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Viva Payday Loans > Bad Credit Loans
Last Updated: February 16, 2020

Bad Credit Loans

Getting a cash loan in spite of bad credit is possible & easy!

Bad credit is not uncommon these days. We all, at one point of time or another, have faced it and wondered if it’s possible to tackle them in a better way.

Bad credit loans are:

  • Small loans (up to $2,000)
  • Relatively short term (up to 1 year)
  • Available quickly and easily

Bad Credit Loans: Eligibility

If you have a bad credit and you need a quick fix of cash to meet your urgent requirements, personal loans can be your go-to option. What’s more, to be eligible for fast Viva Payday loans is fairly easy. You need to:

  • Be an Australian citizen
  • Be 18 years of age or older
  • Have a regular source of income (it can be anything – from employment to benefits and from property interests to stock credits)

How it works

One of the foremost reasons why cash loans are sought after by so many people not only in Australia, but around the world, is that they are approved irrespective even if the applicant has bad credit score!

If you have a bad credit, mainstream loan channels like banks or credit channels like credit card companies are unable to service your loan requirements. In such a situation, payday loans can be the easiest option that people in need can resort to.

The reasons why direct lenders can afford to disburse cash loan in spite of bad credit of applicants are:

  1. Payday loans are auto-withdrawal loans, meaning that the loan amount will be automatically withdrawn from the recipient’s bank account on the specified due date (payday of the applicant).
  2. Hence, ensuring that the applicant has a source of income is generally good enough from the lenders’ point of view – irrespective of credit score.

Other Loans and Bad Credit

There’s a directly proportional relationship between the spending power of an individual and lending limit assigned to them. This may sound like a paradox, but it’s quite true that those who need the loans most are least qualified to receive them.

Bad credit score simply means that you have a ‘habitual history’ of poor management of your monetary resources. Some of the factors that contribute to this are:

  • Non-payment of earlier loans
  • Defaulting on credit card payments regularly
  • Using up available credit far too many times
  • Non-payment of instalments for goods/services

Improving credit score

There are a number of ways to improve one’s credit score. Some of the commonest among them are:

  • Do not apply for loans unless you have exhausted other ways of arranging for the funds (cash advances from the employer, personal borrowing etc.). If taking a loan is the only alternative, do make sure that you repay it duly.
  • Never use the practise of ‘shuffling’ from one loan to another. Make it a point to pay the loans off and close all debtor accounts.
  • Pay your bills on time – regularly.
  • Do not approach the ‘zero credit’ mark far too often. It’s preferable to have a certain ‘buffer’ credit that you can use when you encounter emergencies.