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Bad Credit Personal Loans

A bad credit personal loan with guaranteed approval doesn't exist.

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Matt Corke
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Any lender that claims they can guarantee approval for a personal loan are most likely a scam. Lenders that promise your application will be approved use this as a way to charge excessive interest and fees or get you to sign a contract with unfair or illegal terms.

Credit scores and credit history help lenders determine whether someone will be able to responsibly manage a loan. Negative listings on your credit history, such as late payments or default accounts, can seem risky to lenders. This makes it harder to get your application approved.

Although, you can still get a loan even if you have a bad credit history. The downside is that these options higher fees, interest rates and other restrictions when compared to other personal loans. This makes it important to carefully compare the options available before deciding if this type of loan is suitable.

Are you struggling financially?


If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help

⚠️ 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.

Personal loan options for people with bad credit history

If someone with bad credit history wants to apply for a personal loan, there are a few different options they can consider. This includes:

  • Secured personal loans
    This type of loan requires financial collateral – such as a home, car or other valuable asset – to "secure" the loan. This means that if repayments are not made on time or if other terms of the loan are not met, the lender may claim the asset as a form of compensation.
  • Guarantor personal loans
    Guarantor personal loans require someone else to financially guarantee that the loan will be repaid. For example, a parent, spouse or other relative. This person shares responsibility for the loan and may be required to repay it if the terms are not met.
  • Short term loans
    A short-term loan from a payday lender offers up to $2,000, with repayment terms typically between 2–12 months. The eligibility requirements for these loans tend to focus on a person's current financial circumstances and their ability to repay the loan within the set timeframe.
  • Large amount bad credit loans
    For people who want to borrow more than $2,000 and have bad credit history, there are also lenders offering loans of up to $5,000. There are also a few lenders that offer loans as large as $10,000 to those with bad credit history.

Is guaranteed loan approval possible?

If a lender has offered you a personal loan with guaranteed approval, this is likely a scam. No personal loans are "guaranteed" and lenders that promise you will be approved are often looking to charge you excessive interest and fees or get you to sign a contract with unfair or illegal terms.

You can check if a lender is legitimate by verifying that it's listed with ASIC or seeing if they appear on ASIC's "do not deal with" list. If you think you're being scammed, stop dealing with the lender immediately and report the scam to ASIC.

How much do bad credit loans cost?

The costs can vary depending on factors including the lender, the type of loan and the amount borrowed. However, lenders must not charge more than the following amounts:

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.

Lenders that offer personal loans to bad credit borrowers

Promoted

Sunshine Short Term Loans

This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.
  • Loan Amount: $2,000
  • Loan Term: 9-14 weeks
  • Turnaround Time: 30 minutes - conditions apply
  • Fees: 20% of loan amount + 4% of loan amount each month
  • Bad credit borrowers OK
  • Quick & easy Approval
Sunshine Short Term Loans
  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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Data updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
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More Info
Nimble Short Term Loan
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
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More Info
Fair Go Finance Small Loan
Fair Go Finance Small Loan
$2,000
3-12 months
24 to 48 hours
$35
0% Establishment Fee + monthly fee 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours. Note: Save up to $400 when you apply for a small loan from $500 to $2,000 and are approved for a 0% establishment fee. T&Cs apply.
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More Info
Jacaranda Finance Personal Loan
Jacaranda Finance Personal Loan
$10,000
9-24 months
Under 1 hour - conditions apply
$35
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.
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More Info
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Swoosh Finance

Swoosh Finance

From

47 % p.a.

variable rate

From

66.03 % p.a.

comparison rate

  • Borrow up to $4,584
  • Loan term up to 1 years
  • Instant online decision
Security Logo

100% confidential application

Swoosh Finance

Swoosh Finance offer fast, reliable, and hassle-free secured loans up to $4,584 for when you are in need of money.

