Bad Credit Loans: Loanscout Offers Bad Credit Borrowers a Second Chance
A poor credit history can significantly limit your loan options. When you need fast cash for emergency expenses, you can’t just approach any traditional lender and ask them to give you what you need. Your credit score is always one reality you will need to deal with.
At Loanscout, we know how your credit score can be due to things that happened in the past that you might not have that much control of. We know how limiting it is to get slapped with a poor credit rating. But we also know that there is more to customers than the figures plastered on their credit report. This is why we try not to make things even more difficult for them. This is where personal loans for bad credit borrowers come into play.
With us, you can potentially borrow up to $10000 hassle-free. We know that your credit score is just but a reflection of missteps you did in the past and it is best left there. At Loanscout, we are more than happy to give you a chance and give you access to the right lender for your needs
Who is Loanscout?
Put it simply, Loanscout is an online creditor offering both car loans and personal loans. We have designed our application process in a manner that is straightforward and simple so borrowers will easily get it completed within a few minutes. Since we have made our process fully digital, all you need to do to apply is to get online and apply for any of the loans that we offer on our website. After you have filled out the form, just click submit and our team will work towards assessing the application to see if we have the right loans that will fit your needs. We have made things so easy, straightforward and fast that you can expect to get an outcome of your application within an hour!
Another benefit you get from Loanscout is how the waiting time for you to get the funds received in your account is considerably slashed. For those with a bank account that is Osko or NPP-enabled, the money can be received in your account in just a matter of a minute from the time that you have signed your loan contract.
You’ll also feel reassured knowing that Loanscout has always been a responsible credit broker. This means that we take the time to look into the current financial circumstances of any potential borrower to ensure that we will be able to match them to the correct direct lender. This also ensures that the loan we will offer is something we know they will have the means to pay back comfortably. Our goal is to not just accept any customer that wants to get access to a loan. We see to it that we will do what we can to help you out financially by providing you with the right loans and not leave you worse off afterward.
FAQs On Bad Credit Loans
Bad credit— What is it?
Bad credit is what you refer to a credit score that is poor or below average. Typically, you will get assigned a credit score by credit bureaus between 0 and 1000 or in some cases, 12000. Different credit agencies will have their own standards when calculating credit rating, after all.
When calculating your credit score, credit agencies will take into stock all the entries in your credit report. This could include current debts under your name, past loan and credit applications, repayment history as well as those instances when you may have defaulted on a loan. When you get a bad credit score, this is generally due to defaults, missed payments, bankruptcy and other past financial missteps you may have committed or even those circumstances that are out of your control.
If you wish to check how much your credit score is, you can always request a free copy from any of the top credit reporting agencies in the country. In Australia, your credit score is considered average if it reaches 550. This means that any credit rating below this is regarded as low and indicates that it is poor or bad.
Bad credit loans— What are they?
A lot of people will generally regard personal loans for bad credit borrowers as something negative. However, they’re just really what they are called— loans intended for borrowers who are unfortunate enough to have bad credit scores. Lenders offering these types of credit instruments tend to look beyond what a borrower’s credit score says and instead look into their current financial situation when deciding whether to let them borrow money or not.
At Loanscout, we are committed to make it financing accessible for Aussies, no matter their credit score especially during their time of need. What we offer are easy and fast loans to anybody, regardless of the state of their credit score.
What can I use bad credit loans for?
Loanscout’s personal loans for bad credit borrowers may be used to finance a variety of expenses. We listed down some of the most common things that most borrowers use their funds for. These are:
- Rental bonds
- Car repairs
- Medical expenses
- Purchase of furniture, appliances and other white goods
- Emergency bills and other unexpected expenses
- Travel costs
- Home renovations
- Debt consolidation
My credit score is 500— Can I still get approved for a loan?
Definitely! Whilst securing approval for a loan when you have a less than impressive credit score is going to be more difficult, especially if you go through the traditional platforms, it isn’t entirely impossible. Our panel of buyers often extend a more lenient hand for borrowers whose credit scores aren’t as spotless. Over the years that we have been in the service, we have managed to assist thousands of customers to get their hands on financing they need when they need it— and that’s despite the sorry state of their credit records.
