Competitive
We have access to some of the lowest industry rates giving us the competitive edge to find you the best personal finance for your situation.
Yes, you may still be eligible for a personal loan even with bad credit!
Specialist lenders look at the full picture, not just a number. When it comes to getting approved, we match you to a lender that will weigh up things like your income, your employment history, your recent banking conduct, and the story behind any defaults or missed payments.
Using the strength in these things to offset any past mistakes. At Fox Finance Group, we compare 100's of loan options for more than 50 different lenders to find the ones most likely to say yes to you and your situation.
Even if we can't match you to a lender right now, we'll be able to tell you exactly what to do so you can get approved next time.
We had a customer who wanted to get a loan for a holiday they had been planning for over a year. They had already been declined by their bank, and made the mistake of applying online with multiple lenders and brokers. Some of which had declined them without explaining why, and some they never even heard from.
They reached out to us after becoming frustrated and not knowing what to do. We assessed their application and found a default to a phone provider on their credit file, as well as multiple enquiries in the last month for smaller personal loans. They also had a current smaller loan that most lenders would consider to be a 'pay day loan', and a small number of dishonours to some recurring payments for insurance and their phone.
We worked with the customer to understand what could have caused the default, why they needed the smaller personal loan, and what was causing the missed payments. From this we were able to explain to a lender the default was from a change of address interstate where the internet wasn't disconnected, the smaller loan was for car repairs so they didn't need to touch their holiday savings, and the missed payments were due to mistiming of when they were paid and the bills were direct debited.
Based on this, we were able to explain the reasons for the couple of mistakes, and show strength in the application through the customers consistent and stable residence and employment to offset these. After a month of being told no, we were able to get the customer approved for the full amount within 24 hours.
Bad credit lenders assess where you sit today alongside your history, so a default or a rough patch from a few years back does not have to end the conversation. When it comes to getting an approval and presenting a strong application to a lender that outweighs past mistakes, there are three main things they look at.
Your banking over the last three to six months carries real weight to a lender. Seeing how you maintain your account right now, including your financial responsibilities, and your spending habits, is a much better indicator of strength to a lender than a score. Bank statements also show a lender you regular income landing in your account on time, which is key to a strong application.
On the other hand, bank statements can also show a lender things they consider to be a higher risk when it comes to offering an approval. Things like a large number of consistent dishonours to loans, frequent use of pay day and pay advance loans, large amounts of gambling, and long periods of time with accounts sitting in a negative balance, all lower your chances of approval. To better understand how lenders look at your bank statements, check out our guide on ‘10 ways to make your bank statements approval ready‘.
When weighing up whether a lender can approve an application, they are essentially trying to determine the likelihood the loan is repaid on time, or falls behind and remains unpaid.
If you can show a lender that you have lived in the same place or worked with the sane employer for a decent amount of time (more than a year), this helps to reduce the perceived risk of payments not being made. Especially if you can show you have been making regular on time payments to your rent or mortgage.
Consistent employment also shows a lender there is a lower chance you will have a disruption in your income, which lowers risk and increases the strength of your application.
Although this isn’t what makes or breaks an approval, it is still factored in and plays an important role. Your credit file contains your financial and credit history, including any loans you have applied for, any open and current loans, whether payments on loans have been made on time, as well as any credit hiccups like defaults, as well as previous or past bankruptcy.
A default is a debt of $150 or more that is 60 days or more overdue, listed after the provider has attempted to make consistent contact and sent written notice (Moneysmart; Privacy Act 1988). It stays on your credit report for five years, and indicates to lenders that there is a high chance payments may not be made to the loan if they approve it. When it comes to defaults, not all are created equal.
Financial defaults (loans, credit cards) are viewed a higher risk than telco and utility defaults (phone & energy providers). Paid defaults are viewed more kindly than unpaid ones, as this shows the lender you have owned any past mistakes and are doing your best to fix them.
Every time you make an enquiry for a loan or any other type of credit, it lists on your credit file, and can lower your score. It also stays on your credit file, so a lender can see all the credit and loans you have applied for. Based on this, the type of enquiry is also important. If a lender can see multiple recent enquiries for smaller personal loans and credit cards, it can lead them to wonder why you need to access credit so frequently.
If you have made lots of enquiries recently or are unsure of what’s on your credit file, don’t stress! Part of our process is to provide you with a free copy of your credit file that we will talk you through so you know exactly where you stand.
Yes, but it depends on how late they are. Credit files contain positive reporting, which is a way a lender shows your repayment history. Each month has a number placed next to it from 1-6. 0 means payments are on time, 1 means they 1 month behind, 2 means two months behind etc. Why it depends on how late the payments are made, is because provided payments are caught up as quickly as possible, this likely won’t show on your credit file. For a deeper dive on your credit file, check out our guide on ‘understanding your credit score‘.
