Bad Credit Loans Sydney

One of the first criteria lenders consider when they look at a loan application is the applicant’s credit score. A good credit score would increase the lender’s confidence in you and get you a reasonable deal. However, if you have a bad credit score, most lenders would try to stay clear of you or charge higher rates for the loan. This is because they believe you’re a higher risk and might not be able to pay back their principle and interest. You’re not alone because thousands of Australians have poor credit and require financial assistance. At EZY Vehicle Finance, we recommend getting bad credit loans.

What is Bad Credit?

Financial institutions are connected to each other, and can share vital information about customers. Every individual who has ever owned a credit card or borrowed money from financial institutions has a personal record. If they pay back their debts on time and consistently, they have high credit scores. But if they regularly default, have filed for bankruptcy, have multiple credit files, or excessive enquiries, their credit score can be bad. That would make banks and lenders very reluctant to give you any money. However, this doesn’t mean you can’t get any financial assistance at all.

Types of Bad Credit Loans

Many financial institutions in Australia offer great bad credit loans that aren’t riddled with hard conditions and high interest rates. We will find the most suitable loan deals for your requirements and help ease your financial burden. There are two types of loans you can choose from:

  • Secured Bad Credit Loans – In secured bad credit loans, you get finance against a valuable asset that doesn’t have any liens on it. Most lending institutions are more willing to offer secured bad credit loans than otherwise because they can still recover their principle and interest by selling the asset if you’re unable to pay back the loan. In certain situations, this loan is a good option for you and our financial experts will help you decide.
  • Unsecured Bad Credit Loans – As the name suggests, this loan isn’t secured by collateral and will offer lower loan amounts. Most lenders are quite reluctant to offer unsecured bad credit loans but there are some institutions out there that do. For example, if you need to pay off debt and reduce the burden of interest, you can apply for government-backed debt agreements and get an unsecured loan.

For All Kinds of Expenses

We can find bad credit loans to finance all kinds of expenses and some of them are listed below:

  • Home and commercial property repairs and renovations.
  • Holidays
  • Business expenses and obligations
  • Debt consolidation
  • Vehicles for commercial or personal use

With us, you get straight-forward and honest advice from compassionate consultants. We won’t judge you for your financial situation and will help in every way we can. If you want to know more about bad credit loans available at EZY Vehicle Finance, don’t hesitate to contact us through this form. You can also apply directly through this application form or call us at 1300 793 900.