Bad Credit Personal Loans

Debt Handling - What's the Right Amount of Debt?

No 'one-size-fits-all' recommendation is possible when considering the right amount of debt to assume. But that doesn't mean there are no good guidelines at all.

Naturally, credit card companies and other lenders are happy to make available as much money as they think their borrowers will repay. They take risks, but those are calculated risks. They look at default rates, current interest rates and carefully review credit history when they make loans. Borrowers can benefit by following some aspects of their strategy.

Before taking out new credit, consider the odds that you will have to default on repayment. Don't factor in to your decision the possibility of deliberately defaulting or filing bankruptcy. You'll find the consequences are rarely worth it and that should be reserved as a very last resort.

You can factor in expected increases in income - banks and other business do - but you should be very sure you're actually going to receive it. A promised raise or hoped for income from a stock sale is far from guaranteed money.

Look at current interest rates and make a prediction about where they are headed, businesses do. That's a very difficult thing to be confident about, but general trends are not random. Look at bonds, futures and other indicators. If 6% bond option prices are going down, many pros are betting interest rates will rise to above that in the future. These represent the bets of professionals about the future direction of inflation and interest rates.

Look at your own credit history the same way a bank would. Try to see it from their perspective. Would you loan yourself $10,000 at 7% for 48 months? Avoid rationalizing late payments or defaults. You may have had a legitimate reason, or you may not yet have developed the resources (inner and financial) to repay all your debts on time.

Consider your total income and expenses realistically. You may badly want a new car, but can you afford an extra $500 per month without sacrificing essentials while still meeting your current obligations? Be honest with yourself.

No one can decide for you whether it's worth assuming an ongoing $200 per month credit card payment at 12% in order to have an item you've been longing for. You may value having the item today more than you value the extra money it will cost you over what you save by saving for it.

But you should at least think about it. Impulse buying is the most common way credit card users get in over their heads, financially speaking. Project the possibility that if you wait (and saved for, say, a year) you will have both the item and something else you can purchase with the money you would have paid in interest.

Evading the fact, if it is a fact, that you can't really afford the payments is the surest way to get into financial trouble. That kind of trouble can take months or years to get out of. Think long term, be realistic, and you'll be able to decide what is the right amount of debt for you.

We are here to help, no harm in asking for a loan when times are tough, banks may say no, but that's where we come in.

All enquiries are treated with utmost respect for your situation and we will get back to you promptly.  

When using our online assessment form, your enquiry is NOT recorded with any credit agencies.

Most website applications with other companies actually have your enquiry recorded - which would adversely affect your credit rating if you did not proceed with them.

This is not the case when you submit your loan enquiry with us.

 Personal loans can really help in a pinch. If your savings are low and your car breaks down, such a loan can patch up your life here. 

Small Loan Here

Don't worry. Get up to $600 in your hands within 60 minutes.

• You'll be holding cash in 60 minutes. We can transfer cash into your bank account in just 60 minutes. Once you're a member you'll enjoy cash at any time in seconds.
• If it's your first time it'll only cost you $2. Our special offer gives you the perfect chance to try us out. We're keen to show you how easy and convenient our online cash advances are. If you borrow $400, you only repay $402. Simple.
• No hidden fees, charges or catches. Feel totally comfortable. Everything is out in the open. SMS and emails keep you completely in the loop. We like transparency.
• A quick, easy, 5 minute online application. No paperwork. No hassle. Applying is simple and all online. You'll get an instant loan offer. Fast, and easy as.

Your first cash advance costs you just $2. Try us today.

Or 

GE Money Personal Loan   

Some things in life just can’t wait.

If you need some extra funds to do the things that are important to you, a GE Money Personal Loan can help make that happen now.

No changes, no surprises.

A GE Money Personal Loan features a fixed interest rate and repayment amount for the life of the loan. Planning your budget becomes easier so you can get what you want now – while keeping your finances under control in the future.

Choose your own repayments.

You can make weekly, fortnightly or monthly repayments over a period of two to seven years - whatever suits your budget. Then by setting your repayments to occur automatically by direct debit, you’ll have less to worry about. What could be easier?

Apply nowand funds could be in your account the next working day. 

Approved customers only. Conditions, fees and charges apply. Credit provided by GE Personal Finance Pty Ltd ABN 54 008 443 810, trading as GE Money. 

GE Money Personal Loan quick guide.

For full details including rates and fees, please  click here. 

¹ Subject to lending and approval criteria. ² If you pay off your loan early, an early termination fee may apply.  

³ Payment at Australia Post or via BPAY will incur a payment handling fee. ⁴ Conditions apply. 

Comparison rate based on a secured loan amount of $30,000 over 5 years. Warning: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate.