There are a lot of reasons to be down on your luck.
You may have recently filed for bankruptcy, or perhaps you were out of a job.
Maybe you had some unexpected medical bills to cover, or you went through a divorce.
Any of these catastrophic life events can empty out your bank account and also cost you your good credit rating.
Or perhaps you never had a chance to build up your credit in the first place, and now you need a little help starting a business or paying for an emergency bill.
Whether you have bad credit or no credit, it’s tough to find a loan in Australia.
There are several different types of bad credit personal loans to look into though, depending on what you need the money for. If you do, you might consider applying for a secured loan.
Major banks and financial institutions offer these, which is an advantage, considering that you are not going to be scammed by a company you’re familiar with.
Secured loans are tied to some kind of collateral you own.
It might be a few hundred dollars you have saved, or it could be equity in a car or a house.
Secured loans provide lenders with some peace of mind.
Since they can take your collateral if you fail to pay up on your loan, they are more likely to risk dealing with someone with bad credit or no credit.