Bad credit cash loans | What To Do If You Have Bad Credit
If you have a bad credit rating you may be worried about your eligibility for borrowing money on credit. Often, lenders take a look at your credit rating and turn you away. Well, we are here to tell you that you can get bad credit cash loans. You don’t need to worry.
In this article, we are going to share everything you need to know about bad credit personal loans and all the terminology linked with it. There is a lot of info out there and sometimes it’s difficult to understand when you don’t know the lingo.
We are also going to tell about what can potentially affect your credit rating and how to find out what it is. You never know, it could be better than you think. So, read on to find out all you need to know about personal loans for bad credit?
What does Badd Credit Loans do?
To put it simply, Badd Credit Loans is a lender-finding service. But we like to think of ourselves as much more than that.
When it comes to finding lenders, we’re your go-to service. Finding a lender can be a difficult and confusing process to wrap your head around, but there’s no reason you have to do it alone. Badd Credit Loans is the lender-finding service that you’ve been looking for! We’ll work with you to secure a lender that may be able to help you out. If you feel a bit lost, we can help you navigate the confusing world of lenders.
There’s no question: Badd Credit Loans is who you want on your side when you’re looking for lenders of bad credit cash loans!
What is bad credit?
You may even be wondering what bad credit is? Let alone what bad credit cash loans are. Well, bad credit refers to your credit rating which can range from bad to excellent on a scale (between 0-1200 Equifax – 0-100 Experian – 0-1000 Dun and Bradstreet). It is a score the reflects your history with credit. Thus, it helps lenders to decide whether they want to lend to you or not.
This could mean your relationship to bills, repaying loans or how many credit inquiries you have made. It also refers to the length of time over which you have been using credit. If you have been using credit for a short time or if you have been using it for a while. The longer you have a good relationship with credit, the better.
What do I need to apply through Badd Credit Loans?
To apply for lenders of bad credit cash loans through Badd Credit Loans, you have to meet our basic criteria first.
One of our main goals is making sure that our service is available to everyday Australians, including those who are doing it tough. That’s why we’re so committed to finding lenders of bad credit cash loans! We have just four simple boxes that you have to tick before we can start trying to find you a lender. You must:
- Be an Australian citizen or permanent resident;
- Be 18 years of age or above;
- Receive a regular income into a personal bank account for at least 90 days prior (that’d be your Centrelink benefits!);
- Have a direct contact number and email address.
That’s it! When we said our eligibility criteria were simple, we meant it. Now that you’ve met these simple criteria you can submit an application!
How much do fast cash loans for unemployed people cost?
As we are a lending-finder and not a provider, we don’t handle any actual money. As such, we can’t tell you the exact cost of your loan. That will depend on the lender that we can find for you. However, we can give you an idea of what the loan will look like. There are two different types of loans that we can find for customers: unsecured personal loans and secured personal loans.
For small unsecured personal loans up to $2,000, you can expect your loan to look something like this:
- A 20% establishment fee;
- A 4% monthly fee;
- Can be repaid over a period of up to 12 months;
- Dishonour fee in the event of a missed repayment.
For a medium secured personal loan between $2,001 and $4,600, you will have to include a vehicle as security. This could be a car, motorbike, boat or caravan. Here’s a breakdown of what you can expect from medium secured fast cash loans bad credit:
- Annual Percentage Rate (APR) of 48%*;
- Can be repaid over a period of between 13 and 24 months;
- Dishonour fee in the event of a missed repayment.
*Maximum comparison rate of 67.41%*. This is based on a large amount secured loan and may not include all fees and charges. Different terms, fees or charges or other loan amounts may result in a different comparison rate.
For a large secured personal loan between $5,000 and $50,000, you will have to include a vehicle as security. This could be a car, motorbike, boat or caravan. Here’s a breakdown of what you can expect from medium secured fast cash loans bad credit:
- An annual percentage rate of 21.24%*
*Maximum comparison rate of 48%. This is based on a large amount secured loan and may not include all fees and charges. Different terms, fees or charges or other loan amounts may result in a different comparison rate.
If you wish to cancel your loan prior to signing the contract, then no worries – you can do so free of charge! At Badd Credit Loans, we want to make sure that our customers have the best possible experience, even if you don’t go through with your loan.
How do I make an application?
To start, you have to fill out an application form. Sounds like a bit of a drag, right? Not with Badd Credit Loans. We know how boring it can be to spend hours filling in your details. That’s why we’ve made our process as hassle-free as possible. Do you have an internet connection and a few spare minutes? Well then good news, because our application forms are 100% online and take just a few minutes to complete!
Once you submit your application, we can straight on to trying to find you a lender (if you apply during business hours)! We’ll have a look at various lenders from across the internet in the hopes of finding one for you. If we find one, we can refer you to them in minutes. Rest assured that if there’s a lender out there for you, we’ll find them. If we refer you to a lender, we’ll leave you in their capable hands to continue on with their own application process.
How can a bad credit score affect you?
A bad credit score can affect you in a few ways. However, it’s not something that can’t be turned around. Here is a list of ways that having a bad credit score can impact you:
Getting a phone contract – unfortunately getting a phone contract is one of those things that requires a credit check to be performed. Phone companies do this in order to check that you will be able to make the payments for your phone contract on time.
Higher interest rates on credit cards – another disadvantage of bad credit is that it may impact the rates you receive on credit cards. They are often higher for those that are considered riskier investments, such as those with bad credit ratings.
Getting higher rates on insurance – in addition to receiving higher interest rates on credit cards, you may also risk being charged higher amounts for things like car insurance.
Difficulty purchasing a car – having a bad credit rating can impact your ability to purchase a car. If you are purchasing a car through a dealer and trying to set up finance for it, they are very likely to look up your credit rating. If they do think you have a bad credit rating they may either decline you finance or offer it to you at a higher rate.
Some ways that a bad credit score can affect you, is in your ability to borrow money. If you want to take out a loan, you can either be declined or you may be offered a loan at a higher rate. Despite this, there are still ways to get a personal loan with bad credit.
How can I check my credit rating?
Before you start looking for personal loans for bad credit it’s worth checking out what your credit score really is. It could be better than you think.
To find out your credit score to a quick search for a company like Equifax or Experian that can give you insight into what is on your credit record.
How to improve your credit rating?
Nevertheless, if you do find yourself with a not so great credit rating, there are ways you can improve it if you just make some small changes. Here is a list of ways you can improve your credit score (Credit scores range between 0-1200 Equifax – 0-100 Experian – 0-1000 Dun and Bradstreet).
- pay bills on time;
- pay off debts;
- avoid making too many credit inquiries;
- have an active credit account to show that you have a relationship with credit and you know how to manage it.
Ultimately, even if you have a bad credit rating you can still potentially receive bad credit cash loans, depending on the lender we can find for you. The best way to go about applying for lenders of bad credit cash loans is to jump online and fill out our easy application form.
Nevertheless, if you want to improve your credit rating it’s not too difficult. By taking a few consistent steps, you can improve your rating over time, and increase your opportunities to obtain credit.
Want to know more about bad credit cash loans?
When it comes to info about loans, our website should be your go to.
There you can find out more about us<, the approximate costs of your loan and even how it works. You can also use the MoneySmart personal loan calculator to calculate loan costs. If you’re feeling a bit overwhelmed and have some questions, head to the FAQ page. We might already have the answers you need.
Should you still have some queries or want to tell us about your experience, we would love to hear from you! You can contact us directly via our website or send an email to firstname.lastname@example.org.
There’s no time like the present, so kick off your application with Badd Credit Loans to get the good times rolling as soon as possible!