news from Safrock. Learn more about collateral loans and loan rates.

*Only available for NPP enabled bank accounts.

How to Find the Best Loan Rates in Australia

Loan Rates

Finding the Right Loan For You

When you’re looking at personal finance options, finding competitive loan rates is usually at the top of your agenda. The fact is – personal loans can have better interest rates than credit cards, but they still tend to be high. We all want to get the best deal in life and your interest rate is going to have a huge impact on the overall cost of your loan. So, how do you find the best loan rates

In this article, Safrock will run you through all things interest-related. From the basics, like how it works and what it means – to the nitty-gritty details, like what makes for a good personal loan rate. So, keep reading to find out how to find the best loan rates to suit your needs!

Loan Rates

How do Interest Rates Work?

When it comes to loan rates, you’ve got to understand what you’re looking at. Interest is calculated as a percentage of the loan amount and included in the cost of your repayments to a lender. For personal loans, the interest rate is usually quoted as an annual percentage rate (APR) but it can be calculated for periods shorter than a year as well. 

How to Calculate Loan Rates

Working out your interest has never been easier, thanks to the internet. There are countless personal loan interest calculators available online. A lot of the time, lenders themselves will even have loan calculators you can use to get an estimate. It’s always best to look into your lender first to ensure you get the most accurate estimate of your interest. 

Otherwise, a good resource to use is MoneySmart’s personal loan calculator. This basic calculator will help you work out your potential repayments in just a few simple clicks. You could also try to calculate loan rates yourself, but the formulas can be complex. Since interest rates are entirely set by the lender, you’re more likely to get a good estimate from your lender’s own loan calculator.

What Are the Different Types of Loan Rates?

Credit providers and lenders set their own loan rates, so interest payments can vary greatly between institutions. Generally, there are four different types of interest rates you’ll encounter when looking for a personal loan:


Types of Loan Rates Short Definition
Variable Rate The interest rate changes over time, due to fluctuations in cash rate and other factors set out by your credit provider.
Fixed Rate The interest rate is set and does not change over the life of your loan.
Partially-fixed Rate For a certain period of your loan, the interest rate is fixed and then it becomes a variable rate. 
Introductory Rate Also known as ‘honeymoon rates.’ Some credit providers will offer low interest rates for the first few years of your loan.

Difference Between Variable and Fixed Rate Loans

The most common forms of interest you’ll see attached to personal loans usually come in the form of variable or fixed rates. As their names suggest, a variable interest rate changes over time while a fixed interest rate remains set over the lifetime of a loan. Fixed and variable loan rates each have their pros and cons. While fixed-rate personal loans offer predictability by letting you know exactly what your repayments will be over time, variable rate loans may offer lower interest over time, reducing the overall cost of your loan. 

Ultimately, deciding which one is better for you will come down to the lender’s proposed agreement and your loan needs.

What is a Good Personal Loan Rate?

There are so many factors that impact interest rates, so it’s difficult to say what a ‘good personal loan rate’ would be. While you might think that the lower the interest, the more affordable – that’s not always the case either. Associated loan costs, like fees and charges, may undercut any savings you could make from a lower interest rate. 

How to Get the Best Loan Rates

The best loan rate for you will depend entirely on your individual circumstances. That said, there are some key things you’ll want to keep in mind when you’re searching. 

Here are our top three recommendations for how to find the best loan rates:

1. Shop Around

Even the smallest variation in loan rates can quickly add up over time. As a result, it’s paramount you shop around when looking for a personal loan. In your searching, you might also find that there are other features that are actually more important for you than you thought!

2. Remember: Less Isn’t Always Better

While super attractive in theory, low interest rates aren’t always the best value. Fees and charges attached to a loan can easily drive up the cost. If repayments are your biggest concern, make sure you look at the comparison rate to get a good deal. 

3. Read Your Contract Carefully

When you take out any personal loan, you’ll be asked to sign a loan agreement. It’s always good practice to check the terms and conditions of your contract before you sign. The contract will include details like the:

  • Amount you borrowed
  • Interest rate
  • Any fees and charges
  • Repayments and when they are due
  • Loan term

If you’re concerned about loan rates, you’ll want to be looking closely at the proposed interest, fees and repayments in particular.

4. Check the Lender’s Licencing 

Sometimes, if it seems too good to be true – it is. Unfortunately, loan scams happen all the time. So, make sure you stay vigilant and don’t be tempted by promises of crazy good interest rates. One of the easiest ways to check a lender’s legitimacy is by ensuring they have the right licences. 

In Australia, all credit providers and credit assistance providers (such as brokers) must be licensed with ASIC. You can search ASIC Connect’s Professional Registers to check your lender is properly accredited. 

Looking for a Personal Loan? We Could Help!

Take the hassle out of applying for finance and let us do the hard work for you! Safrock is an online lender-finder that can help you locate reputable Aussie lenders offering personal loans between $2,500 and $50,000. How does it work? Simply scroll up now to submit a free online application. We’ll then get to work finding you an online lender capable of offering you the finance you need. If we’re successful, we’ll be in touch and put you through to your new lender for final approval. Simple as that!

Eligibility Requirements

To be eligible for a loan with a lender, you just need to meet the following criteria:

  • Aged 18 years or older
  • An Australian citizen or permanent resident
  • Regular income for at least 3 months
  • Have an active mobile number and email address

If you meet these requirements, then you can apply for a personal loan through Safrock. 

What You’ll Need

Fortunately, Safrock is 100% online so you don’t have to worry about any paperwork when completing your online application. Before you get started, just make sure you have the following information handy:

  • Personal contact details (e.g. active mobile number and email address)
  • Car information
  • Internet banking details
  • MyGov information (if applicable)
  • Employment contact details

If you have all these details with you when you apply, you’ll breeze through your application. 

