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Bad Credit Loans Personal Loans

Personal Loans For People With Bad Credit History

Is your personal credit history less than ideal? You’re not alone. Bad credit can happen to anyone. There are times when bad credit may not be your fault – like dodgy housemates who skipped paying rent or a bill you never received. Bad credit can make it challenging to apply for loans, even smaller personal loans. At the Australian Lending Centre, we offer judgement-free solutions and personal loans for people with bad credit history. 

What Causes Bad Credit History?

Bad credit history occurs due to any number of factors, the most common causes are:

  • Not adhering to your credit agreements. Late payments, missed payments or not paying the minimum required each month impacts your credit rating. 
  • Declaring bankruptcy. A declaration of bankruptcy frees you of your financial obligations on outstanding loans and lines of credit. However, it significantly impacts your credit history, often prohibiting you from borrowing for a number of years. 
  • Only paying the minimum required each month. Clearing debt fast can help keep your credit rating on track.
  • Identity theft. If you feel that there’s a mistake in your credit history, it could be due to identity theft. Always closely monitor your accounts and immediately flag suspicious activity with your bank or lender. 
  • Choosing the wrong credit product. Choosing excessive limits with high interest can mean you’ll never get on top of the loan. Always research before taking out a line of credit or loan and ensure you can service it properly. 
  • Having no credit history. Even if you have never borrowed money or defaulted on repayments your score may be low. This is simply because there is no history to rate your borrowing behaviour off. 
personal loans bad credit

How Do I Know If I Have Bad Credit History?

Applied for a loan and had it knocked back? Check the feedback and the reason should be indicated. If not, check with the lender. The likelihood is that you either have bad credit or not enough income to service the loan amount. Personal loans for people with bad credit history can be extremely costly and hard to obtain. Therefore, it is best to fix the root of the problem.

If you’re concerned that you may have a bad credit rating, it is possible to check this prior to applying for a loan. Your Credit score can be checked online for free here. You can also go into greater depth by checking what listings are dragging your credit file down.

We recommend speaking to Clean Credit who can talk you through your credit file. Clean Credit are credit repair specialists, capable of improving your credit rating. By engaging with a credit specialist, you can not only check your credit history but also improve it.

bad credit history personal loans

What Kind Of Personal Loans For People With Bad Credit History Are There?

Even if you have a bad credit rating, there are personal loans for people with bad credit history. However, you may need to look a little harder to find one that is suitable. You will also need to do your research to ensure you do not get taken advantage of by loan sharks. This can plunge you further into debt. 

There are many reasons to take out a personal loan. A new car, renovations, holidays or even to consolidate and pay down existing debt. As applying for a loan (and getting knocked back) can further damage your credit score, it is best to engage the help of a professional who can assess your eligibility prior to applying. 

The kind of loan you will be offered will depend on your particular circumstances. 

  • Secured bad credit personal loans. These loans are taken out against an asset that you offer as security. Something like your home or car. 
  • Unsecured bad credit personal loans. If you do not have an asset to offer as surety, there may still be a solution for you. The experts at the Australian Lending Centre can help.

Loans taken out with bad credit history will often incur higher interest rates. This is due to you being viewed as high-risk. You will also find that there are limitations to the amount you are able to borrow. Banks are risk-averse and usually unwilling to lend to those with bad credit history. By using a private lending specialist, personal loans for people with a bad credit history are much easier to source. Australian Lending Centre specialise in finding you the right loan product –  within as little as 24 hours.

personal loans

Don’t Let Bad Credit Hold You Back

Avoid bank barriers and loan scams. Take charge of your credit history and secure the loan you need to move on with your life. Personal loans for people with bad credit history are possible with careful planning and support. Let the Australian Lending Centre help you to get your finances on track here

Our commitment is to helping you find solutions and ensuring you are empowered to make more informed choices moving forward. If you need help to assess your credit or apply for a personal loan with bad credit history, contact the Australian Lending Centre today on 1300 138 188.

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Debt Consolidation Bad Credit Loans Home Loans

10 Reasons Your Home Loan Was Denied

Most people believe a good life is having that killer home and a stable job. But what happens when you try to apply for a loan and get rejected?  It can become increasingly disheartening to hear the same 9 words –  “we are sorry your loan application was denied.” In this article, we dig deep and reveal the reasons why your home loan was denied.

Understanding the reason behind your loan denial is a valuable learning experience. This reason helps you to pinpoint the areas of your financial life that need to be polished. You can always improve on this and reapply for the funding.

 Let’s dive right into the ten reasons why your home loan was denied

Poor Credit History

Credit history is simply a record of a borrower on debt repayment from several sources, including banks, collection agencies, or credit card companies. Potential creditors such as the Australian Lending Centre and other mortgage lenders use your credit report or information to decide whether they will give or deny you a loan. Your credit information is the right way for lenders to tell whether you are a risky investment or not. Having a poor credit history will deny you a home loan.

If you check your credit score and you find that you have defaults, blackmarks or court judgments, it is highly recommended that you remove these otherwise you will struggle to secure funding. There are specialised credit repair agencies that can assess your credit situation and work towards removing these negative listings.

Insufficient Income/Asset Documentation

One of the big reasons why your home loan application may be denied is due to your income or debt ratio. Your income is an excellent measure of whether you can or cannot afford the home. ALC is likely to enquire about your assets and, more specifically, your liquid assets. They’ll want to identify what you have saved to raise a down payment, pay closing costs, and make monthly loan payments once you close your loan.

You have to make sure that you have sufficient income or assets before you apply for a home loan. It is essential to have your resources in a certified account, at least two months earlier, to applying for a home loan. It is because banks and lenders regularly ask for your two latest bank statements. Also, make sure you verify your assets for a down payment, closing costs, and reserves.

Down Payment is Too Low

Typically when you buy expensive things on credit, you need to make a down payment. The down payment amount usually covers a portion of the market price of the home. Lenders look at the upfront amount as an investment in their future home. A low upfront may not put their minds at ease. To certify your home loan application, consider having a more significant down payment, or else your home loan will be declined.

Problems with the Property

Sometimes you are not the cause of a home loan denial. It is not always your fault. Your home loan denial may be due to problems with the property you want to purchase. Therefore before you apply a loan for a particular home, do thorough investigation and research about the property.

Inadequate Employment History

Your employment history is essential when it comes to a home loan approval. You should have a consistent job history when applying for a mortgage home loan. Most lenders will consider two years of steady employment history to process your loan. By doing so, they only want to be assured that you can hold on to a job long enough to repay the debt. Make sure to keep all your payslips and any tax information. You will want to make the process as easy as possible for lenders.

Inaccurate documentation

Home loan lenders want to know everything about you, and therefore, leaving out any information may raise the alarm. It is always good to provide all the required details and fill out all the sections on application forms.

Reduced Debt to Income (DTI) Ratio

Most lenders look at DTI Ratio before awarding a home loan. DTI Ratio is simply a sum of your monthly payments divided by your monthly income multiplied by 100%. You should always aim at 45% and below.

Unpaid Taxes

Taxes are significant to a country’s income. A due fee is another debt that can haunt you. It can lead to a robust rejection of your home loan application. Make sure to work through old debts before applying for a home loan.

You Asked for Unreasonably Low Loan

Most lenders give loans based on how much interest they will make. The lower the investment, the lower the benefit they will gain. Therefore, you should understand that lenders make money from interests that are higher on high loans than small loans. They factor their profit against their risk, so it is unlikely for them to approve a low loan request.

