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Can I Get a Loan If I Have Credit Card Debt?

Every so often, we have a situation come up that requires some extra cash, be it medical bills, an emergency car repair, or your kids really want that new hideously expensive video game system you promised. 

Often, we need it in a hurry, usually in the form of an instant loan, but the old credit card has already seen a fair amount of action, and you’ve built up debt on the said card already. 

These things have a nasty habit of popping up at the worst possible times, and you wind up asking: “Can I get a loan if I have credit card debt?” 

You have Credit Card Debt. Now What? 

The good news is that even though you have credit card debt, you can still get an instant personal loan through Nifty. We do take your credit rating into account, but unlike traditional lenders like banks, we here at Nifty have a different way of lending. 

Banks and credit unions focus almost exclusively on your credit rating. We look at your personal circumstances a little differently. 

Banks and credit unions focus almost exclusively on your credit rating. If we can see you are in a position to pay back the loan comfortably, we’ll give you a better chance of securing it. 

All you need to do is apply, and Nifty will get the ball rolling. 

Personal Loans and How They Work  

Before we get into the finer details of how you can start securing your loan, here is a quick summary of what personal loans are. 

A personal loan pretty much does what the name suggests. It is a sum of money borrowed for personal use instead of a loan from a bank for a specific purpose like buying a car or house. You then pay the borrowed amount back with interest in fixed installments.

Nifty provides one of Australia’s fastest loan services. We take satisfaction in being able to offer same-day loans to Australians throughout the country. We use the most up-to-date and secure banking and identification technology, so you can rest easy knowing that your personal data is protected.

The majority of people complete their applications in less than 10 minutes. You might even receive a decision on your loan application in as little as 60 minutes if you apply during business hours. 

Nifty offers quick transfers if you’re authorised, so you can get on with your day and not worry about when the money is coming. 

What You’ll Need to Apply 

You will need to supply some information so that you can begin the instant loan application process. The info is pretty standard stuff, and it is as follows: 

  • Personal Information 
  • Contact Information
  • Why you are applying for a loan
  • Internet banking details

In addition to this, you will also have to meet eligibility criteria in order for the loan application to be processed:

  • Be at least 18-years of age
  • Be an Australian citizen or permanent resident
  • Possess an active mobile number and email address
  • History of regular income for the past 90-days

Instant Personal Loans and Credit Card Debt

We’ve established that you can potentially get an instant loan even though you have credit card debt. How can you make the two work together? The answer is pretty simple. A lot of the time, when people apply for personal loans, it is to consolidate their credit card debt. 

One of the reasons for this is that credit card interest rates are comparatively higher when compared to personal loan interest rates. When you think about it, it really does make a lot of sense. 

When you use a personal loan to consolidate what you owe, it benefits you in a few ways. 

  1. You pay less interest on your personal loan vs a credit card (as stated above) 
  2. You have fewer transaction costs. Only one going off as opposed to multiple transactions
  3. It is much easier to track and monitor a single debtor 
  4. You have peace of mind that your finances are being handled responsibly 
Instant Personal Loans

Conclusion 

Getting an instant personal loan can be just the thing you need to get your finances back on track.

Some lenders will look at the person, not just their credit score, so even if you have credit card debt, you may be able to secure the right kind of personal loan for your unique needs. 

Nifty offers quick service using the latest in loan approval technology. And most importantly, wholly Australian owned and operated. 

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