Are Bad Credit Loans Safe?

By Angela Monroe - September 10, 2015

Are Bad Credit Loans Safe?

These days we hear a lot about bad credit loans, one of the most asked questions is ‘Are bad credit loans safe?’. Are they really what they claim to be and are they a safe bet when it comes to financing? Not surprising that you are somewhat skeptical. After all, in the past we’ve heard a great deal about loan shark rates, and loans were a payment that was only a day late would result in the repossession of the vehicle. There’s plenty of horror stories to go round.

But wait! There’s good news if you have bad credit.

Today’s bad credit lenders are for the most part a very reputable bunch. Of course, as with anything it’s important that you do your homework to ensure the lender you are planning to get your bad credit loan from has a stellar reputation.

During these tough economic times many have found themselves faced with bad credit. A bad credit loan offers you the opportunity to begin to rebuild your credit. These lenders can be found in a number of places. There is likely at least one right within your community. There are also many of these lenders available online, offering a variety of loan types.

Whether you are looking for a bad credit home loan, in need of a second chance car loan, or hoping to get your first personal loan now that things are turning around, bad credit loans today are a great way to begin to rebuild your credit, and to get that loan you so desperately need right now.

So what should you look for when seeking a lender for bad credit loans?

  • Do they post a phone number and address? Phone to verify their existence
  • Check with ASIC – https://asic.gov.au/
  • Are they asking for more information than is generally requested? Proceed with caution
  • Is the interest rate way too high? Look for another lender

It’s very important to check your credit file as well, we are able to complete a free credit check for you, even if you choose to not get a loan in the end!

A quick search online can tell you tons about any particular company. Make use of this resource. Then relax and take advantage of the loan being offered.

Angela Monroe
Angela Monroe is the Community Manager at The Positive Group, specialising in giving people the information that they need when they need it, and putting you on the path to a fair financial future. She has 8 years of experience in helping Australians find the right finance solutions, and regularly contributes articles to empower Australians with the knowledge they need to become financially healthy.

Comments

antony deutscher

April 28, 2018

i would like to know if i can get a personal loan to buy a car and medical bills, as do not know if i would qualify i never have had bad credit before i have paid out 2 home mortgages before and as we were living in our third home we both lost our jobs and then to cap it off as we were living in bundaberg they had two massive floods in 2010 and 2011 which we could not sell our home no one wanted to buy the house,after 6 months we sold but we were short to pay out the rest of the mortage so we got a debt negotiator to pay the bank out and we would pay the rest we have being the loan of weekly for the past few years on what we owe and i think there is only about 3k to pay out the mortgage.but i think they wont let me have loan and i desperetly need a car.thankyou.

Angela Monroe

May 11, 2018

Hi Anthony, to answer your question, we’d need to have a chat to you to complete a loan pre-assessment. Having a home of your own will definitely count in your favour! Call 1300 769 384, or complete a quick quote form and we’ll talk to you soon.

Floyd Rex Georgetown

July 18, 2018

Do I need a guarantor.

Xavier

July 26, 2018

I currently have a low credit score of around 400. Over the last 4 years I have made a weekly payment to my debtors.

I am trying find away I can secure a personal loan 2 pay off the remaining debts as well as money for my partners and my up coming wedding.

I know my chances are low but no harm in asking

Thanks

Angela Monroe

July 26, 2018

Hi Xavier, no worries at all. Definitely no harm done in checking with us, we’re happy to help out. We’ll send you an email to take this discussion forward since it could involve providing us with a bit more information about your finances.

Tran Tu Can

September 3, 2018

I need Loan 50000 business. I work full time and driver uber. But my credit very low u help

Maketalena Maka

September 4, 2018

Hi Team,

I am interested in applying for a loan for my wedding in Dec. Just have an enquiry to ask

1. If my credit score is below 500 for the fact that I do not have any defaults but credit score was affected due to too many enquiries on my file. I honestly had no idea enquiring affected your credit score.

Thankyou
Maketalena Maka

Tammy

September 18, 2018

I would like to no if you can help. I would love to pay out some of my debts. But my credit score is very low and to many enquires on my credit file. Can you help please

Jodie johns

October 13, 2018

Hi I would like to go for a loan so I can get a few things for my kids and they will be happy if I can get a loan to help them get food

Angela Monroe

October 29, 2018

Hi Jodie, thanks for reaching out to us. You can easily start the loan application process by submitting a quote form at https://loansforpeoplewithbadcredit.com.au/bad-credit-personal-loans/

We’ll get in touch with you asap and help you out the best we can.

Suella Wason

October 17, 2018

I wish to apply for a personal loan to my cover bills and purchase a cheap car to go

Suella Wason

October 17, 2018

I been working for almost 6 months

I wish to apply for a personal loan to my cover bills and purchase a cheap car to go

Angela Monroe

October 29, 2018

Hi Suella,

Thanks for reaching out. Generally you’ll just need to provide us with your last two payslips as proof of income. However, there will be other requirements as well which you’ll need to meet in-order for a loan to be approved.
It’s best to speak to one of our loan support team members to find out exactly what documentation you’ll require to get approved for a loan. The best way to do this is to fill out the form on the page at https://loansforpeoplewithbadcredit.com.au/bad-credit-personal-loans/ to move things along

Vince Cavalieri

October 19, 2018

I need to do a debt consolidation to make my Repayment’s easier. 2 credit cards and small cash loans. I have credit score of 550 so have been knocked back so have given up in applying. No defaults on my credit score just to many enquires. Need around $75k

Karen haines

November 10, 2018

I am looking to consolidate my debt of around $50000 i have a mark on my credit rating but it is a paid default from a few years ago and my husband has 1 default on his but the debt is included in the 50000 my husband and i both work we have a home loan 125000 owing and a valuation of 170000 i would like to know if we have any chane of getting approved

Garry

February 11, 2019

Is it possible to get a small loan for car repairs. But you are not yet discharged from being a bankruptcy? About 8 months to go.
Thank you Garry

Michelle Thomson

April 4, 2019

I have a few loans already and need to find cash for personal reason as I need to full my cupboard and freezer up plus I have missed a few payments on some of my bills I work full time single income earner I’m not managing very well I have 1 independent is there anything I can get help with

Kim Pearce

April 28, 2019

Hi I need a loan to get my car repaired I have been quoted 3900

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