Everyone wants to know if they’re eligible to receive a loan before they apply. You avoid wasting your time and having an unnecessary credit enquiry be listed on your credit report.
During these dynamic times, it can be hard to know if you’re eligible for our loans when your circumstances change so quickly.
Below we explain our loan eligibility criteria and why we use these factors to determine if you’re eligible for one of our loans.
We look at the last 90 days of your bank statements so we can paint a picture of what your income and expenses look like. We use this information to determine if you can afford the repayments on the loan amount you apply for.
If we can’t see a consistent income in the past 90 days, our system will automatically notify us about your affordability. We don’t want to give you a loan that puts you into a negative financial position that leads to financial hardship. When we see this notification, we’ll have a real person look over your financial situation and determine your affordability.
This can be tricky when you’ve been stood down from work. Though we appreciate the fact that you’re employed, we might not be able to lend to you if we see your income isn’t consistent for the last 90 days. When you apply, still enter your employment information into the correct fields as this allows us to assess your current situation clearly.
When we look at the last 90 days of your bank statements, we want to make sure we can see where your money is going. If you withdraw large portions of your pay in cash or have poor spending habits, then we would be concerned about whether you can manage the repayments.
We don’t have a required minimum or maximum income, instead we look at the income you do have and whether you can afford the repayments within that.
We can’t help everyone in every situation, but we do our best to ensure our personal loans are available to people with good credit and certain levels of bad credit too.
If your credit score is:
Over 650 | It is likely you will be eligible for a low rate personal loan, we should have a number of options for you |
Between 450 to 650 | You may have a couple of loan options depending on your current financial circumstances |
Less than 450 | You may be able to access a loan with us to demonstrate your willingness to improve your credit history. Your bank statements will be important for your assessment. |
We’ll assess your income over the last 90 days to determine if you can afford the regular repayments. If you have an inconsistent income during that time, we cannot guarantee you’ll be approved for our loans.
We put this list of criteria together to help you know if you’ve met the minimum requirements to go forward with a loan application.
Once you complete our application, we will complete a full credit check where we look at your bank statements, credit file and affordability. If you pass these checks, then we will be able to formally approve your loan.
Your financial situation is unique, which makes giving you a guarantee at this stage complicated. If you’d like more information, don’t hesitate to contact us.
We’re on a mission to give people a fair go, but unfortunately it doesn’t mean we can approve every single loan application we receive. While we specialise in cash loans for people with bad credit, we can’t guarantee you’ll be approved.
The last thing we want to do is arrange a quick cash loan that has bad long-term consequences – you risk making your bad credit score worse if you struggle to make the repayments.
The criteria above should give you a good indication of how eligible you are for our loans. We’ve got some blogs about what you can do to fix your bad credit and about bad credit loans, and if you’ve got more questions, don’t hesitate to contact us.
For any questions about our loans, you can complete this enquiry form, use our online chat service or phone our customer service team on 1300 324 746. We’re here to help.