25 OCTOBER 2018
How Can I Get a Loan With a Low Credit Score?
The days of walking to a bank asking for a loan, and getting approved within minutes is a thing of the past. With increasing regulations and background checks on applicants, a lot of criteria must be met before getting approved for a loan.
How do you calculate your credit score?
Before a bank approves a loan, they run a credit check to determine your credit score. While each financial institution has their own criteria to obtain a credit score, this is normally based on:
- An applicant’s credit report
- Any credit history with previous lenders or banks
- The amount of debt you have
- How much savings you have
- Your total net assets (houses, cars, savings)
- Your current income.
Based on the credit score you hold, a bank will approve or deny the loan and the repayment period. Unfortunately, not everyone can meet the eligibility criteria, leaving individuals in financial struggle. Luckily, Superloans offers bad credit loans to individuals who are in need of financial assistance.
How to repair your credit score and move on from the past
We like to think we approach lending very differently from other people, based on where you are in your life now instead of your financial history. At Superloans, we evaluate your circumstances, your financial situation, and have a look at your ability to make repayments (based on the amount you would like to borrow). This is a perfect option for those who want no-credit-check loans and would like to rebuild their credit score.
Once you start making repayments on an Express Loan, we will supply positive credit reporting to Centrix, which means that obtaining a loan with us could help improve your overall credit score rating.
Furthermore, our Super Score programme allows you to take new loans at a lower interest rating.
The requirements for obtaining a loan at Superloans are very simple. To be eligible, applicants must meet a few simple criteria:
- Earn at least $300 per week after tax. This income can be a combined sum of salary, wages, or benefits.
- Your income must be direct credited to your account.
- Photo ID - Drivers licence or passport.
- Have internet banking enabled with your bank. If you don’t have it, it’s very easy to apply for it through your bank.
- Proof of address - bank or a government department (WINZ, Housing NZ, etc.)
- Supply your phone number and alternative phone numbers for people not living with you (family members or friends).
If you meet the above requirements, all you need is to tell us the amount you wish to borrow, and we do the rest. Unlike many lenders, we base our repayment amounts based on your financial situation. We even offer hardship assistance for individuals who want to improve their credit score.
Speak to one of the awesome Superloans team today
At Superloans, we understand how hard getting a loan is when you have a bad credit score. For this reason, our loans are designed specifically for individuals and families who require assistance.
Superloans can provide all first-time borrowers with a free, no-interest loan – apply now online!