Fix your credit with a payday loan
The current economic climate has made it virtually impossible to obtain a good deal on a loan or a credit card if you have bad credit history.
If you require a credit card to pay for certain purchases or simply want to improve your credit rating to make yourself eligible to lenders for something more substantial like a mortgage follow these tips.
How to Improve Credit Rating
If you already have a credit card or a loan, which you are currently paying back make sure you meet each monthly payment on time.
It is also advised that you do not just repay the minimum amount required of you, and try to rid the debt or bill as quickly as possible.
If you have any unused credit cards, make sure you get rid of them as lenders do not look favourably on these when assessing your credit rating.
Lenders also work out how much money you already have access to so they will look at all of these unused credit cards, which could limit the amount of money they offer you.
If you are not currently paying back a loan try taking out a cheap and short term loan, such as a payday loan. Pay back the money quickly and your credit rating should increase, but make sure you do not let this borrowing become out of control leaving you unable to repay it.
Payday Loans
You will have to repay the payday loan when you next get paid. Money is usually automatically deducted from your bank account, or a post dated cheque is cashed.
Payday loan providers in Australia generally charge $10-$30 per $100 borrowed if paid back on your next payday.
