You could still apply for and take a loan even if you have a bad credit history. It is a fortunate time for credit borrowers who need to get loans. Borrowers had little options in the past, when having negative credit scores meant being banned to take loan products.
It helps that there are now many lenders and loan providers that specifically offer and provide bad credit loans. You could easily find the best loan that suits your situation and repaying capacity. The competition among such loan providers across Australia gets more intense. Thus, borrowers are reaping the advantages of heightened competition.
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You should know that every bad credit loan comes with higher interest rates compared to loans provided to people with good credit. The reason is quite logical: lenders charge more to counter the high risks they take for trusting people with bad credit histories. Aside from directly finding, applying for, and taking a loan, here are several ideas on how you could take loans (in different forms) despite your poor credit status.
Low-limit credit cards
Australian consumers simply love credit cards. That is why there are just too many credit card products that are available in the market. Are you aware that you could use credit cards as facilities for poor credit loans? It is a good thing that many credit card firms now do not look much at credit scores of consumers.
Apply for and get a low-limit credit card. It could be a strategic way to obtain a loan. After several months of shouldering minimum payments, the credit card company may increase your credit card limit. The interest rate could be higher, just like in all other credit card products. But such credit cards could easily be obtained these days, even if you suffer from bad credit standing.
Secured loans
If you need to take a bad credit loan, the best option for you is a secured loan. This is so you could be very sure the loan would be approved and provided. A property or asset would be used as a security or collateral against the loan. This way, lenders would not hesitate to provide you the loan amount you need. The security lowers any risk lenders take in dealing with you. The interest rates applied may be a little higher but they could still be reasonable especially if you are really in dire need for money.
It is also advisable to find and get a guarantor for your bad credit loan. Doing so could be an alternative to using a security or collateral. That is because the lender could collect the loan repayment, if ever you default, from your co-signer. Risks are significantly lowered. It could be difficult, though, to find a guarantor who would be willing to co-make your bad credit loan. You could ask your spouse or relatives to do you the favor.
Overall, poor credit history is still something you should avoid. But if you have incurred low credit scores due to inevitable circumstances in the past, you could still enjoy many opportunities to obtain special loans.
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