Rapid loans provide fast, online loans, including car and short-term personal loans. They offer personalised repayment plans tailored to suit each borrower. For a short-term personal loan, you can borrow from $2,000 up to $10,000 over a 6 to 24 month period. The comparison rate is 47% p.a. For a car loan, you can borrow up to 25,000 with a loan term of 18 to 40 months. The interest rate is 18.75%, while is comparison rate is 48%.
⚠️ 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.
Types of loans from Rapid Loans
Online car loan. This loan allows customers to borrow from $2,000 up to $25,000. Customers can also get pre-approval for this loan. The minimum loan term is 18 months and the maximum is 40 months. The interest rate for this loan is 18.75% and the comparison rate is 48% p.a.
Short term cash personal loans. Customers can borrow $2,000 to $10,000 over a 6- to 24-month period with a short term cash personal loan. The comparison rate for this loan is 48% p.a.
Features associated with a Rapid Loans short term loan
Personalised plans. Rapid Loans can take a look at a person's situation and work out whether or not their loans are for them. It can also tailor loans to suit borrowers.
Flexible repayments. Rapid Loans allow repayments to be scheduled weekly, fortnightly or monthly depending on the borrower's pay cycle.
Completely online. Applying directly on the website takes 10 minutes to complete.
Turnaround time. Once someone's been approved for a loan, they will receive the money into their nominated bank account within two business days.
Low minimum amount. With a personal loan from Rapid Loans, customers can apply for a minimum of $2,000 and a maximum of $10,000.
Bad credit history. If an applicant has a bad credit history or they receive Centrelink benefits, they can still apply for a loan. Rapid Loans will consider their most recent payment history to determine their eligibility.
What are the risks of payday loans?
Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.
Fees and charges
The amount someone applies for and the repayment term will determine their fees. For example, a loan of $2,500 with a 24-month term has a total cost of $1394.38. This works out to be 55% of the borrowing amount.
It is important that applicants read through their contract carefully before signing. All fees will be outlined within it, including additional fees such as late payment fees and whether or not they will be charged dishonour fees. Customers should not take out a loan with Rapid Loans that they cannot afford to repay.
Is Rapid Loans safe?
Rapid Loans is safe. It has an Australian Credit Licence number provided clearly on its site, is transparent with its fee structure once someone has been approved for a loan and has contact information listed on every page of the website.
However, while Rapid Loans is a responsible lender, no lender can be 100% certain that all of their customers will be fully able to repay their loans without difficulty. So, it is in part every applicant's responsibility to determine whether or not they can realistically afford a loan, prior to submitting an application.
How to apply for a short term loan from Rapid Loans
Rapid Loans is a secured loan service which means that customers will require an asset to put against the loan, such as a car or a home. Here’s how to start the application process. Applicants should:
Click on ‘Go to Site’
Fill out their contact details, the amount that they want to borrow and the terms for repayment
Once those actions have been completed, someone from Rapid Loans will contact the applicant in regards to their application and they will need to provide the following documents:
Valid photo ID (such as a driver’s licence)
Three references. Including the name, contact details and the applicant's relationship to the reference
A current vehicle registration certificate/rates notice, including the VIN number of the vehicle
Proof of residence in Victoria or Queensland. Their license plate number will suffice
They will have to sign up for Credit Sense, provide a 90-day bank statement and their Centrelink statement
Their rent/board cost per week or fortnight
Frequently asked questions
The standard interest rate on a personal loan is 9.75% with a comparison rate of 48% p.a. This is the maximum amount that can be charged for a personal loan under ASIC's regulations.
You can apply online, or enter your contact details through the website and one of Rapid Loans’ customer service team will be in contact.
Rapid Loans allows you to apply for their loans if you're on Centrelink. However, you must be able to prove that you can make your payments.
You will know whether or not you have been successful in one to two business days.
Yes pensioners can apply, you just have to make sure you apply for an amount you can afford to pay off over the loan term.
Bria Horne is a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication.
These General Terms and Conditions ("General Terms") apply to the game of chance identified as the "Competition" in the schedule of particulars for the Competition that explicitly references the General Terms ("Competition Schedule").
Finder acknowledges that today ASIC has filed an appeal with the Full Federal Court in relation to proceedings against Finder Wallet regarding its Finder Earn product.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
Do you really need a loan today?*