When you have ‘Bad credit’ – nothing feels easy.
The already hard task of moving into a new home can seem harder still when faced with the task of needing to furnish it on top of all the other related expenses, moving trucks and boxes, utility connection fees, and end-of-lease cleans – it’s never-ending!
So where do we begin?
You’ve found the place, you know your move-in date, let’s talk budgets.
If you have savings set aside for this purpose, you might have already set a strict budget for yourself that you’ll need to stick to. To make it easier to stay within the confines of your budget, consider where you will purchase your furniture, and how you’ll get it to your new place – online furniture retailers can often have huge sales and great discount codes available, but they don’t always offer fast delivery, and if they do it can come with a hefty fee, so make sure you’re factoring this in when you consider how a piece fits into your budget and circumstances.
If you’re surprised to be moving, you might not be prepared with the whole amount in savings to back you up – so what now?
Plan and research. Get started by noting the key factors and things to consider for your unique situation, such as your move in date, things you’ll need, your budget and where the funds will come from.
Once you know what you need, make a rough estimate of the costs.
Knowing how much you need can be a deciding factor in how you’ll go about obtaining the funds. If you only need a small amount a friend or family member might be able to loan it to you, or you might have time to save it up, however if you need a considerable amount more, or a longer term to repay the funds you might be considering in a furniture loan.
What are my options for furniture loans if I need to finance my purchases?
Many lenders offer credit cards or furniture loans, including FUNDO.
If you’re in good standing with your bank or credit union, they may have a credit card or personal loan that suits your furniture budget, and future repayment budget, or you could look into non-traditional financing options such as furniture rental or store credit cards. If these options don’t really work for you, such as in cases where the minimum amount to be loaned or advanced on a credit card is more than you need, or the repayment term is too long, you could consider a short term loan with FUNDO. We’ll never lend you more than you can afford to repay and can give you your application outcome within 60 minutes!
Do lenders run your credit report for furniture loans?
Yes. Most lenders will run a credit check prior to approving an application for a credit card or loan, it’s a standard part of the procedure for most lenders in Australia and not specific to furniture. If you’re in need of a loan but you’re concerned about your credit history, FUNDO offers No Check Loans up to $2000. The information on your credit file is important, however we have the opportunity to make our assessment based on your overall financial situation, without getting stuck on black marks from the past, FUNDO considers your overall circumstances, how the blemish may have occurred and how your financial situation is looking now.
What credit score do you need to finance furniture?
When you are looking into finance for furniture, there really is no set credit score which you must have in order to secure a loan. If you’re concerned about your credit history consider a loan with a lender that looks at more than just your credit score, can provide your outcome in 60 minutes, and let’s you spend anywhere you choose. Don’t worry about your credit score at all with a FUNDO no check loan!
Do furniture loan credit checks count on your credit report?
Yes. All inquiries made about you with credit reporting bodies are recorded on your credit report and are factored into your overall credit score. If you have never made an inquiry, and don’t have any utility or phone bills yet, your score might be quite low because the credit reporting bodies don’t have much information on how you handle your finances.
If you make a lot of inquiries, it can also leave you with a lower-than-average credit score due to excessive enquiries.
Can I still get finance for furniture with bad credit?
If you have bad credit, some lenders may not be able to offer you finance. Usually, these lenders have strict criteria that they must adhere to around the credit score, and even if it was just one small mistake or you don’t have any financial troubles now, each lender has their own criteria that they must stick to. If bad credit is a concern for you, consider a No Check Loan for furniture with FUNDO!
What are the benefits of a furniture loan with FUNDO?
Here’s a snapshot:
- No-fuss application process — Apply for your furniture loan online quickly
- Fast funding — If your loan for furniture is approved, you won’t be left waiting. In most instances, you’ll receive your funds the same day!
- Flexible payment options — With FUNDO, you can choose between weekly, fortnightly and monthly repayments. The great part? Early and on-time repayments are rewarded with FUNDO credit points!
- No hidden catches — All of our processes are wholly transparent and we don’t have any hidden fees or charges.
Rest assured, applying for a furniture loan with FUNDO is quick and easy. Our online application form allows you to apply from anywhere, 24/7. Applications are approved Mondays to Saturdays and applications received during normal business hours are processed on the same day!
FAQ
Am I eligible for a Fundo loan?
We want to help as many Australians as possible!
Fundo is a responsible lender – as such, you must meet certain qualifications in order to be eligible for one of our great products!
You must:
Be over 18
Earn at least $500/week in regular income, excluding government benefits
Demonstrate an ability to meet repayment deadlines
Do not place undue financial pressure on yourself by borrowing from Fundo.
We look forward to assessing your application!
What do I need to apply online?
- Your employment income details
- Any pension or government benefit details
- Personal ID documents, such as a passport, Australian Drivers Licence or proof of age card
- Your bank account details
What is the duration of my loan?
Fundo provides you with the flexibility to choose the length of your loan.
Most users opt for a duration between 5-20 weeks.
The shorter the loan, the higher the repayments will be. You’re also welcome to pay your loan out at any time without being charged an early payout fee.
We encourage our users to pay off their Fundo loans as soon as possible!
The quicker you pay your loan, the less you could be charged in monthly account fees.
Paying off your loan before its due date will be a positive mark on any future applications.
QUESTIONS? CONCERNS? WE GOT YOU.
Fundo cares if you are borrowing money for a short-term loan and something seems unclear, our lovely customer care team would be glad to help you out. Just give us a call on 02 9066 9660
Disclaimer: The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.