Bulky transactions

Just like receiving huge money, large transactions may raise red flags when applying for a loan. You should not make large transactions as you near a home loan application period. Stick to low operations and always be ready to explain the purpose of the transactions. Valid documents should accompany this.

Final Thoughts

Now that you have learned and you are well aware of the reasons that can lead to your home loan denial, you only need to rectify what is dragging you behind.  Make sure that all the above are taken care of before requesting a home loan, or else it can get rejected. If your loan is denied, remember it is not the end. Focus on building positive financial habits that will help you increase the likelihood of securing a loan.

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Personal Loans Bad Credit Loans

How can I get a personal loan with no credit check?

Is your bad credit stopping you from securing a personal loan? If you feel like you’re running out of options, then keep reading because there are plenty of options available. One such option is a personal loan with no credit check.

Before we dive headfirst into personal loans with no credit, it is important to break down your current financial situation. Personal loans with no credit check have their benefits, but they also come with typically higher interest rates. For this reason, it is essential that you check your own credit score. This will help you quickly realise whether or not you actually need a personal loan with no credit check.

Understanding your credit score

So, you have just checked your credit score and you see a score of 370. What does this mean? You begin to question whether or not you will ever be approved for a loan? Did you notice any defaults? Court judgements or blackmark? If so what do they mean?

A credit score is a numeric representation of the details within your credit file. The score is calculated based on various factors. These factors can be analysed by lenders to assist in determining whether or not you are a responsible borrower who is capable of repaying back a personal loan.

Different Credit Bureaus have alternative credit scoring models. Take a look at the breakdown of Experian’s and Equifax’s scoring system.

 ExperianEquifax
Excellent800-1,000833-1,200
Very Good700-799726-832
Good625-699622-725
Average550-624510-621
Below Average0-5490-509

 

How is your credit score calculated?

According to both Experian and Equifax, your credit score is calculated using a statistical algorithm that uses past events to predict future behaviour.  Each credit bureau will use a slightly different algorithm to calculate your score. The outcome, however, is relatively the same, and your credit file will reflect whether you have any negative listing regardless.

Familiarise yourself with your credit score

Understanding your credit score is really important, especially if you are applying for credit. Why might you ask? Well, some lenders factor in the credit score when assessing your credit application. If your credit score is really high, you may not need a personal loan with no credit check. Here you can apply for a regular personal loan with potentially better interest rates and term. This will save you money in the long run.

If however, your credit score is low, then it may be time to consider applying for a personal loan with no credit check.

understanding your credit score

What is a personal loan with no credit check?

As the name suggests, a personal loan with no credit is just that; a loan that is approved without checking your credit score. The lender will not request your credit report from credit bureaus. This means that your borrowing history will not be made available to any lender.

If you have applied for loans in the past, your credit file may have the loan information. When applying for a loan, traditional lenders will request your credit file and look at how many loan enquiries have been made. If you have made a lot of loan enquiries in a short period of time, you can be rejected for a loan. As mentioned, lenders won’t factor in your credit file meaning you can take care of your financial matters without having your credit file holding you back.

Where can I get a personal loan with no credit check?

No credit check loans are usually offered by alternative lenders such as Australian Lending Centre or Bad Credit Loans. Alternative lenders are more flexible with their lending requirements. This does not mean that they are not responsible lenders. If you’re thinking about applying for a personal loan with no credit check, it is important to note that alternative lenders will ask for the following information:

  • Income: You will need to show lenders that you can afford to make the repayments for your loan.
  • Employment: employment is necessary for making repayments. Some lenders will also factor in your Centrelink income when applying for a loan.
  • Bank account: Lenders will typically request to see your bank statements from the last 3 months or even 6 months depending on the lender. The lender will assess your bank statements to see whether you will be able to pay the loan or not.

How do I apply for a personal loan with bad credit?

Fortunately, applying for a personal loan is quick and easy. Australian Lending Centre has a simple online enquiry form that will take a matter of minutes to fill out. The enquiry form will request basic information such as name and email along with your borrowing amount.

In a matter of minutes, a loan specialist will contact you to discuss your lending options. They will quickly understand your financial situation and make an assessment. All consultations are discreet, hassle-free and professional. Once you have been approved for a personal loan, you can access the funds in your nominated bank account. So, don’t let your past borrowing history stop you from securing a loan.

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Personal Loans Bad Credit Loans No Credit Check Loans

Are Personal Loans Available For Bad Credit Borrowers?

A personal loan is a secured or an unsecured loan offered to you by a lender on the basis of your credit score and capacity to repay the loan. If you don’t have the usual qualifiers—meaning, you have a poor credit score and unsteady earnings, you can still get approval for the loan and enjoy a low-interest rate if you know how.

Here are things to look for in a personal loan provider:

Specialised lending agencies offering bad credit loans in Australia 

We are in a world of financial opportunities, and if you need money right now—you must be able to access it fast before you lose the opportunity. If a lender can give you as much as $20,000 or more via an unsecured personal loan without you having to worry about your credit score and income. Why not give it a try?

The challenge lies in the application process. Those with low credit ratings who apply for loans from banks and traditional lenders are typically denied. With banks tightening their lending, it has become increasingly difficult for someone with a good credit history to secure a loan. If you have bad credit, it is almost impossible. Strangely enough, if you have a bad credit history, you can get approved for a $20,000 personal loan within a day. That is if you seek out bad credit lenders. Alternative lenders are more than willing to lend you a hand so that you can get yourself back on track. If you are therefore looking for a personal loan with bad credit consider a specialised lending agency.

It offers a low-interest rate

Even those with poor credit can get personal loans with low-interest rates. If you have been paying more than a 20% APR for high-interest cards, why not opt for loans with lower APRs? It will not only give you an opportunity to pay for your urgent needs, but you can also use the money to pay off high-interest debt. In the long run, this will allow you to save more money.

It provides flexible and multipurpose loan

Make sure that you can use the cash for making the purchases you want to make. This may include a car, house renovations, equipment for your business, or even to fund your retirement. Borrowers with very high debts may also want to use this type of loan to get started with their debt repayment plan.

You can use the money to consolidate debt

Do you have credit cards, personal loans and several smaller debts with high interests? Are you struggling to manage your repayments? Consolidating your debts through a personal loan may be a great way of simplifying your debt. Debt consolidation through a personal loan will allow you to better manage your loan repayments. You will only have one repayment coming out of your account at the end of each month.

Small debts can be consolidated by using personal loans. Calculate your total debt. Apply for a larger loan that would cover several smaller debts with high interest to save money on interest. By combining several loans in one place, it may be easier to handle one payment.  Don’t forget you can always opt to extend or reduce the loan period.

You can access a low-interest line of credit to stabilise your cash flow using your personal loans

Are you a bad credit borrower? A low-interest line of credit can help boost your credit score. Look for lenders that allow you to access loan products that will help you boost your credit rating. Your credit score is calculated depending on multiple factors. These include;  your credit history, outstanding balance, age of credit, different types of accounts and utilisation rate. If you access instalment loans, pay on time and use it to lessen the balance of your existing debts, you can boost your score in no time.

There are many reasons why a person gets a bad credit score. No matter how careful you are with your finances, sometimes—life just happens. There are unexpected expenses that may prompt you to get new debt. Some people lose their jobs, or experience setbacks in their business, leading to a decrease in income. Divorce, changes in living arrangements and acts of nature could also hold you back from paying your own debts. Of course, it could simply be due to a lack of discipline or poor spending habits.

