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Is there a maximum amount I can borrow when I have a bad credit rating?

If you’re wondering whether there’s a maximum amount you can borrow in Australia when your credit rating isn’t so great, you’re not alone.

Having bad credit can make borrowing money feel like an uphill battle, but understanding your options can help you navigate the process more confidently.

What is bad credit

Your credit rating is like a report card for your finances. It’s a score that tells lenders how reliable you are at paying back money you borrow.

If you’ve missed payments, defaulted on loans, or have a lot of debt, your credit rating might be low, meaning you have bad credit.

Is there a set maximum amount you can borrow with bad credit in Australia?

Well, not exactly. It’s not like there’s a magic number that applies to everyone with bad credit. Instead, it depends on a few factors, like who you’re borrowing from, the type of loan you want, and how bad your credit is.

Factors to consider:

  1. Traditional Lenders: Banks and credit unions are traditional places to borrow money. But if you have bad credit, they might be hesitant to lend you a lot.They often prefer borrowers with good credit because they’re less risky. So, if you do get approved, the maximum amount might be lower, and the interest rates could be higher.
  2. Alternative Lenders: Luckily, there are other places to get a loan besides banks. Online lenders and some finance companies specialise in helping people with bad credit.They might be more flexible and willing to look at factors beyond just your credit score, like your income and expenses.However, these loans might come with higher fees and interest rates.
  3. Type of Loan: The type of loan you want can also affect how much you can borrow.For example, if you’re looking for a personal loan – which is usually unsecured, meaning you don’t need to put up any collateral – the maximum amount might be lower with bad credit.But if you’re willing to use an asset, like your car or house, as security for the loan, you might be able to borrow more.
  4. Your Situation: Everyone’s financial situation is different. Even if you have bad credit, factors like your income, employment history, and existing debts can influence how much you can borrow.Lenders want to make sure you can afford to repay the loan, so they’ll take these things into account.
  5. Engage a finance broker: Engaging a finance broker like Zoom Car Loans who specialise in securing finance for people with bad credit can significantly increase your options.  We can find you the best solution for you.We know the lenders who are willing to help people in your situation.
  6. Your Credit: While it might not help you right away, working on improving your credit can open up more borrowing options in the future.Making regular payments on time, reducing your debt, and checking your credit report for mistakes are good places to start.

Is there a maximum amount I can borrow when I have a bad credit rating?

There isn’t a simple answer to how much you can borrow in Australia with bad credit. It depends on a variety of factors, including who you’re borrowing from, the type of loan you want, and your individual circumstances.

For more information specific to your situation contact us at Zoom to see how we can help.


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Useful information

You should always check your options before you accept a loan and ensure that you use the free resources available throughout Australia to assist you when borrowing funds of any nature. For information about other options for managing bills and debts, you can ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor. Alternatively, contact our friendly team to discuss your options.

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