Personal Loans Bad Credit
Are you worried that your bad credit would result in lenders rejecting your loan application? A low credit rating usually stems from defaults, bankruptcy or court judgments reflected on your financial history. As a result, you are more likely to get rejected when applying for financing.
Giving bad credit borrowers a second chance
At SamedayLend, we believe that no matter your financial past, you deserve to get access to financing when you need it. This means that even when your credit is bad, you should be given a second chance and offering you a range of personal loans with bad credit. Your loan application should not be judged based on how you have managed your borrowing in the past but in your present capacity to repay it. To do this, we have lender partners that are more than happy to offer personal loans with bad credit defaults for those borrowers who are constantly dragged by their less than perfect credit history.
Personal Loans with Bad Credit – Straightforward application process
Our lender partners can offer personal loans with bad credit from $3000 or higher to get you access to funds when you need it most. We take pride in our straightforward application process which can all be done through our online platform. Loan assessment and approval are done online too, so there is no need for you to show up to our offices to submit your form.
No upfront credit checks
At SamedayLend, we do not carry out a credit check upfront. We leave that in the hands of the lenders that we will end up pairing you with. Upon receiving your application, our loan specialists will review all the information you provided so we can look for lenders that offer the kind of loan that will be ideal for your circumstances. Loan setup is fast and hassle-free and once approved, you can expect your funds to get deposited into your bank account within the same day or sooner.
Understanding unsecured loans
Unsecured loans are not secured against any valuable asset you own like your car or your home. It comes with certain benefits including:
- No risk of losing your home or any valuable asset in the event that you may fail to pay off the loan.
- The funds can be used to pay for a variety of financial expenses. This includes debt consolidation, paying for a wedding or even as funds for a holiday.
- These loans tend to offer more affordable interest rates compared to what credit cards charge. What’s better is that you get the same benefits, only this time, without the usually very expensive interest rates.
- You have full control over the repayment terms. You also have the choice on how much you would pay for every repayment to ensure that it will be well within your present financial capacity.
Secure and unsecured loans- What are the differences?
Secured loans are guaranteed against anything of value that you own. If you fail to ray the debt, the asset can be sold by the lender to try and get back their money. For example a loan could be secured against your car, sometimes people will do this rather than taking out a higher rate bad credit car loan.
On the other hand, unsecured loans are not guaranteed by any asset. This exposes the lender to a much higher risk should you end up not paying the loan.
Are bad credit unsecured personal loans possible?
Whilst getting an instant cash loan is not going to be as easy when your credit is bad, it is more than possible to sign up for an unsecured loan despite your low credit rating. At SamedayLend, we will help you in the best way we can to get access to the right lender and the right loan. As a broker, we have partnered with various lending providers in Australia who are more than happy to extend unsecured loans to customers with bad credit. Provided that you can prove to them that you are now in a position to afford your loan repayments, they will have no reason to turn you away. Do expect, however, that due to the high risk that the lenders are exposing themselves to, these loans usually come with significantly expensive interest rates.