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Bad Credit Personal Loans

Don't let your credit rating hold you back. Find a bad credit personal loan that's right for you.

Bad credit is tough to shake. Having negative listings on your credit file 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. Find out what's available to you in this guide.


Lenders that offer personal loans to bad credit borrowers

Rates last updated June 19th, 2018
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Credit24 Short Term Loan
6-12 months
Same day
20% of loan amount establishment fee + 4% of loan amount monthly.
A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.
Sunshine Short Term Loans
9-15 weeks
30 Minutes - conditions apply
20% of loan amount + 4% of loan amount each month
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Note: Centrelink must not be your primary source of income.
Nimble Short Term Loan
62 days to 1 year
1 hour - conditions apply*
20% of loan amount + 4% of loan amount each month
Apply for up to $2,000 and have 62 days to 1 year to repay. Note: Centrelink must not be your primary source of income.
Ferratum Cash Loans
up to 6 months
Same Day if approved
20% of borrowed amount + 4% of borrowed amount each month
Ferratum lets you apply for up to $1,900 without a credit check.

Compare up to 4 providers

Swoosh Finance

Swoosh Finance


48.00 % p.a.

variable rate


66.04 % p.a.

comparison rate

  • Borrow up to $4,600
  • Loan term up to 2 years.
  • Instant online decision
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100% confidential application

Swoosh Finance

Swoosh Finance offers fast, reliable and hassle-free secured loans of up to $4,600 for when you're 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
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Rates last updated June 19th, 2018
Name Product Product Description Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $5,000
Swoosh Finance
A secured loan you can apply for in 10 minutes that gives you up to 12 months to repay. Note: Max loan amount $4,600. Fees and charges included in repayment.
12-24 months
Next business day
$400 + 48% APR of borrowed amount
Nimble Medium Loan
Apply for up to $5,000 and get approved in 1 hour - conditions apply.
Up to 2 years
1 hour - conditions apply*
Application fee of $400 + 47.62% APR
Credit24 Medium Term Loan (Good Credit)
A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.
12-24 months
Same day
$400 establishment fee + 4% monthly interest
Fair Go Finance Personal Loan
Loans up to $10,000 are available even if you have bad credit. Note: You must earn more than $500 per week.
3-36 months
Within 24 hours
from 17.90% p.a. + establishment fee of between $460 - $695 + $5 monthly fee

Compare up to 4 providers

The finder.com.au bad credit personal loan comparison

Compare the features of the personal loans below.

Personal LoanFeatures
You could borrow up to $2,000 without a credit check.
Nimble market their "smart little loans" that let you borrow up to $2,000.
Borrow up to $2,000 with the personal loans from Cash Train.
Ferratum offer personal loans for up to $1,900.

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.

  • Check your credit score to see where you stand.

By checking your credit score you can get an idea of your credit position and where you fall in the credit-active population.

  • 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

What are your personal loan options with bad credit?

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

How much do bad credit loans 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 do I know if I 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.

Longer term options

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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30 Responses

  1. Default Gravatar
    TenealDecember 11, 2017

    Im wanting a provider who will help with a 15000 car loan with a poor credit raiting

    • Staff
      MayDecember 12, 2017Staff

      Hi Teneal,

      Thank you for your inquiry.

      Though I can’t recommend one specific lender to you as we are a comparison website, you may be able to compare some lenders that offer car loans with bad credit on this page. Please review the criteria and get in touch with the lender directly for the possible options available to you.

      Hope this helps.


  2. Default Gravatar
    RebeccaOctober 18, 2017

    I have 2 defaults on my name from a stuiped furniture company, I gave back there furniture in excellent condition, and the defaulted me 2 times of $1400 I’m still paying them off, and I have a variable impact from Telstra on my name.
    I’ve been approved for a $600 loan and almost done paying it off, I am I need of a $2000 loan where can I get one? Also I’m working and on single parenting

    • Staff
      JudithOctober 18, 2017Staff

      Hi Rebecca,

      Thanks for contacting finder, a comparison website and general information service.

      You may want to check this page for a list of loan options for you.

      I hope it helps.

      Best regards,

  3. Default Gravatar
    johnOctober 31, 2016

    Hi i currntly have car on fianance that i have been paying for the past year and have not missed or made a late payment a d now i a inneed of a $5000 loan for repairs but my credit rating is not so good i have bee employed for over 6 years fulltime is there any lenders that will give the amount i am after thanxs

    • Staff
      LouOctober 31, 2016Staff

      Hi John,

      Thanks for your question.

      For your borrowing needs, you may want to consider the lenders on this page. Please do check the eligibility criteria of the loan product you are interested in before submitting an application.


  4. Default Gravatar
    jpSeptember 12, 2016

    So I need a loan in the amount of 3400 dollars to pay off all my debt and I’m self employed and I’ve applied to many but all declined.

    • Staff
      ElizabethSeptember 13, 2016Staff

      Hi JP,

      You can compare your bad credit loan options on the page above as well as loans up to $5,000 on this page. Keep in mind that every time you apply for a loan it is listed on your credit file and too many rejected applications can be a bad sign to lenders. You may want to consider waiting before you apply for another one to give yourself a better chance of being approved.

      Hope this helps,


  5. Default Gravatar
    WendyJuly 29, 2016

    I was wondering where can I get a small $200 loan.
    I have no credit rating,and I am just out of bankruptcy.
    Regards Wendy

    • Staff
      ElizabethAugust 1, 2016Staff

      Hi Wendy,

      You can find lenders that will consider discharged bankrupt for loans on this page.

      I hope this helps,


  6. Default Gravatar
    DamienApril 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
      ElizabethApril 11, 2016Staff

      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,


  7. Default Gravatar
    mrJanuary 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
      ElizabethJanuary 11, 2016Staff

      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.



  8. Default Gravatar
    troyDecember 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
      ElizabethDecember 9, 2015Staff

      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.



  9. Default Gravatar
    TamaraJuly 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
      ElizabethJuly 6, 2015Staff

      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.



  10. 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
      ElizabethJune 30, 2015Staff

      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.



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