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Bad Credit Personal Loans

Information verified correct on June 1st, 2016

Don't let your credit rating hold you back, find a bad credit personal loan that could be right for you.

Bad credit is tough to shake. Having negative listings on your credit file credit can seriously hinder your ability to access loans, but if you're on the "credit fringe" there are still a variety of loan options you can consider.

Sunshine Short Term Offer

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $1,800.

  • Loan Amount: $1,800
  • Loan Term: 16-30 days
  • Turnaround Time: 30 Minutes - conditions apply
  • Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed

    Lenders that offer personal loans to bad credit borrowers

    Rates last updated June 1st, 2016
    Max. Loan Amount Term of Loan Turnaround Time Total Cost of Borrowing $100
    Sunshine Short Term Loans
    Apply online with Sunshine Loans and you could borrow up to $1,200 paid directly into your account. Family Business since 1999.
    $1,800 16-30 days 30 Minutes - conditions apply 20% of loan amount + 4% of loan amount each month Go to site More
    Nimble Short Term Loan
    Apply for a short term loan and you could borrow up to $2,000
    $2,000 16-365 days 1 hour - conditions apply* 20% of borrowed amount + 4% of borrowed amount each month Go to site More
    Cash Train Payday Loan
    Apply for a Cash Train loan and get up to $2,000 sent straight to your bank account
    $2,000 10 weeks or 3 months 1 Business Day 20% of loan principal + 4% monthly charge Go to site More
    Loan Ranger Cash Loans
    You could borrow up to $1,000 with Loan Ranger Cash
    $1,000 16-30 days Same Day - conditions apply 20% of principal amount (establishment fee) + 4% of principal amount per month. Go to site More
    Ferratum Cash Loans
    A small loan from Ferratum lets you borrow up to $1,000 without a credit check
    $1,000 16, 22 or 32 days Same Day if approved 20% of borrowed amount + 4% of borrowed amount each month Go to site More
    Rates last updated June 1st, 2016
    Max. Loan Amount Term of Loan Turnaround Time Total Cost of Borrowing $100
    Max Finance Personal Loan
    Get a decision in 5 mins with your money on the same day if you're eligible.Bad credit borrowers are considered.
    $10,000 6 to 12 Months Same Day - conditions apply Interest rate and comparison rate will vary based on risk factors. Go to site More

    Warning about Borrowing

    payday-warningDo 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 if you can receive an advance from Centrelink: Phone: 13 17 94

    The Government's 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.

    What are your personal loan options with bad credit?

    There are various personal loan options for people with a bad credit rating.

    How much will the loan cost?

    This depends on the lender you apply with and also the type of loan you apply for. Lenders cannot charge you more than the following, but remember to always compare your options, because some lenders charge less:

    Loans under $2,000 with terms between 16 days and one year

    • Establishment fee of 20% of the principal
    • Monthly fee of 4%

    Loans between $2,001 and $5,000 with terms between 16 days and two years

    • Establishment fee of $400
    • A maximum interest rate of 48%, including all other fees and charges

    Loans over $5,000 with terms between 16 days and two years

    • All fees and charges must not be more than 48% p.a.

    How can I be approved for a loan with bad credit?

    There is no trick to being approved. However, there are a few things you can do to make sure you get the best chance.

    • Don't make too many credit applications at once.

    This is a red flag to lenders and can hinder your chances at future credit approvals. If you have done this, try and wait to make any future applications.

    You will see what lenders see when considering you for an application and you'll have a better idea of your overall credit position.

    • Use a personal loan calculator. 

    This will ensure you don't apply for a loan you can't afford. Lenders, when reviewing your application, will only approve your loan if you can afford the repayments.

    Calculate your personal loan repayments

    How do I know if I have bad credit?

    Generally larger lenders, such as banks, will not approve a loan for you if you have bad credit. Although the definition of "bad credit" differs between each lender, bankruptcy, defaults and part nine debt agreements are generally all red flags to lenders and generally will put you in the bad credit category.

    However, your credit file also holds other important financial information which may look bad to prospective lenders. This includes late bill payments, late loan repayments, multiple credit applications or exceeding credit card limits. Excessive credit applications in a short space of time can also put you in the bad credit category, if only for a short space of time. There are varying levels of how bad your credit file can look to lenders, so be sure to check and compare the application criteria for personal loans to see if you may be eligible.

    Talking to lenders is also a good idea – you may be surprised at how flexible they can be.

    Bad credit doesn't have to stop you from getting a loan – compare your options and find out what's still available to you.

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    20 Responses to Bad Credit Personal Loans

    1. Default Gravatar
      Damien | April 11, 2016

      Hi there
      My credit rating isn’t to bad I have no defaults but I have applied for a few loans and declined them because I wasn’t happy with the interest rate then I shopped around but had no idea until now that credit enquires had a negative affect on my credit score so now my credit rating is looked at as bad and I wanted a loan to consolidate my credit card debt and I’ve since been declined by Citibank but approved with another lender with a really high interest rate which I declined, so can you tell me who will actually help me with a loan please

      • Staff
        Elizabeth | April 11, 2016

        Hi Damien,

        Unfortunately I can’t recommend any specific lenders to you. However, I can send you some general information. You may want to order a free copy of your credit file to find out what kind of situation you are really in, this will give you a good idea of your situation when you’re applying for loans. There are also larger and long-term personal loans available from some lenders, for instance, loans up to $5,000 and loans up to $10,000.