Apply Today!

Think you’re ready to apply? Scroll up now to begin your application! 

If you’d like to learn more about our loan products get in touch.

Get more finance news from Safrock. Learn more about collateral loans.

Safrock is a lender-finder. We do not offer financial advice when it comes to small loans. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What Are Collateral Loans? Using Your Assets to Borrow Money

Collateral Loans


Borrowing Money Against Your Assets

When you’re looking for a financial boost, collateral loans can be a great way to access larger sums of money. Collateral loans, also known as ‘secured loans’, allow you to borrow money against your assets. 

What assets can be considered as ‘collateral’ and how exactly can they help you access funding? In this article, Safrock will run you through everything you need to know before you apply for a loan.

Collateral Loans

What is ‘Collateral’ on a Loan?

Essentially, collateral refers to an asset that a lender accepts as ‘security’ for your loan. When you pledge collateral, it means that the lender can seize your asset should you default on loan repayments to recoup their losses. Lenders typically ask for collateral when they want assurance they won’t lose their money. That’s why secured loans tend to allow you to borrow larger amounts. 

Above all, lenders would rather get their money back than seize your property. They’re not in the business of dealing in cars or houses. They would rather not bring legal action against you, but collateral is often the easiest form of protection. After all – would you risk losing something you own? 

What Can I Use for Collateral on a Loan?

That all depends on the lender! In general, most financial providers will prefer assets that are easily valued and turned into cash. Some of the most common forms of collateral include:

  • Vehicles (e.g. cars, trucks, motorbikes etc.)
  • Property/real estate
  • Cash accounts 
  • Investments
  • Machinery
  • Equipment

Can You Use Your House as Collateral for a Loan?

Of course! You can access loans using property as collateral, usually for business financing or other home loans. Most of the time, you’ll need to own the property before you can use it as collateral. Otherwise, you’ll need to at least have enough equity to cover the loan amount. 

What is a Cross-Collateral Loan?

Basically, a cross-collateral loan enables a lender to use more than one asset as security for one or multiple loans with them. Cross-collateralisation is a method used predominantly for home loans and property investment. This is because as a property investor you could theoretically use the equity in one property as a deposit for another. 

That said, cross-collateralisation can be tricky to manage and there are many drawbacks to the method. If you’re considering a cross-collateral loan it’s worth speaking with a certified financial adviser on whether or not you’re prepared to take it on. 

How to Get a Loan With Collateral 

You can apply for secured loans with a range of banks, creditors, and online lenders. Regardless of where you apply, you can increase your chances of approval by being prepared. With collateral loans, a lender will require proof that you own the asset you are planning to use as security. In the case of a car, for example, this might be your registration. All lenders will have different requirements, so ensure you’re aware of this before you apply. 

The lender will go to adequate lengths to get a picture of your financial standing. This includes assessing information like your income, bank statements, and credit score. As with other loans, the better your financial standing, the better the rates and terms you’ll be offered.

Are Collateral Loans a Good Idea?

Determining whether or not a collateral loan is right for you will come down to what your personal finance needs are. Any form of finance comes with its own pros and cons attached. To help you figure out what might be the right option for you, we’ve put together a table of the key advantages and disadvantages of collateral loans:

Advantages Disadvantages
  • Often easier to get approved for
  • Usually have lower interest rates than unsecured loans
  • Enable you to borrow larger amounts
  • Might be a more complicated application process
  • Potential loss of asset, if you default on repayments


While this table is by no means exhaustive, it does give you a quick overview of the benefits associated with collateral loans.

Borrowing Without Collateral

If you don’t want to pledge collateral, it’s possible to find a lender willing to provide you with a non-collateral loan. Since the lender only has your signature to count on, these types of collateral-free loans are usually much smaller in size. Plus, you’re likely to pay a much higher interest rate on the loan because of the increased risk for the lender.

Some popular non-collateral finance situations you might be familiar with include:

  • Unsecured loans (e.g. personal loans or credit cards)
  • Some online loans (including peer to peer loans) 
  • Getting a cosigner to apply for the loan with you 

Find Secured Personal Loans Online Today!

If you’re on the hunt for collateral loans, Safrock could help you find reputable Aussie lenders today! We’re an online lender-finder that can match borrowers to lenders offering secured personal loans between $2,500 and $25,000. 

To apply, simply scroll up to start our free online application. When we get your completed form, we’ll search the internet for a lender capable of meeting your needs. If we find a match, we’ll connect you to your new lender for final approval. No hassle, no stress. 

Eligibility Requirements

To apply for a personal loan through Safrock, you just need to meet the following criteria:

  • Aged 18 years or older
  • An Australian citizen or permanent resident
  • Regular income for at least 3 months
  • Have an active mobile number and email address

If you meet these requirements, then you’re eligible for a loan with one of our lenders.

What You’ll Need

Safrock is 100% online so you don’t need to worry about providing any paperwork with your application form. All we ask is that you supply us with a few essential details! These include your:

  • Personal contact details (e.g. active mobile number and email address)
  • Car information
  • Internet banking details
  • MyGov information (if applicable)
  • Employment contact details

If you keep these details handy when you apply, it could take you just a few short minutes to breeze through your application. 

Apply Today!

Ready to apply with Safrock? Scroll up now to get started on your application!

Still have a few questions? No problem, just get in touch with our friendly team.

Found this article on collateral loans interesting? Check out our blog for more stories on personal finance! We recently covered everything you need to know about finding good loan rates and calculating loan interest

Safrock is a lender-finder that finds responsible lenders. We do not offer financial advice when it comes to small loans. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.