How to Get a Loan Urgently: 10 Best Tips
If you’ve been wondering “How can I get a personal loan urgently?” then you’ve come to the right place. When you urgently need a loan but have bad credit it can be stressful trying to find a loan option that is right for you. If you need to borrow money fast, we are here to help. Check out these 10 tips for the quickest way to get a loan when you have bad credit.
Overview
- 10 tips for how to get an urgent loan fast with bad credit
- What to consider before you apply
- Get an urgent loan for bad credit
10 tips for how to get an urgent loan fast with bad credit
1. Look for bad credit lenders
Lenders who offer bad credit loans or payday loans are your best bet for getting quick approval on poor or very bad credit score loans. Their lending business will be set up to handle this kind of loan and they generally have more simple eligibility criteria. Keep in mind that due to the higher risk involved, the interest rate and fees will likely be higher than other types of credit and it may not be your cheapest option.
2. Consider a secured loan
Secured loans, like loans against cars, are another option if you have bad credit. The security on the loan reduces the risk to the lender and will likely improve your chances of approval. Be aware that if you fail to repay the loan, the lender could repossess the asset being used as collateral.
3. Apply for a small amount
Small personal loans are likely to come with more minimal approval requirements than personal loans for higher amounts and be an option for people with bad credit.
4. Apply early in the morning
Apply as early as you can and attach as much information as you can to make sure you’re at the front of the queue and the assessor doesn’t have to chase down too much extra information from you.
5. Have all your information prepared
Gather together digital copies of your identity documents, payslips, evidence of car registration (for secured loans against cars), and any other information you know will be needed for the application.
6. Limit credit applications
Try to limit any activity that could bring your credit score down more, like applying for multiple loans in a short amount of time. Instead, spend some time researching your options. Narrow down what the best option is for your situation and who is most likely to approve your application before you apply.
7. Don’t change jobs
Try not to change jobs just before you apply for a loan. Lenders like to see consistent income from the same place of employment for at least a couple of months.
8. Limit missed payments
A few missed payments may not impact your chances of approval with bad credit lenders like Swoosh, but if you have too many it may become a problem. If you are struggling to make payments on time then make sure to reach out to your lender to see if an alternative payment plan can be arranged to suit your situation.
9. Pay off any existing loan defaults
Most lenders won’t lend to you if you have an active default on your credit file. There are some lenders offering personal loans with unpaid defaults in Australia but they will be harder to find. Before you apply, make sure the lender is reputable and meets all the Australian credit licensing requirements.
10. Check your credit report for any errors
You might be able to give your credit score a quick boost by fixing any mistakes on your credit report. There are 3 different credit reporting agencies in Australia, so make sure to check each of them as you don’t know which one the lender will look at.
What to consider before you apply
Before you get any type of finance you should always stop and consider if it is the best choice for you. Responsible Australian lenders will always do an affordability assessment, but it’s also important to be your own advocate. Always make sure you understand how much you will be paying and the terms of the loan agreement before you sign any loan agreement.
Get an urgent loan for bad credit
If you need a loan urgently check out Swoosh quick cash loans for bad credit. You can get same day approval for personal loans up to $5,000. Swoosh loans are repaid over 12 months with no early repayment fees so you can pay it off at any time.
