Do guaranteed personal loans exist?

Find out why there are no personal loans that offer guaranteed approval and weigh up other options.


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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.

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:

⚠️ 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.


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
Go to site More info

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 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.

A selection of loans you can compare

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
9-14 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
62 days to 9 months
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
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
22 - 52 weeks
Same day - conditions apply
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
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Moneyspot Small Loan
62 to 90 days
1 hour - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Borrow under $2,000 and benefit from a transparent fee structure and a simple application. Bad credit borrowers considered.
Ferratum Cash Loans
3 to 12 months
Same day - conditions apply
20% of borrowed amount + 4% of borrowed amount each month
Borrow what you need with loans starting from $500 and approval in minutes.

Compare up to 4 providers

"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 history. There are some lenders that will consider loan applications from people with a bad credit history, 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.

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.

  • Short-term loans

These types 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

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 secured personal loans can be offered as variable or fixed rate options and usually offer a loan term of between 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. Unsecured loans can be dangerous.

Tips to compare loan options

When you compare personal loans, it's important 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, and they should be easily contactable.

More guides on Finder

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66 Responses

    Avatarfinder Customer Care
    JohnOctober 15, 2018Staff

    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!


    Default Gravatar
    JodieMay 30, 2018

    On a carers pension n am looking for a small short term loan

      Default Gravatar
      JoelMay 30, 2018

      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.


    Default Gravatar
    ChristineOctober 3, 2017

    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

    Default Gravatar
    KimDecember 7, 2016

    I have bad credit and have a chapter 13 discharge is it hard for me to get a emergency loan.

    Default Gravatar
    DanOctober 19, 2016

    Can i get? a small personal loan;2 or $300 or so

      Avatarfinder Customer Care
      ElizabethOctober 19, 2016Staff

      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”.



    Default Gravatar
    judithAugust 12, 2016

    all your site were forbidden please call me

      Avatarfinder Customer Care
      ElizabethAugust 12, 2016Staff

      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,


    Default Gravatar
    nosratollahJune 30, 2016

    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

      Avatarfinder Customer Care
      ElizabethJuly 1, 2016Staff

      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,


    Default Gravatar
    BrianMay 20, 2016

    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?

      Avatarfinder Customer Care
      ElizabethMay 23, 2016Staff

      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,


    Default Gravatar
    TerraMarch 9, 2016

    Hi there. Would you lend to someone in Canada?

      Avatarfinder Customer Care
      ElizabethMarch 10, 2016Staff

      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,


    Default Gravatar
    violetaJanuary 4, 2016


      Avatarfinder Customer Care
      ElizabethJanuary 4, 2016Staff

      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.



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