Home > Looking for a Bad Credit Rating Loan? Jacaranda Finance Could Help!
Looking for a Bad Credit Rating Loan? Jacaranda Finance Could Help!
Where can I get a bad credit rating loan?
If you’ve ever applied for a bad credit rating loan with a traditional lender then you probably already know how tedious it can be. Fortunately, there are lenders out there who could supply you with the funding you need.
Jacaranda Finance is a lender with a difference. We take an open-minded approach to online lending. At Jacaranda, we believe that all Aussies deserve a second chance. Although we can’t guarantee approval on every single loan application – we can guarantee you a fair go. So, if you’ve been googling ‘personal loans bad credit rating’, ‘loans for bad credit ratings’ or ‘top rated loans for bad credit’ you might have just found the perfect lender.
What is a bad credit rating loan?
A bad credit rating loan is essentially just a personal loan for individuals who have subpar credit scores. Lenders who offer loans for bad credit rating will usually focus on your current financial circumstances and how you are going to repay the loan. Consequently, many lenders will look at your bank statements, income and current financial commitments as indicators.
A lender you can trust
Jacaranda Finance is the online lender giving Aussies a fair go. We believe in honesty and transparency. We don’t hide our fees and charges. So, you can rest easy knowing you’re in safe hands. The best part is you can apply 100% online without the stress of pages and pages of unnecessary paperwork. Our online application form could only take you a few short minutes to complete. You can apply wherever you are and whenever you like. Jacaranda is built for Aussie borrowers on the go!
At Jacaranda Finance, we take a fresh approach to assessing bad credit loan applications. Our team understands that people and circumstances change. Why should you be judged on a mistake you made up to 7 years ago! If our team can see you have made a considerable effort to reconcile bad credit then you could be eligible for a bad credit rating loan. The best part is an application with Jacaranda is free of charge. That means we’ll assess your application and get back to you with a speedy outcome, without any initial fees.
How do I apply?
An application with Jacaranda is simple and stress-free. We won’t mess around with complicated paperwork. Here’s how you could get started today:
Use Jacaranda’s online loan calculator to enter a loan amount and repayment period that suits you. The loan calculator will show you the possible repayments on your desired loan amount.
Fill out the form
Jacaranda’s 100% online application form could only take you a few minutes to complete. Our team will just need a few important details to properly assess your application. If you submit your application during AEST business hours you could even receive an outcome in just 60 minutes.
We assess your application
Once you’ve submitted your application form you can kick back and relax. The Jacaranda team will do all the hard work for you. We’ll assess whether or not a bad credit rating loan is right for your individual financial circumstances and get back to you as quickly as possible.
Sign your agreement
If you’re successful, our team will send over an agreement for you to review and sign. We encourage all borrowers to read through their contract carefully and make themselves aware of the terms and conditions. At Jacaranda, we will always be open and honest. That’s why we don’t do hidden fees or charges. If you’re ever unsure you can get in touch with our team, we are more than happy to help!
Get your cash
Once we receive a signed copy of your bad credit rating loan application our team will transfer the cash straight to you. Instant banking has now made it possible for borrowers to have the cash in their account and ready to use in just 60 seconds.* So, don’t hesitate to get started on your application with us today!
At Jacaranda Finance, we are proud to be a responsible lender. That means we are committed to doing the right thing by Aussie borrowers. Jacaranda will never approve a loan for an individual who can’t afford to make the repayments. We will always conduct a thorough and fair assessment of all bad credit rating loan applications. Responsible lenders are required to:
- Make reasonable inquiries about the consumer’s financial situation;
- Take reasonable steps to verify the consumer’s financial situation;
- Make a preliminary assessment of whether the credit contract is ‘not unsuitable’ for the consumer.
You can find out more about responsible lending here.
Who can apply?
To be eligible for a bad credit rating loan with Jacaranda, you’ll need to satisfy the following criteria:
- Be over the age of 18;
- Have received some type of regular income for the last 90 days into a bank account that is your own;
- Have an active mobile phone number and email address that we can contact you on;
- Internet banking must be set up.
At Jacaranda, we prefer to keep our application criteria simple so you get a fair go at the cash you need.
No paper forms!
That’s right, when you submit an application with Jacaranda Finance we won’t ask you to fill out any paper forms. Everything can be submitted online. Our application form could only take you a few minutes to complete, here is what we suggest you have handy:
- Personal details like your online banking & employment info;
- An active email address and mobile number;
- The reason you are applying for the loan;
- Your MyGov details (if you are receiving Centrelink payments);
- Employer contact details.
Why do I need to submit online banking details?
That’s a good question! Our team uses online banking details to access read-only copies of your bank statements. Bank statements allow us to take a realistic look at where you are with your finances. We don’t base our entire assessment around the result of a credit score check. Bank statements show us where you’re currently at with your finances.