We work with more than 50 lenders, including specialist bad credit lenders who assess on character rather than the score alone. We look at your file the way a lender would, with no impact on your credit score, and we only lodge your application where you have a real chance.
When there is a default or a rough patch on your file, we can put the reasons in front of the right lender and offset them with your strengths, like stable employment or a default that is already under an arrangement. That is often what gets an approval when a mainstream lender or other broker would have said no without explaining why.
Still feeling unsure? Check out our more than 1100 5-Star Google Reviews to see what our customer’s are saying about working with us.
You can complete your personal loan application either online or over the phone with us.
We will ask you to provide proof of income and identification.
We'll discuss all components of your personal loan approval with you. From interest rate, to repayments, loan term, and any fees involved; you'll know the details inside out!
With our technology, you can simply sign your personal loan documents electronically.
Your loan funds will be available to you within one business day. It's that simple!
You can complete your personal loan application either online or over the phone with us.
We will ask you to provide proof of income and identification.
We'll discuss all components of your personal loan approval with you. From interest rate, to repayments, loan term, and any fees involved; you'll know the details inside out!
With our technology, you can simply sign your personal loan documents electronically.
Your loan funds will be available to you within one business day. It's that simple!
We have access to some of the lowest industry rates giving us the competitive edge to find you the best personal finance for your situation.
We do the running around for you and compare personal finance options and rates from over 50 lenders.
We work hard to get your finance approved fast. Same day approvals are available - ask us how!
We find and compare personal finance options that best suits your needs and budget with flexible repayment terms available.
To increase your chances of approval with our panel of lenders, you must:
Be 18 years of age or older
Be a permanent Australian Resident or citizen.
Be employed full time or part time 1+ months / casually employed 3+ months
Earn a gross annual income of $45,000+ or more.
as a Financial Services Group helping customers Australia wide
of processed applications for everyday Australians and SME businesses
applications since 2006 and growing
out of 5 by our customers on Google
Bad credit personal loans are specifically designed for individuals with low credit scores or limited credit histories. These loans are used if you do not qualify for traditional financing due to your credit score and credit history. This could be due do to missed repayments, defaults, bankruptcies, part IX agreements, and frequent enquires for credit.
You can get a bad credit personal loan for the following:
You will need to supply the following documents:
When you apply for a bad credit car loan through Fox Finance Group, we begin with a soft credit check. This allows us to review your credit profile without affecting your score or leaving a mark on your credit file. It’s a risk-free way for us to match you with lenders who best fit your financial situation.
If you decide to move forward with your loan offer, the lender will perform a hard credit check. This standard step will slightly reduce your credit score and leave an enquiry on your credit file.
It’s worthwhile noting that every enquiry you make for a bad credit personal loan can impact your credit score. To give you the best chance at getting the approval you want and need, we ask that while working with us, you hold off on making other enquiries. This minimises the chances of having multiple enquires, lower your score, and stop you from getting the best approval.
We strive for same day or within 24 hours for approval. Keep in mind that depending on factors like lender turnaround times, information provided, and credit history may extend getting your loan approved.
Typically, bad credit personal loans come with higher interest rates than secured loans. This is due to the increased risk lenders take on when lending without security. Interest rates will vary depending on the lender, but at Fox Finance Group we will be able to walk you through your options so you can make the best decision for your needs.
Yes, you can! While traditional banks often say no to applicants with a low credit score, we work with a broad network of 50 plus lenders who specialise in bad credit personal loans. These lenders take a more flexible approach; by looking at your full financial picture and not just your credit score.
Yes! While the application process may differ slightly from that of salaried employees, many lenders in our network specialise in assisting self-employed borrowers with a less-than-perfect credit score. The lenders will typically assess factors such as your income stability, business history, and your overall financial health to accurately evaluate your borrowing capacity.
There are no costs to apply for your bad credit personal loan. At settlement, a once-off brokerage fee is charged to cover the professional services involved in securing your loan. Many clients with less-than-perfect credit prefer to keep their upfront costs low, this fee is typically financed into the total loan amount, meaning you won’t pay anything out of pocket before your first repayment. The exact fee varies depending on your loan amount and your application. Our team can provide a transparent, obligation-free quote tailored to your situation.
This fee covers the cost of our team taking your application, assessing your documents, comparing loan options to find the best loan to suit your needs, protecting and preserving your credit score, managing the whole process through to settlement, and saving you in interest over the life of your loan by finding you the best deal on the market. Our team will also help you manage your loan throughout the term and stay in contact to make sure you have the best deal possible at all times.
It varies by lender. Some bad credit personal loans include early payout penalties, while others offer greater flexibility with no fees for early repayment. To avoid surprises, your lending specialist will clearly outline whether any early payout fees apply to your specific loan. If a loan without early payout fees is important to you, your lending specialist will be able to ensure they compare options that contain no early payout fees.