Having bad credit can make often make applying for loans more difficult. However, there are lenders who are willing to provide loans to applicants with less-than-perfect credit histories, and some finance providers that specifically cater to bad credit borrowers. It should be noted that these loans usually come with high fees, such as expensive establishment, late payment and default fees, and high interest rates attached. This is because borrowers with low credit scores pose more risk to lenders.
Financial hardship
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
⚠️ Warning about Borrowing
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 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.
Compare short term loans now
Swoosh Finance
Swoosh Finance
From
48 %p.a.
variable rate
From
66.04 %p.a.
comparison rate
Borrow up to $4,581.80
Loan term up to 2 years
Instant online decision
100% confidential application
Swoosh Finance
Swoosh Finance offer fast, reliable, and hassle-free secured loans up to $4,581.80 for when you are in need of money.
Lenders usually 'personalise' rates for borrowers based on factors such as their credit score, expense history, employment status, income and asset ownership. Borrowers with bad credit will usually be charged a higher interest rate than borrowers with good credit.
Warning: Borrowers should always be wary of any lender that claims that they 'do not check credit scores'. It is a requirement in Australia under the National Consumer Credit Protection act that lenders loan money responsibly, so performing credit checks are necessary for all responsible lenders. Lenders that specifically cater to customers with bad credit are usually 'short-term' lenders, with most offering between 1-2 years to repay the loan. If requiring a loan, prospective applicants who know that they have poor credit histories should consider applying for a smaller loan amount, where possible, as shorter loan terms for larger funds mean higher monthly repayments.
$10,000 loans
Good and bad credit borrowers can apply for a variety of loans up to $10,000 - secured, unsecured, short-term, long-term and business. These loans will vary in their eligibility criteria and in their cost. Prospective applicants ought to consider the purpose of their loan prior to applying for a $10,000 loan, as this can change the way that the loan is structured and may affect the cost of repayments. While bad credit borrowers will still likely pay higher interest rates, they might be able to improve their chance of approval and somewhat lower the loan cost of a loan in some cases.
Loans for large purchases
Loans for large purchases (such as car loans) can often be backed by the asset. For bad credit borrowers, some of the higher costs associated with having a low credit score may be mitigated by asset security, as this reduces the risk of default to the lender. It's important to know that by leaving an asset as security a loan customer gives the loan provider the right to repossess the property in case of default, to cover the loan costs. Borrowers should only leave asset security if they are sure that they will not struggle with repaying the loan.
Loans for life expenses
Other types of secured personal loans for expenses such as medical bills, renovations, weddings or holidays, rather than concrete assets, may be secured using the equity in a person's home. Bad credit borrowers looking for personal loans of up to $10,000 for non-concrete purchases who are unable to provide asset security may also be able to apply for a loan using a guarantor. If someone is unable to supply a guarantor, there are still some lenders who offer bad credit unsecured loans, provided that customers can show proof of earnings. Be aware that these will likely have very high costs and fees attached.
Business loans
If borrowing on behalf of a business, there are lenders who are willing to look past blemishes on a borrower's credit history if the business in question is financially stable. These loans may not require asset security, as some can be secured against unpaid invoices. A $10,000 loan taken out for business purposes is very different to one taken out for personal use. Business loans usually come with higher maximum loan amounts, with some lenders able to approve loans of up to $500,000. These loans are generally available to both established businesses and startups. Even with mitigating factors such as asset security, a guarantor and/or a financially stable business, any borrower with bad credit will likely be charged a higher rate than a borrower with good credit and should make sure that they can afford the repayments, before applying for a loan.
Borrowers with good credit
Borrowers with good credit will generally have more options available to them if they’re looking at borrowing $10,000. They’ll likely be able to apply with a traditional lender such as a bank and enjoy lower rates and fees than if it were a bad credit loan. They may also find that their current bank offers same-day funding to existing customers. Depending on person's income and other financial circumstances, they may be eligible for a secured or unsecured loan. For customers with blemishes on their credit histories, taking steps to improve their credit prior to applying for a loan may be beneficial.
