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Bad Credit Loans Australia Could Be the Loan You Need

Bad Credit Loans Australia Could Be the Loan You Need

Need money with bad credit? 

Looking for a bad credit loan Australia? Jacaranda Finance could be the guy for the job. If you’re worried about your credit score, you may be hesitant to apply for a personal loan you need.

At Jacaranda Finance, we look at more than just your credit score; we take a look at the big picture, including your income and expenses. That’s why we do our best to give all Aussies a chance at bad credit loans Australia! You could be eligible to borrow up to $10,000 – apply in minutes for the loan you need. At Jacaranda, we don’t just look at a number. We’ll do our best to match you with a loan product to suit your financial circumstances.

What are bad credit loans Australia?

We offer bad credit loans Australia to give all Aussies a fair go at the finance they need. It is crucial to keep in mind that at Jacaranda, we do not offer loans without a credit check. Our lenders will always conduct a credit check when you apply for a personal loan. It is important to remember, however, that our team will do their best to look at more than just your credit rating. At Jacaranda Finance, we look at the whole picture. We examine your current income and spending habits to assess whether you are eligible for an unsecured and secured personal loans.

The best part is you can apply 100% online wherever you are and whenever you like. So whether you’re on the go or relaxing on the sofa – Jacaranda Finance is always in your pocket. Below we’ve explained all you need to know about our different types of bad credit personal loans Australia.

At Jacaranda, we offer a wide variety of personal loans from bad credit small loans Australia to large personal loans, regardless of your credit score. So, whether you’re looking for small loans to tie you over or a slightly larger loan to make a big purchase, Jacaranda Finance has you covered.

Cash in 60 Seconds**

Jacaranda Finance is one of the first Australian lenders to introduce instant banking for its clients. Instant banking means after you sign your loan contract, you could receive your money in 60-seconds**. Don’t let waiting times hold you back – get back to what you do best.

What are the eligibility requirements for bad credit loans Australia?

Before we can start assessing your application, there are a few eligibility requirements to meet. We suggest you give these a quick check over before applying for a bad credit personal loans Australia:

  • You must be at least 18 years of age;
  • You’ve got to be receiving a regular income (for at least 90 days before applying);
  • All applicants must be an Australian citizen or permanent resident to be eligible;
  • You must have a direct contact number and email address.

Do you meet these criteria? Fantastic! You’re to get started with your bad credit loans Australia application.

What does it mean to have bad credit?

A credit rating or credit score refers to a value given to you on a scale from 0 to 1200. If you have bad credit, this means that your score is usually quite low. Your credit score is calculated from the information contained in your credit report. This information includes details about your history with credit such as any unpaid debts, repayment history, how many accounts you have open and credit enquiries. The higher your score, the better your credit history.

Your credit report contains some of the following information:

  • Name, date of birth and address history
  • Your monthly repayment history
  • Details of any credit inquiries you’ve made
  • Court judgements
  • Consumer credit accounts such as credit cards
  • The length of your credit history

A good credit score is generally considered anywhere above 600. So, the higher your score is, the better your chances will be of getting credit. At Jacaranda, you can apply for bad credit loans Australia, even if your score isn’t the best. We do our best to help people with good credit, no credit, and bad credit. So, apply and let’s see if there’s anything we can do for you.

Why come to us if you have bad credit?

If you’re googling ‘bad credit rating loans Australia’, then you may be worried about your credit score. When you apply with Jacaranda Finance, you don’t have to be. If you have less-than-perfect credit you hesitate to apply for a loan that you need. Although we cannot guarantee unsecured or secured personal bad credit loans instant decision Australia, we promise to give every Aussie a fair go on the loan they need.

Our team takes a look at the whole picture. We’ll take a look at factors such as bank statements, income and employment status. Our highly skilled loan assessment team will do their best to understand your current financial situation.

Likewise, if you receive Centrelink, we welcome you to apply. Much like bad credit, we can give people that receive Centrelink a fair go on the loan they need.

Factors that affect your credit score

The majority of people will have a different credit score, credit history, and financial lifestyle. The same applies to credit reporting agencies, they all have their differences. It’s normal to have some sort of confusion on what factors do and don’t affect your credit score. A survey taken in 2019 found that 90% of Australians believe expensive assets improve credit scores. While that’s incorrect, there are other factors that are beneficial and harmful to credit scores. For instance, missing one credit card repayment could reduce your credit score by 22%. That’s a lot! So, it’s pretty important knowing what does and doesn’t affect your credit score. Here are 5 factors to keep in mind that affect your credit score:

  1. Repayment reliability. One of the most significant factors affecting your credit score is your repayment history. As mentioned above, one simple missed credit card repayment could lower your credit score by 22%. It’s important to ensure all your bills, loan payments and credit repayments are made on time. 
  2. Your credit applications. Have you made several credit applications recently? The number of credit applications you make is another major factor affecting your credit score. Every application made will get listed on your credit report, and can in fact affect your score. A simple solution to this is limiting the number of applications you make!
  3. Negative information. Having certain information such as defaults listed on your report will negatively affect your score. Defaults get recorded on your report when you fail to pay your debts. Additionally, having other information on your report, such as bankruptcy and court judgements can certainly affect your score. However, every 5-7 years, your credit report gets updated! By simply maintaining a good credit history of repayments and borrowing, you’ll be able to improve your score fast.