Where are you right now financially? A personal loan can get you where you want to be, support your plans and put you back on your feet. Get in contact with Australian Lending Centre today and discuss how you can get access to a personal loan today.

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Bad Credit Loans

Why You Shouldn’t Co-Sign A Bad Credit Loan

Co-signing your friend’s or a family member’s loan might appear like the right thing to do. If you can help someone during this New Year, why shouldn’t you? Nonetheless, before you consider signing your friend’s bad credit loans, you should be aware of the implications. There are many risks that come with the decision to co-sign a loan, as follows.

You Are Held Responsible for The Bad Credit Loans

Even if you are co-signing a loan for a house you won’t be living in, or for a car that you won’t be driving, when you co-sign a loan, it simply means that you are held liable for making repayments. While it is true that having an additional line of credit might benefit your credit score, the advantage isn’t there – unless your friend makes timely repayments for the bad credit loans.

Plus, considering that you qualified as a co-signer, the odds are you don’t need additional credit lines. At the same time, you should know that when you agree to co-sign a loan, if the loan isn’t repaid, you can be held liable. That being said, make sure you factor this in beforehand.

The Payments on the Co-Sign Loan Account Will Affect You

When you decide to co-sign a loan, it goes without saying that you don’t get to benefit from the loan. However, whether the payment is made or not will affect you. That is to say, if your friend makes late payments, it would be as if you were the one that made late payments, as well.

In other words, that late payment will appear on your credit report as a negative listing. Evidently, the more late payments, the lower your credit score will be. It goes without saying that this might limit your options next time you’re looking for financing.

In the worst-case scenario, it might take a while until the creditor informs you of the delinquent payments – at that point, it might be too late for you to do something to save your credit score.

You’ll Increase Your Outstanding Debt

Moving on, if you’re thinking of helping a friend by co-signing his/her bad credit loans, you should note that this decision will increase your debt to income ratio. Thus, it would be safe to safe that this will inevitably affect your creditworthiness and the way in which lenders convey you.

When a creditor will assess your application, the fact that you’ve co-signed a loan won’t necessarily help you out – especially if your friend isn’t the most responsible borrower.

A Third-Party Collector Might Come After You

No one anticipates not being able of making timely repayments. Nevertheless, this may happen – especially for people looking for bad credit loans whose income isn’t stable. Considering that your loved one fails to make repayments and defaults on the loan – do you know what will happen next?

In this scenario, if the payments are delinquent, a third-party collector is entitled to come after you. To make matters worse, you might end up being sued for bad credit loans you never even got the chance to use. Having a judgement entered against you is, without fear of contradiction, one of the worst entries you can have on your credit report.

On the other side, considering that your friend decides to discharge the debt in bankruptcy, a judge cannot come after them. Still, you might be forced to repay the debt, or, alternatively, you might need to file bankruptcy, as well.

Getting Out of Co-Signing Bad Credit Loans Isn’t Easy

If, say, you’ve ended up co-signing a loan and you’ve had a change of heart, getting out of it is far from being easy. That is to say, even though you might regret your decision, once you entered a binding contract, getting out of it is really complicated. The only way in which that could happen is if the other person gets your name off the account.

Still, in order for that to happen, their financial situation must be better, so that they can qualify to get financing without a co-signer. Alternatively, they might consider collaborating with a reputable provider of bad credit loans, such as Australian Lending Centre.

Your Relationship Will Suffer

Moving on, if the co-signed arrangement doesn’t go as planned, not only that your financial situation will worsen, but this might also harm your relationship. How will you react in the event in which your friend doesn’t manage to repay the loan and you’ll be held responsible to make repayments? What if you end up in court due to this scenario? Ideally, you shouldn’t mix relationships with finances, as the consequences could be fatal, especially if the loan terms are far from being favourable.

To sum up, these are some of the main considerations you should think of before agreeing to co-sign your friend’s bad credit loans. Being fully aware of the risks involved is mandatory so that you know what you’re getting yourself into.

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Bad Credit Loans Investment Property Loans Personal Loans

How To Get A Large Bad Credit Loan

It’s no longer impossible to secure a huge amount of bad credit. Despite the fact that lenders view people with bad credit as high-risk borrowers, specialised lenders will agree to the deal as long as you submit the right application. In fact, not all lenders look at the credit score at its face value. Some lenders may actually refuse someone with a high credit rating due to failure of meeting other lending requirements. Find out how to get a bad credit loan below.

It is a new niche market

Lending has changed since the big bank tightened their rules around lending. A bad credit lending institution will grant some loans despite a low credit score as long as the loan applicants are willing to improve their scores. If you are unable to secure affordable loans from mainstream lenders, you may still be able to access funds from a specialised lender if you meet their criteria.

Bad credit loans backed up by collateral will increase your chances of getting a larger loan

The presence of collateral reduces the risk for the lender; should you default on the loan the lender will be able to use the collateral as reimbursement.

The key is to offer collateral that matches the value of the amount you would like to borrow

There’s a huge difference in offering $2000 worth of collateral for a $30,000 bad credit loan. The value of the attached asset must be equivalent or higher than the loan it secures.

Income outweighs a poor credit score

While it is not easy to get approval for unsecured loans, lenders will look favorably on applications with proof of substantial income as it validates your financial capacity to repay the loan. Mainstream lenders usually require tax returns, payslips, account records and other forms of documentation to verify proof of income.

What if I can’t prove my income?

Specialised lenders like Australian Lending Centre use other means to verifying your credit rating and capacity to repay the loan. This means you can still obtain a loan despite the absence of some documents required by traditional lenders.

Cosigners assure lenders that no matter what happens, the monthly repayments will be made

If you cannot offer collateral equivalent to the value of your loan, you can look for a cosigner who will then be considered as your security option. Consigners guarantee lenders they will receive the loan repayments on time. If you were to default on your loan your cosigner will fulfill your debt obligation on your behalf.

But, there’s a catch – your cosigners must have excellent credit history. They must prove that their income is substantial enough to cover your repayments if you fail to do so.

Online lending has a bad reputation of making people with bad credit vulnerable to fraud. How do I make sure that a bad credit loan is suitable for someone like me who is struggling with debt?

Online lending is a convenient financing platform. A lot of people can easily apply for finance by simply completing an online form that only takes a few minutes to finish. However, it is your responsibility to differentiate a genuine company from a fraud.

First, look into the company profile

A lending firm that does not reveal its address nor gives away company information is a huge red flag. Be careful who you supply information to. Legitimate lenders will ensure the privacy of your personal details by using tight security measures whilst fraudulent firms will most likely use those details for illicit actions.

Second, check the comparison rates.

Don’t just focus on the interest rate. Australian companies must always list a comparison rate next to their advertised interest rate. The comparison rate is the true cost of the loan, it factors in the interest rate, fees and other charges that may be associated with the loan.

Third, study your financing options

If your situation is not desperate it is always better to consider your options and take your time when making decisions. Choose the loan that secures your debts and builds your credit at the same time. Additionally, be sure to borrow only through a stable financing company with a good reputation.

Look for a reliable and reputable lender that offers practical solutions to your financing needs. Make sure you only sign with a lender that gives you an affordable interest rate despite your low income and/or sub-par credit score. Remember that bad credit loans can help you build a strong financial profile, which will ultimately qualify you for a better future.

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Debt Management

Debt Agreements FAQ

What are the basic facts about the debt agreement that every borrower need to know? A debt agreement is one of the ways for the creditor to recoup some of their losses when the debtor is not able to pay them back in full and when it is difficult to collect on the debtor’s outstanding loan. The creditor and the debtor put new payment terms in writing, to allow the debtors to at least make partial repayments. Read our debt agreements FAQ and learn more about debt agreements.

