Small Loans for Bad Credit
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The Ultimate Guide to Small Loans For Bad Credit
Life can sometimes be surprising, and you might end up having Bad Credit. It might be indicated in your credit file, and it could result in difficultness to access credit from a majority of lenders. That is where MiFinance comes in since we can help you get small loans for bad credit.
Did you get declined by your credit union or bank? There is a high chance that this is because you have a bad credit score. It is also likely that your adverse history might relate to something like going into a bankruptcy agreement, not paying credit card monthly payments, being late for a particular mobile phone payment, or not paying a utility bill.
To confirm if you have bad credit, you can always obtain your credit file for free from any of the Credit Reporting agencies. Before we can look at small loans for bad credit, let’s take first understand what exactly is a bad credit loan and why it is somewhat challenging to access loans when you have a bad credit history.
A Bad Credit Loan: Definition and Explanation
Living with a poor credit rating can be a tough time of uncertain financial stability, at times resulting in a problem when you really require credit because of an unforeseen emergency or situation. However, where can you look up to when you experience such a short-term monetary crisis? Bad Credit Loans can offer you the funds you need when you need it. After taking a few minutes to give you a decision, bad credit loans will then send the emergency funds to you in your times of need.
Why is it Hard to Access Loans with a Poor Credit History?
Although if you have a bad credit history doesn’t necessarily imply that you will automatically be rejected for an application of credit; it largely influences your chances of being approved. You should expect that lenders will be ready to take a close look at your repayment history since this will help them decide if there is a likelihood you will meet your repayments and pay back all that is owed.
Which Loan Can I Access with Bad Credit?
Although there is no guarantee that if you apply for a short-term loan with such bad credit that will be approved or rejected, it is crucial to be as genuine and upfront as possible with your application. It is prudent that you notify your lender of your monthly expenditure, as well as your outstanding financial obligations as accurately as possible. If you fail to declare such expenses and then you get accepted for a particularly bad credit loan, you will end up ruining your capability to meet the repayment commitments.
In other words, a bad credit loan is a short-term loan that is specifically designed for those who have a poor credit rating. In most cases, such a loan will be for a small amount but with a relatively higher interest rate and usually with a repayment schedule specified over a considerably shorter period.
For those with poor borrowing history, it can seem daunting to apply for such a short-term loan. However, it shouldn’t be an obstacle when you require short-term cash in an emergency. Your solution can be in a bad credit loan, which is a loan made to help you out whenever you need it the most irrespective of your credit history. Furthermore, unless you are provisionally approved, an application with MiFinance will not affect your specific credit score.
Small Loans for Those with Bad Credit
By understanding your credit rating and getting to grips with what exactly a bad credit loan is, it could assist you in determining if or not it could be the suitable option for you if you want to borrow.
For starters, a credit rating is a certain score given to you based on your past lending history that puts into consideration factors like paying your bills on time or late repayments on previous loans, which are then calculated into a score or rating. A higher credit score typically shows that the borrower is more reliable, which translates to a more attractive option when it comes to taking out a loan.
For this reason, people with a poor or lower credit rating are usually seen as more of a risk. Having said this, it’s important to note that there is no given score for whom a particular lender will, or won’t, lend to.
At MiFinance, we understand that your credit rating is sometimes not a fair depiction of your lending history. Not only do we look at your credit score, but we also take a look if or not the loan is affordable for you and take into consideration a few other factors, including if you are an Australian resident and currently in employment.
We pride ourselves on our exceptional customer service skills that differentiate us from our competitors. Furthermore, we invest fully in the development and training of our staff, and at the same time, we also review and take action on the feedback that we receive to make sure that we go on to provide you with the best service possible. In a nutshell, bad credit small loans are exactly as they sound; they are small loans meant for those with bad credit. You should expect $300 up to $2000, for more than 4 to 24 weeks.
MiFinance provides a wide range of Bad Credit loans to people who have Bad Credit, as long as our other criteria are met. So, you shouldn’t lose hope. Be sure you still apply even if you have bad credit. Apply Now!
Apply Now for a Small Bad Credit Loan
Here at MiFinance, we never look down upon those who have a bad credit history. If you want to apply for a MiFinance short-term loan, it will depend on a few factors, such as credit checks and affordability, and this allows us to decide if the loan will be affordable and suitable for your short-term cash flow problem.
People who meet the following criteria might be considered for a MiFinance loan based on affordability and credit checks:
- An Australian resident
- In employment
- A valid bank account that receives their salary and has received regular income for at least three months
- Over the age of 18
- Not currently under any bankruptcy proceedings, personal voluntary arrangement, or debt management
- A valid mobile phone number and email
You can find our easy-to-apply small loans online, although we might have to call to confirm a few details. In general, all we need is necessary information in terms of your employment, banking, and address details before we can run the required affordability and credit checks to find out if you might be suitable for a MiFinance loan. After approval and completion of your loan application, then your money will be transferred to your account within a few minutes.
Typically, our loans are specially made for short-term use and should never be used to manage existing debt. There might be other, cheaper, or more appropriate forms of credit available that satisfy your requirements at this time.
At MiFinance, we pride ourselves on our dedication to offering fair and transparent loans, combined with excellent customer service. If you want to be considered for such an application, simply click on the Apply Now button on our page to find out if a MiFinance short-term loan is a suitable and affordable option for you.
Is there a guarantee for approval with bad credit cash loans?
Even though we cannot say for sure that all loans will be accepted, we adhere to reliable and responsible lending practices. Nevertheless, we can promise you that we will take a close look at your application regardless of what your credit history is at that moment. And if we cannot approve a particular loan for you, we will make sure that we find a suitable lender who will. Don’t forget that we all deserve a second go. And this is something we believe at MiFinance.
Do you still perform Credit Checks?
Since we are responsible lenders, we must do a credit check before we can approve your loan. Having said that, it doesn’t necessarily mean that we will not accept a loan when you have an issue with your credit history. Typically, we will look at other factors as well as credit files when you want to assess a bad credit cash loan. And this is enough reason you should visit MiFinance.com.au to apply for a loan.
Can my credit score improve? What should I do?
As of now, you already know that you can access a small loan with MiFinance even if you have bad credit. Nevertheless, improving your credit score is a smart idea since this will enable you to apply for credit in the future. Some steps are worth taking, starting with understanding what your credit score is, making sure that every bill you have is paid on time, catching up on any defaults, and meeting any loan repayments you might have with your lenders.
What if I’m unemployed?
Here at MiFinance, there are available loans for the unemployed. As long as you can present evidence that you have some sort of sustainable regular income and can also prove that you can afford the repayments, then we will certainly take your application and carry out a full assessment before giving you feedback.
Is it possible to receive the same day cash loan with bad credit?
MiFinance provides applicants with Bad Credit Loans as long as they satisfy our lending criteria. Not only do we depend on your credit score to give you a loan, but we also take into consideration other numerous factors such as income reliability, current loan history, bank account maintenance, and so on.
How much will it cost me?
At MiFinance, it is absolutely free to apply, and our loans have NO interest charges. The best way to find out how much it could cost you to apply for any loan, check out our Loan Costs page.
Will there be any renewal fees?
There will be no renewal fees. We do not renew loans by refinancing the loan or rolling them over. However, if you want a repeat loan, you can still apply. Usually, it is much quicker to apply and get accepted for a repeat loan when you have successfully settled an earlier loan. Furthermore, there is a Returning Customers tab on our page to help you.