Are you looking for Bad Credit Loans?
Loans for Bad Credit might be your best option if your financial history isn’t great. Depending on the type of loan you are applying for, your credit history may not be a determining factor in your application approval.
Where can I get loans for bad credit?
A number of lenders offer loans for bad credit. The type of loan you are after will impact who you can borrow money from. A lot of small cash loan lenders often waive your credit history if you can prove you are reliable now and that the actions that led to you having a bad credit score are a thing of the past.
How can I borrow money with bad credit?
There are options available if you have bad credit. However, you’re going to have to do your research and decide which option is best for you. Sounds like a lot of work, right? Well, don’t fret. We’re here to help. We can find you a lender that can offer bad credit loans! If you still have questions, contact us!
Why choose We Find Loans?
We are a lender-finder. What does that mean, you ask? Well, it’s easy. We do the work to find you a lender that can offer loans bad credit, so you don’t have to. All you need to worry about is filling out our quick application and getting straight back to what you do best. We think loan applications should take minutes, not days.
Do we find secured loans?
No, unfortunately, we cannot offer secured loans. We only find small unsecured loans from $500 to $2,000. But on the upside, that means less commitment and more flexibility!
Getting to know your credit score
Before filling in our application, it’s best to understand what your credit score, so there are no nasty surprises if we find you a lender. This might sound like an obvious solution, however, it is an important thing to consider. There are a number of options available to help you check your credit score. Head over to the MoneySmart website to find out more. Once you are ready to apply you can simply scroll up and fill in our quick application and we’ll do our best to find you a lender that can offer loans bad credit.
What does it mean if I have a bad credit score?
You may be wondering what it means to have a bad credit score. First you should understand what your credit score is.
Your credit score is generated from your credit report. It’s a number that is derives from your credit history as displayed on your credit report.(http://www.investopedia.com/ask/answers/110614/whats-difference-between-credit-score-and-credit-history.asp)
Your credit report is a document that details the following: (https://www.moneysmart.gov.au/media/400663/credit-loans-and-debt.pdf)
Personal Details Including:
- Date of birth;
- Your employment past and present;
- and your address past and present
This is a list of all the loans or credit you’ve ever applied for. It also includes any defaults or credit infringements that you’ve had in the past. Some have expiration dates so if you’re applying for a loan 10 years after you’ve had a horrible credit infringement it most likely won’t impact your score.
This includes bankruptcies, which stay on your report for 7 years; and court judgments and debt and personal insolvency agreements, which stay on your report for 5 years.
Your credit report and, therefore, your credit score gives lenders to an indication of your financial past, but it doesn’t have to be your present. We find lenders that can look at more than just your credit score. They can look at your current relationship with money too. So, if you have bad credit, don’t fret, simply apply today and we’ll see how we can help you.
What affects credit scores?
Your credit score can be affected by a variety of factors. These include
- A default is an overdue or unpaid debt. A consumer default in Australia is equal to $150 or more. This means if you owe $150 or over to either your telco or utility provider and don’t pay within 60 days you will have a default on your credit report.
- Borrowing History
- Your borrowing history will be on your credit report. This means if you’ve taken out loans previously (such as a car loan) it will be on your credit report and therefore impact your credit score.
- Loan Repayments
- Your loan repayments affect your credit score. If you have paid your other loans promptly then this will positively impact your score. If you haven’t paid loan repayments on time in the past this will therefore negatively impact your score.
- Bill Repayments
- If you have a history of not paying your utility bills, phone bills or any other type of credit arrangement on time this can impact your credit score. This means by a week or so, rather than the 60 days like a default. If that has happened once or twice don’t stress, however, if it is a semi-consistent to consistent thing it will impact your score.
- Credit Cards
- Credit cards are a double-edged sword. They can be a way to easily boost your credit score and/or prove that you are reliable. However, they can also severely damage your credit history if you’ve been lax in paying your credit card bill.
You can apply for a loan with bad credit, it will just impact what types of loans you are eligible for. Luckily many lenders offer bad credit loans specifically. This means that they can help sort you out and get you on the road to receiving that money that you need.
Apply with us and we’ll get to work finding you the loan you need.