Why take out a low credit score personal loan?
From purchasing your dream car to taking a trip of a lifetime, personal loans are utilised by countless Australians every day for various reasons. When used correctly, personal loans can be a great tool for reaching small or large financial goals. Some of the most common reasons our applicants take out a personal loan are:- To travel
- Host their dream wedding
- Renovate their home
- To pay for medical or dental bills
- To invest in green energy technology
At Finance One, we understand how challenging it can be to source the funding you need with a poor credit history.
Which is why we seek to serve a range of borrowers regardless of any past financial stumbles. We also provide other low credit score personal loan options, such as business loans and vehicle loans, to help Australians reach their financial goals no matter how big they are.
Apply Online NowWhat qualifies as a bad credit score in Australia?
In Australia, three major credit bureaus are responsible for managing credit data — illion, Equifax and Experian. While each has its own credit score criteria, credit scores under 500 or between 300-500 are recognised as either ‘below average’ or ‘poor’.Top Tip
What the average low credit score personal loan looks like
As you begin to research where to get a small personal loan with bad credit, it won’t be long before you realise that low-credit personal loans and standard personal loans look pretty much the same. That being said, there are some key differences, such as:- Higher interest rates As borrowers with poor credit are considered risky, many lenders seek to manage this risk by advertising high-interest rates. Finance One, on the other hand, offers tailored interest rates to a borrower’s circumstances. We assess your stability in employment, residency status, credit history, and borrowing capacity.
- Large fees In addition to higher rates, lenders may also charge hefty upfront or ongoing fees to borrowers. Conversely, Finance One offers no early payout fees for consumer loans, meaning you can either increase your repayments or make additional repayments to your loan at any time with zero penalties.
- Shorter loan terms Many bad credit lenders want to recover their funds quickly and will only advertise shorter loan terms, ranging from 2 months to 2 years. Finance One offers flexible loan terms to customers, ensuring they get the best solution for their circumstances.
Apply for a low credit score personal loan with Finance One
Your financial past shouldn’t determine your financial future. That’s why we take a personal and compassionate approach to our lending — taking the time to understand each applicant’s individual circumstances.Finance One strives to find the best personal loan options for bad credit applicants from all financial backgrounds, including those who have had defaults, previous bankruptcies or Part IX Debt Agreements.
We ensure your loan is flexible by allowing you to make extra repayments or increase their repayment amount at any time.
Don’t let your poor credit history hold you back from getting the most out of life. Get started by speaking to one of our team members or submitting an application today.
Apply Online Now*Personal Loans over $15,000 must be secured.
**48-hour approvals are subject to satisfactory documentation being received to assess the application.
Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
Finance One means:
Fin One Pty Ltd – ABN: 80 139 719 903
Australian Credit Licence: 387528
Disclaimer: The information above is of a general nature only and does not consider your personal objectives, financial situation or particular needs. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your particular circumstances. We do not accept responsibility for any loss arising from the use of, or reliance on, the information. Please note that approvals for loan applications are subject to satisfactory documentation being received to properly assess the application. Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
