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How to Get Cash Loans for Bad Credit on Centrelink

How to Get Cash Loans for Bad Credit on Centrelink

Been googling ‘cash loans bad credit Centrelink’?

Are you worried about not getting cash loans because of bad credit? Jacaranda Finance may be able to help! If you’re on Centrelink, you could still be eligible for a quick personal loan with us if you meet our other eligibility requirements. Lenders like Jacaranda are making it simpler than ever to access fast cash when you need it most. So, if you’ve been earnestly searching the web for ‘cash loans bad credit Centrelink’ we may be just who you’re looking for!

Can you get cash loans for bad credit on Centrelink?

Yes! Lenders in Australia have evolved with the times, with many now willing to consider Centrelink payments for personal loans in place of income. This is, of course, granted that borrowers still meet their other eligibility requirements. 

While assessing a loan application, the foremost factor a lender considers is whether you’ll be able to meet repayments. For this, they look into spending habits as well as different sources of income. Centrelink payments can subsequently qualify as a form of alternative income. 

When it comes to your credit score, you also don’t have to worry about the impact of poor credit on your ability to obtain a loan any more. Lenders like Jacaranda have adopted a fresh approach to your credit history. In fact, we look at more than just your credit history. Moreover, we consider your current relationship with money as well as your bank statements to determine your eligibility. 

Where can I get a loan on Centrelink?

If you are receiving Centrelink support and have bad credit, your options are generally more limited when you need a loan. You’re likely to face greater scrutiny and may even end paying a higher rate of interest. However, some online lenders permit individuals receiving payments from Centrelink to borrow money. It all just comes down to their eligibility criteria and assessment procedures.

The good news is, lenders like Jacaranda are shaking things up. We accept applications from borrowers receiving Centrelink payments. So, even if you’re not sure whether we could help you out we encourage you to apply. It’s free to do so, and once you do, we’ll be able to give you a definitive answer on whether we could offer you cash loans for bad credit on Centrelink.

How can I get a loan with bad credit?

Nowadays, you have multiple options for a personal loan when you have a bad credit score. Many online lenders will accept applications from bad credit holders and you may even be eligible for certain credit schemes from the government. Jacaranda Finance can approve applicants for loans even if they have a bad credit score. While we will still check your score, we’ll also look into other factors when determining eligibility. 

Understanding ‘bad credit’

A credit score is a numerical value assigned to reflect your credibility and reputation as a borrower. The higher the score, the better your chance of getting loans. In Australia, a credit score above 600 is considered a good score. When the score is between 500 and 600, it indicates an average risk of an adverse event. So, you are placed in the ‘high-risk’ category if your score is below 500. 

Bad credit is an indication that the borrower carries a higher chance of an adverse event. This dissuades lenders from considering your application favourably and you are likely to face more scrutiny. This reduces your chance of getting a loan. For such customers, lenders offer customized products called loans with bad credit. You may have to secure the loan with a mortgage or fail to get the amount of money you need to meet the emergency. Lenders also impose conditions or an interest rate higher compared to those with a good credit score. Cash loans for bad credit on Centrelink are better options than having a bad credit loan.

Where can I check my credit history?

In Australia, you have a legal right to know your credit report. You can check your credit history by visiting any of the Australian credit reporting agencies: Equifax, illion, or Experian. The law requires all agencies to share your full individual credit history with you at least once every 12 months, free of charge, when requested. 

Credit reporting bodies also offer free personal credit checks if such a request is made within 90 days of any correction in the credit report or the denial of a loan. The credit report may not have the credit score and agencies may charge a nominal fee.

To access your credit report, you have to approach any national credit reporting service and provide identification information, including date of birth and other personal details. It takes about 7 to 10 days to fetch and compile data from different sources. Yet, you may be able to get an immediate credit score estimate.

Checking your credit report once in a while doesn’t impact your credit rating too much. However, frequent credit checks may cause a temporary dip in your score. In the case of a poor credit score, cash loans for bad credit on Centrelink can be an option to meet emergency needs. 

How can I improve my credit score?

If you’ve been searching ‘cash loans for bad credit on Centrelink’ then it’s likely you’re worried about getting rejected for a loan. Fair enough! Applying for finance can be stressful and it’s not always easy. If you want to improve your chances of getting a loan though, working on your credit score is a good place to start. 

