If you have a poor credit history and you’ve ever applied for a loan from a bank or other credit lender, it’s more than likely that you’ve been refused. But you can locate providers who offer unsecured loans for people with a poor credit rating and a poor credit history. These providers will be aware of your credit history, but they are specifically interested in whether you can pay back the loan under current financial circumstances. The real issue with providers who offer unsecured credit loans is that they typically attract higher fees.
These providers will be aware of your credit history, but they are specifically interested in whether you can pay back the loan under current financial circumstances. The real issue with providers who offer unsecured credit loans is that they typically attract higher fees.
The reality is that anyone can find themselves in a situation where they get a bad credit rating. One default on a bill, loan or line of credit is all it takes to affect your credit standing for up to a five year period. Fortunately there are loan products available for people who have had previously found themselves with an impaired financial record. These products are tailored specifically people with different circumstances.
Bad credit loans are available from a number of lenders who understand that mistakes of the past should not impair you many years into the future. To secure a bad credit loan you should:
Keep The Following in Mind :
In order to secure a bad credit loan you will need:
Many lenders provide online facilities where you complete your personal details within an internet based form. They will also provide a facility for you to attach a scanned copy of your employment or Centrelink income.
Once you submit your application you should receive an immediate response to confirm that the lender has received your information. The response may indicate when you can expect to hear back from them to indicate if you have been approved, if they require further information, or if your application has been declined.
Every lender is different but you will usually hear about the outcome of your application within a day or two.
Most lenders will use 128-bit SSL encryption. This is indicated by a small locked padlock visible in the browser URL or at the bottom of the web page frame. If you don’t see a padlock at all, or a padlock that is unlocked, then you should refrain from sending any documents through, and instead make contact with the lender by phone or email.
In the event that you find yourself unemployed then you will need to prove to the lender that you can service the loan. If you are a recipient of Centrelink payments then you may still be eligible for a loan, however it is likely that you will not be able to borrow as much as if you had a regular paying job.
As outlined earlier in this report, if you have an impaired credit history such as a default or missed repayment then you will be overlooked by major lenders. There are however some smaller reputable lenders that will still consider your application. The key is doing your homework so you find a reputable lender and the right product for your needs.