$30,000 Loan with Bad Credit
Find out more about your options when you need a $30,000 loan with bad credit here with Savvy.
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The features of a bad credit personal loan through Savvy
Consolidate your debts
Personal loans are often an effective way of managing your outstanding debts, bringing them under one loan and rate to potentially save you money.
Cover unexpected medical expenses
When you don’t have the funds to pay for a trip to the hospital or a necessary procedure, a personal loan will help you pay for it on your terms.
Centrelink payments accepted
We can connect you to lenders who are able to accept Centrelink income such as disability, veterans’, carers’ and other pensions as part of your total earnings.
Flexible repayment schedules
You get to decide how often you make contributions to your loan, whether they be made on a monthly, fortnightly or weekly basis.
No compulsory deposit
You won’t need to pay any substantial lump sum as part of your personal loan, with 100% financing available to cover what you need.
No upfront fees
There aren’t any major fees that you’ll be required to pay, either, with your loan’s establishment fee built into your pay instalments.
Why Australians choose Savvy?
Reputable lending partners
We count the safest, most flexible lenders amongst our panel who can accommodate bad credit applicants, so you can have peace of mind.
100% online process
Whether you’re at home on the couch or browsing your phone on the bus, you can complete your application without any messy paperwork.
Fast settlements
Not only do we instantly take you to the most suitable lender for your needs, but you can have your funds accessible in your account in no time.
How to maximise your borrowing power with bad credit
Apply with security
As seen above, adding security to your loan will, in almost all cases, increase your chances of approval for a greater loan amount. While bad credit personal loan financiers who accept security are rare, there are specialist lenders who do operate in this area and can help you out. You could potentially increase your borrowing power to up to $15,000 in this event.
Submitting an application for a loan you’re not eligible to take on is an avoidable way to have a rejection appear on your credit file.
Submit a joint application
If you can add a second income stream to your personal loan, your chances of approval for a loan closer to its upper limit are increased significantly. Even if both borrowers have bad credit, relying on two individual incomes to pay for loan contributions will give your lender greater confidence that you can handle greater sums.
Apply with a guarantor
The same is true of guarantors. This is likely to be a parent or close relation in a strong financial position who agrees to take on the responsibility of your personal loan should you become unable to. Like loans with co-borrowers, guarantor personal loans are likely to maximise your borrowing power and potentially decrease your credit rating.
Show demonstrable improvement
One of the ways you can increase the size of the loan you’re eligible for is to make the effort to improve your credit score. You can do this in any number of ways: paying off your outstanding debts, lowering your credit card limits and get rid of any that you don’t use often are all ways to do so. While it’s unlikely to expand it beyond $10,000, you could still access more than you otherwise would’ve at a lower rate.
Have a similar loan paid in the past
Lenders want to be certain that you’re not too great of a risk of defaulting when they assess your personal loan application. Because of this, having a similar type of loan successfully repaid in the last few years can instil more confidence in them that you’re able to take on larger personal loans and repay them without any major problems.
Frequently asked questions about bad credit loans
Helpful personal loan guides
Still looking for the right personal loan?
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.
