Anyone from any walk of life can find themselves faced with bad credit. It can happen as a result of a range of circumstances that are beyond our control and can leave us unable to find ourselves out of the piling debt. While Centrelink is there to help when you find yourself in financial hardship, it doesn’t always over the money you need to see yourself back on track and financially stable once again. There is where bad credit loans can help. But, can you get bad credit loans on Centrelink?
Centrelink Payments
If you find yourself in a position of financial hardship, then Centrelink is a Government service in Australia that will help you out. There are payments that cover a wide range of backgrounds from payments for people with disabilities, for older people, for those who live in rural areas, for those affected by a natural disaster, and more. Each payment will come with strict criteria you have to meet in order to apply for it. The main goal of Centrelink is to help people become self-sufficient.
While this is a great way to find help when you are in need, it doesn’t always cover what you need it to and you can find yourself getting further and further in debt. An emergency expense may crop up, such as the need to replace an appliance or hospital bills. On the other hand, you may be interested in taking out a loan for a holiday or another extra expense and wondering is you can get bad credit loans with Centrelink? The good news is, there are a number of different options available to you.
Bad Credit Loans
Bad credit loans are a type of loan you receive if you have a bad credit history. A low credit score is the result of a poor financial history and is enough to prevent lenders from taking a chance with you when it comes to taking out a future loan. This is where a bad credit loan comes in. It’s an option for those with a poor credit history where the lender doesn’t check your credit file. Instead, they take a look at your spending and income to determine whether you can pay off a loan. Centrelink payments can count as an income.
Bad Credit Loans On Centrelink
Bad credit loans are exactly as they sound: loans for people with bad credit. We can all come into bad credit at different stages of our lives through no fault of our own. From getting into an accident, car repairs, or medical bills, unforeseen expenses crop up all the time and without warning.
You may find yourself eligible for a loan or advance payment through Centrelink, which can be a great way to see yourself through an expected situation. The problem is, these loans can take time to process. Bad credit loans on Centrelink are a way around this. It can often be faster and more effective to apply for a bad credit loan through a non-traditional institution, where you can get access to an instant cash loan quickly and easily. They usually come with their own set of criteria:
- Loans can range from $300 to $5,000 depending on the lender you go through.
- Most loans will need to be secured against an asset, such as a car, particularly if you are borrowing a larger amount.
- You need to be at least 18 years of age.
- You will need to prove you are getting a regular income – Centrelink payments can count for this.
Benefits Of Bad Credit Loans On Centrelink
There are many benefits that come with taking out bad credit loans on Centrelink.
- You can cover unexpected expenses.
- Quick access to cash.
- Fast approval.
- Low eligibility to apply.
Applying For A Loan
If you are looking to apply for a bad credit loan on Centrelink, the process is relatively straight forward. It will of course change from lender to lender, but the general process is:
- Check you are eligible. Take a look at the criteria above as a guide only, and instead consult the criteria on your chosen lender’s website. Each one will have a different set.
- Apply online: most lenders will allow you to apply for your loan online. This means there is very little paperwork and you can get access to the loan even faster.
- Attach an asset: as mentioned above, many bad credit loans on Centrelink will require you to attach an asset, such as a car, to secure the loan.
- Wait for approval: once the loan has been submitted you will need to wait to see the outcome of your application. This process length will vary between lenders, but is usually quite fast!
Take Out A Loan Today
If you are on the hunt for a bad credit loan while on Centrelink payments, then get in contact with the team from Bad Credit Loans. We will be able to take a look at your individual circumstances and determine the right course of action to help you out.