Securing a loan
Secured loans are less risky for lenders as they can use the asset to recoup their losses should someone default on the loan. Because of this, these loans come with lending criteria that are more flexible than if the loan was unsecured. Typical assets used to secure a loan include a vehicle or equity in a property, but some lenders also allow for other things such as jewellery.
Brands you can consider for a bad credit loan up to $10,000
Lender
Loan amount
Repayments
Criteria
Find out about products
MoneyMe
$500 to $35,000
Repayment terms of between 1 month and 5 years are available depending on how much you borrow.
You'll need to be over 18, an Australian resident and currently employed. A good credit history will help your application.
enably
$200 to $20,000
Repayment terms up to 3 years.
You need to be employed and earn more than $1,500 per month.
You'll need to be earning at least $500 a week and be 18 years old, a permanent Australian resident and in regular paid employment.
Calculate how much repayments will be on a $10,000 loan
Calculating repayments prior to submitting a loan application is an important step in any financial journey, as it allows applicants to factor the cost of a loan into their lifestyle and budget before making a commitment.
Loan Repayment Calculator
*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.
Compare $10,000 loans
When considering what loan to apply for, it's important to compare loan features, as some lenders will have more competitive options than others. Here are some things to look at:
Fees. What fees will be charged with this loan? Remember to consider the ongoing fees as well as any charges you will have to pay at the onset.
Turnaround time. The time it takes to get a loan approved and for the funds to be transferred will differ between lenders.
Repayments. How can the loan be repaid (direct debit, by phone, online)? Are there penalties for early repayment? How long is the loan term? Consider before applying.
A checklist for bad credit borrowers
Calculate the repayments. Consider the higher end of the interest rates on offer by the lender and calculate how much repayments would cost if you were offered this rate. If it's too much, consider waiting until your credit score has improved before applying.
Review the eligibility criteria carefully. Do this before you apply to make sure you're eligible. Look for things like minimum income, employment requirements, etc. Rejected applications reflect badly on your credit record.
Submit all necessary documents. Check what documents are needed and make sure you're able to send everything required.
Consider asset security, a joint application or a guarantor. This can help get your application across the line.
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
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Hi, I urgently need between $6000 and $7500.
My credit score is around 550, I have a boat that I could use as collateral and possibly a guarantor. I have a full time job. and can afford up to $150 per fortnight. will there be someone who can help me?
The page offers us a list of lenders that you could reach out to. The loan amount may depend on your qualification to get approved by the loan. Having collateral or a guarantor raises your chances of getting the loan amount you are looking for. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
I work full time with a great wage and have been with the company for over 7 years but I have a bad credit due to a bad separation over 7 years ago, am I able to get a car loan?
I am sorry about what happened to your credit record. Anyway, there are lenders that can consider you for a car loan despite you having a bad credit. Please check this page out. The page will guide you on how to compare car loans for bad credit. Please take note that bad credit car loans usually have higher interest rates than regular loans and will often have higher fees as well.
After comparing please, click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
Tips on being approved if you have bad credit
Review the eligibility criteria: Do this before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
Submit all necessary documents: Check what documents are needed and make sure you are able to send everything that is required.
Consider a joint application or guarantor: This can help get your application across the line.
Once you’re all set, you can choose the lenders on the page provided.
Hope this helps! Feel free to message us anytime should you have further questions.
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
You can take out a loan even if you have bad credit, however, this would be with non-traditional lenders.
Before you even apply for a loan, review the eligibility criteria you need before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
Make sure that you submit all necessary documents. Check what documents are needed and make sure you are able to send everything that is required. You may also consider a joint application or guarantor. This can help get your application across the line.
