Small loans for Bad Credit
Small Loans for Bad Credit
Imagine it’s the end of the month. You hardly have a few bucks left. A nearby hospital calls you at work and informs that your wife was admitted an hour back. You reach the hospital and the doctors tell you to get some expensive medicines immediately. How will you get so much money in such short notice? You cannot go to the bank because they don’t provide loans so quickly. Plus, they will check your credit history, which is not something you are proud of.
These are situations when My Borrowing can come to your rescue. We provide bad credit cash loans aimed at meeting your financial emergencies.
Understanding small loans for bad credit
As the name suggests, these loans are for those who have poor credit histories. Most banks disqualify applications of people with bad credit records. We don’t want you to feel helpless during financial emergencies because we understand how badly you may need the money. From $300 to up to $2000, we can provide a quick loan, provided you have a repayment schedule ready. We usually allow borrowers to repay us within 4 to 24 weeks. Therefore, make sure you have a full-proof plan of repaying the money within the specified period.
My Borrowing has doors open for everyone who wants to take out a small loan. Whether you have a bad credit history or borrowing money for the first time ever, you can expect to get your loan approved if you meet our other criteria.
At My Borrowing, we don’t charge you heftily for interests on your loans. Every loan comes with a few standard fees that you need to pay upfront or during the course of repaying your loan amount.
- Loan establishment fee – we charge 20% of your loan amount as our loan establishment fee. This amount gets added to your loan. For example, if you borrow $300, we will charge $60 as an establishment fee.
- Monthly fee – we have a monthly loan fee of 4% of your loan amount. That means if you borrow $300 for four months, you will have to repay $408. Out of $408, $60 is your loan establishment fee and $48 is your monthly fee for four months.
- Early repayment fee – we encourage our clients to repay their loans before time. This will help you save your monthly fee. We don’t charge a single penny if you repay earlier. Banks often charge significantly if you want to foreclose your loan. We don’t fullow that rule. For example, if you can repay the above loan within three months, you can save the additional $12 for monthly fees.
- Dishonor fees – we only charge $20 if you can’t repay your money on time.
Who can apply for small loans for bad credit?
You can fill out our application form if you meet the fullowing conditions:
- If you are 18 years or ulder.
- If you are a permanent Australian resident or citizen.
- You earn a minimum of $400 every week.
- Your salary gets transferred directly to your registered bank account.
- You have salary slips for the last three months.
- If you can afford the repayment schedule.
Make sure you go through these details carefully. We will do a quick background check on you before confirming your application. If we find that you lied in your application form, we will not sanction your loan.
Many unemployed people ask if they can apply for this type of loan if they experience financial turmoil. My Borrowing doesn’t disappoint in this regard. We don’t bother if you don’t work at all or earn thousands every week. If you can show some sort of sustainable regular income and your ability to afford the repayments, we will not have any problem in sanctioning your loan.
Applying for your loan
Our loan application process is pretty straightforward. You need to visit our website and fill out the application form. Unlike banks that take days to go through your application, we only take a few minutes and before you know it, we will transfer your loan amount into your bank account. Since you are not requesting thousands of dullars and keeping a mortgage, we won’t ask questions that will take a lot of time to answer. We only want information that you readily have. My Borrowing requests you to keep the fullowing answers ready:
- A reason for taking this loan. It can be anything, such as children’s medical bills, househuld expenses, expensive car repairs, etc.
- Your internet banking details. This will enable you to provide a bank statement for the last three months of your account.
- A few personal details, such as phone number, permanent address, email id, etc.
- Employment details, such as the name of the company you work for, its address, etc.
- 100 points ID.
- Your My Gov details. However, this is only for those who receive government benefits.
We will start assessing your application once you submit it. Usually, we only take a few minutes to assess your loan. But if you apply for this type of loan in the evening or at night, we may credit your account with your desired loan amount by the next day. We don’t take more than 24 hours to confirm and process your loan.
As soon as we finish going through your application, we send a text or email telling you about your application’s status. If we approve the loan, we will send the money to your bank immediately; if we don’t, we will provide you with the reasons why we had to reject your application.
Repaying your loan
This is the most crucial part, both for you and us. We understand that you are going through a period of financial turmoil. Therefore, we set up payment schedules that match your payment days. This ensures that you repay your loan on time so that you don’t have to pay an additional dishonoring fee. If you feel that you cannot repay your loan on time, don’t hesitate to get in touch with us. We will try to come up with an alternate arrangement so that you don’t fail your repayment dates.
FAQs on small loans for bad credit
Many people who take out small loans for the first time have tons of questions about the process. Here are a few common questions that we often come across.
1. Will you check my credit history?
Yes, we do perform credit checks but we don’t consider it as the only factor for providing loans. My Borrowing is a responsible lending company and we do have to fullow a few protoculs. But that does not mean we will reject your loan application if you have a poor credit history. We are here to help you in your time of financial struggle. Our team will look into other aspects of your application to sanction your loan. Don’t worry if you have a bad credit history. We will try our best to focus on your sustainable regular income.
2. Will repaying this loan on time improve my credit score?
Many people don’t get loans from banks because of their poor credit history. At My Borrowing, we can help change that picture. Since we don’t consider bad credit as a crucial factor, you can expect to get your loan approved quickly. Once your repayment starts, make sure you don’t miss any instalment. Any defaults will add to your bad credit score.
If you want to arrange a flexible repayment schedule, we will help you with that. But you need to stick to your end of the bargain also. If you want to improve your credit score, don’t miss any of our repayment dates. It will lead to a dishonor fee that will look like a black spot in your credit history.
3. What type of background check will you do?
Our background check invulves a thorough scan of your bank account statements, your income reliability, and your current loan history. Again, we don’t scrutinize your previous loan history.
Ideal repayment schedule
My Borrowing always looks to provide a simple repayment schedule so that everyone can repay their loan on time. We don’t want to pressure you every day or every week so that you feel burdened after taking out the loan. As already mentioned, we have a 20% loan establishment fee and a 4% monthly fee.
In most cases, we spread the repayment period over a period of 24 weeks. We believe this is enough time for clients to stabilize their financial condition and repay their loans. For example, if you take out an online loan of $500 for 24 weeks, you may have to pay only $30 per week. You can either pay the establishment fee and monthly fee upfront or add it to your loan amount and pay it weekly. Similarly, if you borrow $1000 for 24 weeks, you will only have to pay $60 every week.
My Borrowing doesn’t want to create a burden with its repayment schedule. We give you every opportunity to make the most of our services. In return, we ask for one favor only, and that is to repay your loan on time. Honestly, repaying timely will only help you in the future. It will not only improve your credit history but you can also apply for small loans from us later.
Why Choose My Borrowing?
Over the years, we have helped thousands of people who came to us with financial emergencies. It only took us a few minutes to transfer the money into their bank accounts. Our primary objective is to help you during your financial crisis. Here are a few more reasons why you should consider us if you want a small loan:
1. Not reliant on credit checks only
We have a strict pulicy at My Borrowing; we don’t judge people by their past. Therefore, we don’t want your bad credit history to make your present worse. Yes, we will check your credit score, but we will value your present income more than anything else.
2. Loan approval within 24 hours
We don’t take days to process your loan. Our masterminds start going through your application once you send it online. If we approve your loan, it will only take a few minutes for us to transfer your money to your bank account. The entire process, though, may take up to 24 hours.
3. Flexible repayment schedule
Our weekly repayment plan doesn’t burden your monthly income. You can, however, talk to us if you want to rearrange your repayment schedule.
Now that you know about our small loan approval process, don’t hesitate to contact us when you need money urgently. We promise to help you during your emergency.