We get that life and those pesky little money problems go on. And that from time to time, something bad may happen that affects your credit rating and chances of getting a loan.
Bad credit can happen for all kinds of reasons. It may be due to having a low or poor credit rating (yes, it’s all based on a score), whether you have missed repayments on a credit card, had trouble paying your mobile phone bill or made a bad financial decision. However, you may also just be a victim of having a non-existent credit rating, too. Financial institutions, such as banks, want to see evidence that you have made repayments on time, and without a credit history this information isn’t available to them – hence you get a bad credit rating.
But when you need a same day loan with bad credit, can it really impact on your ability to access funds?
The good news is no. There are a range of loan options still open to you if you are in full time employment and meet some other criteria. That’s because it’s all based on your present ability to pay and not on your credit history.
A word of advice first. Before you take any kind of loan, it’s always wise to review your available options carefully and ensure you will be able to repay it.
Bad credit loans can be a bit like a high interest credit card, typically because of a shorter repayment schedule and the risk profile that comes with a bad credit file. But unlike a credit card, where you have the potential to accumulate more debt, once you take out a bad credit loan, you repay it for the period of time agreed to. Or, if you’re having trouble repaying one of these bad credit loans, responsible lenders like Moola can help reschedule your loan to try and create an achievable and desirable solution that works for everyone.
Regardless of your credit challenges, Moola is here to help you get a loan, despite of what your credit profile says. We undertake a comprehensive (yet quick and simple for you) assessment to find the right finance option.
That’s because we believe in second chances and know that people still need instant cash as a loan, even if they have a bad credit rating. Apply online and up to $1000 could be in your back account today.