Can I Get A Consolidation Loan With Bad Credit?
Yes, you can get a debt consolidation loan with bad credit in Australia. Unlike traditional lenders, private lenders are typically more flexible with bad credit. Particularly lenders who offer small loans and secured loans (loans that use collateral, like a car). These lenders often use alternative assessment methods, looking beyond your credit score to consider your overall financial situation. This might include your recent income, expenses, employment stability, and any adverse listings on your credit file.
For example, if you have missed a few payments here and there in the past, you may still qualify. However, if you have an active bankruptcy listed on your file, it will be a lot harder to find a lender you will be eligible to borrow from. That’s why lenders need to check your credit report even if the main focus is not your credit score.
During the assessment process, the lender will review the debts you would like to consolidate. This could include credit card debt, personal loans, or any other expenses you would like to pay off. Sometimes a lender will pay off those debts directly, while other times they may give you a lump sum to manage the payment yourself.
If you meet the eligibility and lending criteria, and the loan amount is enough to cover your existing debts, you can get a consolidation loan, even with bad credit.
For a full breakdown of the steps involved, visit: How to Consolidate Debt with Bad Credit
How to get a debt consolidation loan with Swoosh Finance
- Complete an online application in minutes!
- We review your application instantly.
- Once you’ve electronically signed the contract, we’ll send the money directly to your bank account!
