According to Finder, while over 13.7 million Australians have credit cards, many have difficulty applying. 36% of them were refused due to inconsistent income, 22% due to excessive debt, and 21% due to poor credit.
These are substantial figures that mean many are unable to secure the financing they need, no matter how small and easy to pay off, due to their less-than-stellar financial record.
If you are one of those suffering from a bad credit history, there are still options available for you. Let’s find out what’s the easiest loan to apply for with bad credit.
What does having bad credit mean?
A credit score is a number representing the creditworthiness of a person or company. In Australia, it is calculated by credit reporting agencies known as Illion, Experian and Equifax. The higher the score, the more likely it is that the person will be able to repay their debts. A low score can mean higher interest rates and a greater risk of being unable to repay loans.Equifax defines a ‘below average’ credit rating as a score between 0 and 459. This means you are in the lowest 20% of the credit-active population and are more likely to experience unfavourable terms when applying for a loan. People with a score of 460 to 660 are generally equally frowned upon by most lenders, though they may be seen as less of a risk. Generally, a good credit score lies within the range of 650-749.
Is it possible to get a loan with bad credit?
It is possible to get a loan with bad credit. In fact, many lenders are willing to work with people with less-than-perfect credit scores. However, it’s important to remember that you will likely have to pay a higher interest rate and may be required to make a larger down payment. So if you’re looking for a loan, it’s important to shop around and compare rates before you commit.Finance One is a business that offers loans even to those with poor to no credit history.
We believe in offering people a second chance at finance with highly personalised solutions.
Apply NowWhat is the easiest loan to apply for with bad credit?
How to get a loan with bad credit? Finance One makes it possible to secure the small loans you need at favourable terms regardless of your credit score. Here are some of the easiest loans you can apply for with bad credit:
Whether it’s for an emergency, a wedding, a much-needed vacation or to buy the latest gadgets, our bad credit personal loans offer Australians the financial flexibility they need to live life to the fullest. We consider people with bankruptcies, defaults and poor credit history — believing that past stumbles should not affect your current financial capabilities.
Secure the capital you need regardless of what happened in the past. Bad credit business loans can be a lifesaver for small businesses struggling to stay afloat or provide the financing you need to get your start-up going. With fast approval times and a team of experts eager to find the best financial solution for your situation, Finance One is the place to go if you’re looking to take your business to the next level.
It can be hard to get a ride on bad credit. Finance One offers easy loans you can get for a new car, ensuring we provide you with an ideal solution regardless of your credit history.
Finance One — your ideal source for loans with bad credit
Finance One recognises that life isn’t always easy. Sometimes life can throw you a curveball and past mistakes should not be the basis for current responsibility. When evaluating your application, we can adopt a more personalised approach to lending. We’re excited to assist in financing your next car, your new business or whatever you may need.
To learn more about our services or if you have any questions, feel free to contact us and our team of experts will be more than happy to help.Apply Online Now
Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
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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 advice regarding your legal, financial, taxation or other needs, 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. All loan applications are subject to normal lending criteria. Fees and charges payable. Terms and conditions apply.
