Buddy Loans Personal Loan

This loan allows you to apply with a guarantor if you have bad credit, although your guarantor needs to be a home owner.

Buddy Loans offer short term finance of $2,000 to $5,000 to bad credit applicants. To get the loan, you’ll have to apply with a guarantor. Your guarantor agrees to become legally and financially responsible in case you can’t pay back your loan. Your guarantor needs to be an Australian homeowner. The loan has a quick turnaround time of 24 hours and has a flexible repayment schedule.

$5,000

Maximum loan amount

24 hours

Turnaround time

1 - 12 months

Term of loan

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Details

Product NameBuddy Loans Personal Loan
Minimum loan amount$2,000
Maximum loan amount$5,000
Loan term1 - 12 months
Turnaround time24 hours
Costs$2000 loan - 20% of the borrowed amount + 4% monthly, $2000 - $5000 loan - $400 establishment fee and 4% per monthly charge.
RequirementsYou must be over 18 and your guarantor an Australian home owning citizen.
Available to Centrelink Borrowers?No

How does a personal loan from Buddy Loans work?

Buddy Loans offers short term guarantor loans. This means anyone applying for finance with Buddy Loans will need an Australian homeowner to guarantee the loan. If the person who has applied for the loan cannot meet the repayment requirements, the guarantor becomes legally and financially responsible for it.

Buddy Loans offers up to $5,000, which can be approved within 24 hours once the details of the guarantor are verified. The final loan amount is based on the applicant’s ability to comfortably repay the loan. These loans can be used by applicants who might not have a good credit history or have a few defaults in the past.

Compare Other Payday Loans

Whilst we don't compare Buddy Loans Small Personal loan directly, here are some other loans that are similar.

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
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. Centrelink must not be your primary income
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.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
3 to 12 months
24 to 48 hours
$35
0% Establishment Fee + monthly fee 4%
$354
A small loan between $300 and $2,000 that can be funded in 24 hours.
Jacaranda Finance Personal Loan
$10,000
9 to 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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Compare up to 4 providers

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.

⚠️ 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.

Features and benefits to consider

  • Bad credit option. As Buddy Loans require a guarantor, it is possible to for people with bad credit to apply. Buddy Loans also assesses applications manually, which allows decisions to be made based on the current situation, instead of past credit records.
  • Simple terms. The terms of the loan are quite simple. Once an applicant gets a guarantor they can apply for a suitable loan and choose a repayment schedule. The entire process is easy to understand and follow.
  • Quick turnaround time. Buddy Loans can offer approval and fund transfers in as little as 24 hours.
  • Flexible repayment schedule. The repayment schedule can be chosen according to the capacity of the applicant.
  • Loan limits. Applications can be made for $2,000 to $5,000.

Fees and charges

  • For loans up to $2,000 with terms of less than one year, there is an establishment fee of 20% of the borrowed amount and a charge of 4% per month.
  • For loans from $2,000 to $5,000, there is a $400 establishment fee and 4% per month charge.
  • There are no additional charges or fees and early repayment will not incur any penalties.
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How to apply for a loan from Buddy Loans

If this loan is suitable for your needs, you can click ‘Go to site’ on this page and start the application process. The online application is quick and you can get a response within ten minutes of applying. Before you start the application, make sure you meet the following eligibility requirements:

  • Age. The applicant must be over 18 years of age.
  • Guarantor requirements. The guarantor must be an Australian citizen and be a homeowner. A mortgage on the house is acceptable.
Required information
  • Personal details. Your name and date of birth need to be provided.
  • Contact details. The contact details that need to be submitted include your mobile phone number, home phone number and email.

While people who need short term finance and have poor credit may want to consider this loan, it does place a lot of responsibility on the guarantor. This makes it important to look at all the details and weigh up the costs and potential risks before deciding to apply.

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9 Comments

    Default Gravatar
    Pat
    November 7, 2018

    Need a loan for bond

      Avatarfinder Customer Care
      John
      November 12, 2018

      Hi Pat,

      Thank you for reaching out to finder.

      If you wish to take out a small personal loan then you are on the correct page. 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

    Default Gravatar
    Carol
    October 8, 2018

    How do I apply for a Buddy Loan of $5000 when there is no site to apply???

      Avatarfinder Customer Care
      John
      October 8, 2018

      Hi Carol,

      Thank you for leaving a question.

      You may call Buddy loans at 1300 883 525 to apply for a personal loan or send an email to info@buddyloans.com.au to get more information on the loans they offer. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    Samantha
    September 24, 2018

    I am looking for a fast loan I have bad credit and are unemployed. Tired of searching the net.

      Avatarfinder Customer Care
      Jhez
      September 24, 2018

      Hello Samantha,

      Thank you for your comment.

      It can be harder to get a loan if you’re unemployed, but it is possible. If you’re planning to apply for a Buddy Loan, please ensure that you meet the eligibility criteria outlined above. If you meet the criteria, you may click the Go

      However, even if you don’t have a job and have a bad credit score, there are still options available to you as long as you have an alternative source of income. You may check our list offer lenders offering loans for unemployed and bad credit loans. You can also compare the lenders that offer loans for such circumstances on the said pages. Once done comparing, you may apply by clicking the “Go to site” button.

      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 chatbox on the lower right corner of our page.

      Regards,
      Jhezelyn

    Default Gravatar
    K
    April 28, 2018

    Hi to all, I need a loan. I’m not working but I’m on d.s.p centrelink in Melbourne Victoria. I have got a bad credit rating. Thanks.

      Avatarfinder Customer Care
      Jeni
      April 29, 2018

      Hi K,

      Thank you for getting in touch with Finder.

      It is possible that you may be eligible for a pensioner loan as long as you meet eligibility criteria that vary between lenders. Some lenders often have restrictions as to what percentage of your income can be made up of benefits (usually 50% if the restriction is in place). Another common restriction is that your loan repayments can’t exceed a certain percentage of your Centrelink income (typically 20%). You can press the link above to see our list of brands that may consider you for a loan.

      Kindly press the name of the lender 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.

      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.

      Have a great day!

      Cheers,
      Jeni

      Default Gravatar
      K
      April 30, 2018

      Thank you so much for your help.

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