Jacaranda Finance uses the latest in safe banking technology so you’ll never have to worry about the security of your information. You can get in touch with our team if you’d like to know more about the process. We are always happy to help!
Will Jacaranda call my boss?
In most cases, our team will conduct an employment check when you apply for a loan. This is a part of our commitment to responsible lending. There is no cause for concern, our team will always conduct employment checks with discretion and respect for the borrower. None of your personal information will ever be disclosed, including the reason why you are applying for a bad credit rating loan. You can check out our FAQ page for more information or get in touch with the team.
4 ways to improve your credit score
To improve your credit score, first you need to check it. You can access a free annual credit from the following credit agencies: Illion, Experian and Equifax. If you find that it’s lower than you’d like it to be and want to improve it, there are several ways in which you can do so. Keep in mind this isn’t something that will happen overnight. Unfortunately when it comes to credit scores there isn’t a ‘quick fix.’ Implementing the following measures and staying consistent, however, will improve your credit score overtime.
- Pay your bills on time: We’re not just talking about credit cards and loan repayments. It’s important to pay all your bills on time e.g. rent, utilities, phone and so on. When you apply for a loan, lenders look at your past performance repaying credit because this tends to be a good indicator of future performance. Not only that, but repaying late, whether it be a loan or an outstanding bill, will reflect negatively on your credit score.
- Pay off your debt: Your level of debt expressed as your credit utilization ratio is an important factor contributing to calculating your credit score. A low credit utilization ratio will tell lenders you haven’t maxed out any credit cards and you likely manage credit well.
- Don’t close unused credit cards: As long as they’re not costing you money in monthly/annual fees, you shouldn’t close your unused credit cards. This is because closing an account may increase your credit utilization ratio.
- Don’t apply for too much credit: applying for credit, whether it be a loan or a credit card, will create a hard inquiry on your credit report. Too many hard inquiries will cause your credit score to drop and these inquiries remain on your credit report for 2 years.
What can I use a bad credit rating loan for?
Jacaranda Finance provides personal loans for a wide range of different expenses and circumstances. Here are just a few examples:
Bad credit rating car loans
At Jacaranda, we don’t provide car loans but we can help you find lenders that can! Although we can’t guarantee a match, our team could find you a lender willing to help you with the finance you need. That applies even if you have bad credit! So, if your car has decided to give up at the most inconvenient time you don’t have to go it alone. If you apply during AEST business hours, the Jacaranda team will do their best to get back to you with an outcome in just 60 minutes.
Loans for pensioners with a bad credit rating
That’s right! If you’re a pensioner with bad credit you are still welcome to apply with Jacaranda Finance. We’ll take a realistic look at your finances and do our best to make a personal loan work for you. Keep in mind that the Jacaranda team will need to assess how much of your income is drawn from Centrelink to determine whether or not you will be able to afford the repayments. While the Jacaranda team can’t guarantee approval, we can guarantee you a fair and reasonable assessment.
Bad credit rating loans for medical bills
If you need cash to cover an unexpected medical expense you could apply with Jacaranda Finance. We provide loans between $300 and $10,000 that can be used to cover medical bills. Our team understands that the last thing you need to worry about when you’re sick is money. Even on a good day, not many of us have time for lengthy applications. At Jacaranda, we’ve worked hard to make it as simple as possible to apply for a bad credit rating loan for medical bills. Simply scroll up to get an idea of what your repayments could be now!
If you’re looking for a small amount of cash over a shorter period of time then you could apply for an unsecured loan with a bad credit rating. What is an unsecured loan? An unsecured loan is just a personal loan that does not require collateral as security. At Jacaranda, you can apply for an unsecured loan between $300 and $2,000 that can be repaid over a maximum period of 12 months. So, if you’re looking for a short term loan with a bad credit rating why not scroll up and get started?
Looking for a bigger chunk of cash? Jacaranda might have you sorted. Our secured loans are for cash amounts between $2,000 and $10,000. A secured loan is a personal loan that needs an asset as collateral. At Jacaranda, we accept cars, motorbikes, caravans and boats as security. Better still, we could offer you a secured loan despite a bad credit rating thanks to our fresh approach to credit! So if you’re looking for a ‘secured loan with bad credit rating’ look no further – apply today!
How much will an application cost?
Nothing! That’s right, when you apply with Jacaranda Finance we won’t ask you to pay a cent when you submit an application. Our team will conduct a thorough and fair assessment and get back to you with an outcome. You could even have an answer within 60 minutes if you apply during AEST business hours. If your application is unsuccessful you won’t be asked to hand over any cash. So, there really is nothing holding you back!
Want to read more?
If you’re keen to check out more from the Jacaranda team, head to our blog!
Read Jacaranda’s guide to getting a car loan!
Find out how you could apply for a loan with no paperwork.
Need money fast? We’ve got you covered!
*Only available for NPP enabled bank accounts.