Bad Credit Loans

Do I Qualify For Bad Credit Payday Loans? There’s One Way To Find Out

Are you looking for bad credit payday loans to help you manage a financial crisis? Before you get a loan, you should understand the process of getting one. The options are payday loans (which are temporary loans that can get you through to your next paycheque), or personal loans from a bank. Which type you likely qualify for will probably have something to do with your credit score. Regardless of which type of loan you want, it makes sense to apply through Perfect Payday. We can help match you to a loan that fits your needs, as well as your credit.

What are Bad Credit Loans?

While bad credit loans may appear to be complex, they are very simple after you have looked over their features. First, they are considered small loans. They are generally repaid in a short period of time. You can usually get a bad credit loan quickly and have it repaid within a few weeks to a few months. Most importantly, you can get this type of loan if you are employed (where credit checks are not the most important part of the application process). In other words, lenders of bad credit loans are more interested in your ability to repay than your credit score.

Who is Perfect Payday?

Perfect Payday is one of Australia’s largest loan introduced. In other words, we are a service that matches lenders with people who wish to borrow money. Simply put, we connect you to a lender who is willing to lend money to you. We are not the lender. We try to work with potential borrowers to match them to a lender who can potentially give them a loan that suits their needs.

How Fast are Bad Credit Loans?

If you apply for a loan during business hours, we may be able to match you with a lender the same day. All you need to do is submit a simple application that only takes minutes to complete. Click the apply button at the top of this page to get started with applying for your loan.

Can We Help You Get a Bad Credit Loan?

If you have bad credit, you may have experienced difficulties in qualifying for a loan in the past. The worse your credit is, the more difficult it may be to get a loan. That is why it makes sense to apply with a loan introducer, such as Perfect Payday. We have many lenders we work with in sourcing a potential lender who is willing to work with you. While you may submit an application with a direct lender and only receive a “yes” or “no”, our service puts gives you a potential of many “yes” results, increasing your chances of getting a loan.

The Next Steps to get a Bad Credit Loan

Are you unsure what to do? Submit an application with Perfect Payday and make your decision by the loan we can match you with. One of the advantages of getting payday loans is they can typically be issued quicker than conventional types of loans. This can be helpful if you are in the middle of a financial crisis and need immediate funds.

What Can I Use A Bad Credit Loan For?

You can use the loan to cover small expenses, buy groceries or for whatever other immediate financial need you may have. This type of loan typically requires a high-interest rate, and therefore should not be applied for unless it is for an emergency. Because they are usually repaid in a short period of time (when you receive your employment cheque or Centrelink payment), and require such a large amount of interest, using them outside of an emergency is not a fiscally wise thing to do.

Are Bad Credit Loans Available For Emergencies?

Because of the high interest, those who get payday loans are usually doing so because of a financial crisis. If you feel overwhelmed by an emergency that requires cash immediately (prior to receiving your next paycheque), consider applying for a loan from Perfect Payday. Your application will be reviewed and you will receive a near-instant response to your loan inquiry. Emergency bad credit loans may be made for amounts up to $2,000 that can be repaid short term. You can typically receive this type of loan for a duration of a few weeks to a few months. The money to repay the loan will typically be taken directly out of your bank account.

Can I Get A Loan If I Am On Centrelink?

You could potentially get a loan if you are on Centrelink payments. Some of the lenders we work with consider Centrelink as a form of income that they will consider as assisting your ability to repay a loan. While a Centrelink loan is not guaranteed, we encourage you to submit an application if you are on Centrelink income. Our lenders will then assess whether your requested loan amount is affordable in your situation. Apply for a loan on Centrelink today with Perfect Payday.


Qualifying For a Loan with Bad Credit

Most lenders assume that those who apply for a payday loan may have bad credit. This alone is not enough to disqualify you from getting a loan. Lenders are interested in your ability to repay and whether you are employed. If you are currently receiving income (from a job or from Centrelink payments), a lender may be interested in giving you a payday loan.

What Factors Are Considered When Applying for a Loan?

Factors include how much your income is, how big your expenses are, and what type of credit you have. If you have bad credit, it may lower the amount you qualify to borrow or increase the amount of interest you need to pay. Everyone’s situation is unique. If you are employed and have an income that will allow you to comfortably repay your loan, you may be given a loan even if you have bad credit.

What is Bad Credit?