There are usually certain requirements you’ll need to meet and you may be required to secure the loan with an asset. Some lenders may also allow you to submit a joint application if you don’t meet the criteria, so find out about all the options you have to help your chances of being approved. The interest rate on these loans is usually set on an individual basis.
You can choose from the lender’s list in the information above. Hope this helps! Feel free to message us anytime should you have further questions.
I need a loan of 10000 to 15000 i am currently unemployed as i have a broken neck and my credit score is 666 i have a guarantor to help this along. But dont know who would be the best to go through someone please help me
Thanks for your questions and for contacting finder.
Sorry to hear that you’re unable to work. Hope you get better soon!
No need to worry as we have guarantor loans available for your review. A guarantor loan is asking someone to guarantee your loan and to take on your debt if you default on your loan. If you agree to go guarantor on someone’s loan, you become legally responsible for the debt if they become unable to manage their repayments.
If you are a guarantor and you apply for further credit of your own, you will need to list the guarantee on your application. You may also have put up an asset to guarantee someone’s loan, such as equity in your home or a car, and you will no longer be able to use that asset as your own collateral for credit.
Im a single mum of 4 i got left with 10000 worth of debt i need to wrap up into one payment im on centerlink but get roughly 3600 a month can anyone help me??? Will anyone help me????
I understand the financial difficulty you are going through and I hope all things get better for you.
Being on Centrelink means that you have limited loan options. However, you might want to check this page and see a table that conveniently compares the lenders who might be able to help you.
Moreover, if you’re experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
The loan options on the page that you’re currently at are for personal loans and mostly, the terms are for 24 months but there are also some loans good for 60 months.
If you wish to apply for a business loan, you may check this page and compare your options bu using the comparison table. Business loans mostly have a maximum loan term of 2 years.
Once you’ve chosen a provider, you may click on the “Go to site” to be directed to their main website where you can check more details or even start your application.
Before applying, please ensure that you meet the eligibility criteria and requirements.
Hope this helps. Should you have further questions or clarifications, please do not hesitate to contact us again.
I my husband walked out with all our money a couple months ago. I work full-time but have been on leave without pay since, I have returned to work but am desperately needing $10,000 to pay off some debts. I don’t have a great credit rating as I haven’t been able to pay some bills. Is there anyone out there that would be willing to help. I don’t own any real assets and am trying to catch up and pay off my car. Thank you
As per checking you are already on the right page. What you can do next is to compare the available options that will best fit your personal requirements. There are options available to you if you need to borrow a large amount of money. The first step to taking out a loan is understanding your options that is listed on this page.
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
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Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use for more information about our services and our approach to privacy.
Do you really need a loan today?*
Hi, I urgently need between $6000 and $7500.
My credit score is around 550, I have a boat that I could use as collateral and possibly a guarantor. I have a full time job. and can afford up to $150 per fortnight. will there be someone who can help me?
Hi Andrew,
Thank you for reaching out to Finder.
The page offers us a list of lenders that you could reach out to. The loan amount may depend on your qualification to get approved by the loan. Having collateral or a guarantor raises your chances of getting the loan amount you are looking for. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I work full time with a great wage and have been with the company for over 7 years but I have a bad credit due to a bad separation over 7 years ago, am I able to get a car loan?
Hello Sarah,
Thank you for your comment.
I am sorry about what happened to your credit record. Anyway, there are lenders that can consider you for a car loan despite you having a bad credit. Please check this page out. The page will guide you on how to compare car loans for bad credit. Please take note that bad credit car loans usually have higher interest rates than regular loans and will often have higher fees as well.
After comparing please, click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
how do i apply for a loan
Hi Doris,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
Tips on being approved if you have bad credit
Review the eligibility criteria: Do this before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
Submit all necessary documents: Check what documents are needed and make sure you are able to send everything that is required.
Consider a joint application or guarantor: This can help get your application across the line.
Once you’re all set, you can choose the lenders on the page provided.
Hope this helps! Feel free to message us anytime should you have further questions.