Here is a simple 6-step guide to improving your credit score:

  1. Pay utility bills and loan instalments before the due date. Your credit score is more reflective of the recent payments and you can improve as you repay the debt on time. If you are able to pay back any past loans, clear them now. 
  2. Avoid making too many debt requests. Each application results in a hard search and your score loses a few points. So, be sure about your approval chances before applying for a loan.
  3. Make sure you maintain a good average credit utilisation rate. It should be in the range of 30% to 40%. If your credit card has a $10,000 limit, try to limit your expenses to between $3,000 and $4,000 per billing cycle.
  4. Don’t apply for credit cards unless you need them. 
  5. Check your utility bills, loan statements and credit history. Make sure there are no inaccuracies!
  6. Avoid any delinquency or bankruptcy, as these remain on your credit report for 3 to 7 years. Yikes!

Which loan company is the best for bad credit loans?

Jacaranda Finance is one of the best lenders offering bad credit loans in Australia. The best thing is that it does not limit the selection of borrowers to credit score only. It goes beyond that and checks a variety of factors, including income and expense while agreeing to a borrower’s request. It even considers applications for cash loans for bad credit on Centrelink. This allows those with a poor credit rating a better chance to afford a personal loan up to $10,000 without restrictions.

Another plus point with Jacaranda is that the platform is 100% online and this allows faster loan request approval and processing. A loan is disbursed as quickly as in 60 seconds of its approval. It finds out a suitable loan product based on the individual needs and conditions of an applicant regardless of the credit score.

Jacaranda Finance protects your privacy with the utmost respect. There are no hidden fees or charges and everything is shared upfront. It adheres to the best practices in lending and customer services. There is no penalty for loan prepayment. Even the company is willing to restructure the repayment when you are facing problems in paying a loan back.

Can I get bad credit loans with Jacaranda?

You sure can! Though we will always conduct a credit check, our fresh approach to credit means you still have a good chance of getting a loan. We’ll take into consideration your employment status, income and more while considering your loan application. So, you don’t have to fret so much about your single credit score.

Looking for cash loans for bad credit on Centrelink? We may be able to help you there too! Although we can’t guarantee every applicant will be approved, we’ll always do our best to find you a suitable loan option.

What are the eligibility requirements?

Like other lenders, Jacaranda has a few basic requirements for borrowers. In particular, we require you to be: 

  • 18 years of age or older;
  • A permanent resident in Australia;
  • A recipient of a regular payment or income or salary (including Centrelink) for the last 90 days; and, 
  • Able to provide a direct contact number and email.

Jacaranda offers a variety of small and large bad credit loans up to $10,000. Whether you need a small loan or something bigger, your credit score doesn’t have to spoil things. Best of all – our application process is 100% online to ensure you get funds faster. Talk about ideal!

Will Jacaranda conduct a credit check?

Jacaranda Finance does conduct credit checks. However, loan approval is not solely based on the credit rating of an applicant. We consider your credit rating as one of many factors when determining eligibility. We also take into consideration your income, payments, expense patterns, and Centrelink benefits. This widens the factors affecting your loan approval and overrides many issues that arise due to a bad credit score. 

How do I apply for a loan?

If you’ve been searching for ‘cash loans for bad credit on Centrelink’ Jacaranda could offer you the fair assessment on a loan you’ve been looking for. Best of all, our application is 100% online. So, you could apply using a laptop or smartphone and complete the process in just a few minutes! Our on-page loan calculator helps know how much you could expect to repay every week or month. Simply choose the repayment cycle as per your convenience and complete the application form in your own time.

Once submitted, we’ll be in touch! We generally have an outcome for our customer within 60 minutes of receiving their application. If approved, we’ll then transfer you your cash ASAP. Should your bank have NPP-enabled payments, the cash could be in your account and ready to use in 60 seconds. See, it’s that simple!

Ways to increase your chance of approval on a loan

If you’re still concerned you won’t make the cut, we’ve compiled this simple list to help you increase your chances.

So, to improve the odds of getting lender approval for a personal loan in Australia, you should:

  • Research the right lender for you and apply when you are confident of getting a positive outcome. Look out for the history or stated policy of a lender regarding persons with a similar situation to you.
  • Scan through the eligibility on the lender’s website and make sure you are eligible to apply. Ensure you fulfil residency, citizenship and visa requirements.
  • Calculate your borrowing limit beforehand and apply for an amount a lender is comfortable to loan you. Seeking an amount above your eligibility may result in the rejection of the loan application.
  • Apply for a loan when you have a regular source of income or a good credit rating. Cash loans for bad credit on Centrelink aren’t always easy to come by. 
  • Your bank accounts should demonstrate a good record of financial management and on-time loan repayments.
  • Requesting a loan when you are debt-free or have no financial liability makes you a strong contender for the credit line. Don’t delay or default on utility bills.
  • Short-term loans have a better chance of approval. Having a co-signer also helps.

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Last updated: 19/08/2020, 10:00am

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