Everyone who has borrowed money has a credit file. This file is specific to each borrower and reflects information about how you have repaid loans in the past. It also states whether you have defaulted on a loan, or have paid it late. This is called your credit report, and lenders will potentially request your credit report depending on how much money you are requesting. This will assist them in assessing whether you can be trusted to repay a loan. If you have bad credit, some lenders may determine you are not worth the risk, while others will consider lending at elevated interest rates.

Following is a list of information that may be found in your credit history. If any of the following exists in your file, a lender may view it negatively.

  • Bankruptcy
  • Defaults (refusing to repay)
  • Missed payments
  • Late payments
  • Court judgements relating to debts
  • Whether you have requested many credit enquiries in a short period

Do I Qualify To Apply for a Loan through Perfect Payday?

We are understanding of people who urgently need to borrow money to resolve an immediate financial crisis. If you have bad credit but still need an urgent loan, we encourage you to apply and we will do our best to match you with a lender. Following are the requirements to apply for a loan with Perfect Payday.

  1. You should be 18 years or older.
  2. You should be an Australian citizen or be a permanent resident.
  3. You should have an email and a phone.
  4. You should have internet banking with at least three months of banking history.

What Criteria Are Lenders Looking For?

Every loan is judged individually. You may be wondering whether you can qualify for a loan based on your level of income or how bad your credit may be. Following are things which may be used to decide whether you qualify for a loan. These are the factors that make a lender feel confident in issuing a loan to you.

  • Creditworthiness: This is the likelihood that you will repay the money you borrow. This is usually assessed by pulling your credit report.
  • Income: Lenders want to verify that you have income so that you can repay the loan you get. The amount of income you receive should be sufficient to repay the loan amount your request.
  • Expenses: You should have money left over after all your monthly expenses are accounted for. Having lower monthly expenses will increase the chances of getting a loan.
  • How much and repaid by when?: Lenders will increase their standards as the amount you wish to borrow increases. Lenders who may not require a credit check if you borrow a smaller amount may require one if you request a larger amount.

What Type of Income Qualifies Me For a Loan?

Income criteria will be assessed differently depending on which lenders are interested in your loan. We work with many lenders who have different criteria for what constitutes income. Some lenders will require that you be employed, while others may accept Centerlink payments as income. Other things that may be considered income are sources of income that are not considered employment, such as receiving court-issued payments from lawsuits, government benefits or other types of regular income that are not from being employed.

The main concern that lenders have is that you can repay your loan. If you have high expenses you may not qualify for a loan, even if you have a high income. Factors such as credit score and how much you intend to borrow.

Why Apply For a Loan Online?

It has never been easier to apply for a loan. Conventional loans require you to visit a bank and submit documents, often taking multiple trips and being inconvenient. Submitting a loan application through Perfect Payday can be completed within minutes from the convenience of your home. The loan amount, if your loan request is funded, will be made directly to your bank account.

By submitting to Perfect Payday, your loan application is evaluated by multiple lenders. However, only one credit report is requested. This is important because multiple requests for credit reports can reflect negatively on your credit. By applying for a loan through Perfect Payday, you have increased chances of getting a loan because your request is evaluated by multiple lenders, but enjoy the benefit of having only one credit report pulled (and in some cases credit may not be pulled).

If you are looking for a no credit check loan because you are concerned that multiple credit reports will decrease your credit score, take comfort in knowing that at most your credit would be pulled one time when applying for loans through multiple lenders when you submit your application here.

Bad Credit Loans Australia Guaranteed Approval

Many Australian consumers are interested to learn more about bad credit loans Australia guaranteed approval. Who doesn’t want to get an assurance that your loan application will be approved, right? Although Perfect Payday doesn’t offer any loan products, we may be able to match you with a lender that offers bad credit personal loans.

What do I need to know about Perfect Payday?

Perfect Payday is a Brisbane-based lender-finder service. Our goal is to connect Australian consumers with credit providers easily and conveniently.

We want to help as many consumers as possible in finding a quality lender that can give them the loan they need. Consumers who are receiving government benefits as well as those who have bad credit are welcome to apply.

We will try to connect you with a lender that offers personal loans that range from $300 to $10,000.

What are loans for customers with bad credit?

Perfect Payday works with a network of lenders offering unsecured bad credit loans of as much as $2,000. In terms of their repayments, borrowers have to settle the loan for up to 12 months. If the loan you need is more than $2,100 but less than $10,000, you should consider taking out a secured loan. The repayment terms of this form of credit are within 13 to 24 months. Since these are secured loans, you are expected to attach an asset like a boat or car, as security against the loan.