When do I have to enter into a debt settlement agreement?

It is applicable when you owe a lender an amount of money and you are not able to pay it back in full. You need to document the new terms of the loan whenever you and your creditor agree to settle the debt.

Why do creditors settle for debt agreement?

By entering into an agreement, the creditors no longer have to waste time chasing you down. Instead, both of you reach an agreement on how much you can pay them.

What are the contents of a debt settlement?

The agreement contains the following:

  • How you will make payment
  • A statement that in case you fail to make timely payment, the total amount you owe becomes due.
  • The date by which payment should be made
  • The new debt settlement amount you agree to pay
  • The original amount you owed
  • You can also add other terms such as liability clauses and other things both of you would like to include.

Why do banks frown upon applications from borrowers in debt agreements?

The major banks may not approve a loan from someone who is under a debt agreement because they are very cautious when lending money to someone who has a bad credit history. They don’t want to put the company at risk in approving a loan for a borrower who cannot make timely payments.

Can I refinance a loan when I am still bound by a debt agreement?

Specialist non bank lenders like Australian Lending Centre allow borrowers like you who are still in a debt agreement to refinance your current mortgage so you can pay your agreement in full. If you have been in agreement for a year, but you made updated repayments, you might be able to borrow up to 70-80% of the value of your property. However, it is important to arrange for a pre-qualifying assessment to ensure that you have a realistic calculation of your home equity.

What are the benefits of entering into a debt agreement/settlement?

If you have limited financial resources and your situation does not allow you to pay back your debts in full, you can enter into this agreement. By doing so, you can avoid going bankrupt—which would have a terrible impact on your credit rating. It also helps you overcome difficult financial situations, by giving you some extra money to settle your debts and to pay for your immediate needs.

Other benefits of debt agreements include freezing the interest accruing on your debt, and paying a single monthly repayment instead of dealing with multiple repayments.  If you have debt agreement administrator, he or she handles all the communication with your creditors, not you. That means lesser pressure on your part. Debt Agreements are appropriate for applicants who are at the verge of bankruptcy. It can help you avoid the major consequences like having a bad credit score that could result in countless rejections of credit applications. Bankruptcy must always be the last option. So, one of the effective alternatives a struggling borrower should consider is a debt agreement.

Is there an alternative to debt settlement?

If you don’t want your future creditors to know that you are struggling financially, to the extent that you entered into an agreement to repay your debts, try debt consolidation. It can help you negotiate payment arrangement with your creditors and it is definitely a practical alternative to bankruptcy.

Final thoughts

A debt agreement is a contract driven by the desire of both parties to settle the debts. The lender wants to get back the money while the debtor wants to pay it off.

Take a good look at the content of the debt agreement. It controls and directs the borrower on how to pay back the loan and how much to pay. But, if you don’t want to have a record of debt agreement on your credit file, you can simply take out a second mortgage or a personal loan, or any other affordable loan product to pay off the debts.

What is important is that you would satisfy the full amount of your loan, and at the same time enjoy an affordable and convenient repayment for the new loan.

When you have finally settled your debts, try to practice good financial habits. Pay your debts on time, spend less and try to grow your money either through investments or additional source of income. This way, you wouldn’t have to face the same dilemma of signing debt agreements anymore.

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Bad Credit Loans

No Guarantor Bad Credit Loans Explained

Having bad credit can be stressful. That’s because a bad credit history has immediate consequences on your financial future. It impairs your ability to get a home loan, a personal loan or any other form of credit. If you’ve defaulted on loan repayments, applied for a credit card or entered a debt agreement, all these aspects can significantly affect your finances for years to come. Fortunately, no guarantor bad credit loans are a possibility. Find out your options below.

How can I get approved for bad credit loans?

Obviously, there are some things you can do to maximise the likelihood of getting a suitable loan, such as the following:

Avoid making numerous credit applications simultaneously

This may seem like the guaranteed way to obtain a loan; in fact, the more applications, the higher the odds of getting a loan, right? In fact, that is far from being true. This is a red flag to lenders, even for those who provide bad credit loans. This strategy could deter you from accessing credit in the future. If you already did that, you should at least wait for a while until you make other applications.

Use a personal loan calculator

Personal loan calculators can be genuinely helpful. You can use one to determine if you can afford to make repayments for a certain loan or not. Bear in mind that lenders will accept your application only if you have the financial means to make repayments. This applies to both bad credit loans and conventional loans.

getting-loan

Check your credit score to know where you stand

Let’s say that you already know that your credit rating isn’t the best. However, we advise you to have it checked. This way, you can verify your standing point. Apart from that, your credit rating may contain mistakes and inaccuracies. In this case, you can have them corrected.

What are my loan options if I have bad credit?

If you want to get approved for bad credit loans without a guarantor, this reduces your options. The primary reason why it is recommendable to opt for guarantor loans is that this increases your reliability as a borrower, maximising the likelihood of obtaining the desired financing. However, you can also opt for the following:

Secured personal loans

An option would be getting a secured personal loan, involving collateral such as the equity in your home or another significantly valuable asset. This way, a lender would be more willing to provide you financing, overlooking the negative listing on your credit history.

However, the obvious risks that come with the territory are that if you default on the loan, you’ll end up losing the asset placed as security. Even so, without collateral and guarantor, your chances of getting a loan are minimal, unfortunately.

Short term loans

If you want to borrow a fixed sum, up to $2,000, you could pick a short-term loan from a payday lender. The thing is that these lenders don’t concentrate on your credit history. In fact, they are much more focused on your current financial possibilities and capability of making repayments.

check-options

What Else Should I Consider?

It’s important to note that bad credit loans with no guarantor are high cost. This is a general rule. So, you should know what to expect if you do decide to go for it. Obviously, these loans involve high risks for the lender. Therefore, it makes sense that the lender would charge enormous fees.

And lastly, bear in mind that numerous disputable lenders operate in the realm of bad credit loans. In other words, you should pay attention to scammers that might claim to solve all your financial difficulties, irrespective of their severity.

So, we strongly recommend you to double-check each loan and its specifications noted in the fine print before signing any documents. ASIC has actually warned Australians that they should be doubly wary when it comes to applying for bad credit loans due to the high-interest fees and inflexibility. Apart from that, the repayment period could be shorter than in the case of conventional loans, which would make it even more challenging for you to deal with the situation.

Additionally, make sure you factor in the additional fees, which are added to the costs of the loan, aside from the interest rates.

Conclusion

When you apply for a no guarantor credit loan, you should be wary and attentive to the loan terms. If your financial position allows you, you should wait a while until you may afford to get another type of loan, to avoid paying a significant amount of money in interest fees and other charges.

By all means, choose a reliable lender. On that note, contact us for a free consultation and assessment for your loan enquiries as our experienced specialists are keen on helping people with bad credit and provide them with excellent services. Call us now on 1300 138 188 or enquire here for our bad credit loan option today.

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Bad Credit Loans Financial Fitness

Top Downsides of Loans for People with Bad Credit

Bad credit is something that almost every Aussie struggles with at some point; the only difference is the magnitude. If you’re in a position where your bad credit reaches the lowest of points, then you may be affected more than you can imagine. While bad credit loans provide opportunity for those who are told no by banks, there are downsides of bad credit loans.

