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.