There are bad credit lenders in Australia who help people find loans despite their poor credit history. While there is a real need for these products in Australia, companies do exist that take advantage of people in such a vulnerable financial situation. If you have a bad credit rating and you are looking for finance there are things you need to be aware of when looking at bad credit lenders in Australia.
Finding bad credit lenders in Australia
To find a trustworthy and reputable bad credit lender in Australia, you need to do a little bit of research. If you find a lender offering you a bad credit loan, make sure the company has an Australian Credit Licence. This will ensure the lender is operating according to rules and standards preventing them from offering predatory products to vulnerable consumers, such as yourself.
Bad Credit lenders often use a different set of criteria than the big banks and mainstream loan providers when it comes to proving if someone is a high risk borrower. Your credit rating will always be taken into consideration, however bad credit lenders in Australia will also look at your current position and your ability to repay the loan.
For instance, if you are a discharged bankrupt, you will have a bad credit rating, but if you are now in full time employment and are able to make repayments on the loan, you would still be considered for a loan product.
Finding bad credit lenders in Australia can be tough especially when you might need to speak to a few different lenders before you find one to consider you as a borrower. If it all seems a bit much, Positive Solutions Finance can help. We work with a number of sub prime lenders who consider bad credit clients on a regular basis. We can take the guess work out of finding the right solution as we speak to our lenders before presenting you with your loan options.
Using Bad Credit Lenders in Australia
Once you have found a bad credit lender in Australia, you will need to go through the application process. Each lender will have a unique application process but you usually need to provide personal details and information about your income, debts and financial position with supporting documents. Each time you apply for a loan, it is noted on your credit file, even if you decide not to proceed with that particular bank. Too many applications in a short period of time can be a red flag on a credit check so make sure you are happy with the lender and their product before you make an application.
If you use the services of Positive Solutions Finance, we will personally speak to each of our lenders about your situation before making an application. By speaking to the lenders on your behalf we are able to determine whether you would be considered for a loan or not. This will help in making several unnecessary application while you seek approval for a bad credit loan.
What are bad credit lenders in Australia?
Bad credit lenders in Australia are found in the form of building societies, banks, and other lending institutions which offer a few different types of loans to customers.
When you have bad credit, it can be very hard to find a company willing to lend you cash, even if it is for a relatively small amount. So applying with bad credit lenders in Australia for a loan can be an ideal solution for you.
We recommend Australian companies that understand credit scores can hinder even the most responsible customers, simply because of circumstances out of their control. Our recommended finance partners understand everyone makes mistakes, and sometimes, you still need a loan.
What you can expect borrowing with bad credit
Although bad credit lenders in Australia are able to offer loans to people with bad credit, there are often limits and restrictions on the loan products available. You need to be realistic about what you can apply for, even through a bad credit lender. Many lenders are willing to overlook a small number of defaults and some lenders are happy to consider discharged bankrupts and people who have completed a Debt Agreement. However the loans offered are generally only for small amounts (less than $5000) and the interest rates on offer are generally quite high,considering the risk you pose to these lenders.
If you are positive a loan is the best financial solution for you, Positive Solutions Finance will help you find the best loan through bad credit lenders in Australia. However if your loan is a quick fix solution for a much bigger debt problem, we can refer you to a debt relief expert to discuss a broad range of options.
We can help
When you are trying to secure a loan with lenders for bad credit ratings, we can help. We’ll search through a list of bad credit lenders in Australia for a company that will work with your current situation, and help you get back on track.
Bad credit lenders in Australia exist and are there for you to call on when you can’t pay your bills, need money for a car or home repair, or are suffering from other forms of financial distress.
We can help you every step of the way. Contact Positive Solutions Finance today.