Will Jacaranda call my employer?

At Jacaranda Finance, we do conduct employment checks. Our team will get in touch with your employer as a routine part of our loan assessment procedure. There is no need to stress about employment checks; your privacy is our priority. Our highly trained team conduct employment checks with the utmost discretion. We will never disclose any of your personal information, including the reason why you are applying for a personal loan. Have questions regarding our employment checks? Get in touch with the Jacaranda team; we are always more than happy to help.

Why will I need to provide online banking details?

Wondering why you might need to provide your online banking details when you apply for a bad credit loan Australia? At Jacaranda, we take a look at the whole picture. We use your online banking details to access read-only copies of your bank statements. Why does Jacaranda look at bank statements? Bank statements give us a better idea of your current spending habits, income and pre-existing financial commitments. We don’t base our assessment of your application solely on your credit rating. We take a look at the whole picture, not simply one slice.

No hidden fees or charges

At Jacaranda Finance, we don’t believe in hidden fees or charges. Our team will be upfront and honest when you apply for a personal loan. We outline all possible fees in your contract is your application is approved.

When you apply with Jacaranda, you can rest easy in the knowledge that we will always do the right thing by you. We adhere to responsible lending practices. That means we will never lend an applicant an amount of cash that they will not be able to repay. If you’re having trouble with repayments, please contact our friendly team and we can restructure your payment schedule. So, you can have complete confidence that Jacaranda Finance is the lender that has your back when you apply for a bad credit loan Australia.

How to get bad credit rating loans in Australia

Applying for bad credit loans Australia couldn’t be easier. We have designed a quick and easy 100% online application form that you could fly through in just a few minutes. So, follow these three simple steps to apply:

Step 1: Apply online

You can make your application on any device, so grab your laptop, smartphone or tablet, take a seat and get comfy.

Get your application off to a running start by scrolling up and having a look at our simple loan form at the top of this page. Use the loan calculator to let us know how much you would like to borrow and for how long. You can then select the repayment cycle best suits you (weekly, fortnightly or monthly) and hit apply now.

We’ll then get you to provide us with some details such as your name, DOB, phone number, email address, employment details. You’ll also need to give the reason why for your bad credit loan Australia as well as your internet banking details. When you apply, your data is protected. With the help of third-party encryption, we use your bank statements to access read-only copies of your bank statements. If you’re a Centrelink customer, we ask you to provide your MyGov details, so we access your Centrelink Income Statement.

When you’ve finished your application, sit back and relax. Our team will do the hard work for you.

Step 2: We assess your application

Once you have submitted your application, our team will get to work assessing it for you! Generally, we try to have your application assessed within 60-minutes*, but sometimes it may take a little bit longer. For example, if you apply outside of our regular business hours or we need some additional documentation from you. But don’t worry too much, we’ll have your application assessed as soon as we can!

Step 3: Get your cash

Has your application been approved? Congratulations and welcome to the Jacaranda family! If your application is approved, your loan contract will be emailed straight to you. Our team recommends you have a good read over your contract. Make sure you are aware of the terms and conditions of your agreement before signing. Please contact us if you have any questions about your contract.

Once we receive your contact, our team will transfer the funds straight to your account. With the introduction of instant banking, you should receive your cash in just 60-seconds** (for NPP enabled bank accounts).

What if I want to pay my loan off early?

At Jacaranda, we’re not like most traditional lenders. We don’t penalise customers for repaying their loan early. Unlike other lenders for bad credit finance, we won’t charge you an early exit fees.

What if I miss a repayment?

If you do miss a repayment on your loan, additional fees could apply. To find out more about fees for bad credit personal loans Australia you can give our customer service team a call or send through an email. We’re happy to answer any questions you may have.

Don’t look past Jacaranda Finance

If you’re after personal loans for bad credit, apply with us and we’ll do our best to approve your application. We look beyond your credit score to view the big picture, such as your spending habits and income.

Here at Jacaranda, we try to help out as many clients as we can. We don’t discriminate due to bad credit history and will give you the fair go you deserve. So, if you’re looking for bad credit loans Australia, don’t look past us. Want to keep up to date on the latest industry news? Head over to our Facebook page or have a look at our blog for some handy finance and lifestyle tips! We’re here to help in any way we can.

Jacaranda has the low down on personal loan comparisons… check it out.

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*If you apply during business hours and we don’t require any additional information from you

**If your bank supports NPP transactions

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Last updated: 13/05/2020, 3:57pm

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