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
- Centrelink borrowers considered
- Fast approval service
- Borrow up to $2,000
100% confidential application
Sunshine Short Term Offer
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan amount: $2,000
- Loan term: 9 weeks
- Turnaround time: 30 Minutes - conditions apply
- Fees: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
A selection of loans you can compare
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.
"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.
*Guaranteed personal loans are subject to individual lender's credit criteria
The personal loan offers compared on this page are chosen from a range of personal loans finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing personal loans.
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
I am after a $25 to $30k personal loan for car reapairs
Hi Dale,
None of the lenders we have available for comparison in the bad credit space offer loan amounts that large. If you are after a loan from a more mainstream lender such as a bank or a credit union you may be able to borrow that much – you can compare your options here.
Thanks,
Elizabeth
Hi i like to make a loan of R20,000 to R30,000 my monthly income is R3;500
Hi Prudence,
As an Australian comparison website we’re unfortuately unable to help you with your request – you’ll need to get in contact with a lender in your home country to find a loan.
Thanks,
Elizabeth
Hi I’m earnig R6900pm will u help me to get a loan R8000 within 24hrs
Hi Thobile,
As an Australian financial comparison website, the lenders we have for comparison can only offer loans to current residents of Australia. If you’re in need of a loan in South African Rand, you will need to contact a lender in South Africa.
Sorry we couldn’t be of more assistance.
Elizabeth