We take you through your options even when you feel like your personal loan choices are running low.
Before the Global Financial Crisis (GFC), guaranteed personal loans were more readily available. Now, lenders take much more consideration with risk and have more stringent eligibility criteria, meaning guaranteed personal loans are no longer available. However, you still might be eligible for a loan.
Find out more about how to be approved in this guide.
Sunshine Short Term Offer
Sunshine Short Term Offer
- Bad credit applicants considered
- Fast approval service
- Borrow up to $2,000
100% confidential application
Sunshine Short Term Offer
A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.
- Loan amount: $2,000
- Loan term: 9-15 weeks
- Turnaround time: 30 minutes (conditions apply)
- Fees: 20% of borrowed amount + 4% of borrowed amount each month
- Income requirement: 50%+ of income cannot be from Centrelink
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks
A selection of loans you can compare
Do you really need a loan today?*"Am I eligible for a loan?"
Eligibility criteria differs among lenders, but you can find lenders willing to accept applications from borrowers in a variety of situations.
- If you have bad credit. There is a range of bad credit lenders that will consider you for a loan. You can find brands who do not conduct credit checks, but you will unless your credit is particularly bad you generally don't need this.
- If you receive Centrelink payments. There are lenders who will consider you for a loan if you receive Centrelink payments as income, although there are certain restrictions regarding this. You can find out more and compare them here.
- If you're unemployed. Lenders do consider unemployed applicants for loans. As long as you have the ability to repay you may be considered.
- If you're a current or discharged bankrupt or under a Part 9 Debt Agreement. Even if you are currently bankrupt or have been bankrupt in the past, including under a debt agreement, you may be able to find a lender who will consider you.
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. You should also call its publically listed phone number to ensure the lender is legitimate.
If you think you're being scammed, stop dealing with the lender immediately and report the scam to ASIC.
What types of personal loans can I apply for?
Even though guaranteed personal loans are no longer available, there are a few different types of loans which you can opt for if you are after a personal loan where you have a chance of approval.
Short term loans
A payday loan is a small loan that is only for a short period of time. The loan amount will generally be between $100 and $2,000 and the loan terms will be between 16 days and one year. These type of loans are referred to as 'payday loans' because the loan amount and terms are based on your income and pay frequency, making them less of a risk to the lender.
These type of loans also have set rates and a cap on the amount of fees you are allowed to be charged. The fees include an establishment fee of 20% of the loan amount and monthly account fees of 4% of the loan amount. You could also be charged government fees and default fees.
Most payday lenders will do a check on your credit history but look more at your current financial situation rather than negative marks. Use the table above to compare payday loans.
Secured loans
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 usually offer lower fees and rates than unsecured personal loans because the loan if less of a risk to the lender, but because these loans are 'somewhat guaranteed' the rates may be higher than normal. These loans can be offered as variable or fixed rate options and usually for a period of one to five years.
Unsecured loans
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.
How you can compare your 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.
Matt gets a guarantor
Matt is in a bit of a situation. He works part-time and also studies. He has so far been able to juggle his car repayments, credit card bills and day-to-day living expenses off his $20,000 p.a. income.
He does not, however, have the ready money to cover the cost of getting his car fixed. He needs his car to make it to a gig he's playing at the following weekend. His low income means that he does not meet the minimum requirements for a loan, but luckily, his parents offer to go guarantor on a loan for him. This means that he is able to take out a personal loan with a bank despite him not meeting the minimum income requirements.
Read to apply? Here's how
To apply for a personal loan you will need to be over the age of 18 and be a permanent Australian resident or citizen. You can click through to an application from anywhere on finder.com.au using the "Go to Site" button. The document requirements differ between brands, but you will generally need to supply some form of identification, your contact details, proof of a regular income/salary and details regarding your assets, debts and credit accounts. Remember to compare a range of options before you apply.
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