If you’re struggling with very bad credit, it can feel like your financial options are limited. Many traditional lenders are hesitant to approve loans for individuals with poor credit histories.
However, there are solutions available in Australia for those in this situation. One option that many people turn to is very bad credit loans guaranteed approval Australia.
These loans are designed specifically for people who have experienced financial difficulties and have low credit scores.
Very bad credit loans guaranteed approval Australia are loans offered to people with severely damaged credit. Whether you have missed payments, defaulted on loans, or even declared bankruptcy, these loans aim to give you a second chance.
While the interest rates are typically higher than those of traditional loans, they provide a much-needed lifeline for people who need access to funds but are not eligible for standard financial products.
These loans can be used for a variety of purposes, such as covering emergency expenses, consolidating debts, or making important purchases.
Since these loans are typically smaller and short-term, they can be more manageable even for those with limited financial flexibility.
It’s important to be cautious when you see the term “guaranteed approval.” While very bad credit loans guaranteed approval Australia do offer higher chances of approval than traditional loans, there’s no absolute guarantee.
Lenders will often require basic criteria to be met, such as proof of income, Australian residency, and a bank account.
However, these loans generally have lenient credit requirements, making them accessible to a wider range of applicants, even those with poor credit.
Navigating the world of very bad credit loans guaranteed approval Australia can be overwhelming, especially if you’re unfamiliar with the lending process.
This is where a specialised loan broker like us at Zoom Car Loans can help.
As loan brokers specialising in bad credit loans, we understand the lending market and have connections with various lenders who are willing to work with people with bad credit.
We can assess your financial situation and match you with the best possible loan options.
We can also help you avoid predatory lenders who may take advantage of your situation by offering high-interest rates or unfair terms.
With our help you can find a loan that fits your needs while also ensuring that you don’t fall into a worse financial position.
As with any financial product, very bad credit loans guaranteed approval Australia have their advantages and disadvantages. On the plus side, they provide quick access to cash and are one of the few options available to people with poor credit.
Additionally, repaying these loans on time can help you improve your credit score.
However, the downside is the higher interest rates and fees associated with these loans. Because the lender is taking on a greater risk by approving your loan, they compensate by charging more.
It’s essential to ensure you can meet the repayment terms to avoid falling deeper into debt.
Very bad credit loans guaranteed approval Australia can be a valuable option for those who have run out of other financial avenues.
While they may come with higher costs, they offer a solution for immediate financial needs. With the assistance of a specialised loan broker like us at Zoom Car Loans, you can increase your chances of securing a loan with favourable terms while avoiding potential pitfalls.
If you are in need of financial assistance and struggling with very bad credit, give us a call and we’ll help you secure a loan and offer you the support you need to get back on track.
We have a highly streamlined pre-approval and settlement process.
Personalised terms and repayments to suit your budget and lifestyle.
Let us know your vehicle requirements and we will help with the search.
All Centrelink car loan applications are completely obligation free.
As all credit providers work on a basic principle of affordability, to be approved for a loan, applicants must meet a minimum income amount of $800 per fortnight (not including covid supplement).
This minimum amount can be solely from Centrelink payments or can include employment income as well.
This minimum amount has been put in place to protect the borrower. It’s the minimum amount that the lenders deem the borrower can comfortably make their loan repayments, while still being able to afford basic living expenses such as groceries, bills, rent, etc.
Although these measures tend to be very accurate, they do not take personal circumstances and habits into consideration.
You should always look at your own spending habits and budget to ensure you will be comfortable with any additional borrowing.
Here at Zoom, we are able to assist the large majority of Centrelink customers, however, please note that if you are solely receiving a New Start Allowance/Jobseeker, Youth Allowance, or Austudy, unfortunately these aren’t accepted income forms to qualify for a loan.
Our finance specialists work on your behalf to do everything possible to secure a loan for you, so be sure to contact us to speak further about your current circumstances if you’re unsure.
Zoom Car Loans are a team of finance brokers, who work on your behalf to find you the best deal possible. This means we do not have any set loan amount.
The amount you can borrow will be depend on which lender we are able to go through, based on your personal circumstances.
During the application process, your broker will ask you how much you are wanting to borrow. Your finance specialists will then work with our panel of lenders to secure an offer. To avoid disappointment of not getting a car you have your eyes on, we always encourage you to obtain a pre-approval for an amount you can afford and then look for a suitable vehicle within your approval limits. Zoom Car Loans finance packages allow for both dealer and private sale vehicles.
Before applying for a car loan, there a few things you can do to heighten your chances of gaining a quick approval offer. A key part of your application involves credit providers verifying your current financial situation. This is a requirement of the law, so to avoid any delays, we encourage you to check and prepare the following before applying:
Zoom Car Loans are able to assist the large majority of Centrelink customers however minimum income requirement of $800 a fortnight does apply.
Types of payments we consider are:
• Parenting payments (single & partnered)
• Disability
• Carers Payments
• Family Tax Benefit
• Aged Pension
Newstart Allowance: please note that if you are solely receiving a New Start Allowance (including $550 covid increase), Job Seeker, Youth Allowance, or Austudy, unfortunately these aren’t accepted income forms to qualify for a loan.
Our lenders have a minimum income requirement of $800/fortnight to apply (not including the $550 temporary increase).
As a team of highly experienced brokers, Zoom Car Loans know what it takes for the lenders to approve a Centrelink customer.
If you would like to read more about to get approved for a car loan when you are receiving Centrelink payments READ OUR BLOG POST here.
There are minimum requirements needed to qualify for their car loans. The best way to find out is to apply online for us to find out all details and do our best to get your driving away in a good car!
No deposit loans
Bad credit history
Centrelink payments
Ex-bankruptcy
First loan
Declined by the bank
I can’t express my gratitude enough to Rowan. He was so helpful very friendly and extremely professional with the process of getting a car loan for myself. I can’t thank him enough for all he did for me. Thanks Rowan
Tracey D
Very please with the work from Joshua an Katie .. they got my loan approved asap as a mum of 3 an needed a car asap… From start to finish they where fantastic an repayment are manageable… Thanks to zoom car loans for helping me within 10days an got out new family car this morning..
Much appreciation to the team
Misty H
Great service. Quick, friendly and professional! Highly recommend if you’re struggling elsewhere to get finance.
Jessica C
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