Each and every day dozens of inquiries come in from persons looking for a bad credit unsecured personal loan.
Unfortunately such loans simply do not exist. It does not matter if your credit defaults are paid or unpaid, the only type of loan that you may qualify for is a secured loan. Secured loans include home loans and car loans. It is not possible to use your furniture or any other assets as loan security. While applicants with some history of bad credit may qualify for a small unsecured loan – these are normally offered by Payday Lenders and are very much short term.
Personal Loans in Australia are very much a bank product. While they are also offered by some non-bank lenders, there is simply no such thing as non-conforming personal loans. They require full financials and a clean credit history. In fact, as many of our clients have found out – banks will decline a personal loan application if you have been making a large number of loan inquiries. It does not matter that your credit is clean and you have a good job.
Your loan inquiries are reflected on your credit report. Numerous inquiries make you look like an undesirable candidate who has been declined by other lenders. In finance, perception is reality.
Look after your credit history, and it will look after you!