There are many times in life when we need to borrow a large amount of money. This is nothing new and it happens every day in the lives of people all over the world. However, what do you do if you need to find a loan, however you suffer from the fear that your bad credit situation will deem you ineligible for financing??
If this is the situation you find yourself in – don’t worry, you are not alone. The realities of our current economic times mean that many people are struggling with poor credit and financial instability. This reality does not however stop people from needing to borrow money from a financial institution or alternative source. If you are like me, you probably also know many people in this situation – and maybe this also reflects the current dilemma you are facing yourself.
The point of this blog is to first, let you know that there are options for individuals struggling with bad credit – even loan sizes that equal the $5 000 over higher. Secondly, if you are reading this and wondering where you will find the money to pay for a mortgage or for a new car – read on to find out what options exist for you in your part of the world.
BAD CREDIT CAR LOANS
There are opportunities for Bad Credit Car loan options across Australia that work with individuals with poor credit. Typically, these are the applications that will be denied by banks and formal financial institutions, however there are companies that specialize in helping drivers with less than stellar credit get the new car they need.
These companies are more understanding about the fact that not everyone has strong credit, however they still need to have a car so that they can navigate their lives with more ease. In general, the type of loans these groups will offer are based more on what is known as a secured loan, which may have higher interest fees attached – although they do their best to make this process less stressful and straightforward for their clients.
These lenders or auto credit sources can help individuals also find ways to improve their application and work around the challenges of bad credit, making the most of the loan features. Additionally, these types of loans can be a method of improving your credit, as you manage this new loan and rebuild your credit score and overall credit history.
BAD CREDIT MORTGAGES
Let’s face it; mortgages are the loans of all loans! The sheer size of these loans can be intimidating, especially with poor credit. Many of the lenders who offer bad credit loans to individuals, who want to finance a new home, can help alleviate the stress associated with this task. Again these companies understand that bad credit happens and that people should not be left without accessibility to the loans they really need.
In this instance, there are some bad credit loan options that may be more suited to individuals who are seeking out home loans.
Secured Bad Credit Loans
For home owners who have previous home equity, this type of loan can be an option. This loan method sees that your home equity can be used to secure your loan and often times this can guarantee instant approval.
Unsecured Bad Credit Loans
This second type will be more suited to borrowers who do not necessarily have home or asset equity, yet need to obtain a mortgage despite having bad credit. These are however loans that require some credit review and yet will have higher interest rates. This ultimately still means that you can still secure the loan size you need to finance a new home and work towards re-establishing your credit rating.
BUSINESS LOANS/PERSONAL LOANS
There are also alternative lenders that offer a variety of loans to individuals with poor credit. These one-stop shop lending centres offer a spectrum of loans, ranging from business to personal loans. While your loan is likely to reflect the degree of your financial situation, the goal of these organizations is to still offer you a loan – without judgment and also without the fear of rejection. You can get the business loan you need and gain a source of income that can help get your credit back on track.
The benefit of many of these loan groups is that you can apply online or contact them through email/ phone to learn more about your options. These processes are also likely to be easier and allow you to walk away with the loan you need within a shorter period of time.
This site is one that offers personal loans up to $5,000. Credit24, along with other sites across the globe are operated by the MCB Finance Group. Since 2012, this site has been providing loans to Australians to help them access fast cash and get back on their feet. These loans range from payment schedules that start at 3 months and up to 12 months. So as you can see with these loans, they are meant for a shorter period of time and will suit individuals who will be able to pay the loan in shorter increments, while also at an affordable rate. Loans from Credit24 are available in online format only and can be accessed at any time of day or night. From this link – https://www.credit24.com.au/price-table, you search through the list of loan options and see if these are suitable for your financial needs
As a part of their loan options, Fair Go Finance maintains a range of loans that can be suitable for individuals with bad credit. While they do specialize in large personal loans of up to $100,000 – their ‘bad credit loans’ typically are capped at $5,000. From this list are secured loans ($500 – $5000), debt consolidation loans ($500 – $5000), and of course bad credit loans equalling this limit. In particular the bad credit loans offer financing to individuals with a poor credit history and through this loan, Fair Go Finance provides support to help elevate your credit score. You can apply online or contact them by phone for further inquiries. Additionally, if you have experienced any other following: Paid defaults, Unpaid defaults, Bankruptcy or Part IX Debt Agreement (where you entered into bankruptcy over 12 months ago) – this loan may be worth your attention.
This company has an extensive list of loans for individuals who have all levels of credit. There are loans that are geared towards borrowers who have poor credit, as well as those that have no credit as a result of bankruptcy or other financial hardships. These loans detail those that exist specifically for home, car, as well as other personal loan needs.
For Car loans: http://www.afsloans.com.au/index.php?page=car-loans, Absolute Financial Services can put you in touch with experts from the motor industry that will find the best possible loan for your needs. If your personal financial circumstances fall under any of the following headings – then this loan may be the right option for you:
• Employed – Full/Part-time or Casual
• Pensioner with part-time income
• Self-employed without current financials
• Previous bad credit issues
• Paid and Unpaid Defaults
• Discharged Bankrupt
• New arrival to Australia
• Applicant who has been declined elsewhere
For home loans. AFS also offers solutions that can enable you to secure the mortgage financing you require, despite having credit issues. Absolute Financial services can access a variety of lenders and find you the best rate and terms that can help you manage your loan. From their site, they list these specially lenders, which include many of the top banking firms in Australia, such as the Commonwealth Bank, the ANZ Banking Group, and Citibank.
If you or someone you know is concerned that a loan of $5 000 or more is an unattainable goal, the main message here is that you do have options! By examining the companies and groups who purposefully work with individuals with bad credit, you can find an alternative lender in your area that will help you meet all of the many financial goals you have been pursuing.