BAD CREDIT LOANS INFORMATION

Bad credit loans offer an alternative for people who may have problems getting regular personal loans from the bank. Find out the basic facts below...

        

What is a Bad Credit Loan?

A bad credit loan is a loan that you can apply for even if you have been turned down for a regular personal loan in the past. We all have a credit rating regardless of our social or financial status; if yours is not good enough to get you the loan that you need, then a bad credit loan can be a useful alternative.

Bad credit loans are offered by many lenders in New Zealand, primarily independent companies rather than mainstream banks. They will provide loans even to those people who have a bad credit rating, and may offer personal loans for any purpose as well as other bad credit loan types (such as car loans).

How Much Can I Borrow?

This depends on the lender. Typical loan amounts will range from $500 to around $2,500 but you may be able to borrow more or less.

Will there be a Credit Check?

The lender may carry out a credit check on you, but this may not stand in the way of your getting the loan. Instead, it is usually used to help them decide what interest rate would best reflect your credit score and how much they can lend to you. Most lenders are clear about their credit checks, but if you are unsure then you could request this information.

What are the Types of Bad Credit Loans?

Most bad credit loans are personal loans, so you can use them for any purpose you like. Whether you need some extra cash towards your family holiday or if you have an emergency situation the loan can be used according to your needs.

There are also bad credit loans and many other types of loans aimed specifically at low credit borrowers.

Many bad credit loans carry additional features to help you improve your borrowing status. These include credit rebuilding facilities. These base themselves around the idea that your good performance on this loan will have a positive effect on your future borrowing success.

        


Please note that Which Way To Pay New Zealand (www.whichwaytopay.co.nz) is not authorized to give personal financial advice under New Zealand's financial services regulations, including the Financial Advisers Act (Securities Commission New Zealand).

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