Got Bad Credit? You Can Still Get The Loan You Need

01 March 2012 - Which Way to Pay

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Got Bad Credit? You Can Still Get The Loan You Need

If you need to get a loan but have bad credit, then you will know how difficult it can be to get approved for one. Banks are getting more and more firm about who they lend money to. However, if you have been refused elsewhere because of poor credit and bankruptcy you will still be able to get a loan. People make mistakes and you shouldn’t be penalised when you are in need. There are many companies that can provide bad credit loans so you should take your time and find the loan that is best suited to you and your situation.

A bad credit loan is a loan especially designed for people with a poor credit rating and those who have been turned down for a loan elsewhere. You can get bad credit from failing to make loan or credit card payments. Thousands of people across Australia will have bad credit and unfortunately anything less than a perfect credit score could stand between you and the money you need.  You could also get refused a loan if you have no credit history. The exact amount you can borrow will vary according to the loan provider but with a bad credit loan you will be able to get a larger loan for more time compared to a payday loan. Some bad credit loans can even help rebuild your credit score so long as you keep up with the loan repayments. This is known as a credit rebuilding facility and is something you should look out for when you are comparing products.

The main disadvantage of a bad credit loan is that the interest rate is likely to be higher than other loans. This is because you are considered to be more of a risk because of your credit history.

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