Bad Credit Loans
We do loans for people with bad credit!
We understand that you are looking for a small loan you might have bad credit. At Spotter a bad credit rating won’t eliminate you from taking out a loan.
100% online application
Fast approval decisions
Bad credit can be accepted
We understand that you are looking for a short term/pay day loan because your credit rating might not be 100%. We can loan to you even if you have:
- A low credit rating;
- Outstanding defaults;
- Multiple defaults
We can even advise you on steps you can take to help improve your credit rating. Although, we look into your credit rating, there are other factors we will take into account such as:
- Your income; and
- Your expenditure; and
- Your bank statements for the past 90 days; and
- How large the defaults are on your credit file.
We will make an assessment on a case by case basis on whether or not you can afford the repayment and may not necessarily take your credit history into account.
Once we have all the necessary information, we aim to approve loans within the hour and cash can be sent same day to you.
There are several things that impact your credit rating when applying for a loan, you are probably aware of some of them but there are others you might not know about.
For example, if you have defaults or adverse events on your file, those events significantly impact your credit score. However, just making an inquiry, even if you don’t take out a loan, can impact your credit file, especially if that loan inquiry is to an alternative lender. If you are making a lot of inquiries with lenders your score will likely be affected as a lot of lenders automatically perform a credit check.
At Spotter Loans, we tend to request your credit file as one of the later steps in the process only once you have been assessed as a good prospect for a loan. We also take the view that some things that effect your credit file might not reflect your likelihood of paying back a loan. We look at credit files on a case by case basis and don’t just look at the overall score.
In the majority of cases you will not be required to fill in any paperwork or print or scan/fax back any documents to us, the whole process can be done electronically. Even your bank statements can be sent to us in minutes using a third party processor.
To start the process, click on the apply now button!
Here’s what a loan might look like
Here’s what a small loan might look like…
You’re after a loan for $1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments.
In the above example You’ll pay:
- Loan Amount Financed: $1,000
- Establishment Fee: $200 (set by NCCP at 20% of the loan amount)
- Monthly Permitted Fee: $40 per month charged on the anniversary of the loan
- Amount of Credit of the Loan: $1,240
- Total Amount of Interest Payable: NIL
- Direct Debit Fees: $25.74 ($0.99 per transaction)
- Total amount of repayments: $1,440.00
- Nominal Percentage Rate (Interest) per annum: 0% as defined by NCCP
Comparison Rate: 160.0571% as defined by NCCP
Here’s what a medium loan might look like…
You’re after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.
In the above example You’ll pay:
- Loan Amount Financed: $2,500
- Establishment fee: $400 (Set by NCCP)
- Amount of Credit of the Loan: $2,900
- Total Amount of Interest Payable: $1,590.86
- Repayments: 103 x $43.19 + $42.31 (a final payment)
- Total amount of repayments: $4,490.88
- Nominal Percentage Rate (Interest) per annum: 48% as defined by NCCP
Comparison Rate: 65.5138% as defined by NCCP
For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.