Personal Loans for Discharged Bankrupts
Find personal loans offered by flexible lenders across Australia for discharged bankrupts right here with Savvy.
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The features and benefits of a personal loan for discharged bankrupts
Borrow up to $12,000
Bad credit personal loans come at a minimum amount of around $2,000 up to a maximum of $12,000, with their potential uses versatile to fit your needs.
Make early repayments
We can connect you with lenders who allow you to contribute additional repayments above the minimum and save money on your personal loan overall.
Apply on Centrelink benefits
If you’re receiving pension payments because you’re a senior Australian, living with disability, acting as a carer or single parent, you can include them in your income.
Easy application process
The process of applying for your personal loan takes only five to ten minutes, after which your application is sent off and your lender can have it turned around in as little as one day.
Broad eligibility criteria
As long as you’re 18 or over, a citizen or permanent resident and earning at least $400 per week received in your account, you can apply for a personal loan.
Consolidate outstanding debt
A common reason for personal loans being taken out is to consolidate outstanding debts, such as credit card debts, and repay them at a more manageable speed.
How Savvy can help you get approved for your personal loan
Flexible lending partners
We count a range of lenders amongst our panel who can work with customers with bankruptcies on their files and find a deal for them.
Experience in the field
Having worked in personal finance for many years, you can trust that our partners are reputable and can help you get approved.
Apply and get approved faster
We take our customers straight to their chosen lender’s site so that they can hit the ground running with their application.
How to increase your approval chances as a discharged bankrupt
Display a recent financial improvement
Although you don’t need to fully convert a bad credit score into a good one to be approved for your personal loan, exhibiting recent discipline and improvement in this area can help your chances of approval.
For instance, if you’re able to keep on top of your bill payments consistently in the months following your discharge from bankruptcy, you’re likely to be better placed to apply for a loan than someone who hasn’t been able to regularly pay them on time.
Stay in a stable job
Earning a reasonable income with job stability is another way to maximise your approval chances as an ex-bankrupt. Lenders must feel full confidence in you as a borrower that you’ll be able to make each of your repayments comfortably across your loan term.
As such, showing that you’ve been able to hold a job that comes with consistent pay over an extended period will indicate that your income stream is less likely to evaporate prior to the end of your loan term.
Compare personal loans with Savvy
On top of earning a comfortable and consistent income, doing what you can to increase your savings can also help you get approved. Building the funds in a savings account requires discipline on your part, which lenders acknowledge, while also providing you with a safety net should your income stream run dry during your loan term.
It’s always better to have more savings than less in your account when applying for a personal loan.
Enlist a guarantor
As a borrower with a poor credit history, you can benefit from finding a guarantor to help add security to your personal loan repayments. This is someone who agrees to guarantee the repayment of the loan, even if you default on its payments.
Because a guarantor adds an extra layer of security to your personal loan, you’re likely to find that the likelihood of approval is increased with their presence.
Only apply for what you can afford
Perhaps the simplest way to maximise your chances of approval is to apply within your means. It’s important to have a handle on what you can afford to repay each month, fortnight or week, as this will dictate the terms on which you’re approved for your loan.
If your lender believes that you won’t be able to afford repayments for the loan you’re asking for, you’ll either be offered a smaller loan or rejected outright, so it’s important to account for your monthly income and expenses before applying.