  • Loan amount: $4,584
  • Loan term: 60 days -12 months
  • Turnaround time: Next business day
  • Fees: $416 + 47% p.a. of borrowed amount
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Promoted
Data updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $5000 Loan)
Nimble Medium Loan
Nimble Medium Loan
$5,000
up to 22 months
1 hour - conditions apply*
$15
Application fee of $400 + 47.62% p.a.
$262.75
Apply for up to $5,000 and have up to 22 months to repay.
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More Info
Swoosh Finance
Swoosh Finance
$4,584
60 days -12 months
Next business day
$35
$416 + 47% p.a. of borrowed amount
$244
A secured loan up to $4,584 you can apply for in 10 minutes. Have up to 1 years to repay what you borrow.
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More Info
Fair Go Finance Personal Loan
Fair Go Finance Personal Loan
$10,000
3-36 months
Within 24 hours
$35
from 17.9% p.a. + establishment fee of between $360 - $771 + $9 monthly fee
$238.07
A larger loan up to $10,000 you can apply for even with bad credit. Fast turnaround within 1 business day. Note: You must earn more than $500 per week.
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More Info
Jacaranda Finance Personal Loan
Jacaranda Finance Personal Loan
$10,000
9-24 months
Under 1 hour - conditions apply
$35
$0 - $1,000 depending on credit
$226.47
Borrow up to $10,000 and get access to your funds in as little as 1 hour.
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More Info
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Things to consider before applying for a loan with bad credit history

As with any loan, approval is determined based on a range of eligibility factors and lending criteria. So, before applying, it is important to check the details and requirements of a loan to decide if it is suitable. Some other actions to consider include:

  • Checking your credit score to see where you stand

By checking your credit score you can get an idea of your credit position and any details that may affect the chances of loan approval.

  • Discussing your options with a qualified professional

If you're struggling financially and need help, the Financial Counsellors hotline (1800 007 007) offers free support and advice from qualified professionals. This can help you make decisions that fit with your current circumstances.

  • Not making too many credit applications at once

Applying for more than one loan at a time (or over a short amount of time) is a red flag to lenders and can hinder the chances of loan approval now and in the future. If applying for loans, apply for one and wait for a response before taking further action.

  • Using 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.

How to use a personal loan calculator

How do I know if I have a bad credit history?

Although the definition of "bad credit" differs between each lender, bankruptcy, defaults and Part 9 debt agreements are all red flags to lenders and generally will place you in the bad credit history 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 exceeded credit card limits. 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.

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32 Responses

    Default Gravatar
    MichellDecember 9, 2018

    I have a 300 credit score and 2 defaults needing a loan

    Reply
      Avatarfinder Customer Care
      JohnDecember 12, 2018Staff

      Hi Michell,

      Thank you for reaching out to finder.

      We are on the correct page for you to make a comparison on a table of providers in taking out a loan. 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

      Reply
    Default Gravatar
    TenealDecember 11, 2017

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

    Reply
      Avatarfinder Customer Care
      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. Please review the criteria and get in touch with the lender directly for the possible options available to you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Hope this helps.

      Cheers,
      May

      Reply
    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

    Reply
      Avatarfinder Customer Care
      JudithOctober 18, 2017Staff

      Hi Rebecca,

      Thanks for contacting Finder.

      You can check our list of payday loans for single parents. On the page, is a comparison table you can use to see which lender suits you. You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’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. You can also contact the provider if you have specific questions.

      I hope it helps.

      Best regards,
      Judith

      Reply
    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

    Reply
      Avatarfinder Customer Care
      DeeOctober 31, 2016Staff

      Hi John,

      Thanks for your question.

      For your borrowing needs, you may want to consider the lenders on our $5,000 personal loan page. Please do check the eligibility criteria of the loan product you are interested in before submitting an application.

      Cheers,
      Anndy

      Reply
    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.

    Reply
      Avatarfinder Customer Care
      ElizabethSeptember 13, 2016Staff

      Hi JP,

      Aside from the loans above, check out our page about $5,000 personal loans for you to compare your bad credit loan options for up to $5,000.

      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,

      Elizabeth

      Reply
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