Applying for a personal loan is not easy and if you add bad credit in the mix it becomes much harder but not to worry, we are here to help you in every step of the way to get a bad credit personal loan in New Zealand. Lets start with the basics of personal loans for bad credit.
In simple terms a bad credit loan is a loan that you can get if you have bad credit ratings. In most cases if you have a credit score of less than 300 you will be flagged as a bad credit borrower. It becomes very hard to get a loan when you have low credit score but its not impossible. We have helped 1000 of kiwis get a personal loan even if they have extremely bad credit in nz. Lets look at how to apply for urgent loans when you have poor credit rating.
Types of bad credit loans
Bad credit loans comes in different types and sizes in New Zealand. Some are easier to apply for and some are very complicated and time consuming with very low success rate. Lets look at some of the different types of poor credit loans in nz.
- Bad Credit Payday Loans
- Unsecured bad credit loans
- Bad credit loans for beneficiary
- Bad Credit loans with no credit check
- Bad Credit loans with lender finder service
What causes bad credit score ?
Bad credit can be caused by many things some are our own doing and some are out of our control. Lets look at some of the main causes of bad credit score :
Defaulting on loans
Late or unpaid credit card bills
Late or unpaid utility bills
History of making late payments
Loan application with bad credit
Application for a bad credit loan is no different to a normal personal loan applications. The only different will be when it comes to getting approved. Most loan companies will check your credit score before deciding if they will approve or decline your loan application.
Some companies will approve loan applications even with very bad credit score but will have high interest rates and fees to cover their risk.
Desperate times needs desperate actions so if you know you have bad credit score and need urgent bad credit loan then we need to prepare you with all the information you need to give you a better chance of getting your loan applications approved.
How to increase your chances of getting a loan
Past is past and we cant change it so lets look at how to increase your chances of getting a personal loan while having a bad credit score. We have helped a lot of people with theses simple but effective methods. Its not guaranteed approval for bad credit loans but will give you a better chance of approval. Lets look at some of the things that has increased chances of success with bad credit loan applications :
Use of security like a car / phone / jewelry / laptop / bikes / tools
Using a guarantor to back your loan application
Letter from your employer
Apply for loans with your partner
Apply only for the minimum loan amount.
Applying for a payday loan
Find companies that have high loan application success rates.
Personalized help with bad credit loans
Everybody’s finical standings is different and getting the right help is the key, when it comes to getting a bad credit loans in New Zealand. Over the past 10 years we have helped 1000’s of kiwis get a poor credit loan.
Our team is happy to guide you in the right direction on how and where to apply to for a bad credit personal loan. With the help of our team you will have a better chance of getting approved so its worth a try. So try our personalized help section.
Finding the best bad credit lenders
Every finance company in New Zealand is different. Each of them have their own approval criteria but they must follow government set rules and regulations. This could be used as our advantage as if one company declines our application we can always try with another company.
There are only handful of bad credit finance companies in New Zealand that offer loans to people with poor credit, so finding the best one will be difficult but not impossible.
Our team have done extensive research and found some of the best companies that offer bad credit personal loans in New Zealand. Lets look at some of the best lenders now :
The lending room
Preapproval checks with bad credit loans
Loan application are not easy let alone with bad credit so you will need to be prepared before you start your bad credit loan application. To help you prepare, our team has put together some of the main questions that you will have to answer and listed all the documents that you will need for your bad credit loan application. Lets look at some of the information you will need when applying for bad credit finance
- Personal information
- Family information
- Work information
- Residency information
- Living Situations
- Credit history
- Security Information
- Verification letters / documents
- Loan amount
- Loan Duration
- Payment affordability
Need Help with Bad Credit Loans ?
Let us help you get bad credit loans in New Zealand. Be our next success story !