What is Bad Credit Loan?

What is Bad Credit Loan?

A bad credit loan is an amount of money lent to someone with a poor credit rating. This allows people to borrow funds without the automatic judgment and denial that often comes from many financial institutes.

A poor credit rating isn’t always the full story. With a bad credit loan, My Cash Online will consider a range of factors before making a decision on your application.

A bad credit loan is an amount of money lent to someone with a poor credit rating. This allows people to borrow funds without the automatic judgment and denial that often comes from many financial institutes.

A poor credit rating isn’t always the full story. With a bad credit loan, My Cash Online will consider a range of factors before making a decision on your application.

Quick Cash Loans Types

Online loans let you complete the entire borrowing process, from prequalification to loan funding, without ever setting foot inside a bank branch. MyCashOnline is a 100% online lender which is a straightforward way to borrow.

A short-term loan is a small loan designed to be repaid within a short period. These loans are under $2,000, with terms from 16 days up to 6 months. They usually feature quick applications and fast turnaround times.

A long-term loan is a form of loan that is paid off over an extended period of time greater than 3 years. This time period can be anywhere between 5-7 years.

A same-day loan is any loan that’s disbursed the same day you’re approved for it. You may need extra cash quickly to make ends meet. A same day loan helps and can get you cash right away.

A quick loan is designed to help you out when you most need them and are therefore typically assessed, approved, and disbursed on the same day as they are applied for.

A payday loan is a quick form of finance that is repaid in one payment, usually on your next payday. Its principal is typically a portion of your next paycheck.

Online loans let you complete the entire borrowing process, from prequalification to loan funding, without ever setting foot inside a bank branch. MyCashOnline is a 100% online lender which is a straightforward way to borrow.

Fast cash loans are salary loans and personal loans that can be approved in as fast as 10 minutes to just a few days. It’s the ideal financial support for your emergencies.

An emergency loan is a form of short-term that covers your expenses in case of an emergency to help borrowers pay for unexpected expenses.

An easy loan is usually referred to as quick short-term loans that are easy to apply for and enable you to get an instant decision on whether or not you qualify.

A cash loan is a form of short-term financing solutions for consumers, usually for a loan term no longer than 2 years.

A Cash Advance loan is a quick, small loan that is repaid on your payday or over multiple paydays on a repayment schedule.. It also features fast approval and quick funding.

A bad credit loan is an amount of money lent to someone with a poor credit rating. This allows people to borrow funds without the automatic judgment and denial that often comes from many financial institutes.

A poor credit rating isn’t always the full story. With a bad credit loan, My Cash Online will consider a range of factors before making a decision on your application.

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Loan Rates

Loan Amount of $1,000 over minimum of 61 to the maximum of 180 days repayable weekly (20 weekly repayments). $1,000(Principal Amount) + $200(20% Establishment Fee) + $200(fees based on 4% per month over 20 weeks) = $1,400 total repayable in 20 weekly instalments of $70.00. The Annual Percentage Rate (you’ll know this as an APR %) is 104.29% for this example.

The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

Loan Calculator

$200 $2000
Borrowing Periods
4 weeks20 weeks
*Estimated Weekly Repayment:
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Loan Rates

Loan Amount of $1,000 over minimum of 61 to the maximum of 180 days repayable weekly (20 weekly repayments). $1,000(Principal Amount) + $200(20% Establishment Fee) + $200(fees based on 4% per month over 20 weeks) = $1,400 total repayable in 20 weekly instalments of $70.00. The Annual Percentage Rate (you’ll know this as an APR %) is 104.29% for this example.

The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

Loan Calculator

$200 $2000
Borrowing Periods
4 weeks20 weeks
*Estimated Weekly Repayment:
Loading



*Disclaimer & Example: Loan Amount of $1,000 over 61 -180 days repayable weekly (20 weekly repayments). $1,000(Principal Amount) + $200(20% Establishment Fee) + $200(fees based on 4% per month over 20 weeks) = $1,400 total repayable in 20 weekly instalments of $70.00.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

© 2022 Owned by Australian Synergy Finance Pty Ltd, ABN 54 613 655 646. Australian Credit Licence 490422. The information on this webpage is general information only and does not take into account your objectives, financial situation or needs.