If you are searching for extremely bad credit loans, it is important to understand how lenders assess applications and what your options may be.

Having a poor or limited credit history does not automatically prevent you from applying for a loan. However, all licensed lenders in Australia are required to assess whether a loan is suitable and affordable before approving credit.

At Fundo, we provide regulated credit products for eligible applicants, including:

• Small Amount Credit Contracts (SACC) from $500 to $2,000
• Medium Amount Credit Contracts (MACC) from $2,001 to $5,000
• Personal Loans from $5,000 to $10,000

Loans are subject to credit assessment, eligibility criteria and approval.

Can you get a loan with very poor credit?

You can apply for a loan even if you have had credit difficulties in the past. However, approval is not guaranteed.

Lenders are required to assess your current financial situation, not just past credit events. This includes reviewing:

• Your current income
• Your regular living expenses
• Existing financial commitments
• Recent banking activity
• Whether repayments are manageable

Past credit issues may affect approval outcomes and loan terms.

What Fundo offers

Small Amount Credit Contracts (SACC)

• $500 to $2,000
• 5 to 39 weeks
• Establishment fee plus monthly fee
• No interest

Medium Amount Credit Contracts (MACC)

• $2,001 to $5,000
• 9 to 39 weeks
• Establishment fee plus interest

Personal Loans

• $5,000 to $10,000
• Longer structured repayment terms
• Establishment fee plus interest

All loans are unsecured, meaning you do not need to provide an asset such as a car or property as security.

How applications are assessed

There is no such thing as guaranteed approval or loans without assessment.

Fundo conducts a thorough review of each application to determine whether the loan is suitable.

As part of the process, you will need to:

• Provide your personal and financial details
• Give electronic access to your bank statements
• Verify your income and expenses

If the assessment indicates that a loan may cause financial hardship or make it difficult to meet your existing commitments, the application may be declined.

Who can apply

To apply, you generally need to:

• Be at least 18 years old
• Be living in Australia
• Receive regular income of at least $1,000 per fortnight (may include government benefits)
• Demonstrate ability to meet repayments without financial hardship

If your sole income is from Centrelink or government benefits, the maximum amount that may be approved is $500, subject to assessment.

How quickly can you receive funds

Once your application is complete and approved, and you accept your loan contract, funds are transferred to your nominated bank account as soon as reasonably possible.

Processing times vary depending on verification requirements, bank systems, time of day, and whether it is a weekend or public holiday.

Repayments

Repayments are set out in your contract and must be made as scheduled.

Repayment frequency options may be available depending on your circumstances, such as:

• Weekly
• Fortnightly
• Monthly

These are aligned to your income cycle but are fixed once agreed.

Important considerations before applying

If you have a history of credit difficulties, it is especially important to consider whether taking on new credit is appropriate.

A loan may be suitable if:

• The expense is one-off and necessary
• You can comfortably meet repayments
• You have reviewed the total cost of the loan

A loan may not be suitable if:

• You are covering everyday living expenses
• You are already struggling financially
• You are relying on credit repeatedly

Alternatives to consider

Before applying, you may wish to explore:

• Payment plans with service providers
• Government assistance programs
• Community support services
• Free financial counselling

You can contact the National Debt Helpline on 1800 007 007 for free, independent support.