Is It Possible to Get a Bond Loan With Bad Credit?
A bond loan, sometimes called a moving-house loan, can help you cover the up-front costs of moving into a rental apartment or house, such as the rental bond or agency fees, etc, and the good part is that usually, bond loans do not have any interest or hidden fees.
When you need a bond loan and you have a bad credit history, this will certainly count against you because it increases the risk to the lender. However, some lenders and financial institutions will look at your overall financial situation to see if you can afford to repay the bond loan as well as cover your regular household expenses.
One way to find lenders who can help with bad credit is to use an online broker such as WeLoans, which has a network of lenders specializing in all types of loans including bad credit loans, quick cash loans, payday loans, etc.
Where Can I Apply for Bad Credit Bond Loans?
Banks
Surprisingly, many banks will consider bond loans for borrowers with a poor credit history. Rather than reject their loan applications, most banks will look at their recent financial conduct, their current employment status, and their regular income, especially if they have made efforts to repay any old outstanding debts.
If it looks like you have taken steps to improve your position and you can afford to repay a new loan, a bank will probably approve a bond loan regardless of your bad credit.
Lenders
There are many loan companies that specialize in lending bond loans to people with bad credit, but of course, the challenge is to find the right one. This is where a loan broker such as WeLoans comes in handy because we know the lending scene and have a variety of lenders in our network who can help especially in an emergency situation.
With just one simple online application we can connect you with multiple lenders who will present loan offers that you can consider at your convenience, to find the right one for your situation.
How Can WeLoans Help Me Find an Easy Bond Loan for Bad Credit?
WeLoans can connect you directly with the right lender, and since you have already filled out a simple application form on our website, most of the loan application is already done, and you just need to compare loan offers. Once you agree with the terms and conditions you can sign everything digitally online, and the whole process is finished.
The funding part is also fast. You can often get the money into your account on the same day you apply. When you are moving house you need to get the money quickly so you can start packing, so it makes sense to work with lenders offering fast funding.
How Long Should an Emergency Bond Loan Be Repaid?
Short-term lending such as bond loans in Australia can be very flexible. For example, if you just need to borrow until you get your bond refunded from your previous rental, you can opt for a loan term of a few weeks or a month, and pay it off in a lump sum.
In other circumstances, especially for a larger amount, or for first-time renters, you can spread the payments over a longer period, making it easier on your monthly budget. Also, there are no early repayment fees, so you can decide when to pay off the loan without any hassle.
Which Moving Expenses Are Covered by a Bond Loan?
Bond loans do not need to be secured against collateral, so they are very flexible. As well as covering the rental bond you can also use a bond loan for other removal costs, for household appliances and furniture, or even for rent in advance.
What Are the Minimum Requirements for a Rental Bond Loan?
The requirements for a bond loan are very simple. To qualify for a bond loan, you just need the following:
- You have to be a minimum age of 18 years.
- You need to be an Australian resident.
- You have a regular income deposited in your account for at least the previous 3 months.
- You have a valid mobile phone number and email address.