There are several lenders out there offering loans for people with bad credit. Every one of them seems like a gift sent from above if you are looking to borrow money. Keep in mind, that if you have bad credit, you will not reap the same benefits as your friend with clean credit. The reasoning behind that is simple: the bank trusts them because have always paid their loans on time. You, on the other hand, will be presented as a red flag.

Here are the top downsides of loans for people with bad credit

1. You’ll pay more in interest

When the bank looks at your application, all they will see is that red flag saying “risk” to them. Most of the time, you will end up paying more in interest than you would for the actual loan. If you take out a loan as a person with bad credit, you’ll pay a lot of money for a longer time span. Where the regular loan would have been done in one year, the bad credit one may take up to three years or more. Worse off, that’s money you won’t even be allowed to use.

2. It may affect your credit score

Here’s a thought: if you borrow money, it means that you reached a point where you are so tight on cash that you can’t go forward without borrowing. Keep in mind that this money needs to be paid back in full, and then some – so imagine what would happen if you can’t pay that money when you are required to.

When it comes to loans for people with bad credit, keeping up with the monthly payments is a great challenge, so you’re bound to miss a payment or two at some point – which will show on your credit score. If that score wasn’t bad enough, imagine what would happen after you fail to repay the loan.

3. You’ll have more fees to cover

Traditional loans have their own fees. They do not compare with the fees that you’ll have to handle if you are going for loans for people with bad credit. These fees may include:

  • Origination fee: These fees are required to process your loan application, and also open the loan if approved.
  • Late payment fee: Unfortunately if you are one minute passed your deadline, you will be charged a fee for being late. The more you put it off, the more that fee will grow.
  • Check use fee: Some bad credit loans will charge you an extra fee if you decide to use check withdrawal.

Bad credit loans sound dreamy and all that – until you have to pull out your wallet and pay up some fees that you normally wouldn’t be required to.

4. You’ll need collateral

You will need to bring out some collateral when it comes to loans for people with bad credit. They will need the certainty that you will pay the loan. That can only happen if you feel like your house, car or your other belongings are in danger of being confiscated by the bank.

Not all lenders ask for collateral; however, keep in mind that those who do not ask will require that you pay even more in interest.

Loans for people with bad credit can be very useful to get back on track, as long as you make peace with the downsides. At Australian Lending Centre, we are there to help you in a pinch and offer you a convenient repayment plan with competitive rates – or simply give you some advice. Contact us for a free consultation or a free assessment for a loan catered for you.

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Bad Credit Loans Business Loans Debt Consolidation Debt Management

Should I Get Cash Now With Bad Credit?

Over the years of advising young entrepreneurs in debt, I realised that there is one thing that is stopping them from achieving their financial goals – debt mismanagement. A lot of people think that for you to build your business you need to get more debts, despite having bad credit. Others also believe that getting into debt puts their business at risk of going bankrupt. So, how would you know if it is wise to get cash now with bad credit or not?

Here is a fact. Debt is simply a tool to build your business or to ruin it. More debts won’t make you bankrupt. Not knowing how to handle your debts would.

The scary truth of having bad credit is that it reveals your inability to handle your financial obligations. If you are having problems with debt management, more debts will only amplify your problem. But, does it mean that we shouldn’t get a loan now with bad credit? The answer is a very loud–NO. Getting a cash loan can be your only way out – but you have to learn first on how to manage your debt wisely.

Basics of debt management

Depending on where you are currently in debt, here are some tips to leverage cash with a bad credit loan.

Acknowledge your debt problem

It is impossible to create a solution for a nonexistent problem. If you don’t see a bad credit score as an issue, then you may not be so adept in finding ways to address it.

Trace the causes of your bad credit score

Request for a copy of your credit score to check which of your existing debts were left unpaid, delinquent and if there are debts which do not belong to you.

Create a budget

Before you decide on the loan amount, calculate the actual amount of money you need not only to settle your outstanding debts but to meet your existing needs as well. If you will use all of your money to pay your bills without allotting something for a new source of income-how can you pay the loan back? Downsizing and making other lifestyle changes may not be enough. It is also important to increase your cash flow either through creating a passive income or investing in a business.

How will the cash loan impact your current financial state? Do you have a stable stream of income or is it at high risk as well? Understanding the potential risks facing your wallet on a short and long-term basis is important in determining the amount of loan you need to improve your finances. Once you’ve mapped out the threats to your financial stability, that’s the time you can create a concrete debt management plan.

Create self-satisfying goals

Money is not a very attractive goal. But, it is surely a powerful and persuasive tool to reach your goals in life. If you will only work to pay down debts, you may not be too eager to invest and improve your way to get there. However, if you get cash now with bad credit not only to meet your needs but to reward yourself with a financially stable life, you’ll surely smile on your way to financial freedom.

Learn more about cash now with bad credit by keeping in touch with the friendly staff at Australian Lending Centre.

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Personal Loans

The Best Bad Credit Loans – Personal Loans Vs Payday Loans

Personal loans vs Payday Loans – which are the best when you have poor credit? Find out the best option when you’re in need of cash. This article is the ultimate personal loans vs payday loans standoff.

What Are Payday Loans?

You have heard of post-dated check loans, cash advance loans and payday loans. They all mean the same. You apply for a loan secured by your bank account debit authorisation or check and receive the money into your bank account. It is appealing to borrowers with poor credit because lenders don’t check your credit rating in determining the amount that you can borrow. However, it measures your ability to borrow based on specific criteria which may include your income, assets and other personal circumstances.

However, a payday loan has its own disadvantages.

Why Are Payday loans are costly?

Unlike personal loans with a minimal interest rate in defined periods, the payday loan fees may range from 15% annual percentage rate to almost 400%.

If you needed money and you decided to borrow $300, you may have to pay a finance fee of $40 to get it. Your total loan is $340, but you will only receive $300. If the loan period is 14 days, you will have to pay $340 when the period ends. But, if you missed your payment, you have to pay additional fees.

Here’s another example. On January 1, Joe took out a $100 with $20 interest loan for 30 days. He failed to pay at the end of the period but decided to pay after another 30 days. This time, he has to pay the original loan of $120 ($100 plus $20 interest) plus $24 interest of the original loan.

But, why do many Australians take out payday loans? Despite the fact that Personal loans for poor credit, not payday loans are affordable loan options, many Australians still use payday loans because of lack of access to credit cards. Some borrowers have no credit and others have credit problems. With strict banking regulations, it is almost impossible for someone with zero credit history and a low credit rating to obtain financing. That’s why many people use payday loans for poor credit.

Payday Loan Debt Multiplies Fast

In comparison, with a reasonable interest rate, personal loans from Australian Lending Centre are easy to repay. There are no hidden costs to be afraid of. But, this is not the case in payday loans. If you don’t like to pay up to ten times the payday loan amount, you have two options–pay your payday loan as soon as possible, or don’t get one.

Payday loans can easily quadruple even if you didn’t mean to. If you cannot repay a payday loan as soon as you can, there is a big chance that you will get into trouble with these types of loans. The lenders will charge you expensive additional fees for not repaying the loans at the end of the period.

It is easy to get, but difficult to pay

When you leave your debt unpaid for several periods, you may wake up one day owing more than you are able to repay. Not only is it an unpleasant experience, but it is also damaging to your credit as well.

Some payday lenders also have terrible debt collection policies like harassment, threats of litigation and other forms of provocation.