Use Perfect Payday’s lender finder service if you need help in finding bad credit loans Australia guaranteed approval. You can submit an online application any time of the day and any day of the week. However, lenders follow their own operating hours and that’s why if you submit an application outside the normal operating times, you won’t get an outcome until the next business day.

Consumers, even those with bad credit, can complete an application online in just a matter of minutes. We’ll do our best to pair you with a bad credit lender, but we can’t give you a 100% guarantee that we’ll be able to do so. Whether you are a Centrelink recipient or have a poor credit score, Perfect Payday will do its best to help you.

What are you waiting for? Apply now!

What do I need to know about guaranteed approval of bad credit loans?

In most cases, those who need bad credit loans Australia guaranteed approval are consumers who have a poor credit history and need cash right away. Securing a guaranteed approval gives you that peace of mind that you’ll get the cash you need.

At Perfect Payday, we understand that it’s great to be offered some level of reassurance. But, we work only with responsible lenders. Because of that, we cannot give you the bad credit loans Australia guaranteed approval that you’re seeking.

Our network of lenders understand how hectic life can be in Australia. Aside from the everyday pressure at home and the office that you have to deal with, facing financial troubles could make your situation a lot worse. We know how it feels because we’re just everyday Aussies, too.

If you are struggling to make ends meet and you’re faced with an unexpected expense, you most likely don’t have spare cash to cover the cost. In situations like these, you need the help of a lender and that’s where Perfect Payday can help.

How I know if I can apply for a loan?

There are some requirements you need to meet before you can use our lender-finder service. We want to help as many consumers as possible and that’s why we’ve kept the criteria to a minimum. In order to proceed, you need to:

  • Be at least 18 years old
  • Be a permanent resident or citizen of Australia
  • Have a working email address and personal mobile number
  • Have been receiving regular income into your personal bank account over the last 90 days

If you meet these requirements, then you can go ahead and use Perfect Payday’s lender-finder service.

What do I need to have when applying for bad credit loans?

Our lender-finder service is very easy to use. If you’ve been paired with a credit provider successful, you will be asked to provide a few important details. Here’s what you need:

  • Personal contact information
  • Reason for your loan application
  • Online banking details
  • myGov details if you are receiving government benefits
  • employment details

Make sure to have all these ready for a smoother application process.

Are bad credit loans Australia guaranteed approval safe?

Lenders that offer advertising guaranteed loans no matter what Australia are going against the rules set by the government for responsible lending.

A few popular forms of credit that are offered with guaranteed approval are as follows:

1. Guaranteed Loan

  • bad credit personal guaranteed
  • payday loans guaranteed approval Australia
  • bad credit cash loans guaranteed approval Centrelink

Legitimate alternatives to guaranteed loans

  • Bad credit personal loans
  • Payday loans
  • Cash loans for people on Centrelink

Case Study – Harriet Turns To Guaranteed Approval

Harriet is living a busy life juggling her studies and work. She’s been able to manage her finances off her annual income of $20,000.

Having a tight budget, Harriet can’t afford any unexpected expenses but she discovers that her laptop isn’t working. So, she has no choice but to find a way to get additional cash right away.

She searched the web for guaranteed approval loans. When her friend learned about her plans, she asked her to do more research before signing up for anything. Harriet followed her friend’s suggestion and tried to find out as much as she can about personal loans on Moneysmart’s website.

After doing her research, she decided to drop her plans of taking out guaranteed approval. Instead, she looked for a short term lender and took out a small personal loan of $1,000. She was given 12 months to repay the loan so she was able to fit it into her regular budget. Thanks to this form of credit, Harriet was able to have her laptop repaired, which means she didn’t have to miss any assignments.

How do I use Perfect Payday’s service?

Perfect Payday’s lender-finder service is very easy to use. It’ll only take you a few minutes to complete an application.

Do you want to know more?

Step 1

Head over to our website and find the loan calculator where you can enter how much you wish to borrow and your desired repayment terms.

You’ll then be provided with an estimate of how much you’ll be paying weekly, fortnightly, or monthly basis. Just remember that this is only an estimate. The lender will have the final say regarding your repayment terms.

Then, you’ll proceed to our online form. Just complete the form with all the information required and you’re all set.

