Cash Loans For People With Bad Credit
Cash loans are small personal loans up to $15,000, repaid over a period of up to 24 months. Each loan will have an establishment fee and either monthly fees or interest applied to it, which will be repaid over the life of the loan.
Do you have a bad credit rating? Are you worried about the impact it may have on your life and ability to get cash loans? If so, we’re here to reassure that everything is going to be alright. We know that your less than perfect credit rating doesn’t mean you are a bad person. We know that bad things happen to good people.
This includes bad credit! We know that having a bad a credit rating may not reflect who you really are. We know that there are circumstances in your life that may have influenced that value of your credit score. Don’t worry, we understand. We also know that these situations are only temporary and that with some dedication and determination, you could get yourself on a path towards turning things around for yourself.
Read on to see how Good People Bad Credit can help you out.
What is a cash loan?
So, you may be wondering what exactly a cash loan is. It’s basically a small short-term loan that you apply for online. Cash loans are quick and easy to apply for and, provided your lender doesn’t need any extra information, you can receive an outcome on the same day of applying. Perhaps the most important thing to know about cash loans, apart from the fact that you can apply for them even if you have bad credit, is that you can use to pay for any kind of unexpected expense.
Gone are the days of making a formal loan application to a bank and pitching your case to an account manager. These could take days just to get approval.
How do I apply for instant cash loans?
To apply you just need to fill out the application form. You tell us how much you would like to borrow and how long you would like to repay it. In addition, your lender may need you to submit a few supporting documents. These are outlined just below.
Am I eligible to apply through Good People Bad Credit?
We want as many people to be able to apply for our service as possible. However, we still have a few basic criteria that you have to meet before we can start trying to find you a lender.
We simply require the following from you:
- Be an Australian citizen or permanent resident
- Be 18 years of age or over
- Have a regular income deposited into your personal bank account for at least the last 90 days
- Have a direct personal number and email address
Yep, that’s all – just those four requirements. Not too unreasonable, right? We really do want to find cash loans lenders for as many customers who need them as we can.
If you check those boxes, you’re ready to apply.
What will cash loans cost?
The exact cost of your cash loan will differ depending on the amount of your loan and your lender. While we can’t guarantee what the exact costs of your personal loan will be, we can give you an idea of what to expect. Have a look at the following for an example.
A small amount unsecured loan, $1000 up to $2,000:
For a small amount credit contract of $1000 – $2,000 you can expect something like this:
- A 20% establishment fee
- A 4% monthly fee that will be applied on the anniversary date of your loan every month.
- Direct debit dishonour fee if you miss a repayment.
A medium amount secured loan, $2,001 – $4,600:
The costs of a medium amount secured loan are a little different. You can expect something like the following:
- An establishment fee of $400
- An interest rate of 48%* per annum. Keep in mind that the more you pay off your loan, the less interest you will be charged. This is called reducing interest.
- A direct debit dishonour fee if you miss a repayment
*Comparison rate of 67.41% per annum. This comparison rate is based on a medium amount secured loan and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.
A large amount secured loan, $5000 – 15,000:
The costs of a large amount credit contract are again a little different. You can expect something like the following:
- An interest rate of 21.24%* per annum. Keep in mind that the more you pay off your loan, the less interest you will be charged. This is called reducing interest.
*The maximum comparison rate for interest is 48% per annum. This comparison rate is based on a large amount secured loan and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate
Also, just remember, that if you’re interested in applying for one of the larger loans of $2,001 – $15,000, they are secured loans so, you will need to provide a vehicle such as a car, truck, caravan or motorbike that can be used as security.
As always, make sure to thoroughly read your loan contract before you sign it. This will allow you to correct any discrepancies if they occur.
Can I get a cash loan with bad credit?
You can indeed can a cash loan with bad credit. You can apply for cash loa
ns that don’t require a credit check at all.
Can you find cash loans lenders for people on Centrelink?
Yes, even if you are on Centrelink you can apply and we can find you lenders who accept applications from Centrelink clients. Traditional lenders tend to decline applications right off the bat when they realise that you receive Centrelink benefits. However, if you rely on your welfare payments then you might find yourself in need of some extra cash should some unexpected bills pop up. That’s not Good People Bad Credit’s style. We’re happy to do our best to find you a lender who can help. After all, everyone needs a helping hand occasionally, right?
As long as your Centrelink income is consistent and reliable, you are more than welcome to apply!
Do you conduct credit checks for cash loans?
As the lender-finder, we don’t do credit checks for our customers.
However, we can find lenders who may conduct a credit check on your application as part of responsible lending practices. Conducting credit checks is certainly an important part of responsible lending practices, but they’re not the only important aspect of your application. It wouldn’t make much sense if bad credit was the thing that stopped you from getting bad credit car loans, right?
The lenders that we can find agree with us. They believe your current financial situation is an accurate indicator of your current finances and your ability to afford a loan. That’s why we request a read-only copy of the past 90 days of your bank statements. If they can see that you’re handling your finances well, then they may be able to help you out, despite that previous credit history.
So, bad credit history doesn’t have to stop you from applying. Apply now!
How do you repay cash loans?
If you’re approved lenders tend to set your repayments up in line with your income day. They will set up a direct debit so payments come out of your account automatically for the duration of the loan period until it is paid off. Easy isn’t it?
So, even if you have a bad credit rating, it’s not the end of the world. We know that bad credit can happen to good people, so we don’t make it hard for you to apply. If you’re ready to find a lender, let’s see if Good People Bad Credit can help.