Fast and Easy Bad Credit Personal Loans

A credit score is determined by a number of different factors. These factors contribute towards giving you a number highlighting the level of risk you are considered to be to a borrower.

Your credit score is affected by an individual’s borrowing history. It takes into account the following points:

• How reliable you have been at making repayments in the past
• The number of hard credit enquiries that are on your file: each time you apply for finance, you receive a hard credit enquiry which alerts future lenders that you have previously applied for finance.
• Defaults, black marks and court judgments: if you consistently make late repayments or fail to make repayments at all then these more severe negative credit listings can be placed on your account. Each of which can remain on your file for many years, dragging your credit score down.

A credit score can be described as a way of determining risk. To a credit provider, a low credit score would represent a high risk, while a high score would be considered low-risk. Credit ratings are used by lenders as a subjective means of judging potential borrowers. However, a person’s credit rating does not always accurately represent the risk of lending credit to them.

The actual formula used to determine a credit score is a tightly kept secret by the credit reporting agencies. What is universally accepted however is that the lower the score, the worse a credit report is considered to be by a potential credit provider.

Fortunately, bad credit can be repaired by a credit repair company, such as Clean Credit. These are one of Australia’s leading credit repair specialists. With a good credit score, you are much more likely to be approved finance and will be able to take advantage of lower interest rates.

Credit scores can go as low as -200 and as high as 1200, -200 being a very poor credit score. While it is impossible to predict the outcome of an individual credit application, a general rule of thumb is that any credit score less than 500 may be considered an issue and could result in an application to be declined or interest rates being higher.

Even with bad credit, you can still receive a bad credit loan. Find out if you qualify here.

Banks and other traditional lenders can be extremely strict, making it almost impossible to get personal loans with bad credit. However, private lenders are generally far more lenient, making bad credit personal loans possible. With greater leniency comes greater flexibility. The Australian Lending Centre finds loan solutions which can be tailored to you. From the length of loan, to the repayment schedule, you can get finance on your terms.

Yes! If our loan specialists qualify you for finance then you could have funds in your account within as little as 48 hours from being approved. After filling out an enquiry form, a specialist will call to determine whether you are eligible for finance. Regardless of your bad credit score, you can still get a bad credit personal loan. The terms might just be less favourable if you have a bad credit score.

You can use a bad credit personal loan to fund a number of different things. From getting a new car, to paying for school fees, to covering home renovations, to holidays. A bad credit personal loan comes rich with opportunity. Having bad credit shouldn’t have to prevent you from being able to get finance when you need it most. However, before taking out another loan it is important that you understand why you have bad credit in the first place to ensure you don’t make the same mistakes again.