Need to borrow up to $5,000 today? A guide on all of your personal loan options, even if you have bad credit.
When you’ve got a bad credit history you're usually not eligible for a loan from a bank or traditional credit lender. However, there are loan options available. You'll just need to show that you can repay the loan by providing evidence of a regular income, whether that's through employment or Centrelink. If you're unemployed and need a loan, read our guide here.
- Borrow up to $4,600
- Loan term up to 2 years.
- Instant online decision
100% confidential application
Swoosh Finance offer Fast, reliable, and hassle-free secured loans up to $4,600 for when you are in need of money
- Loan amount: $4,600
- Loan term: 12-24 months
- Turnaround time: Next Business Day
- Fees: $400 + 48% APR of borrowed amount
Good and bad credit loans for up to $5,000 you could apply for
The loans below allow you to borrow cash for a short period when you may need the emergency money.
Warning about Borrowing
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.
Tips on being approved for a bad credit loan
There is no one surefire way to ensure you are approved for a fast cash loan application. When you're considering applying for a loan and your credit history isn't perfect, keep the following tips in mind:
- Check the eligibility criteria before applying
Lenders have set eligibility criteria which you can check on finder.com.au review pages. Check to see if you meet these criteria, and if you're unsure you can call the lender to discuss your situation.
- Order a copy of your credit file
While you may think you have a good idea of your credit history, your credit file is the only true record of your financial history and what lender's will use to judge your creditworthiness. You can order a free copy of your credit file from the main credit reporting agencies in Australia.
- Compare your loan options before you apply
Every application you make shows up on your credit file, so make sure you compare your options before you apply to minimise the amount of applications you make.
What brands offer bad credit loans up to $5,000?
You have various options when it comes to finding loans up to $5,000. You can consider any of the below. Click through to the review page to find out more details on the loan.
|Lender||Loan terms||Eligibility criteria||Find out more|
|Max Finance||$1,600 to $10,000|
|Fair Go Finance||$500 to $5,000|
|enably||$200 to $2,000||Details|
|Credit24||$300 to $6,500|
|Swoosh Finance||$2,100 to $4,600||Details|
|Nimble||$300 to $5,000|
|Wallet Wizard||$500 to $5,000|
|MoneyMe||$2,001 to $5,000|
|Good to Go Loans||$500 to $5,000|
|Needy Money||$5,001 to $100,000.|
Options for an unsecured $5000 loan with a good credit rating
If you don't have bad credit you can be eligible for a loan from a bank, credit union or standalone lender at a more competitive rate than bad credit loans. You may be able to borrow up to a limit of $5,000 and do not have to attach an asset as a guarantee.
Compare a range of options below if you need to borrow $5000.
How much do $5,000 loans cost?
If you're borrowing from a non-Authorised Deposit-taking Institutions (ADIs), which is basically any lender that isn't a bank, credit union or building society, you'll be charged the following:
- Loans under $2,000. You will be charged a 20% establishment fee and a 4% monthly fee. Both fees are calculated using your loan principal.
- Loans of $2,001 to $5,000. These loans are repaid over 16 days to two years. You cannot be charged more than a one-off establishment fee of $400 and a maximum annual interest rate of 48% p.a. that includes all other fees and charges.
- Loans over $5,000. You cannot be charged more than 48% p.a. including all fees and charges.
What to consider when comparing $5000 loans
- The convenience of an online application
The convenience of online application forms and quick approval systems can save you time. You’ll also have a chance to compare a range of credit providers, improving your choices.
- There are minimal or no credit checks
It's common practice to find difficulty being approved for a personal loan from other credit providers if you’ve got a bad credit history. Getting a bad credit unsecured loan gives you access to lenders who look at your current financial situation when considering you for a loan, and if you have major credit problems you can consider a no credit check loan.
- The simple repayment terms
You'll generally have your repayments lined up to when you get paid, and some lenders will give you the option of how to make repayments. Direct debit repayments are offered by most lenders as you don't have to worry about making the repayments yourself, you just need the money available in your account.
- Bad credit loans are high-cost
Due to high risk of this loan the lender will usually charge a higher fees. However, keep in mind fees are capped by ASIC.
- Loans over $2,001 come with high interest
While loans under this amount do not come with interest rates (only set fees) loans above this amount come with rates maxed at 48% p.a.
- Disreputable lenders operate in the bad credit loans space
There are many disreputable lenders operating online who prey on people with bad credit, so make sure you evaluate the lender before you apply.
Things to avoid with bad credit loans
There are quite a few risks associated with loans for people with bad credit. Avoid the pitfalls outlined below:
- Not being cautious. ASIC has issued a warning to those intending to take out a bad credit personal loan due to high fees and inflexibility.
- Not considering the affordability. Make sure you think twice before applying for a bad credit unsecured personal loan up to $5,000 – the repayment period is a lot shorter than standard loans which means your repayments are quite high. Lenders usually offer calculators to show an indication of your repayments.
- Not considering the fees as well as the interest rate. Lenders may charge you an interest rate as well as fees and other charges. Check these before you apply and consider the total cost of the loan.
Quick ways to borrow money
|Type of Lender||Avg. Interest Rate||Avg. Repayment||Turnaround Time|
|Traditional Bank||14% p.a.||$1041.93*||1-3 business days|
|Online Lender||39.20% p.a.||$672.24^||1 hour - conditions apply|
|Payday Loan||319.38% p.a.||$1280~||Same day|
|Peer-to-Peer Loan||8.86% p.a.||$955.21*||Next business day|
*average repayment based on a $30,000 loan over 3 years | ^ based on a $3,000 loan over 220 days | ~ based on a $1000 loan over 32 days
Frequently asked questions
How do I apply for a bad credit loan?
You can apply for any of the lenders on this page by clicking "Go to Site". If you don't see this button you can apply directly on the lender's website.
What happens after I send my application?
This will differ between lenders, but you will usually receive a notification as to whether you have been approved or not along with further instructions for the next steps.
Are my details secure?
When you apply for a loan online up to $5,000, your details are securely transmitted over an encrypted connection. The majority of sites you apply with use 128-bit SSL encryption to ensure your details are safe and secure.
Can I get a $,5000 loan if I am unemployed?
When an institution lends you money, they want to be certain that you can repay back the debt within the allocated timeframe. If you are unemployed your income may be limited unless you are receiving Centrelink benefits. If the majority of your income comes from Centrelink payments you may be still eligible for a personal loan - please read our guide to getting a loan on Centrelink before applying.