Applying for a Personal Loan with Bad Credit: Here’s What You Need to Know


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Applying for a Personal Loan with Bad Credit: Here’s What You Need to Know

Getting a personal loan with no credit check? Sounds too good to be true, right? Fortunately, it is not.

Contrary to popular belief, having a bad credit score does not hinder your ability to get a personal loan. There are several loan options available that do not require you to have a great score. Of course, not every lender is reliable in this case, but we’ll get to that later. For now, let’s take a moment to understand how you can apply for a personal loan with bad credit.

Understand How Credit Scores Work  

A lot of people don’t actually understand how credit scores work. Consequently, it becomes hard to determine whether they are eligible for a personal loan (with a good credit score or bad). You obtain a copy of your credit report from the credit bureau you are associated with. Once you get your credit report, check your Equifax score. An Equifax score has a range of 0 to 1200. It’s broken down as follows:

0 to 500 – Poor to average

510 – 621 – Average

622 – 725 – Good

726 – 832 – Very good

833 – 1200 – Excellent

If your credit score is below 500, then you can consider applying for a personal loan with bad credit.

Find a Reliable Lender

The next step is looking for a suitable lender that can extend you a personal loan in spite of a bad credit score. Online lenders are generally the best option in this case. There are many online lenders in Australia that provide personal loans to individuals having poor credit. Since they are required to follow a certain set of rules and regulations, these lenders are very reputable as well.

You can also apply for a payday loan. These typically charge high-interest rates and also have an additional fee attached. However, most payday lenders are very reputable. You just need to be prepared to pay a little more for a payday loan than you normally would when borrowing from other lenders. If you are part of a credit union, then you can get a payday loan with slightly lower costs.

Whichever option you choose, make sure you always check into the history and background of a lender. There are plenty of fraudulent businesses that will take your money and disappear.

Preparing for Your Loan Application

Applying for a personal loan with bad credit doesn’t exactly mean there will be no credit check. In fact, it is a major red flag if a lender that does not check your credit score or credit profile at all. You may not have a great credit score, but any reliable lender will take a look at your creditworthiness before extending you a loan. Bad credit loans are risky in nature, and a lender will determine the likelihood of you defaulting on a payment before accepting your application.

You will have to provide your full financial profile in this case. You will also need to provide some kind of assurance or guarantee that establishes your ability to pay back the loan amount. Some important documents that you will need for your loan application include:

  1. Your tax returns for the last 2 years
  2. Your bank statements
  3. Your education records
  4. Your previous credit history
  5. Your payment history
  6. Your employment history
  7. Physical evidence of past paychecks
  8. Documented history of your credit card debt

As long as you have all the appropriate documentation in place, you should be able to secure a personal loan.

Beware of the Scammers

If you have a bad credit score and are looking to apply for a personal loan, then it is important that you recognize the scammers as well. Some key indicators that can help you determine the reliability of an online lender include:

  1. No Credit Check: As mentioned earlier, a reputable lender will evaluate your credit history and other financial information to determine your creditworthiness. After all, it is their money at stake. Scammers will not be concerned about whether you can pay them back on a loan or not.
  2.  Upfront Payment: If a lender asks for a fee in exchange for guaranteed approval on a loan, then they are clearly unreliable. Such people are simply looking to acquire the fee being demanded. You must also take into account the payment method they use. For instance, if a lender says that you can wire them the fee amount, then this is a major red flag.
  3. Registration: Make sure the lender is registered in your state. All lenders extending personal loans must register for a license provided by the state.
  4. Accessibility of the Lender: Another red flag is when a lender is difficult to contact. You must make sure you have multiple ways through which you can get in touch with them. Make sure that their website is secure and fully functional as well. You can also check for online reviews and feedback provided by their past customers.
  5. Unclear Loan Terms: If a lender provides vague or incomplete loan terms, then they are clearly running a scam. You must examine the loan offer and make sure all the details are present. You must also check for spelling or grammatical errors. These could indicate if a loan offer is a scam as well.
  6. Putting Pressure on the Borrower: A scammer will try and pressurize you to make a payment or submit your loan application at once.  They may also try to sell you an offer with discounted loan terms that help you save money. A reliable lender will do no such thing. These companies or individuals have fixed rates of borrowing. These rates depend upon your credit score. They will not pressurize you to submit your loan application as well.

Final Thoughts

There are several things to consider when applying for a personal loan with bad credit. You must be aware of how your credit profile looks like and your credit score. You must also try your best to find a reliable lender that offers loan terms that you can work with. Online lenders are a great option in this case. Once you have selected a lender, make sure you have all the right documentation in place.

Finally, make sure that you are not falling victim to a scam. Researching the background of a potential lender can help you in this case. If you require a personal loan, then we suggest you visit Bad Credit Personal Loans. They offer a variety of loan options for people with bad credit and can help you get a personal loan with reasonable payment terms.


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Eligible Borrower:


A payday loan or cash advance is a short term loan. It provides the consumer with the needed cash to use until their next payday, or over a 12 month period. The loan, plus any applicable fees, is paid back on the consumer's next payday (This can be extended if required)

  • 18 years of age or older.
  • Australian Permenant Resident.
  • Valid check or savings account with direct deposit.
  • Regular income of at least $1,000 per month.
  • Bad Credit or Centrelink Customers are welcome to apply. (Centrelink)
  • *All Loans are subject to an assessment of suitability and affordability.

If approved, electronic transfer can be in as little as 4 hours. Most bank transactions will be received within 1 business day, although certain banks can take up to 48 hours to show the credit

Before you get started owned and operated by Fish4Loans Pty Ltd | ABN 89 603 132 618 | Australian Credit Licence Number 474107

Register online from home on your PC or from anywhere using your mobile device

If your application is succesful you will be presented with a loan offer subject to terms and conditions shown on the offer.

We are a Licensed Finance Broker. We do not provide any kind of credit facilities. Your request will be referred to a third party that you can deal directly with.

You will be advised of the 3rd party lenders fees and charges before signing your contract. We may receive a small fee (amount unascertainable) from these third parties for the referral.

It is recommended that you take independent legal and financial advice before taking up any products that you are referred to.

Frequently asked questions

Normally within 24 hours of application approval. Bank holidays, weekends and certian banks can impact delivery time up to 48 hours

Our lenders costs are the same for all states. They charge an establishment fee which is 20% of the loan amount you borrow plus a 4% monthly fee.

Yes you can. Your credit score does not always play a factor in most of our lenders decisions.
All our lenders will perform credit checks but bad credit will not always preclude you from obtaining a loan

The loan amount and any fees will be electronically deducted from your bank account on the due dates. You do not have to do anything.

Please speak directly with your lender if you have any issues paying back the loan.

Fill out the easy online application and submit it. You are under no obligation at that point. You will be able to see the loan offer before agreeing to it.

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