LoanOne looks at bad credit history with sympathy
At LoanOne, we acknowledge that a bad credit history may be caused by circumstances that can be resolved. We understand that life throws up difficulties that can lead to loan defaults. However, there is no law that prescribes that a bad credit history should be a lifelong punishment.
Most traditional lenders are very strict about lending to someone who has a bad credit rating, and will reject a loan application without giving it any serious consideration. At LoanOne, we believe this is unfair and will work with you and help you achieve financial relief.
Why is LoanOne different?
What is important to us is that you can demonstrate solid credit management now, and into the future. We will perform a responsible suitability assessment, in which we look at each individual case and, where possible, provide a financial solution that suits your needs and objectives. We will work together with you and try to find a solution that suits your needs.
Does LoanOne check credit history?
Yes. As part of our assessment and verification process, LoanOne will get a credit check from Equifax (Veda) when assessing individuals or businesses who are applying for our loan products. The credit check is a standard part of the process, but we also take into consideration your current financial position and your ability to manage your current financial position before making a decision. We will try every possible way to give you a fair go.
Bad credit loan application process
This is what happens once you submit your application online.
- Our system will assess your application details and respond with a pre-qualifying result.
- If pre-qualified, our lending team will perform quick verification of your situation and ability to manage repayments based on supporting documents.
- A credit check is then conducted before approving the loan.
- LoanOne will notify you about the result and approval decision generally within an hour, by issuing you the Letter of Offer.
- Once the contract is signed and returned, LoanOne will disburse the loan fund into your nominated bank.
LoanOne can help you
Our loan application is easy and straightforward and you can do it online from anywhere in Australia.
Fill out our online application form. The personal information you enter is encrypted and safe from any unauthorised intrusion. You should be able to complete the application in 5-10 minutes.
Please contact us on 1300 180 606 or by email: lending@loanone.com.au
The cost of bad credit loans
The cost of our bad credit loans is competitive and in line with other credit suppliers. Visit our Costs page for more details.
The following costs are involved:
- Establishment fee up to $400.
- An interest rate (Annual Cost Rate – APR). This is your cost calculated as a percentage of the total loan amount. A percentage fee is charged on the outstanding balance of your loan based on your repayment schedule.
LoanOne takes notice of your financial and personal situation to ensure the loan isn’t unsuitable. We present all fees and charges to you before you sign a contract. Our company does not charge an account keeping or early termination fee. Also, the sooner you can repay the loan, the more interest you will save.
Bad credit loans with
LoanOne Australia
We take a conciliatory approach for people with a less than perfect credit history. We appreciate that a bad credit history is the result of circumstances and not a permanent state of affairs.
Our suitability assessment considers each individual case with a view of tailoring out a financial solution that suits a person’s needs and requirements.