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Bad Credit Loans

Questions to Ask Before Applying For Bad Credit Loans

Many people will apply for bad credit loans over the course of their life. Due to salary changes, a bad investment or personal problems, a bad credit score can prevent you from achieving your dreams. A bankruptcy or even failing to make regular payments for your loan can have repercussions and thus put you in an uncomfortable position.

The silver lining is that there are still a few options for you when you are in need of some extra cash; one of these options is represented by bad credit loans. These are a great option when you need funds but they come with drawbacks. We weigh up the top questions to consider before applying for Bad Credit Loans.

Do I really need the loan?

Sometimes, a loan can make your life easier, but it will also put you in debt for the long run. Start by analysing your situation. Do you need the money for an urgent situation? Can you wait a few more months and save it based on your income? The answers to these questions will let you know if you need the loan or not.

Am I eligible for the loan?

One of the questions to consider before applying for bad credit loans is are you eligible? Bad credit loans come with some requirements, as you might expect. Start by finding out what is your credit score and consult with a lender to see if your loan has chances of being approved or not. Keep in mind that a dismissed application will only lower your credit score.

What do bad credit loans imply?

Unlike a standard loan, a bad credit loan will help you get back on the right track with your finances, but it comes with higher interest rates, fees, and costs. Still, you can find the best bad credit loans if you’ll take the time to search for the right solution in your current credit score condition.

Who can apply for bad credit loans?

Well, the good news is that basically anybody can apply for this type of loan. Whether you are self-employed, have been through a bankruptcy or have unpaid defaults, you can still qualify. The difference is in the amount of money you can get.

Can I repay the loan?

Take into consideration that you’ve come to this solution due to not having the option of getting a standard loan. This means that your finances aren’t in pristine condition. Before taking more debt, analyse your situation and see if your income allows you to make regular payments. If you’ll start skipping payments, you may find yourself in bigger trouble than you are now.

Can I apply anywhere for a bad credit loan?

Start by getting familiar with your credit history and then, you should consult with a specialist lender in bad credit loans. By applying to any bank that comes your way, you risk having your loan refused and then having more difficulties in getting your loan approved by a different lender.

Bad credit loans will get you out of financial difficulties, but they will also have bigger interest rates, so consider your situation well and decide if it’s worth taking another loan.

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Bad Credit Loans

Should You Apply for Bad Credit Loans to Improve Your Credit Score?

There is no such thing as a quick fix for bad credit scores, but you can apply for bad credit loans to improve your credit score. Consistent repayments can be your best option in rebuilding your credit history and paying for your current needs.

A credit score of 509 or less (VedaScores) means you cannot have the best interest rates on loans, mortgages and refinancing because you’re a high-risk borrower. It sounds unfair because even responsible borrowers with only have one credit card and pay the balance in full and on time, can have a low credit score. It happens when you have a high utilization or a percentage of your credit limit being used. A good example is when your credit limit is $1000 and your statement balance is $200. In such a case, your utilization would be 20% and it would alert the banks that you cannot control your spending.

Improving your credit score takes time because your score is a reflection of the pattern of your credit payment. However, the fact that it puts more emphasis on your recent financial information is encouraging.

Obtaining bad credit loans can be a wise move to help you get started on the following steps to a better credit score, and hopefully, to financial freedom:

1. Pay off outstanding debts.

Categorize them into priority and non-priority debts. Use a portion of your bad credit personal loans to pay off your high-priority debt. It’s either you target high-interest unsecured debts before they get out of control, or you make the minimum payments on secured debts to save your assets tied to the debts.

Before you pick bill payments, make sure that you obtain your credit report first. It will serve as the basis of your next move. Aside from your basic information, your credit report can show you where to get started in your debt-payoff. It shows your open and closed accounts, complete credit accounts payment history, recent applications for loans and credit, and collection accounts for unpaid debts sent to collection agencies.

2. Cover your basic expenses

Don’t be too overwhelmed by your debts. If you took out a loan because your income is not enough to pay for everything, maybe it’s time to reconsider what is essential and what is not.

You can do this by prioritizing your expenses. Create a budget by starting with the main reasons why you took out a loan. Pay it off. When there is money left, ask yourself which aspect of your finances you need it most.

3. Start over again

You may be getting bad credit loans to pay for medical and personal expenses or to pay for the outstanding balance of other loans. However, putting away enough money to help you increase your income can help you get the most from your loans so you can live comfortably and within your means.

Are you in urgent need of personal loans but banks refused you because of your poor credit history? Contact us today and our bad credit loans team will help you find the most suitable option for your financial and personal needs.

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Debt Consolidation No Credit Check Loans Personal Loans

Holiday Money Saving Tips

With the holidays looming ahead, there is no question that the inaugural family trip is in full planning mode. If you’re stressing about it, don’t worry, we’ve put together a simple holiday money-saving tips guide to take the stress away from your vacation.

These helpful tips will help to ease the stress on your wallet and make your holiday enjoyable for you and your family!

Holiday Money-Saving Tips

  1. Snacks & Drinks – Pack bread, chips, sandwich, and ready to eat foods. You don’t need to bring too much but you can save money by providing the snacks. Lollies and energy bars are expensive if bought from convenience stores.
  2. Drinks – Bring soft bottled water so you can refill it from taps. You may also want to pack fruit juices, sodas or bottled water to keep you hydrated.
  3. Charger – Bring power banks, chargers and connectors so you don’t have to pay for charging fees. You can also bring extra batteries if you have them.
  4. Travel tour offers – Go online and take advantage of the latest travel deals. Ticket prices may change depending on the season.
  5. Hotel and Restaurant – Check the rates and freebies. Is there free WiFi, or free breakfast? Some hotel packages may offer free spa and other benefits so don’t be afraid to ask of what’s included in the package. Remember that your goal is to save money. You can take advantage of the hotel’s amenities without paying extra charges.
  6. Bring toys – Keep your kids behaved by bringing small toys, books or gadgets to keep them busy. Keep the little tackers tamed and its bound to be a headache-free experience.
  7. Travel with relatives – The more the merrier. Travelling with your relatives or with another family can be advantageous. This is ideal if you prefer to diffuse the rental costs. The fee is fixed, so increase the numbers in order to reduce the cost per head.
  8. Sanitary kits – Vending machines are everywhere. Save money by bringing your own sanitary napkin, tissue, etc. Bring wipes and sanitizers to avoid a mess.

When travelling, there is no need to compromise on luxury. You and your family deserve to enthral yourself’s in the riches of adventure and relaxation. Let the above steps inspire you to enjoy your vacation whilst preserving the bank.

Happy Holidays

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Bad Credit Loans Business Loans Low Doc Loans Personal Loans

What’s the deal with a bad credit loan? Bad credit loans aren’t so bad

A bad credit loan sounds like the type of thing you see written in bright font in a pop-up ad. As someone who needs a bit of help with their debt, you probably want to click on them. But loans for people with poor credit sound too good to be true, don’t they? Well they are definitely real. Having bad credit doesn’t disqualify you from ever obtaining finance. There are a whole heap of different loan types available to those of us who have poor credit. So what’s the deal with a bad credit loan?

The bad credit loan

The term ‘bad credit loan’ refers to the loans that are made for people with poor credit ratings. The kind of people who have tried to get finance through a major lender, like a bank, but have been rejected. The repayments on bad credit loans are often higher. Whatever type of loan you need, having bad credit won’t hold you back.

Personal loans are one you will have no trouble getting as someone with a bad credit rating. It’s not important what you need finance for, as long as you meet the requirements. So if you require help with some bills or large-ish payments that need covering sooner rather than later, go for a personal loan. It might even be beneficial to use a bad credit personal loan to pay off another debt that has a higher interest rate.

