What Are Unsecured Personal Loans?
An unsecured personal loan is a loan that does not require collateral, such as a house or a car, for approval. This means that the lender cannot repossess any of your personal property if you are unable to repay the unsecured personal loan.
In this case, an unsecured personal loan is considered by the lender to be a greater risk. As a result, lenders may charge higher interest rates or offer lower borrowing amounts for unsecured personal loans than for secured personal loans.
Can You Apply for Unsecured Personal Loans with Bad Credit?
As there is no collateral, lenders of unsecured personal loans usually grant these loans based on your creditworthiness. Therefore, applying for an unsecured personal loan can be difficult if you have a poor credit score.
However, this does not mean that you cannot find unsecured personal loans for bad credit. There are still lenders who cater to borrowers with bad credit and are willing to provide them with unsecured personal loans. They usually do not require you to have a good credit score, but rather a stable income and accurate identification information.
As long as you can prove your ability to repay the loan, you are likely to secure an unsecured personal loan even with bad credit.
Do You Qualify for a Bad Credit Unsecured Personal Loan?
To apply for a bad credit unsecured personal loan, you will need to meet the following criteria:
- You must be an Australian citizen/resident
- You must be 18 years of age or older
- You must have a valid bank account
- You must have a regular source of income sufficient to cover your monthly payments
- You must provide accurate contact information, including a phone number and email address
Is it Possible to Get Bad Credit Unsecured Personal Loans with No Credit Checks in Australia?
No, although lenders of bad credit unsecured personal loans do not decide to give you a loan based on your credit, they will still carry out a credit check.
Thankfully, most of them only carry out soft credit checks, which are primarily aimed at confirming your identity and ensuring that you have no other outstanding debts.
How Can You Obtain Bad Credit Unsecured Personal Loans Fast?
The best way to get a bad credit unsecured personal loan instantly is to apply online. By doing so, you won't have to spend a lot of time visiting lenders, standing in long queues and filling out tons of paper forms.
And WeLoans comes in handy when people find that finding a trustworthy lender online can also be time-consuming and difficult. We connect borrowers with dependable and reputable lenders across the country. To get a bad credit unsecured personal loan fast with WeLoans, simply follow these simple steps:
- Fill out our online application form. You should submit some basic information about yourself and your financial situation. After submission, the request form will be automatically sent to our network of lenders.
- You will receive multiple offers from some willing lenders. Compare the offers with the interest rates, loan terms, and fees. Choose the most suitable one and sign the loan agreement with the lender.
- You can then receive your money in your bank account quickly, usually in as little as 24 hours.
Tips to Get Bad Credit Unsecured Personal Loans with Very fast Approval in Australia
Want to get very fast approval for a bad credit unsecured personal loan? Here's what you should keep in mind.
Don't Apply for Too Much Money
Apply only for the amount you can afford. In deciding whether to approve your application, lenders will consider your ability to repay. Applying for more than you can afford to repay will be seen as risky by the lender and may make it more difficult for you to be approved.
Early Bird Gets the Worm
Try to submit your loan application early in the day so that the lender can process your application during working hours. Otherwise, you may have to wait until the next business day to hear back from the lender.
Prepare the Necessary Documents in Advance
Have all your documents on hand. Some lenders may require you to submit certain documents, which may include your proof of identity, proof of employment, bank statements, etc.
FAQs
How Fast Can You Get Unsecured Personal Loans for Bad Credit?
Once the agreement is signed, it can take anywhere from a few minutes to a few days until you receive your money, depending on the lender. Typically, you can expect to get money within one business day when applying with WeLoans.
Can You Still Apply for Bad Credit Unsecured Personal Loans When Unemployed?
Yes. Some of our lenders do not require you to earn your income from your job and offer loans for the unemployed. If you can provide another source of consistent income, such as Centrelink payments, you can still get a bad credit unsecured personal loan.
Are Unsecured Personal Loans for Bad Credit Safe?
Yes. When applying through WeLoans, you can rest assured that you are getting a secure bad credit unsecured personal loan because we only work with reputable and trustworthy lenders.