        I hope this will help,


    2. Default Gravatar
      mr | January 8, 2016

      Hi there mu credit file is shocking woth 2 defaults currently getting paid also i have had lots of short term loans eithbmany lenders at the same time have paid always paid them off a few missed payments but always paid them off o earn roughly after tax 1500-2000 per week amd have had the same job for 8 years im looking at getting a personal loan for $20000 that i will pay off $1000 a week wich im used to paying with the payday loans and i have a freind that will go guarantor he owns his own home and also earns good money what do you think my chances would be and also which companys would you recommend if you think i have a chance or should i see a broker?? Thank you in advance

      • Staff
        Elizabeth | January 11, 2016

        Hi Mr B,

        Unfortunately we currently have no bad credit lenders on the site who are able to offer loan amounts of that size. The largest loan amounts are on this page but the maximum available is only $10,000. If you’re thinking of applying with a guarantor you can consider this bad credit lender, but only smaller loan amounts are on offer.

        You may want to get in touch with a broker or call the free financial counselling hotline on 1800 007 007.

        I hope this has helped.



    3. Default Gravatar
      troy | December 9, 2015

      My credit rating is shocking.i have been working for a couple of years and am on centerlink benefits i am a single dad that helped out some bad people and made some bad choices when i was younger but since then have never had the oppertunity or been given a second chance to prove myself is thete any lenders out there who would consider taking me on i wont let u down

      • Staff
        Elizabeth | December 9, 2015

        Hi Troy,

        Thanks for your question and sorry to hear about your situation.

        As a financial comparison service we don’t offer the loans ourselves, but I can provide you with some information. If you’re considering any of the lenders on the page above they will look at more than just your credit rating when considering you for a loan. They will look at your income, your employment, your general financial circumstances etc. If you are concerned about your credit rating you can consider a no credit check loan.

        I hope this has helped.



    4. Default Gravatar
      Tamara | July 4, 2015

      I have made bad choices and really got myself in a rut. I have several payday loans and can’t keep up? It’s sending me broke. Is there a personal loan out there to recover all so I only have one payment monthly.? Many thanks

      • Staff
        Elizabeth | July 6, 2015

        Hi Tamara,

        Thanks for your question.

        You can compare debt consolidation personal loans on this page, and if you’re looking for a bad credit debt consolidation option, you can take a look at our guide on this page.

        I hope this information will be of use.



    5. Default Gravatar
      | June 29, 2015

      Hi i have a credit score of 223 which isn’t great but haven’t got any defaults on my credit file. Am eligible for a personal loan through the bank. I have 20 enquiries on my credit file but no defaults. How long does credit score take to increase so lenders consider lending me money

      • Staff
        Elizabeth | June 30, 2015

        Hi Sam,

        Thanks for your question.

        Banks look at a variety of factors when considering you for a loan, not just your credit score. They look at your income, your current open credit accounts, debts, expenses, etc. Your credit score will play a part in their decision but is not they only thing they use to base their approval on. There’s no real time period for a score to increase, but you can learn more about it on this page. In terms of being eligible for a loan, you might want to get in touch with the bank you have in mind and discuss your eligibility before applying to reduce the risk of adding another enquiry onto your file.

        I hope this has helped.



    6. Default Gravatar
      Dani | January 28, 2015


      I’m wondering if there are any lenders which provide unsecured personal loans of $7000? I have one paid default of $265 from over 4 years ago but have recently been declined from my bank due to too many credit enquiries on my file?


      • Staff
        Shirley | January 28, 2015

        Hi Dani,

        Thanks for your question.

        As a general rule of thumb, you should apply for a credit product once every three to six months.

        Lenders consider a borrower to be risky if they see too many inquiries on your credit file.

        If you’d like to compare unsecured personal loans, please see this page.


    7. Default Gravatar
      Lig | January 23, 2015

      Which lender is for bad credit for debt consolidation, i want to combine all debts into one
      Thank you

      • Staff
        Shirley | January 23, 2015

        Hi Lig,

        Thanks for your question.

        Please see this page regarding bad credit debt consolidation.


    8. Default Gravatar
      Shelby | December 17, 2014

      I’m looking to get a personal loan of about $5,000. I have poor credit rating would my chances be higher to get a loan if I had a garentour

      • Staff
        Shirley | December 18, 2014

        Hi Shelby,

        Thanks for your question.

        Yes the chances of your application would be higher with guarantor. However, please note that all the lenders on this page still consider applications with bad credit.


    9. Default Gravatar
      Michelle | November 18, 2014

      Hi I need a small loan till next Tuesday and I am unemployed and I am on centrelink n have bad credit am i able to get a small loan till then from anywhere plz help

      • Staff
        Matt | November 19, 2014

        Hi Michelle,

        Thanks for your comment. To find out if you are eligible for a loan, please compare the lenders in the table on this page, and then click the “Go to site” button when you are ready.

        I hope this has helped.


    10. Default Gravatar
      Rima | November 13, 2014

      I need to borrow $20,000 but have bad credit I’m currently working is there anyway I can get approved or is there such a loan

      • Staff
        Shirley | November 13, 2014

        Hi Rima,

        Thanks for your question.

        Unfortunately due to bad credit it’s hard to get a loan amount that big.

        Non-bank lenders may offer more flexible lending criteria for personal loans. There are also smaller credit unions or loan providers who specifically lend to people with bad credit who you may want to contact and discuss your eligibility and options.


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