There are options for businesses as well. Even if your company has experienced a few cash flow hiccups, you’ll find a provider for credit that looks past your history. With a provider that understands what your business goals are, you’ll be getting finance for future projects before you know it.

Have you heard of low doc loans? If you need money urgently, so urgently that there isn’t time to collect the proper documentation the bank will ask you for, go to a private lender. This is another type of loan available to you with your rough credit history. It appeals to the sense of urgency that comes along with money issues.

Even if it’s a small loan that you need, it’s within your grasp. Small amounts are, logically, the easiest to repay. They shouldn’t be difficult to obtain, but banks will do that. Rather than be put through the whole application process only to be rejected for not having a perfect credit rating, go through a company that specialises in bad credit loans.

It doesn’t really matter how you got into debt, or what the offences are on your credit report. There are plenty of solutions to your financial needs and they’re available to you. So what if the bank doesn’t want a bar of you! Unfortunately, the global financial crisis made banks a little tighter with their money and who they’ll give it to.

Australian Lending Centre is different. If you’d like to find out how we can help you, spend thirty seconds filling in our enquiry form and we’ll get back to you shortly.

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Debt Consolidation No Credit Check Loans Personal Loans Short Term Loans

How to Save Money on Family Holiday Trips

If you’re a full-time worker, going on holiday is the best solution to just get away from it all. But sometimes going on holidays can also be stressful if you don’t have enough money or if you’re worried about spending while you’re on holiday if you’re on a tight budget.

Fear not! If you want to save money while on holiday trip with your family, here are a few useful tips on how to do just that. Follow these simple steps on how to save money during a holiday trip with your family.

How to Save Money on Holidays

  1. Bring toys – Keep your kids behave by bringing small toys, books or gadgets to keep them busy. This way, there is no need for you to stop by at a convenience store to buy overpriced toys.
  2. Snacks & Drinks – Pack bread, chips, sandwich, and ready to eat foods. You don’t need to bring too much but you can save money by at least bringing snacks. Candies and energy bars cost higher if bought from convenience stores.
  3. Charger – Bring power banks, chargers, connectors so you don’t have to pay extra for charging fees. You can also bring extra batteries if you have.
  4. Sanitary kits – Vendo machines are everywhere. Save money by bringing your own sanitary napkin, tissue, etc. Bring wipes, sanitizers to avoid mess.
  5. Drinks – Bring soft bottled water so you can refill it from taps. You may also want to pack fruit juices, sodas, milk or bottled water to keep you hydrated.
  6. Travel tour offers – Go online and see what the latest travel offers are. Ticket price may change depending on the season.
  7. Hotel and Restaurant – Check the rates and freebies. Is there a free WiFi, or free breakfast? Some hotel packages may offer free spa and other freebies so don’t be afraid to ask of what’s included in the package. Remember that your goal is to save money. You can take advantage of the hotel’s amenities without paying extra charges.
  8. Travel with other relatives – The more the merrier. Travelling with your other relatives or with another family may have an advantage. This is ideal if you prefer to stay in a house for rent. The fee is fixed so the more relatives you bring the rate becomes smaller because you divide it per head.

Travelling with your family is not so expensive at all if you learn how to consider other cheap options. You can save money by following the above simple steps. Travelling is no longer a form of luxury these days so it is also a great way to economise with your family while you’re all on holidays.

Holidays are the best time to bond and bring the family closer. Why not go on a holiday with these easy tips so you can enjoy some time off and save money at the same time?

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Bad Credit Loans Business Loans

Tackling Bad Credit and Common Financial Problems in Small Business

There are lots of things that can lead to bad credit for small businesses but some things are more likely than most to cause problems for SMEs. All businesses are susceptible to cash flow problems and the trouble can be hiding in a number of places.

Preventing Bad Credit in Small Business

It might sound simple but one of the biggest issues might be payment. Have a look at those customers or clients that owe you money and focus on getting those debts collected. On the other side of the coin, have a look at how you are paying your suppliers back and check that you are maximising your window to pay them. In some cases you might be able to get an extension with no extra cost. Check your stock to make sure that you are not overloaded on merchandise. Turning over stock should be any business’ goal no matter what their size. Managing your business’ cash flow poorly might be one of the biggest causes of bad credit.

Rising costs affect everyone but it can be especially devastating to small businesses. The most obvious solution to rising costs is to shop around for better prices. Have a look at all of your expenses and talk to your suppliers about getting discounts for paying early or rebates for buying in bulk. Do not hesitate to call up your bank and ask for a review on your loans before bad credit builds up. You might be able to negotiate a better rate on your debt since interest rates have been falling lately.

Changes in taxation laws and business regulation can have dramatic impact on your business. Staying up to date through newsletters from your local business networks can keep you on top of the latest changes. The fluctuating Australian dollar can have certain effects on your profits if you export or import a product or service. Determining how a rising or falling Australian dollar would change your bottom line can give you a different perspective for the future. Interest rates have been falling lately but that will not continue forever. If you have bad credit then now might be a great time to negotiate your debt with your lenders or possibly reach out to a lender for a bad credit loan. When interest rates begin to rise you will thank yourself for planning ahead and making good financial management decisions.

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Bad Credit Loans

Loans for people with bad credit in Australia

Bad credit can happen to anybody but it should not be the last word when it comes to getting a loan. Credit card bills mounting up or even a lack of credit history can cause a person’s credit rating to drop. And if the credit rating gets low enough then it can be a hassle to get a loan for a car, a house or a quick loan to cover the bills. If you have bad credit, you might still have a way to get access to the money you need because there are loans for people with bad credit in AUSTRALIA.

Loans for people with bad credit In Australia

If you do enough research, you will find that there are loans available specifically for Australians with bad credit. It might be a loan to consolidate your debt or to pay medical bills but no matter what your situation there are solutions out there.

One can always go to family or friends for a loan or to get help co-signing a loan but this can strain those relationships. If you are reaching out to a loved one for help then make sure to do your best to ensure that you will pay back the loan by setting out the details of the loan in a contract. A boss or business associate is another source but as with all of these solutions it can end up being a disaster if they feel they won’t get the loan repaid in time.

If you are a home owner and have built up equity in your home then there is always the possibility of taking out a line of credit against the equity you have built in your home. This can be a risky way to get money since you will be risking the very home you live in.

The best solution is finding loans for people with bad credit from an official lender. Big banks will often turn down anyone who does not have a perfect credit history or enough paperwork but there are alternative lenders who offer low doc loans and loans for people with bad credit.

There are options available and with a little research, people can get a loan even with bad credit. If you need money to make ends meet or to get your mounting debts in order, then look to a lender that provides loans for people with bad credit.

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Bad Credit Loans No Credit Check Loans

No Credit Check Loans for Bad Credit

It seems too often borrowers are rejected by banks and are left with a big question mark as to where they can apply next. The next logical step is no credit check loans for bad credit. This can the light at the end of the tunnel for most Australians struggling with bad credit. For most, a credit score is just a number, a number that holds little value until the day you try to borrow money. This number will determine how much you can borrow, at what interest rate you are able to borrow at, and who will lend to you. When borrowing money most lenders use your credit score to apply a risk rating and analyse your repayment capabilities. If you have a low score the banks will use your credit score as a reason to reject your application for a loan. 

The Australian credit reports & repair website shows Australians how to access their credit file. As consumers check their credit score, they are finding that their scores are too low to qualify for a loan. Cooper, a young man from Queensland, found himself in such a bind and started looking for a loan option that didn’t focus on his credit score.

