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Bad Credit
Loans
Bad credit for most people means that you cannot get the credit card, bank
loan, or personal loan you want because of your Credit Rating.
In Australia, Bad Credit Loans are the domain of specialist non-conforming
lenders.
While unsecured loans are not available to people with a bad credit history
– there are a number of secured loan options you may wish to investigate.
Even if you have bad credit, if you have a significant asset (house car
etc.) that you are willing to place as collateral against the loan (secured
loan) then you should have no difficulty qualifying for a loan. A secured
personal loan is much easier to get, as the lending institution will have
access to your collateral if you should default, and as such their perceived
risk is much less.
You may still pay slightly higher interest rates than someone with good
credit, but if you can offer a significant asset as collateral, then you
should be eligible for a personal loan.
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