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November 27, 2020

Acquiring a Loan Despite Having a Bad Credit Score

Bad credit loans are usually required once you have a bad record with your past payments, it can put a limitation on your life future transactions since most businesses are checking your capacity to pay based on your payment history. Here in Magic Loan, we understand that having a bad credit score in the past might be a result of an unavoidable situation over which you have no control. We will not use your credit score to further aggravate your unlucky situation as we practice human compassion. That’s the perfect time that a bad credit loan can be of great help. We allow borrowers to have a $10,000 credit loans maximum without any hassles.

Bad Credit Loans

Loan Types

A bad credit loan has 3 types. Below are the loan type and the corresponding amount range intended for each type.      Loan                  Type Amount                      Term     Small                  $300 – $2,000                       12 months     Medium              $2,100 – $4,600            13 – 24 months     Large                  $5,000 – $10,000           13 – 24 months  

Application Procedure

  1. Fill-up the online application. For faster transactions, Magic Loans provide an online application form to make it convenient and easier for borrowers to submit a payday loan application. Give your correct data as these details will be used and to avoid future conflict. 
  2. Evaluation. After submitting your online application, you will get the result in an hour.
  3. Read and sign the agreement/contract. If your loan application is approved, we will send you a contract that you need to read and sign. Ensure that you have fully understood the agreement found in the contract. Once done, you need to send back the contract to us
  4. Get your money. Upon receiving the contract with your sign, we will send you the money through instant transfer direct to your account. You will receive it as fast as 60 seconds.

Bad Credit Loans Eligibility

For you to be qualified for a bad credit loans, you should comply with the following:

  • Ages 18 years old and above
  • A permanent resident or Australian citizen
  • Has a regular income in months
  • Must provide a phone number including an email address
  • Has an online banking set-up for online money transfer.

Personal Requirements

There is personal information that Magic Loan requires from the borrowers in processing their bad credit loan application that they need to submit online. Here they are:

  • Your details such as name, address, birthday, etc.
  • Your contact information such as your phone number including your email address.
  • The purpose of your loan
  •  Your myGov details when you have Centrelink benefits
  •  Employment records and online banking details

FAQs on Bad Credit Loans

If you want to know more about bad credit loans, we have compiled the Frequently Asked Questions (FAQ) below that can also help and guide you in answering your questions.

What does it imply in case you have bad credit?

Bad credit means you have a bad credit score. A credit score is a number from 0 to 1200 that is calculated by the credit bureau.  Each score has a piece of credit information that contains previous credit or loan applications, repayment records, present debts, and defaults. Therefore, a bad credit score is due to delayed or non-payment, bankruptcy, defaults, etc. In Australia, 550 is the average credit score. So, it means that a below 500 credit score is already viewed as bad credit.

How would I know my credit score?

You can request a free yearly copy of your credit report to check and know your credit score rate in the following credit reporting bureaus:

  • Ilion (previously known as Dun & Bradstreet)
  • Equifax (originally named Veda)
  • Experian

Bad Credit Instant Cash Loans

What is a bad credit loan?

Negative as it sounds, but a bad credit loan is a positive one. A bad credit loan is a loan for those who have a bad credit score. This means that the lender will assess you on your current financial status and not from your bad credit score in the past months or years.

Who can apply for a bad credit loan?

Here at Magic Loan, we allow all Aussies to apply for an instant cash loan. We provide quick and hassle-free cash loans to anyone whether they have a good financial status or a bad credit score.

Is there a credit check when you apply for a bad credit loan?

Yes. We perform a credit check on all eligible applicants and contact them to comply with the responsible lending obligations implemented by ASIC. This is only one of the procedures that we perform in our fair evaluation and review process. We only check and focus more on the spending habits and present financial status of the borrower. 

How long will it take to get the money from the loan?

Getting a loan at Magic Loan is fast and easy. The majority of approved best applicants were able to get money within the day right after they apply. But this will depend on other factors such as the day you applied. During business hours, a loan application can only take an hour, and once approved, you can take your money in a minute via instant transfer.

Uses of Bad Credit Loan – Get Help

You can use your loan for whatever purpose you may have. On the other hand, if you don’t have any idea on where to use it, below are the things to where you can use your bad credit loan:

  • Vehicle maintenance
  • Leasing bond
  • Furniture or goods purchases
  • Healthcare fees
  • Travel expenses
  • Emergency expenses
  • Debt payments
  • Property restoration

Ways to Improve Your Bad Credit Score Status

 It will require some time to boost your credit score. Fortunately, there are some ways and tips on how to achieve it.

  • Pay your bills on time or before their due date
  • Pay all of your credit balances
  • Reduce your balances on your credit cards in months
  • Control the number of your loan applications
  • Always look at your credit report and search for errors to resolve them instantly

Speak to Us!

Magic Loan is happy to answer all of your questions regarding bad credit loans. You can contact us through our customer support department during business hours, Monday to Friday for a prompt reply to your inquiries, concerns, etc. Also, feel free to check our website http://magicloan.com.au for more information.