How Can You Manage a Bad Credit Score?


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Personal Loans are available to all states of Australia. Most of our customers are from Sydney, Melbourne, Brisbane, Perth, Gold Coast and Sunshine Coast areas.

How Can You Manage a Bad Credit Score?

Bad credit is a result of being unable to make payments on credit card agreements in the past, and it means that you are no longer eligible for new credit. This can be very disruptive and has several side-effects. For instance, having a bad credit score can make it harder to rent a house or an apartment. You may also be charged high interest rates on your loans and credit cards.

If you have a bad credit score, then there are two options to consider. The first is credit repair. The second is applying for a personal loan with bad credit.

Let’s take a look at both of these options and what you need to do for each:

Applying for a Personal Loan with Bad Credit

If you have a bad credit score, then you can always approach a lender that provides personal loans with bad credit. There are several types of personal loans with bad credit. They are classified according to the additional requirements that come with the loan. For instance, some personal loans will need to be secured through collateral. If you are willing to pledge your car, home, or any other valuable asset that you own as collateral, then this is a great option for you. Since these loans are secured, you can also get a high loan amount with a low-interest rate.

You can also apply for a Payday loan. These are short-term loans that do not require a credit check. There are several lenders that offer Payday loans in Australia. These include:

  • Sunshine Loans Short-term Offer
  • Wallet Wizards
  • Cash Converters Personal Loans
  • Nimble Short-Term Loans
  • Ferratum Cash Loans
  • Fair Go Finance Small Loan

These lenders can extend loan amounts of up to $2000. The loan terms vary according to the lender. For instance, Nimble offers a loan term that is 62 days but can go up to a year for a short-term loan. Wallet Wizard, on the other hand, offers a loan term that can go up to 2 years. Lenders like Cash Converters also offer loans that can be repaid within a year.

You can check the extra costs and the repayment amount for these loans. Most lenders charge an establishment fee that is 20 percent of the loan amount. They also charge a monthly fee that is 4 percent of the loan amount.

Besides secured personal loans and payday loans, you can also apply for a personal loan that requires a guarantee from a third party. There is also the option of getting an unsecured personal loan, but the interest rates for these loans are extremely high. This is to make up for the additional risk that a lender is exposed to.

Repairing Your Credit Score

The second option for people with bad credit is repairing their credit score. Repairing your credit score is a long and tough process. However, if you keep at it, then it is also possible to bring your credit rating back in good standings. If you are looking to improve your credit rating, then here’s what you need to do:

Start Making Payments on a Timely Basis

If you are serious about credit repair, then paying your bills on time will go a long way. This will reassure your lenders that you are capable of managing your finances in an effective manner. Your payment history makes up for 35 percent of your credit score. Thus, an improvement in your payment history will automatically influence your credit score in a positive way.

Get an Individual Account

Credit scores get linked if you have a joint account. If your credit rating is linked to a member of your family, then any misdemeanors on their part will also influence your credit history. You can consider getting an individual account so that your credit rating remains unaffected by another person’s financial activities.

Look for Errors in Your Credit Profile

In some cases, you can also have a bad credit score because of reporting errors in your credit profile. These errors usually occur due to certain discrepancies in the amount owed and the date of payment. They may also result due to errors in the way certain items (a lien or a bankruptcy) are reported. If you find any such errors, then you can file a legal dispute to get them removed. This can restore your credit rating and bring it back in good standing.

Limit Your Credit Utilization Ratio

Your credit utilization ratio is the ratio that compares your outstanding payment with your credit card limit. It tells your creditors how much of your current credit limit is in use. Having a low credit utilization ratio is a good sign for creditors looking to extend you a loan. It tells them that you will be able to make payments on any future loans. Most creditors will prefer a credit utilization of less than 50 percent. Anything higher than this will make you a risky prospect. Your credit utilization ratio also makes up for 30 percent of your credit score. Therefore, keeping a check on the amount of credit you use can help you repair your credit rating.

To Sum It Up

Having a bad credit score is not the end of the world. You can try and get your credit rating repaired, or you can apply for a personal loan with bad credit. Of course, compared to credit repair, applying for a personal loan is the easier option. However, make sure to carefully examine the extra costs attached to these personal loans. You also need to make sure that you will be able to make payments on these loans.

 If you require a personal loan right away, then we suggest you get in touch with the team at Bad Credit Personal Loans. They offer a variety of credit solutions for people with bad credit and can help you get a personal loan with payment terms that suit your budget. Good luck!


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You can apply for $400 to $2,000. The lender will tell you how much you qualify for when you application.

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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

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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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