Bad Credit Personal Loans

If you are an Aussie with some history of Bad Credit, getting a personal loan in Australia could be difficult.

Here is a brief outline of available options depending on extent of bad credit:

• Minor Paid Defaults – If you have a small paid default, (say $50-$100), getting a personal loan should not be a problem. Most banks would qualify you for a loan but it would probably be easier if you approach your own branch manager. They know you personally and are far more likely to qualify you for a loan that a new lender.
   
• Larger Paid Default – If your default situation is more serious and you have either one or several paid defaults to a larger amount, qualifying for an unsecured personal loan is pretty much out of the question.

By providing some real-estate security or

the security of a vehicle you may still

be able to obtain a loan.

If you do not have any security but are seeking funds for debt consolidation, you may wish to consider either a formal or an informal debt agreement.

Significant unpaid defaults or bankruptcy – if you are currently bankrupt you will not be able to qualify for a personal loan. There are some short-term lenders advertising on the web. These lenders offer small loans ($1,000 - $3,000) without a credit check. However these are a short-term loan and not a personal loan. Consequently your annualized interest rate can be as high as 60%.

If you are a discharged bankrupt with sufficient equity in a real estate asset (such as your home) we should be able to assist with a loan.