Does Loanscout carry out credit assessments?
The loans our buyers approve are for all types of borrowers— bad credit or good credit ones. They even offer loans to people with no credit record established yet.
We also carry out credit assessments for those applicants that are deemed eligible for a loan. However it’s important to understand that it’s not the only thing we focus our attention on. Credit checks may be part of the loan evaluation process, but they are not the end all, be all of any loan application. Our panel of lenders look at more than just your credit score when deciding whether to offer you a loan or not. In fact, They will be more interested in your current relationship with money. They will assess your spending habits in relation to the income you are earning and understand that your credit score can be a product of the financial mistakes you made in the past. Our panel of lenders believe that bad decisions you made years ago shouldn’t be enough reason to deny you access to credit when you need it.
Do loan applications affect my credit score?
It’s very likely. This is because every time you take out a personal loan, the lender will carry out a credit check on your credit report. A number of credit checks within a short period of time can easily cause your credit score to drop. When lenders see that there have been several credit enquiries made on your record, then they might construe this as a sign that you are desperate for funds and may choose to disapprove your application.
This is the reason that it is always more prudent to first do a bit of research before applying for any loan. This gives you the opportunity to look around for lenders that offer the highest chances of loan approval.
Can I take out a car loan for bad credit borrowers?
Certainly! If your credit score is poor and you want to get access to a car loan, Loanscout is here to help. Whilst our panel of lenders carry out credit enquiries, note that this isn’t going to be the sole basis of their decision when determining whether they will grant your loan request or not. Car loans for bad credit borrowers are processed with our buyers looking beyond your credit score and into your current relationship with money. This is how they are able to determine whether or not you can afford the repayments for the loan or not
Is it possible to sign up for same-day loans?
Certainly! Loanscout’s loans are aimed to be easy and quick— making them ideal for those instances when you need funds to cover unexpected expenses you haven’t saved up for. if you send in your application during our business hours, it is possible to secure a loan approval within just 60 minutes. What’s even more impressive is that once you get the loan contract signed, the funds could be transferred to your account instantly
Do you offer loans for Centrelink beneficiaries?
If Centrelink payments are your main source of income, it is generally more difficult to secure a cash loan. Luckily, we at Loanscout have a different way of doing things, this means our buyers consider certain governmental benefits as a form of regular income. Provided that you have been getting these benefits straight to your account for at least the last 3 months, we’ll be more than happy to accommodate you.
Note, however, that temporary benefits like Youth Allowance or Newstart/Jobseeker aren’t eligible for this. This is because these are just but temporary benefits.
How can I increase my credit score?
Improving your credit score is something you can do to help increase your chances of getting approved for loans in the future. However, this isn’t something you can do and achieve overnight. However the sooner you start doing things that will help pull your credit rating sup the better. For this to work, you need to do things that will help show that you don’t just have the means to pay back whatever money you will borrow, but also that you can be trusted to repay any loan you take out. This covers credit cards, utility bills, loans, phone bills, and many other financial obligations under your name.
You can also show that you are a reliable borrower by taking out a Loanscout loan. If you get approved for a bad credit loan at Loanscout, all you have to do is make sure that you get your repayments done on time and this can be reflected positively on your credit history.
How do I apply for a loan?
- Send an online application
To start the application process, just scroll up right to the top of the page. Use the slider to input the specific amount you want to borrow. Choose your preferred repayment period too. Choose the ‘Apply Now’ option on the screen. This should then take you to the actual application form. The whole process is very straightforward and should only take you a few minutes to complete. Make sure to pay attention to the details you are putting in and see to it that you are honest in answering the different required fields. Just click on ‘Submit” when you’re done.
- Get evaluated
After you have submitted the form, we will begin working on assessing the application. Once done, we will get back to you along with the outcome. We try to get things as fast as we can so we can get you the outcome at the soonest possible time. In most cases, you may even get an outcome in just an hour after submission.
