Lenders assess all loan applications based on specific eligibility requirements and lending criteria. This means there are no guaranteed personal loans in Australia. However, you still might be eligible for a loan. Weigh up your options and learn more about the application process in this guide so that you can decide if a personal loan is right for you.
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.
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Updated February 18th, 2020
"Am I eligible for a loan?"
Eligibility criteria differs among lenders, which means there are options available for people in a variety of financial situations. This could include:
- People with bad credit. There are some lenders that will consider loan applications from people with bad credit, including those that offer loans without a credit check.
- People receiving Centrelink payments. There are lenders that accept loan applications from people receiving Centrelink payments as income, although there are certain restrictions regarding this. Find out more and compare options here.
- People experiencing unemployment. Some lenders will consider unemployed applicants, as long as they can prove that they have the ability to repay the loan.
- People who are current or discharged bankrupts, or under a Part 9 Debt Agreement. While bankruptcy can severely limit loan options, it may be possible to find a lender that will consider applications.
Help! I've been offered a guaranteed loan!
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 its 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.
What's the difference between a guaranteed personal loan and a guarantor loan?
The term "guaranteed personal loan" suggests that someone can get a loan approved regardless of their personal and financial circumstances, which is not possible in Australia. In contrast, a guarantor personal loan is a type of loan where someone else agrees to become legally responsible for the debt if the person who applied is unable to manage it.
This second person is known as a guarantor and can help reduce the risk for lenders when an applicant has poor credit history, low income or no income. While having a guarantor does not guarantee someone will get approved for a loan, it can help increase the chances of a successful application.
What other types of personal loans are available?
As guaranteed personal loans are not available in Australia, here are some of the other options people can consider.
These type of loans are often referred to as payday loans because the loan amount and terms are largely based on your income and pay frequency. As a general guide, short-term loans typically offer amounts of between $100 and $2,000 and have repayment terms between 3 to 12 months.
While there are regulations around the rates and fees for these types of loans, they are often high compared to other personal loan options. For example, a payday loan could have an establishment fee worth 20% of the loan amount and monthly account fees worth 4% of the loan amount. You could also be charged government fees and default fees. Learn more and compare payday loans to decide if this option is right for you.
Secured loans involve you borrowing from a lender and using a large asset, such as a car, a boat or housing equity as a guaranteed security in case you default on the loan. These loans can be offered as variable or fixed rate options and usually offer a loan term of between one to five years.
Unsecured bad credit personal loans are an option for people with bad credit who do not want to risk a guaranteed asset when they take out a loan. You might also choose to take out an unsecured loan if you want to use the loan to finance something other than a large asset, such as to pay off bills or to put towards home repairs, or even a holiday.
Tips to compare loan options
When comparing personal loans, it's guaranteed to keep the following things in mind:
- Fees. The lender should set out all the fees you will be charged before you settle on the loan. This will help you get a better idea of the true cost or the loan.
- Rates. You could expect rates to be higher with bad credit personal loans, although it is still important to compare these rates to make sure you are guaranteed to get the best deal.
- The lender. The lender should also come into consideration. You should look at how transparent the lender is with its information regarding fees and charges. You can also read online customer reviews of the lender.
Hi Shanice,
Thank you for leaving a question.
You might want to check taking out a personal loan for users with not so good credit. Please click on this link to be routed to that 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
On a carers pension n am looking for a small short term loan
Hi Jodie,
Thanks for leaving a question on finder.
You still may be eligible for a loan if you receive Centrelink payments as part or even all of your income. These include loans from short-term lenders, banks and credit unions. Government and community financial assistance schemes are also available. Please go here so you can weigh your options.
Cheers,
Joel
I live in pa only show i made 9 tousand last year i own my home very low morage never late on any payments but i cant get a personal lone anywhere also i have good credit
Hi Christine,
Thanks for your inquiry
If you are unemployed, there are Personal Loans for the Unemployed that you could check.
You may also check out some Guaranteed Personal loans up to $2000 here.
Hope this information helps
Cheers,
Arnold
I have bad credit and have a chapter 13 discharge is it hard for me to get a emergency loan.
Hello Kim,
Thank you for your inquiry.
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. You may consider the following options.
1. How to be approved for a $5000 loan with bad credit
2. How to get approval for a $10,000 loan even with bad credit
I hope this information has helped.
Cheers,
Harold
Can i get? a small personal loan;2 or $300 or so
Hi Dan,
You can apply for a small personal loan if you meet the eligibility criteria set by the lenders above. Click through to the review page to check this criteria, and once you’re ready to apply click “Go to Site”.
Thanks,
Elizabeth
all your site were forbidden please call me
Hi Judith,
This may be because you are located outside of Australia – these loans can only be applied for if you are currently located in Australia. If you are located in the US we also have an American part of the site which you can compare personal loans here.
I hope this helps,
Elizabeth
I am very very bad credit by hart attack ,stolen my cars and saving and accident now I comeback to work and every thing ok but I can’t approv loan any where I try i can give loan on my next year taxrefund or on my paystub or i have 10 friends bat all is not very
Hi nosratollah,
The lenders on the page above will consider you for a loan despite your bad credit. If you’ve made multiple applications for loans this may also be affecting your chances at being approved, so if it’s possible you may want to wait to apply. You can also consider no credit check loans if you are concerned about your credit history.
I hope this helps,
Elizabeth
How much can I borrow on an annual salary of 30,000, as a casual employee being employed with the same company for 14 months continuous?
Hi Brian,
How much you’re able to borrow really depends on your entire financial situation, not just your income and employment. It also depends on things like your credit history, other credit accounts, debts, etc. You can have a look at some of your options above (including unsecured personal loans) and click through to the review pages to find out if you’re eligible. Then, you if approved, the lender will offer you a loan that will suit your situation. You might also find some more information on this page.
I hope this helps,
Elizabeth
Hi there. Would you lend to someone in Canada?
Hi Terra,
The lenders on this page can only consider you for a loan if you currently reside in Australia.
Sorry we couldn’t be of more assistance,
Elizabeth
HI I AM AFTER A PERSONAL LOAN OF 3000 I AM CRP PENCIONER AND I AM SELF EMPLOYED CLINING HOUSES WEEKLY FOR CASH MONYE I HAVE BAD CREDET RETING HOW DO I GET A LOAN I AM DESPERET
Hi Violeta,
You can compare lenders that consider pension borrowers on this page, but keep in mind that many of them will need to evidence of income in your bank account. You may want to get in touch with the lenders to confirm your eligibility before applying.
I hope this has helped.
Thanks,
Elizabeth