Step 2

This is where we come in. After you click on “submit,” we’ll take over and scan through the different loan products that may be suitable for your needs. It’s possible for you to get an outcome within a few minutes provided that you apply during normal business hours.

Step 3

If we’ve successfully paired you with a credit provider, the lender will get in touch with you directly. You’ll be communicating directly with each other moving forward.

Your credit provider will do its own assessment. If you receive a digital loan contract, then it means the lender has approved your loan.

Read and understand the contract carefully. Don’t approve anything unless you are satisfied.

Meanwhile, how long you can access your funds will have a lot to do with the inter-bank transfer times. If you approved your loan contract outside the lender’s normal business hours, then your funds won’t be transferred to your personal account until the next business day.

What are the upfront costs?

It’s undeniable that many short term lenders have been criticized due to their misleading fees and costs. Although there are some credit providers that are not transparent about their charges and fees, there’s no need to worry about this when you’re using our lender-finder service.

If Perfect Payday managed to pair you with a lender, all the charges and fees will be detailed in your digital loan contract. Just remember that lenders have their own way of calculating the costs of loans.

You’ll see all the details on the loan contract that your lender will be sending you if you’re loan application has been approved. Make sure that you read through everything. Pay close attention to the repayment terms, changes and fees payable.

If you are unsure or if you have any questions about your loan contract, make sure that you call your lender. They will be able to explain everything to you.

What are bad credit loans Australia guaranteed approval?

Generally speaking, credit providers will evaluate your loan application. They will assess your credit score, employment status, expenses, and income.

However, lenders that offer guaranteed loans no matter what Australia won’t look into any of these. They will automatically approve your application regardless of your current financial circumstances.

This form of credit may seem tempting at first but you should be very careful. These lenders don’t follow responsible lending practices and could very well be a scam.

What’s the problem with bad credit loans Australia guaranteed approval?

You should stay away from lenders that offer this form of credit. According to Australian laws, it’s illegal to provide a guaranteed approval to any loan.

All credit providers should follow responsible lending practices as detailed in the third chapter of The National Consumer Credit Protection Act 2009.

These lending regulations were made so that lenders do not offer financial advice or credit contracts that are not suitable for the borrower.

Examples when a loan contract is unsuitable for the borrower:

  • The consumer will be unable to meet the repayment terms; or if they do, they’ll struggle financially
  • The objectives and requirements of the borrower are not met

What are considered as responsible lending practices?

The point of these rules is to make sure that the loan products offered to consumers are suitable for their own circumstances.

In order to meet these requirements, there are three steps that lenders need to follow.

  1. Lenders must evaluate the applicant’s financial situation.
  2. Lenders must verify the applicant’s current circumstances.
  3. Lenders must assess if the credit contract is suitable for the consumer.

Therefore, any credit provider that is offering bad credit loans Australia guaranteed approval isn’t following the guidelines set by the government. It’s most likely that these credit providers are untrustworthy.

Visit the ASIC’s website to get access to a full copy of the regulatory guide.

What are the factors that the lenders will evaluate?

What do reliable lenders evaluate when you apply for a loan? What will they assess in your application?

Here are the factors lenders will take into account:

  1. Credit report
  2. Bank account
  3. Employment status
  4. Income and expenses
  5. Centrelink income

Credit Reports

Credit providers will evaluate your credit report.

It contains details about your previous financial transactions. Your credit report contains information about your borrowing history.

It contains the following details:

  • Your personal information
  • Details of the credit cards that you currently have
  • Any arrears that are past due but you managed to settle
  • Other overdue loans and defaults
  • All the loans you applied for
  • Repayment history
  • List of credit companies that requested a copy of credit report

Bank Account Statements

Lenders need to determine if you can afford to repay your loan. In order to do this, they will request a copy of your bank statements.

Some credit providers ask for hard copies of your bank statements. While others do so online. However, in order for the lender to access your digital banking statements, you may have to provide them your online banking details.

Employment Status

Credit providers also need to verify that you are employed.

Some lenders perform credit checks. This could mean calling your employer to ask about your employment status.

Income and Expenses

If you earn a sizeable amount of cash, your loan application may still be denied if the lender proves that you have high expenses.

The bank statements will help lenders evaluate your income and expenses.

What should I do if I receive an offer for a bad credit loans Australia guaranteed approval?

It’s possible that a guaranteed approval loans offer is a scam. The lenders that are offering such type of credit are most likely less than reputable.

