Need cash right now? Have a bad credit score?
If you’re searching for “urgent bad credit loans”, there’s a good chance you’re in this situation.
And you’re not alone. This is a common situation facing many Kiwis, but there’s a perception that if you have bad credit, you won’t get a loan.
As a result, some people turn to dodgy lenders to borrow relatively small amounts of money at very high interest rates.
The good news is that it doesn’t have to be this way.
Loansmart believes no one should be forced into borrowing money from these types of lenders, which is why we work hard to find solutions for all of our customers, no matter what their credit history is.
Keep reading to learn more about credit scores and how they apply to loans, and how you can get an urgent loan even if you have a bad credit score.
Why your credit score can affect your chances of getting a loan
Your credit score is a number that represents your creditworthiness, or your likelihood of paying back a loan. It doesn’t just apply to loans, but any line of credit, including phone, internet and power plans.
If you pay your bills and loan payments on time, your credit score goes up. If you make late payments, or don’t pay in full, your credit score takes a hit.
A low score means a person may have had trouble making loan payments, and so a lender might be cautious about lending to them.
This means a lender may apply higher interest rates, stricter repayment terms, or even reject a loan application outright.
As a borrower, this leaves you in a tricky situation where you might resort to a high cost lender.
While this is certainly an option, there are far better ones.
Find a lender that cares
At Loansmart, our friendly loan advisors take the time to listen to your story and understand your needs.
We’re not judgmental about the reasons why your credit score might be bad, we just want to help you get back on track.
Here’s a recent example from one of our clients, Donna, who needed to borrow $20,000 to further her education.
Donna had some past problems paying her phone and power bills on time, so her credit score was less than great. When she applied for a loan with several lenders, she was declined.
Loansmart listened to her story, where she explained that it was her ex partner, who was responsible for paying the bills, who was actually late with the payments.
Using our network of high-quality, low-cost lenders, we were able to get Donna the money she needed for her course at a good interest rate and on affordable terms.
We don’t want to see people limited because of their credit scores, which is why we take other things into account when assessing a loan application.
If a customer has good, regular income, and enough left over after other expenses, we can usually find a positive outcome for them.
The smarter, faster way to get an urgent loan
When you need an urgent loan, Loansmart has you covered.
When you apply for a loan through us, we can usually get approval within 1-2 hours*, and arrange same-day payout*.
We’re fast because we’re 100% online, so there’s no appointments to attend or pesky paper forms to fill out.
Everything is done digitally, including assessing your bank statements, which you can share with us using our secure online portal.
After you apply using our 2-minute application form, we’ll give you a call to get some more information, and then put your application in front of multiple low-cost lenders.
We’ll come back to you with options, and you choose the one that’s right for you.
More lenders means more chances of approval!
*Subject to responsible lending checks and criteria