Cheers,
Nikki
Hi,
I’m looking for a loan of about $10,000 so I can pay for my wife’s visa and unfortunately I’m still in my part 9 with only a year to go.
Hi Chris,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
You can take out a loan even if you have bad credit, however, this would be with non-traditional lenders.
Before you even apply for a loan, review the eligibility criteria you need before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
Make sure that you submit all necessary documents. Check what documents are needed and make sure you are able to send everything that is required. You may also consider a joint application or guarantor. This can help get your application across the line.
There are usually certain requirements you’ll need to meet and you may be required to secure the loan with an asset. Some lenders may also allow you to submit a joint application if you don’t meet the criteria, so find out about all the options you have to help your chances of being approved. The interest rate on these loans is usually set on an individual basis.
You can choose from the lender’s list in the information above. Hope this helps! Feel free to message us anytime should you have further questions.
Regards,
Nikki
I need a loan of 10000 to 15000 i am currently unemployed as i have a broken neck and my credit score is 666 i have a guarantor to help this along. But dont know who would be the best to go through someone please help me
Hi Luke!
Thanks for your questions and for contacting finder.
Sorry to hear that you’re unable to work. Hope you get better soon!
No need to worry as we have guarantor loans available for your review. A guarantor loan is asking someone to guarantee your loan and to take on your debt if you default on your loan. If you agree to go guarantor on someone’s loan, you become legally responsible for the debt if they become unable to manage their repayments.
If you are a guarantor and you apply for further credit of your own, you will need to list the guarantee on your application. You may also have put up an asset to guarantee someone’s loan, such as equity in your home or a car, and you will no longer be able to use that asset as your own collateral for credit.
Hope you find this information useful.
Thanks and best regards,
Nikki
Im a single mum of 4 i got left with 10000 worth of debt i need to wrap up into one payment im on centerlink but get roughly 3600 a month can anyone help me??? Will anyone help me????
Hi Simone,
Thanks for getting in touch with finder.
I understand the financial difficulty you are going through and I hope all things get better for you.
Being on Centrelink means that you have limited loan options. However, you might want to check this page and see a table that conveniently compares the lenders who might be able to help you.
Moreover, if you’re experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I own my on business and I need a$10000 loan to get by a few months but would like to term out over three years
Hello William,
The loan options on the page that you’re currently at are for personal loans and mostly, the terms are for 24 months but there are also some loans good for 60 months.
If you wish to apply for a business loan, you may check this page and compare your options bu using the comparison table. Business loans mostly have a maximum loan term of 2 years.
Once you’ve chosen a provider, you may click on the “Go to site” to be directed to their main website where you can check more details or even start your application.
Before applying, please ensure that you meet the eligibility criteria and requirements.
Hope this helps. Should you have further questions or clarifications, please do not hesitate to contact us again.
Best Regards,
Robyn
I my husband walked out with all our money a couple months ago. I work full-time but have been on leave without pay since, I have returned to work but am desperately needing $10,000 to pay off some debts. I don’t have a great credit rating as I haven’t been able to pay some bills. Is there anyone out there that would be willing to help. I don’t own any real assets and am trying to catch up and pay off my car. Thank you
Hi Trudy,
Thank you for your inquiry.
As per checking you are already on the right page. What you can do next is to compare the available options that will best fit your personal requirements. There are options available to you if you need to borrow a large amount of money. The first step to taking out a loan is understanding your options that is listed on this page.
I hope this information has helped.
Cheers,
Harold
me and my woman have a income of $4800.00 a month i need a $10.000 loan to buy a truck can i get it asap
Hello James,
Thank you for contacting us.
You are actually on the right page as it has list of lenders that can offer you loans even if you have a poor credit rating.
You can also check this page for the business loans available if you are going to purchase an equipment.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
I have started a new Airport Shuttle & need some financing for a down payment/financing for a shuttle bus.
Hi Jana,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
I hope this helps.
Cheers,
Danielle