Clara's best Bad Credit Loans.
What are Bad Credit Loans?
What is a bad credit score?
The average credit-score (or Equifax score) in Straya is 550, any score below 500 is considered "bad" and anything below 400 are very bad. Be cautious applying for many bad credit loans, as if they do a "hard credit pull" to assess your rate this can hurt your credit score. So we recommend you check with the lender what kind of credit pull they'll do before you approve they do it.
How can I find my credit score?
Credit Savvy is a fantastic free service to check your credit score, they don't do a hard credit pull so it won't impact your credit score. Get your credit score free by signing up to Credit Savvy here.
What are the Best Personal Loans for Bad Credit?
Bad Credit Personal Loans Guaranteed Approval
The law that stops guaranteed approval for bad credit personal loans basically makes lenders make an assessment and if they think you can't pay it back they aren't legally allowed to lend you the money. So they typically need to know about your other debts, your incomes and your assets before approving a bad credit loan.
Because of these legal requirements, it’s not legal to offer a loan with a "guaranteed approval" in Australia. If you see lenders offering loans with guaranteed approvals it could well be a scam so be very careful if you see this offered especially in regards to bad credit loans where it's less certain the borrower can pay the loan back.
Bad credit loans in Australia with guaranteed approval do not exist so be weary!
Check our list of bad credit loans.
Is it Possible to get Loans for the Unemployed with Bad Credit?
Sunshine Loans "Loans for the Unemployed". They're constantly rated above 4 stars on Trustpilot. They can lend from $150-2000 but you need to have centrelink or government benefits totally in $300 a week to qualify.
What is Money3?
What is Fair Go finance?
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Friendly Finance offers small, medium and large personal loans, with establishment fee of 20% for small loans and adjsted interest rate for others. It applies also to clients with bad credit rating. Application is possible online, with a fast outcomes.
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Jacaranda offers bad credit loans that are divided on small, medum and large loans. Small loans are unsecured loans, which means only client's credit score is assessed, without any collateral. Also, the maturity and the maximum loan exposure differs by the size of the loan. Client can apply for a loan online and expect a fast answer from Jacaranda Finance. Please keep in mind that representative loan case is based on the excellent credit score of the client, which lowers the interest rate and allows longer loan term.
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Naked Loans give personal loans to clients with good or bad credit. Loans are suitable for Australians with a minimum income of AUD 30,000. Loan can be approved in 48 hours. Minimum loan term is 12 months. It can be used for a new car, home goods, wedding costs or financing a new baby. Ex bankrupt clients are also considered.
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Cashify offers pawn loans as a bad credit loan. Pawn loan is structured as a loan for which in return a client has to give one of his valuable assets until the loan is repaid. A valuable asset could be a motorbike, a car or even smaller worthy things. Client can borrow as much as AUD 500,000 with the right asset given in.
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Spotter offers bad credit loans to customers, even if they have a low credit rating, outstanding defaults or multiple defaults. To make sure you are able to repay, they will check your income, your expenditures, your bank statements for the past 90 days and the size of your defaults. They make decisions on case by case basis. Spotter is situated in Melbourne.
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The company itself is named after the financial instrument. However, the company does not provide a lot of information about the bad loan terms and conditions, if you don't give your contact information and basic details about your loan requirements.
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