Rapid Finance Bad Credit Loans

Rates and Fees verified correct on December 4th, 2016

Don't let your bad credit history hold you back. Rapid Finance can give you access to the credit you need.

GoRapid provides a host of loans for customers who might have a bad credit history and are not able to get the loans elsewhere. These loans include car loans, personal loans, bike loans, boat loans, equipment loans and more. Having a bad credit history does not mean you need to get disheartened and stop looking for your ideal loan option. Rapid Finance claims to be a bad credit loan specialist who works on providing flexible eligibility criteria to give customers quick access to cash.

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Whilst we don't compare this loan directly, here are some other loans that are similar.

Rates last updated December 4th, 2016
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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.

Types of Rapid Finance loans

GoRapid provides a wide variety of bad credit loans. Depending on what you're looking to finance, you might want to consider applying for their:

  • Bad Credit Car Loans. If you're looking for finance for a vehicle but have bad credit, you can apply for one of these loans. Enjoy a free finance assessment and loan options such as chattel mortgages novated leases, consumer car loans and commercial hire purchases.
  • Bad Credit Home Loans. Home loans for those with bad credit can be accessed through Rapid Finance. First home buyer, refinance, investment and commercial are available.
  • Bad Credit Personal Loans. Aren't looking to purchase an asset with your loan? Personal loans for bad credit applicants are also on offer. There are no penalties for extra repayments with these loans, helping you to save on interest if you're able to repay your loan early.
  • Bad Credit Leisure Loans. Finance for bikes, boats, jet skis and caravans can be found under the tailored 'leisure loan' umbrella. As with most Rapid Finance loans, bad credit borrowers are considered.
  • Bad Credit Equipment Loans. Applicants, including those with less-than-perfect credit, can apply for finance for trucks, 'yellow goods' and other equipment, which can help your business get the tools it needs to keep going.

The features you can expect when you borrow

  • Bad credit considered. One of the biggest stumbling blocks in getting a loan is having a negative mark on your credit file. This can make it difficult to be approved for loans from a vast majority of lenders. However, Rapid Finance will look at your current financial circumstances while considering you for a loan, looking beyond any bad credit you might have run into.
  • Wide variety of loans. They provide loans for different purposes, including to finance a boat or a vehicle, to buy a home, a caravan or even a bike. This essentially makes them a one stop shop for most bad credit financing requirements.
  • Repayments. You'll have between one and seven years to repay your loan, and you'll be given a rate based on your application. You can make weekly, fortnightly or monthly repayments.
  • Fee structure. The fees for loans is based on individual circumstances. This allows you to get loans for attractive terms if you can meet the requirements, such as if you have a property in your name or if you can provide any other security.
  • Free assessment. The preliminary assessment is free of charge. A quote is provided after the assessment if it is found that financial assistance can be provided. The services up until this point are provided without any cost attached to them.

What you'll pay when you take out a loan

Fee and charges vary according to individual applications and the type of loan taken out. The initial assessment of the application is done free of charge. After a quote is provided, there might be certain fees charged depending on the loan. If a valuation of the secured property is required, the costs attached to it may be included in the fees.

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How to apply for a loan from Rapid Finance

If you would like to apply for a loan, you can start filling the application form by clicking ‘Go To Site’ on this page. This will redirect you to an online application which needs to be filled. Keep in mind you need to be over the age of 18 to apply. Have the following details on hand to submit your application:

  • Personal details. These include your name, date of birth, contact number and driver's licence number.
  • Financial details. If you've been bankrupt or in a Part 9 Debt Agreement, you'll need to list your status. You also need to list any property you own outright or under a mortgage, as well as any defaults you have.
  • Employment details. Your current work status, how long you've been at your current and previous job and your net pay after tax will need to be listed.

GoRapid can assist you in getting your dream car or finding the ideal loan if you have bad credit. They provide a quick and competitive service that can be very useful for customers looking for immediate financial assistance.

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Frequently asked questions

I have been denied a loan by a couple of lenders. Will I be successful in getting a loan from Rapid Finance?

Every organisation has different credit criteria for various loans. Rapid Finance specialises in bad credit loans and instead of looking at prior results, they assess all applications on their individual merit. Whether or not you are approved will depend on your financial situation and your ability to meet your loan repayments.

Are there any charges for the services provided by Rapid Finance?

Rapid Finance provides their services free of charge until the point of providing a quote. The initial assessments for most of the loans do not require any cost or charges from the applicants. Only after a loan is accepted by you do the fees for that respective loan need to be paid.

What interest rate will apply to my loan?

Rapid Finance offers various rates. The actual interest rate that will apply to your loan will depend on your individual financial circumstances and the information you supply in your application.

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This page was last modified on 12 October 2016 at 14:55.

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25 Responses to Rapid Finance Bad Credit Loans

  1. Default Gravatar
    Thelma | August 23, 2016

    I am a pensioner and need a loan to consolidate my debt in order to have only one payment to make instead of several.

    • Staff
      Elizabeth | August 24, 2016

      Hi Thelma,

      Rapid Finance offers personal loans and you may be eligible depending on how much you earn from the pension and your financial situation. If you need to discuss your eligibility you should get in contact with Rapid Finance directly.

      If you find you aren’t eligible, you can find some of your other options on this page.

      I hope this helps,

      Elizabeth

  2. Default Gravatar
    Shannon | July 28, 2016

    Hi,
    I have two credit cards and a personal loan. My bank won’t let me consolidate, am I able to through you?

