Is There A Limit To How Much I Can Borrow Because Of Bad Credit?

If you have poor credit and are looking for short term loans, bad credit same day loans are often a limited option – or so it would seem.

 It’s always complicated to get a loan when you have poor credit because many lenders are hesitant to lend to you. That being said, there’s a good chance you’ll be able to get a loan even with a poor credit score.

That’s because there are lenders who consider more than just your credit score, like Fundo. We don’t guarantee that you’ll get a loan approval despite having a less-than-ideal credit score, but we can promise that we consider all aspects of your financial situation when we decide on bad credit loan applications.

But before you dive into Fundo’s short term loans, bad credit same day loans, and other loan products, here’s some info you’ll want to know first.

Is there a limit to how much I can borrow because of bad credit?

There are some standards to them depending on the type of loan you plan to apply for. In Australia specifically, small quick cash loans – which are typically the loan type commonly available for borrowers with not-so-great credit scores – can range from $500 to $2,000.

These loans generally also have low eligibility requirements, which makes them ideal for first-time borrowers and those with poor credit. They’re also a favourite for one-time expenses like dental loans or small cash loans for holidays.

At Fundo, we have five key requirements that we look for in applications. While meeting these criteria does not automatically guarantee instant loan approval, it does help your application’s chances of being positively reviewed.

The criteria are as follows:

• You must be over 18 years of age when applying.
• You must be a tax-paying Australian citizen or permanent resident.
• You must earn at least $500 a week, excluding government benefits or pensions.
• You have a clear and demonstrable plan for repaying your Fundo loan.
• You won’t be placed under undue financial pressure by taking out a Fundo loan.

Fundo does accept applications for urgent loans from borrowers with less-than-great credit who supplement their income with pensions, concessions, and other types of benefits. But if these benefits are your only source of income, we may ask you to reapply later or when you have another source of income that meets the minimum requirements.

What are the easiest loans to get for bad credit?

What you’re looking for in this instance are personal unsecured loans, especially small short term loans.

A personal loan is one of the most popular forms of credit. They’re further divided into two types: secured loans, which require collateral, and unsecured loans, which do not. Personal loan funds can be used for anything from emergencies to big purchases to auto financing, which means that amounts for online loans for bad credit can vary greatly between lenders, depending on the specific loan type you’re looking for. 

In the case of short term loans, bad credit same day loans often offer smaller amounts compared to their counterparts. This is because they’re usually personal unsecured loans, which require no collateral to secure a cash loan for bad credit in case the borrower defaults or is unable to pay on time.

While not guaranteed instant approval regarding short term loans, bad credit same day loans under the personal unsecured type are the most likely candidate for borrowers with less-than-stellar credit histories.

At Fundo, we believe that each person’s circumstances are too complex to be summed up tidily with one number. It’s why we’ve made our loans more accessible to a wider target audience – everyone deserves a fair chance at potentially life-changing financial help.

Our loan consultants are available during business hours to answer any questions you might have regarding our loans. We’ll be more than happy to talk about your options.

Are loan interest rates much higher if I have bad credit?

We can’t speak for other lenders and loan institutions regarding their fees, but at Fundo, our fees are based on industry standards set by the legislation of both federal and state lending laws.

That is to say, our associated fees and costs are based on what the laws have determined to be fair and reasonable regarding certain types of loans, including short term loans, bad credit same day loans, and fast instant loans.

We also take care to disclose necessary fees and other requirements to our borrowers during the loan offer stage of an application. We’re big fans of loan transparency because we believe that communication is key between lender and borrower for a fruitful and responsible relationship. It’s also the driving force behind our short term loans, bad credit same day loans, and loan-related services, like the Fundo Credit Score.

The Fundo Credit Score is an interactive scoring system we offer to our borrowers. Borrowers can use this feature to increase their application’s chances of getting a faster turnaround during a review. The score rises whenever you interact with Fundo’s services, such as by repaying your bad credit quick loans early or on time, referring Fundo to friends or family, and leaving us reviews.

Through the Fundo Credit Score, we hope to foster a more fun and engaging loan experience with our borrowers.

Loans are more interactive at Fundo

Healthy borrowing habits start with one step, and Fundo wants to help you take that step.

When you borrow from us, you also gain access to the Fundo self-service dashboard. The dashboard is a central hub for everything you need to manage and review your loan account. Through it, you can view your loan documents, repayment history, upcoming schedules, applications for loans approved or denied, account information, and other helpful data.

We also send you free financial wellness tips about short term loans, bad credit same day loans, and other similar topics, which you can use to help with your loan management.

At Fundo, easy loans are a powerful product we respect – we mean each word. Consider making us your home lender, and apply for a loan today.

The opinions expressed in this article are strictly for informational and entertainment purposes only and shouldn’t be taken as financial advice. Views on any topic, theme, or opinion are subject to change without notice.