- Non-payment of past loans
- Defaulting on credit card payments regularly
- Using up available credit too many times
- Non-payment of instalments for goods/services
Despite these factors and having bad credit payday loans in Australia as an available option, there are several ways to improve your credit score. One of the most common ways of doing this is avoiding loans for bad credit unless you have exhausted other ways of acquiring funds, such as personal borrowing or advances from your employer. If taking a loan is the only alternative, make sure that you pay it duly to avoid further damage to your credit score.
Never use the practise of ‘shuffling’ from one load to another to avoid stacking your debts up and finding yourself in a completely unmanageable position. You should make it a point to pay the poor credit loans off and close all debtor accounts.
You should also pay all of your bills on time and try not to approach the ‘zero credit’ mark too often. It’s preferable to have a certain ‘buffer’ of credit that you can use when emergencies arise.
As we work with a panel of over 15 trusted lenders who offer cash loans for bad credit, the eligibility criteria will differ from lender to lender. To apply through Viva Payday Loans, we only ask that you are at least 18 years old. However, some common criteria you might see include:
It is also crucial that you make sure that you can afford any bad credit loans that you take out and if you feel like you may struggle, please contact your lender
- Be able to provide proof of your income, whether from employment, Centrelink or other government benefits.
- Have three to six months’ worth of bank statements available, so that lenders are able to offer a loan that fits in with your current financial situation.
- Be able to provide details of all existing liabilities, including credit card debt and any other outstanding loan obligations.
If you meet the above, the best way to find out if you are able to get a loan is to apply online now.
Payday Loans Bad Credit FAQs
- What Are Loans For Bad Credit?
Bad credit loans are small loans for those with poor credit history that are usually repaid over a short term. However, they can often be more expensive than regular loans find a payday loan company in Carlisle and can be subject to higher interest rates.
It may be possible to take out cash loans for bad credit from some lenders, although it may be more difficult for you than for people with better credit history. With most bad credit loans, the lender will look at your current financial situation and potentially your financial history over the past 6 months, and base a lending decision on that. They will look at your income, your regular outgoings and your essential expenses to determine whether you would be able to repay the loan on time.
Most bad credit loans tend to be repaid over a short term, so you won’t have to worry about repaying debt over a long period of time. Many bad credit loans in Australia tend to be available pretty quickly too, particularly if you use a trusted online lender.
Loans for bad credit are often more expensive than loans for those with good credit because they are repaid over a shorter period of time. It is important that you ensure you know all of the costs and fees involved with your loan agreement before entering into a contract.