Personal Loans Bad Credit

If you want to consolidate debt, or you just need a helping hand with a major purchase, you may consider personal loans bad credit as an alternative to an expensive short term loan.

Loans for People With Bad Credit can help you to find a personal loan even if you’re credit isn’t the healthiest.

When Should I Consider Personal Loans Bad Credit?

If you’ve applied for a loan for any reason and been knocked back, it might be because of a missed payment or other problem on your credit file.

Another reason people get knocked back is because they have casual employment, or they are self-employed. While you may not qualify for a loan at a standard bank, our experienced brokers have built relationships with a number of non-conforming lenders who understand that these situations arise, and still offer reasonable loan rates.

Before you apply for any further loans, the best idea is to talk to a specialist broker who understands that a glitch in your credit doesn’t mean you can’t turn things around for the better.

They’ll help to point you in the right direction for personal loans for bad credit that will give you a true opportunity to improve your financial situation, rather than causing more damage.

What Can I expect with an Unsecured Personal Loan?

When you look online, you’ll see that there are many providers offering short term loans for amounts up to $5000. Most of these are non-Authorised Deposit Taking Institutions (ADI’s) – in other words, they are lenders that aren’t a bank, credit union, or building society.

Here’s what the costs will be:

  • Loans under $2000: you’ll pay a 20% establishment fee, and a 4% monthly fee, calculated based on the amount that you borrow.
  • Loans from $2001-$5000: the loan term for these loans is usually 16 days to 2 years. The maximum annual interest rate is 48% p.a., which you’ll see pretty quickly can add up to a very expensive loan. In addition to this you can be charged up to $400 as a one off establishment fee.
  • Loans over $5000: You cannot be charged more than 48% p.a., including all the fees and charges.
  • .

As you can see, the costs can add up really fast!

Why Should I Use A Broker for my bad credit personal loan?

An experience Loans for People with Bad Credit broker knows all of the loan types that are available, and which lenders are likely to genuinely consider your personal loan application.

They’ll be able to look at your credit file and financial situation and match you up to the best possible loan option, so that you won’t be paying the maximum rates that we listed just above.

This is going to save you money in the long run, and it gives you a chance to get connected with the right lenders, one’s that understand poor credit and are genuinely on your side to help you change your situation.

The other reason to use a broker is that often people think that they have bad credit for one reason or another. When we complete the assessment, sometimes its a minor issue, and we can match the client with an understanding lender who offers a really good loan product after all.

Want More Information About Bad Credit Personal Loans?

If you’re ready for an assessment and a free credit check, just fill out our quick quote form and we’ll send you the information that you need.

Or you can call 1300 769 384 to get some advice right away. Our brokers are here to help you out.

If you’d like more information on how you can tackle your poor credit head on and turn it around, boost your knowledge by reading our bad credit blog and arm yourself with the knowledge you need to move forwards.