All you need to know about getting a personal loan
When you need to make an unexpected payment, it can be an incredibly stressful situation. Especially if you don’t have the funds available. There’s nothing worse than the stress of finance. To add to anxiety, you may have a bad credit rating, which means you are worried about getting approved. But don’t worry, we can find you a personal loan lender, even if you have bad credit.
But what is a personal loan exactly? And how do you go about finding a lender for one? We’ll aim to answer all of those questions in this article here.
What does Good People Bad Credit do?
Good People Bad Credit are lender-finding experts. But what does that mean exactly? Well, quite simply, we’re here to take away the stress and frustration of trying to find a personal loan lender to help you out! We aim to take away the all the hard work that comes with applying for a personal loan or trying to find a lender. After all, we know exactly how difficult and time-consuming the whole process can be. Especially when you have to do it more than once!
Time is precious and the last thing you want to be doing in your spare time is reading a bunch of technical jargon and going through application after application, trying to find a lender who is willing to give you the time of day! If this sounds like an utter nightmare to you we completely understand. And this is where Good People Bad Credit comes in to save the day.
With our ultra-quick online application form, you’ll be done in just a matter of minutes. And did we mention that we’re 100% online and we don’t require any obscure paperwork or documents? Yea, we’re that easy. Once you have submitted your application we can get straight onto finding you a lender while you kick back and put your feet up. So, go on and enjoy that free-time. You’ve earned it.
Save yourself time, effort and stress and apply through Good People Bad Credit and see how we can help.
What is a personal loan?
A personal loan refers to an amount of money that you borrow from a financial lender. You repay the personal loan at a cost, in instalments, over a pre-determined period. They can be small amounts from between $100 to $2000, or even more from $2000 to $5000, or even higher.
Personal loans can be used to pay for a multitude of unexpected expenses. Here’s a quick list of what a personal loan commonly helps finance:
- Wedding costs
- Funeral costs
- Travel expenses
- Household items or furniture
- Rental bonds
- Car insurance
- Car repairs or car rego
- Education expenses
- Utility bills
What are your basic criteria?
Life is already pretty tough without us adding a bunch of harsh rules and restrictions onto our application criteria. With this in mind, we keep it pretty simple. To be eligible for our lender-finding service we simply require the following from you before we can start trying to find you a lender:
- 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
And that’s it! If you match our basic criteria above then you’re eligible to apply. If you want us to get to work finding you a lender who may be able to help you out, submit an application soon.
How much can a personal loan usually cost?
Good People Bad Credit is a lender-finder, not a lender. As such, we do not actually lend money ourselves, so we cannot guarantee what your loan cost you. We can provide you with a couple of examples, but remember that these are examples only. If we find you a lender and they approve you they will go over your loan terms with you directly.
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, $5,000 – 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 be well informed of all the details relating to your loan. And remember, you are well within your rights to back out any time prior to signing the contract for no extra charge.
How do you apply through Good People Bad Credit?
We keep our application process nice and simple for you. There’s nothing worse than spending countless hours trying to navigate through overly complicated application forms, tracking down errant paperwork only to find out you’ve missed a section and have to backtrack through several pages! Our application form is quick, painless and simple.
First things first, let us know how much money you’re looking to borrow and for how long. Hit submit and we’ll then grab some personal information from you. Input your name, age, phone number, email address and reason for loan and then head over to the next page of the form.
Next, we’ll get you to upload a secure read-only copy of your bank statements that will be used by your lender when they’re assessing your application. You’re pretty much done now. Once we have all your information we get to work on trying to find you a lender.
If we do find you a lender we pass along your application information and they’ll get to work assessing your application. Our job is now done and you’ll deal with your lender directly.
See we told you it really was easy.
Can you find lenders for people receiving Centrelink?
Yes, we can find personal loan lenders for people who receive Centrelink!
Just like having bad credit, receiving Centrelink payments can cause traditional lenders to knock your loan application back without giving you a fair go. And we don’t think this is very fair. If you have to rely on your welfare payments then you might find yourself in need of some extra cash should some unexpected bills pop up. And let’s be honest, unexpected expenses inevitably do tend to pop up at the worst possible time.
With this in mind, we can find lenders who are happy to accept applications from people who receive Centrelink!
Do you conduct a credit check?
Good People Bad Credit is a lender-finder, not a lender. So, the short answer is no, we do not conduct credit checks. However, we do find lenders who may conduct a credit check as part of responsible lending practices and a thorough assessment of your application. However, don’t run in the other direction just yet! We know the idea of a credit check can seem scary. But it really doesn’t have to be.
While credit checks are certainly an important part of your application, they’re not the only important aspect. Lenders also take a look at your recent financial situation, which is why those bank statements we requested are so important. Lenders take a look at these as they supply a good snapshot of your current finances. If they can see that you’re handling your current finances well (making your repayments on time, that sort of thing) then they may be able to help you out, despite your previous bad credit history.
There are many lenders out there that are willing to give you a second chance. They’re not like traditional lenders who will stamp your application with a big fat “NO” and not even give you a chance. They understand that not everyone is perfect and sometimes life has a really bad habit of throwing lemons at us when we least expect it.
So, if you need a hand finding a personal loan lender, give Good People Bad Credit a go. We’re here to help out the little guys that no one else will give the time of day.
A few final thoughts
Ultimately, a personal loan can be incredibly useful when unexpected things occur. And while it may seem like it’s you against the world, there are people out there who are willing to help. So, yes it is possible to get a personal loan when you have bad credit. They can come in very handy when you need to cover those unexpected moments that life throws at you.
Whether you’re still not sure if you want to apply or you have some more questions, we can help. In fact, you’re already in the best place possible for information – our website! Whether you want to know more about us, how to apply or costs, you’re in the right place.
Can’t find what you’re looking for on our website? We’re always happy to help our customers, so get in touch! Contact us online or send an email to email@example.com and we’ll answer your questions.