You need to verify if the lender is legitimate by checking if they are listed with ASIC or Australian Securities and Investments. You’ll also find the list of firms that you should stay away from.

If you believe that you are being scammed, stop all contact with the lender and inform the ASIC right away.

Does a legitimate emergency loan with bad credit exist?

Yes, of course!

There are credit provider that offer bad credit loans to those who are on Centrelink. Generally speaking, these credit providers will check if you can manage to repay your loans along with your regular expenses using your Centrelink benefits.

Is it ok to accept a lender’s offer for guaranteed approval bad credit loan that’s worth $5,000?

As we’ve mentioned earlier, you should stay away from lenders offering guaranteed approval loans.

Stop any form of contact once they tell you that they will approve your loan no matter what.

This could possibly be a scam. Get in touch with ASCI right away and report the lender.

Can Perfect Payday help me find bad credit loans Australia guaranteed approval?

Unfortunately, the answer is no. What we can do instead is find a legitimate lender that may offer the loan you need.

Perfect Payday has designed a 100% online system that gets to work once you’ve submitted your loan application. Our system will scan through different types of loan and try to pair you with a lender that may give you the loan offer you need.

Through our service, you will have the peace of mind that you’re working only with licensed and legitimate lenders. You may even be approved for as much as $10,000 on your loan.

You can rest assured that the lender you are matched with follows responsible lending practices and will never offer bad credit loans Australia guaranteed approval.

Can Perfect Payday help me find loans with guaranteed approval?

Perfect Payday’s network of lenders do not include those that offer guaranteed approval. Instead, we’ll pair you with a credit provider that offers personal loans.

Perfect Payday works with trusted lenders offering personal loans of up to $10,000. You can choose between unsecured loans and secured loans.

Small personal loans – unsecured loans ranging between $300 and $2,000.

Medium personal loans – secured loans ranging between $2,100 and $4,600.

Large personal loans – secured loans ranging between $5,000 and $10,000.

Bear in mind that repayment terms vary from one lender to another.

Where can I get fast loan if I have bad credit?

You still need to avoid dodgy lenders even if you have bad credit and you are in need of fast cash.

Use Perfect Payday’s lender-finder service. We’ve created a system that simplifies the application process.

You might even get an outcome in a matter of minutes. But, you’ll only get a faster outcome if you apply during normal business hours.

You’ll hear from a lender once we’ve successfully paired you with one. Your loan application may be processed quickly but this will depend on the credit provider you’re paired with. How long you can access your funds will depend on several factors including inter-bank transfer times.

Which lender is best for bad credit?

We can’t really say which lender you should deal with if you have a bad credit. Every credit provider is different. Simply put, what you might consider as the best option may not be the case for a different provider.

Perfect Payday will match you with a credit provider that may help you with your financial objectives. You will have peace of mind knowing that you won’t be matched with a lender that offers guaranteed approval loans.

The lender that Perfect Payday pairs you with will perform their own evaluation of your loan application.

Will you keep my information safe?

Of course!

Perfect Payday has teamed up with Comodo and McAfee to keep your information safe. We value your privacy as well as the safety and security of all the information you give us.

How do I repay my bad credit loan?

Repaying the loan is easy. Your lender will set up a direct debit on your personal account so that repayments are made automatically and right on schedule.

The direct debits will be stopped once you’ve fully repaid your loan. It’s that easy!

What do I do if I can’t afford to pay back my bad credit loan anymore?

Life is full of surprises. Anything can change at any time. So, if something happens and your finances are significantly affected, you should get in touch with your lender right away.

Are there any restrictions to how I use my loan?

Personal loans can be used for different purposes.

You can use the personal loan to cover your rental bond. This will help you move into your new home right away.

Personal loans can also be used to cover your travel expenses. Are you planning to go on a holiday? Do you need to travel to another state? A personal loan may just be what you need.

Do you need to have your car repaired? Do you need a net set of wheels? Why don’t you take out a car repair loan? After all, car repairs can be expensive. A personal loan can be your best option.

Whatever purpose it’ll serve, a personal loan is one of the best ways to get additional cash.

Stay away from guaranteed approval!

Use Perfect Payday’s lender-finder service to find a legitimate lender.

You can also check out our FAQs page if you have other questions.

About the Author

Lucy has over a decade of experience in finance. She is currently the content curator here at Perfect Payday.

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