Today I am narrowing down some ways you can find a bad credit loan in Australia – and more specifically in Sydney. With the largest population in Oz, it would make sense that many people may require unique financing that will meet their needs, despite having bad credit.
My first step was to locate some bad credit lenders by seeking out which services offered online lending platforms. After some fairly quick internet research, I was able to identify some groups that offer bad credit loans in this area.
I found out that many of these lending companies provide services that are exclusively online. These sites allow borrowers to perform a quick assessment of the type of loan they require and if this is a possibility for them based on their current financial situation. Within minutes, in fact – or even seconds you can find out if this lender will be able to provide you will the loan you need. Typically, you will find out what amount you can potentially receive as well as the affordability factor – meaning whether you can realistically repay this loan and ultimately if it is a good course of action for you.
In addition to the online component, while most of these sites offer a variety of web services, there are many that have office locations where you can speak to a representative as well as visit them in person. Many of the sites offer phone numbers or online personal support, although if you really want to visit the lender in person – you may want to choice one that provides this type of in-house service. Typically, lenders such as banks and financial firms, such as credit unions will provide these in-personal services and these may be the loan locations you may wish to pursue instead.
Let’s take a look at some of the ways to find the bad credit loans you need in the Sydney area.
1) I Want Payday:
This online lending group serves clients in various regions of Australia including Melbourne, Perth, Brisbane and Sydney.
It offers quick cash of up to $2,000 – or lower loans of $500. These loans are classified as payday loans and if you are not already familiar with payday loans – these are the loans that are meant to act as a short term income source, until your next pay day. This also means that the repayment plans are shorter as well.
The company provides a list of the overall costs and fees associated with taking out a loan. As to avoid any surprises or to mislead the consumer in anyway – this is an important piece of information to look for. For example, to access one of their loans, you will pay an establishment fee of 20% and a monthly fee of 4% of the total loan principal. Therefore, if you have borrowed $500, you will pay closer to $840 in total.
Important to note here also is that there are additional set up costs as well as interest fees. Let’s say if you are borrowing $500, you want to keep in mind that you will be required to pay back more than just the $500. Therefore, it is crucial that you only enter into these types of loans, if you can afford to pay back the entire amount, as well as meeting weekly or monthly payments on time.
Bad credit cash loans are also available through an online site called iCashLoans. The amount for these loans range from $500 to $1,500 and can be both applied for and approved in minutes. If you are having cash flow problems and need some money to cover your expenses, this is another alternative for you in Sydney.
This lending site works with a number of lending partners and can facilitate your loan in some simple steps. Upon approval you can also except that your funds will reach your bank account in about an hour – although occasionally it takes up to 24 hours. Either way this is still a short amount of time to wait and you can access your money very quickly.
There are fees of course associated with these loans and they are payable at the time of your loan setup. This cash advance loan is only to last you for about a 30 day period of time and can not be extended. Therefore, the loan would have to be settled in full before you can apply for more credit. On top of that, the balance that you owe will be automatically deducted from your account on the due date, so on one hand you don’t have to take any action – however you must ensure you have the funds to repay the loan by this date – you can probably guess what comes next – default fees that can be quite lofty.
While these cash advances and payday loans can be geared towards individuals with lower credit scores and those experiencing certain financial woes, there are stated conditions that require that borrowers meet eligibility criteria which includes proof of employment and other suitable financial circumstances. Ultimately, your credit score will not be the deciding factor in your approval rate here – however you still have to demonstrate your ability to repay the loan.
This final bad credit loan method is the bad credit loan group, Free from Debt. Specializing in helping individuals with bad credit secure the loans they need across Australia, with Sydney, Melbourne, Adelaide, Brisbane and Perth as their main area of operation – these debt negotiators also work at devising debt-relief plans, including loan consolidation and mortgage refinancing.
If you have bad credit, yet still need a loan, this may be the place for you. Through their specialised debt solutions, their goal is to help Australians turn their bad credit into positive credit, by advising them on debt management skills, so that they can independently control their finances over time.
While you may also stumble upon some other bad credit loan agencies in your region, it is good to know that there are avenues to pursue that can help you out when you need it the most. Ultimately, our need for loans and future credit does not end, even when we have bad credit. It is encouraging to see many lenders expanding their scope so that a wider range of potential borrower’s needs are being taken into account.
Good luck with your search for bad credit loans in Sydney, hopefully this gives you some insight into what to look for as well as the possibilities that exist in your own backyard.