Bad Credit Loans
We understand that financial setbacks can happen to anyone. A less-than-perfect credit history shouldn’t stand in the way of you reaching your financial goals. At Mega Cash GO, we specialise in lending to those who are either excluded from or simply prefer not to borrow from mainstream lenders like the big banks. With our bad credit loans, you can access the funds you need quickly and without hassle.
What does it mean to have bad credit?
Having bad credit means that your credit history includes a record of missed payments, defaults, or other negative marks that indicate a higher risk to lenders. In addition to missed payments, the following can also damage your credit score:
- Too many loan enquiries
- Too many credit card applications
- Too many recent credit checks
- Defaults that since have been settled
- Having a high credit balance even with regular repayments
- Co-signing for someone with bad credit
These factors can contribute to a lower credit score, making it more difficult to qualify for traditional loans or credit cards. At Mega Cash GO, we take a holistic approach to assessing your eligibility, considering various factors beyond just your credit score.
What is a Bad Credit Loan?
A bad credit loan is no different to our other types of loans. That being said, our assessment criteria are specifically designed for people with a poor credit history or a low credit score. At Mega Cash GO, we specialise in working with those who may not qualify for traditional loans or prefer not to borrow from big banks. Unlike traditional loans that rely heavily on credit scores, bad credit loans consider other factors such as income and employment stability.
Why apply for a Bad Credit Loan?
The main reason people apply for bad credit loans is because they have experienced financial challenges in the past which have resulted in missed payments or defaults. However, this isn’t the only reason. Some people with little or no credit history also find it hard to qualify for traditional loans or credit cards, as do some people receiving Centrelink payments. Others simply prefer to borrow from lenders not affiliated with the big banks. Taking out a bad credit loan can help you to rebuild your credit score while accessing the funds you need.
How do bad credit loans work?
- Apply Online: Fill out our simple online application form from the comfort of your home or on-the-go.
- Quick Approval: Once you submit your application, our team will review it promptly. You’ll receive a decision in no time.
- Get Your Cash: If approved, your funds will be deposited directly into your bank account, and you can use them however you choose.
Types of Mega Cash Go Loans:
| Loan Feature | Small Loan | Personal Loan |
|---|---|---|
| Loan Amount | $300 to $2000 | $2050 to $5000 |
| Costs | 20% establishment fee + 4% of loan amount per month | Establishment fee of $400 + 36% p.a interest |
| Loan Terms | 1 to 12 month duration | 2 to 24 month duration |
Bad credit? Apply now to see if you're eligible.
Frequently Asked Questions
View all FAQ'sAm I eligible for a Mega Cash GO Bad Credit loan?
If you are over 18, an Australian citizen or permanent resident and receive an income, you may be eligible for a Mega Cash GO loan. There’s no denying we take your credit into consideration, but there is plenty of other things we consider too that may make you eligible.
We verify all your details to make sure you’re in a position to repay. Our top priority is to ensure that you have a great experience and are able to comfortably repay your loan.
How much can I borrow for a Bad Credit Loan?
Mega Cash GO offers loan between $300 and $5000! The amount you can borrow will be based on the amount you ask for and your personal circumstances at the time you apply.
Mega Cash GO will perform an identity and credit check with a credit reporting bureau, as well as assess your income and expenses to ensure that the product you choose is right for you.
How much does it cost?
You’ll always see a clear breakdown of all your fees and repayments before you confirm your loan. As a quick reference, though, here’s a general breakdown of fees:
Small Loan: If the principal amount you borrow is between $300 – $2,000 you’ll pay:
-
Establishment fee: 20% of the principal amount
-
Monthly loan fee: 4% of the principal a month
Medium Loan: If the principal amount you borrow is between $2, 050 – $5,000 you’ll pay:
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Establishment fee: $400 flat rate
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Interest Rate: 36% p/a
What do I need to get started?
Mega Cash GO has tried to make our application process quick and easy! We don’t like paper and boring consultation meetings. We do still need to know some things though…
What you will need to apply:
- Your internet banking details
- Two of the following forms of identification (driver licence, Medicare card or passport number)
- Your BSB and bank account number (so we know where to deposit your money)
- Plus all the usual stuff like your name, DOB, Address, employment information and details on your current expenses.
How do I apply for a Mega Cash GO loan?
Apply: Apply here and answer some basic questions or download our app and apply.
Link: Link your bank account for instant approvals and cash delivery.
Verify: For security purposes, we’ll request that you verify your ID.
Approval: Your loan application is either approved or Denied. Either way, you’ll know if your loan’s been approved before the end of the day.*
*application must be received before 3:30pm AEST
Cash delivered! Once you’re approved, we’ll send you a direct deposit in minutes.
How quickly will I get my money?
We understand the importance of fast financing. Our technology enables you to upload all necessary documents directly from your mobile or computer, allowing us to provide you with a speedy response.
Once you’re approved, you’ll receive your funds within 5 minutes of confirming your loan.*
*Loan must be approved by 3:30pm AEST during banking days. Otherwise, the payment will be processed on the next business day. Clearance time is subject to your bank.
WARNING! Do you really need a loan today?
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
- If you are on government benefits, ask for an advance from Centrelink: www.humanservices.gov.au/advancepayments
The Government MoneySmart website shows you how small amount loans work and suggests other options that may help you.* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Apply and manage your loan in-app today!
