Can I Get A Small Personal Loan With Bad Credit?

You can spend time doing some research and, having decided who to apply for a small personal loan with, you can complete an application form quickly providing minimal personal information and documentation. A lending decision is speedily made and, if your application is successful, the funds can be paid into your bank account within a short period of time.
small bad credit loan

Unfortunately, through no fault of your own, you lost your job a few months ago and only recently found a new one. As a result, you have fallen behind with the repayments on the personal loan that you took out to pay to take your family away on holiday. This has resulted in your credit file being impacted in a negative way and your savings have all gone. Unfortunately, your car has broken down and it is going to cost $600 to repair it. You are concerned that no one will approve a small personal loan with bad credit so that you can get your car back on the road.

Don’t despair because Bad Credit Loans may be able to help.

Who provides bad credit small personal loans?

There are many traditional lenders here in Australia but, if you have a poor credit rating, you will no doubt find that your bank, normally the first choice to approach for a personal loan, will not approve a personal loan application as, statistically, you present a greater risk to it of not being able to keep up the repayments on the borrowing. However, the good news is that there are many specialist lenders who do provide such finance to people who have a poor credit history.

What can you borrow the money for?

There are so many things that you may need a small personal loan for such as:

  • Emergency repairs in the home such as a burst pipe.
  • Medical bill.
  • Your car may need some mechanical work doing to it.
  • You might want to clear a small credit card liability.
  • Your dog may have required some urgent treatment at the vets and you have been presented with a huge bill.

What are the application criteria?

The criteria may vary between lenders but, as a general rule, if you wish to apply for a small personal loan with bad credit you will need the following:

  • Be at least 18 years of age.
  • You must be contactable by email and phone.
  • You have to be a permanent resident or an Australian Citizen.
  • You will need to provide bank statements evidencing at least 3 months’ income.

How do you apply?

You will be pleased to read that, here at Bad Credit Loans, we have made the process quick and simple: –

  1. Submit your online enquiry – that takes around 3 minutes.
  2. A loan specialist will contact you to discuss your requirements in a little more detail with a view to tailoring a small personal loan with bad credit.
  3. Once you have accepted the loan the monies will be transferred into your bank account for you to utilise.

What is the interest rate?

It should not come as a surprise to read that the interest rate charged for a personal loan for someone with a history of bad credit is going to be higher than that paid by an individual who has an exemplary credit report. This is because you are perceived to be a greater risk of defaulting on your borrowing.

You will be reassured to know that here at Bad Credit Loans we are able to arrange small personal loans at very competitive rates of interest. The rate is tailored to your individual circumstances.

How long can you repay the loan over?

As a general rule, if you are looking to borrow a few hundred dollars you will be expected to repay the personal loan over a maximum period of 12 months. You can pay it back weekly, fortnightly or monthly enabling you to fit it in with when you receive your income. There may be the option to pay off the borrowing in full before the original repayment term is due to end if you are in a financial position to do so.

Summary

For a lot of people, the days of struggling to obtain finance just because you have got into financial difficulty are a thing of the past with more and more specialist lenders appearing on the scene supporting those with bad credit. This increase in lenders has led to greater competition resulting in improved lending products and more competitive rates of interests thus benefitting consumers.

The Internet has made it so much easier to obtain a personal loan with bad credit. You can spend time doing some research and, having decided who to apply for a small personal loan with, you can complete an application form quickly providing minimal personal information and documentation. A lending decision is speedily made and, if your application is successful, the funds can be paid into your bank account within a short period of time. So, why not get in touch with us here at Bad Credit Loans and we will do all that we can to help.

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