- Read the loan contract before signing it
If you’re deemed qualified for a loan, a loan contract is sent to you. You’re advised to read what the contract says to know exactly what your rights and obligations are. Pay close attention to the specific loan terms and only affix your signature to the document when you’re happy with the deal you’re being offered. All you need is an e-sign and then just send the form back.
- Get access to your loan funds
After the loan contract is signed with a lender, they will start processing the funds so it can get transferred to you at the soonest time possible. These days, instant transfers are possible so it’s very likely that you will already get access to your cash within a minute.
Different types of loans offered by Loanscout
At present, Loanscout’s panel of lenders offers three types of loans to our borrowers. Whilst fast approval cash loans with no credit checks aren’t part of the products and services we offer, we should still be able to assist you. We offer personal loans in large, medium and small amounts online. Now, you can apply for your referred loans whether you’re at home, in your office or on the go. To give you a better grasp of the different loans we offer, below we have detailed their differences.
- Large loans
– Between $5000 and $10000
– Repayment terms can be between 13 and 24 month
- Medium loans
– Between $2100 and $4600
– Repayment term is from 13 to 24 months
- Small loans
– Between $300 and $2000
– Loans need to be repaid within 12 months
Do I Qualify For Bad Credit Loans?
In order to qualify for a Loanscout bad credit loan near you, you need to meet the following criteria:
- At least 18 years old
- A regular income for at least the last 3 months
- A permanent resident or a citizen of Australia
- A working email address and phone number
- An online banking set up
What Details Am I Expected To Provide?
When applying for a Loanscout loan, you need to provide some personal details in order for the application to move forward. The following details will need to be submitted digitally so there’s no need for you to go through the hassle of copying or printing this information.
- Personal information like your name, date of birth, address, etc.
- Reasons for taking out a loan
- Working email address and phone number
- Online banking details
- myGov information for Centrelink beneficiaries
Increasing Your Chances Of Approval — A How-To Guide
If you’ve had to struggle in getting a loan approval in the past, bad credit loans are choices you might want to look into. Still, it’s a fact that when you have a poor credit record and your credit history reflects how you may have mishandled past borrowings, getting an approval may not be as easy. Still, it isn’t entirely impossible and there are things you can do that will help improve your chances of getting the nod from the lenders.
- Know your current credit score. It is possible to secure a copy of your credit rating from any of the major credit agencies in the country, once in every 12 months. This is free too! You can request a copy from Experian, Equifax or Illion. Once you have obtained your copy, go through the entire entry to ensure that everything is in order. If there are inaccuracies in your credit report, make sure to report this immediately so due corrections can be made.
- Know who the lenders in your area are and choose the best fit. Despite having a bad credit score, it is more than possible to get approved for a loan— provided that you approached the right lender. There are creditors who would be more than happy to offer you a loan, albeit at a much smaller amount, if you’re still in the process of improving your credit score. However, if you intend to refer to traditional banks and other lending institutions, they are most likely going to give you the thumbs down.
- Offer a loan security. This means providing an asset as a security for the loan application. Lenders will view this as less risky on their part because there is an asset which they can repossess and sell to recoup their losses for those instances when you will fail to repay the loan. If you’re worried that you might end up losing the asset attached to the loan, then be assured that repossession is the final resort that lenders can go for when attempting to get a loan repaid.
- Avoid taking out more than you need and can afford. When evaluating loan applications, lenders will check if you have applied for a reasonable loan amount. Reasonable here being a figure that is well within your means to pay back. Also, just because you can qualify for a bigger loan doesn’t mean you should go for it. Always consider your ability to pay the money back when making a decision.
Get in touch with us!
If you have any questions about how loans for bad credit borrowers work, just contact us and our friendly customer service agents will be more than happy to assist you. You can give us a call Monday to Fridays 8am-6pm. Additionally, queries beyond our business hours can be addressed to email@example.com