Low Income Loans Bad Credit
Same day funds up to $5,000
Same day funds up to $5,000
Managing finances when you have a low income and bad credit can be challenging, especially when unexpected expenses arise. At Fundo, we understand that financial difficulties shouldn’t prevent you from getting the support you need. That’s why we offer low-income loans tailored for those with bad credit, providing fast access to funds with a simplified application process. Whether it’s for emergency bills, urgent repairs, or other sudden expenses, Fundo’s flexible loan options can help you navigate tough times.
Can I get a loan with low income and bad credit?
Yes, Fundo offers loan solutions specifically designed for individuals with low income and bad credit. We take a holistic approach to assessing your financial situation, looking beyond just your credit score. Here’s how you can apply for a low-income loan, even if your credit history isn’t perfect:
Our loans are designed to be accessible and flexible, offering fast financial assistance even if you have a low income or bad credit. If you need even faster access to funds, Fundo also offers 1-hour emergency loans to help you manage urgent financial situations.
What can I use a low-income loan for if I have bad credit?
Fundo’s loans are designed to be flexible and can be used for a variety of urgent expenses. Common reasons for applying for a low-income loan include:
For smaller, immediate expenses, Fundo also offers instant small amount loans, which are perfect for managing sudden costs without a long approval process.
FAQs
Can I apply for a loan with bad credit and low income?
Yes, Fundo provides loan options for individuals with bad credit and low income. We take a holistic approach when assessing your application, considering your verified income and ability to repay the loan, rather than just focusing on your credit score.
How quickly can I get approved for a loan?
If you apply during business hours and meet the eligibility criteria, you could be approved the same day. Once approved, the funds are typically transferred to your bank account within 24 hours, depending on your bank’s processing times.
Do I need a payslip to apply for a loan?
No, Fundo offers cash loans without a payslip. We accept other forms of income verification, such as bank statements or Centrelink benefits.
Can I repay the loan early?
Yes, you can repay your loan early without penalties. Early repayment helps you save on interest and improve your Fundo Score.
What are the eligibility criteria for a low-income loan?
To qualify for a loan with Fundo, you must be at least 18 years old, reside in Australia, and have a verified income of at least $1,000 per fortnight. This income can include Centrelink payments.
Are there any hidden fees?
No, Fundo is fully transparent about all fees. We clearly outline the costs upfront, so you don’t have to worry about hidden charges or unexpected costs.
Increase your Fundo Credit Score to boost your chance of getting approved on your next loan.
Loan amount from $500 to $2000
Minimum 91+ days to maximum 6
months
20% establishment fee and a flat
4% monthly fee4
Loan amount from $2001 to $5000
Minimum 91+ days to maximum 2 years
$400 establishment fee, interest at
47.80% p.a. (comparison rate 66.58% p.a.)5
4 Fees are based on loan principal advanced.
5 The comparison rate is specific to a $2,500 loan over a two-year term with a $400 establishment fee and fortnightly repayments. Any deviation in loan amount, term, or additional fees and charges can result in a different comparison rate, and the given comparison rate only applies to the presented example.
6 The example assumes timely repayment as per the loan agreement, or additional fees and charges may apply.
¹As soon as you sign your contract and if all other requirements have been met, we instantly send the funds to your nominated bank account. If your bank works with the New Payments Platform (NPP), most customers see funds in their account within 60 seconds. If your bank is not NPP enabled, or it is a weekend or a public holiday, the funds are usually received by the next business day. Fundo cannot guarantee that loan funds will be received within 60 seconds
²Applying for a loan with Fundo usually takes about 3 minutes. However, this time can change based on a few things, such as your typing speed, the device you're using, and whether you have all the necessary information ready to go.
³As the approval process is influenced by various external factors, we can't guarantee that you'll receive a decision on the same day. However, most of our customers do receive a same-day response to their application with Fundo, if they submit their loan application and all the requested supporting information by 4pm Sydney time during a regular business day.
We typically respond within 2 min or sooner.