    • Staff
      Elizabeth | July 28, 2016

      Hi Shannon,

      You’ve come through to finder.com.au, a financial comparison service and not Rapid Finance. Rapid Finance offer a range of bad credit personal loan solutions, but whether or not you will be approved or not depends on your personal financial circumstances and your ability to repay the loan.

      You can find out more by visiting its website.

      I hope this helps,

      Elizabeth

  3. Default Gravatar
    rebecca | April 28, 2016

    Hi im on a single mothers pension and in need of a personal loan am i able to get one

    • Staff
      Elizabeth | May 2, 2016

      Hi Rebecca,

      Rapid Finance considers some form of Centrelink as income so you may still be approved. You can get in contact with Rapid Finance to find out more information – if you find out you aren’t eligible you can compare your other options on this page.

      Hope this helps,

      Elizabeth

  4. Default Gravatar
    Hope | April 10, 2016

    Hi
    I am working as a full time casual i earn 1400 a fortnight i am paying a debt 9 agreement at the moment, my partner earns 700 a week he has a couple defaults due to not being in country for couple months. We have 2 children and our car has died we are looking for a car loan can you advise us of any loans or help that we can get?

    • Staff
      Elizabeth | April 11, 2016

      Hi Hope,

      Rapid Finance offers car loans to those who have bad credit, so you may be eligible for a loan. It offers a range of tailored financial loans that might be an option for you. You can apply by visiting the website directly or calling over the phone.

      Hope this has helped,

      Elizabeth

  5. Default Gravatar
    Chloe | March 28, 2016

    Hi wondering if you can help I currently am employed, contract for 2 years and receive family tax benefits but I’m a casual! I’m trying to get a car loan and who I just tried with wouldn’t lend due to my casual status even though I’m contracted for two years and receive the Ftb can you help me?

    • Staff
      Elizabeth | March 29, 2016

      Hi Chloe,

      You’ve come through to finder.com.au, a financial comparison service and not Rapid Finance. Rapid Finance consider applicants in a variety of situations so you may be eligible for a loan with them, you can head over to their website and fill out a form to speak to an advisor if you are interested.

      Hope this has helped.

      Thanks,

      Elizabeth

  6. Default Gravatar
    faith | February 25, 2016

    hello.am 22 yrs old and want to start a small business am currently unemployed ..can you help?

    • Staff
      Elizabeth | February 25, 2016

      Hi Faith,

      Part of Rapid Finance’s minimum criteria is that you have a current regular income, which may make you ineligible, and they also don’t offer startup business financing. You can find out more about business loans on this page.

      I hope this will help,

      Elizabeth

  7. Default Gravatar
    Shane | January 22, 2016

    Don’t have any security towards a personal loans also.Is there any other lenders out there ?

  8. Default Gravatar
    Shane | January 15, 2016

    Need a personal loan up to $10000.I have been discharged from bankruptcy and have a permanent job.Can you help and what are the interest rates?

    • Default Gravatar
      Shane | January 22, 2016

      Have no security to put towards a personal loan are there any lenders that can help ? I am a ex bankruptcy applicant.

    • Staff
      Elizabeth | January 25, 2016

      Hi Shane and Katrina,

      Rapid Finance consider applicants who have been discharged from bankruptcy for a loan, so you may be eligible to apply. You can visit the website directly to find more information. You can also read our guide on applying for a loan as a discharged bankrupt, which contains a list of lenders, on this page.

      I hope this will help.

      Thanks,

      Elizabeth

    • Staff
      Elizabeth | January 18, 2016

      Hi Shane and Katrina,

      Rapid Finance offered tailored loan solutions so interest rates differ, but they are able to help discharged bankrupts. If you’d like to apply for a loan you can do so directly on its website.

      I hope this has helped.

      Thanks,

      Elizabeth

  9. Default Gravatar
    Guest | October 31, 2015

    Hi.

    I am 26, a single mum of two, receiving parenting payment, study- self paced to start my own business by March 2016 (fingers crossed)
    Also, 4 months ago started with a direct sales company earning additional income on top of my fortnightly payment.
    I have no other loans, no bad credit small deposit of my own and also my parents as a guarantee on a loan.

    Where does this leave me standing with a home loan?

    Thanks You

    • Staff
      Belinda | November 6, 2015

      Hi Guest,

      Thanks for your enquiry.

      If you’re currently receiving government benefits, you have a secondary source of income (as you mentioned) and a good credit history, you should be able to qualify for a loan. Just keep in mind that lenders have different criteria but ultimately they will determine your ability to service the loan. They may also take into consideration the number of dependents you have.

      You can read about guarantor home loans on this page, and you can read about home loans for Centrelink recipients here where you can enquire with a broker who can draw on their panel of lenders to find a lender that’s more likely to review your application.

      Thanks,
      Belinda

  10. Default Gravatar
    kelly | September 30, 2015

    im wanting to consolidate my 2 loans i get centrelink plus i have a steady income im a single mum with 2 kids and i find i often get turn down which is silly cause i know i can pay

    • Staff
      Elizabeth | October 1, 2015

      Hi Kelly,

      Thanks for your question.

      When it comes to applying for a loan as a Centrelink recipient, lenders need to be sure you will be able to manage repayments comfortably. As you already have two loans that you are paying off they may see it as too much of a risk to take you on as a borrower – it should also be noted that each time you apply for a loan it is listed on your credit file, so applying for several loans in a short space of time and being rejected may be a red flag to lenders. You may want to have a read of this page to find out about your Centrelink loan options, you could also consider giving the free financial counselling service a call on 1800 007 007.

      I hope this has helped.

      Thanks,

      Elizabeth

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