Cooper’s No Credit Check Loan Situation

Cooper had a limited credit history, to begin with, being a young 29 years old. Cooper had accumulated debts of $1,200 and $2,300 on each of his credit cards. He also had a car loan that held debt of $14,000, and he was receiving threatening letters from his creditors to pay off his debts. While he was able to keep up with his credit cards he was falling behind on his car payment and he needed a loan to pay it off and get his creditors off his back.

Cooper’s credit was sorely affected by his debt management and he was left with fewer options to borrow money. Cooper continued applying for loans, applying to bank after bank, with all of them responding to him that his credit score made it impossible for them to lend to him. Banks are known for their restrictive lending practices, and many Australians give up the search at banks and miss out on the online loan brokering options.

What can you use a no credit check loan for?

no credit check loans for bad credit

No credit check loans for bad credit application process can be quick and easy compared to applying for a loan with a bank, offer finance when you need it most. Most companies offering this type of specialist loan have online application forms and secure servers, so most of the process can be done in the comfort of your own home or workplace. Online lenders, like us, offer the most convenient application process. No credit check loans for bad credit can be used for almost anything you need. You might have a toothache that requires urgent dental work or a beloved family pet that needs a trip to the vet, and neither of these is ever cheap. Australians use no credit check loans to pay unexpected bills from energy providers, plumbers or car mechanics. People use no credit check loans for bad credit for other items including moving house, going on holiday, new televisions or white goods. No credit check loans give you the chance to apply when your credit history has been a little wobbly and you don’t want to make it worse with numerous enquiries.

Consider avoiding the following, so you don’t negatively affect your credit rating

Getting a true understanding of your credit rating will mean you can adopt some relatively simple tactics to avoiding negative entries. Credit providers keep a record of your borrowing activities and also assess the applications you make. By keeping your score high you’ll have more access to financial products when you need them in the future. Here are a few tips to ensure you’re doing the right things:

  • Utility suppliers matter: Always pay these bills on time.
  • Pay on time, every time: We cannot stress this enough. Always repay any finance on time, whether it is a loan, credit card or store finance. Everything ultimately that goes through a lender and those payments will show up on your report.
  • Keep your eyes open for any mistakes: Check your credit report annually at a minimum Sometimes lenders don’t to keep good listings up to date.
  • All credit is good: Not having any credit at all is, perhaps surprisingly, not helpful for your report. All credit is good – as long as you stay on top of repaying it. Having no mortgage, a prepaid mobile instead of a contract phone, and no credit card – all mean your credit score will not improve.

No Credit Check Loans Australia Wide

Across Australia, people are realising they have options when it comes to who they borrow money from. Like Cooper, they have bad credit scores and still need financing.

The go-to financing option for Australians with poor credit scores is a No Credit Check Loan. No Credit Check Loans are the perfect loan option for the borrower who doesn’t want their past history scrutinised. If the banks are saying no, contact the Australian Lending Centre. We have great -rate no credit check loans with bad credit. Our lending requirements are less restrictive than banks. 

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Debt Consolidation

Debt Consolidation Bad Credit Loans

Unfortunately, many Australians who are overwhelmed by their debts can find themselves missing some of their monthly payments. This can lead to your credit score taking a big hit. If you have multiple debts and a bad credit history then you could lose financial control before you know it. Fortunately,  debt consolidation bad credit loans are a possible solution for many. Giving you the option to not only save thousands but also to build your credit score back up!

Traditional banks are highly unlikely to take a risk on granting finance to somebody with a poor credit history. This is where Australian Lending Centre can help. Through our debt consolidation bad credit loans, we can help you get back in control of your finances. Even if you have a bad credit rating or a limited credit history, Australian Lending Centre is here to help you.

How do Debt Consolidation Bad Credit Loans Work?

Bad credit debt consolidation loans work in the same way as regular debt consolidation. Essentially these loans allow people with a bad credit score to consolidate their debts into one, easy to manage loan.

This means that instead of paying multiple credit repayments each month, an individual with bad credit can simply pay one monthly repayment, giving them more financial control and a heightened ability to pay back their debts. Even better, with debt consolidation bad credit loans you could secure a lower interest rate than the combined rates of your current debts, which could save you hundreds of dollars each month.

Debt Consolidation Bad Credit Loans with Low Interest Rates

If you have a bad credit rating, debt consolidation bad credit loans could help you pay off your debts at a lower interest rate. This could not only save you money but also reduce the risk of defaulting on your payments.

Let’s look at an example. If you are paying off multiple debts, the chances are that a few of those debts will be from credit cards. Credit cards have higher interest rates than most other loans, and these rates become even higher when you miss a payment. In addition to this, each of your creditors may charge a fee for missing a payment or for other reasons. With all of these extra payments and high-interest rates, you may find yourself paying far more than you need to be.

The solution? Debt consolidation bad credit loans can help you clear high-interest debts such as credit cards and enable you to take control of your finance. After clearing your debts with your debt consolidation bad credit loan, you can repay your new loan at a lower interest rate.

Rebuilding your Credit Rating Through Debt Consolidation

Clearing multiple debts with a bad credit debt consolidation loan could help improve your credit rating, as you will have a lower risk of multiple defaults and have less unpaid debts to your name. Even better, successfully paying off your bad credit debt consolidation loan could help rebuild your credit rating, giving you more financial freedom in the future.

You don’t need to struggle with multiple debts. Call Australian Lending Centre today on 300 138 188 or fill out our Express Enquiry form, and find out your financial options.

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Financial Planning

Making Sense of Australia’s Comprehensive Credit Reporting

Understanding Bad Credit with Australia’s new Comprehensive Credit Reporting

Australia’s new comprehensive credit reporting system came into effect from March 12 this year and has changed the manner in which some lenders look at risks when accepting new clients.

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Bad Credit Loans Financial Fitness

Avoid Having A Bad Credit Rating

If you haven’t paid your bills, or if you’ve had your power cut off, your car repossessed or skipped payments, exceeded credit card limits or defaulted, you could be refused a loan or be charged a higher interest rate by most banks and lenders.

Credit files contain records of overdue payments of 60 days or more from when you have been sent a letter notifying you of the default. They also include ‘clear out’ listings – when the credit provider has unsuccessfully tried to contact you in writing and has reported you as a missing debtor.

Bad Credit Rating

Having a bad credit file can be costly in the long term. A bad credit history will usually mean that traditional lenders see you as a credit risk and therefore, it will be more difficult to obtain finance. However, the Australian Lending Centre can provide support to those seeking bad credit loans and find the most competitive interest rate with the best terms of repayment available.

Clear up any bad credit disputes

If you believe that a creditor has unfairly listed an overdue account on your credit file, you should contact them and ask for an explanation and for the incorrect information to be corrected.

Repercussions of a bad credit file

If you have defaults or marks on your credit file it can affect a lot of your financial options, such as;

  • Credit and loan applications may not be approved
  • Difficulty getting approved for an apartment
  • You may need to pay security deposits on utilities
  • Creditors and lenders may only offer you credit on a higher interest rate
  • You may struggle to get a mobile phone contract
  • Your insurance premiums may be higher
  • If you have overdue bills you may have to deal with calls from debt collectors
  • You may find it difficult to start your own business
  • Difficulty purchasing a car

If you are at a point where it has become too hard to manage your debts and make your repayments, speak to Australian Lending Centre as we may be able to assist you with debt consolidation.