Rapid Finance bad credit loans

With Rapid Finance, you can apply for a wide variety of loans even with bad credit. Costs will vary according to individual applications and the type of loan.

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Elizabeth Barry

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How to apply for a Rapid Finance personal loan

Applying online is a straightforward process. You'll need to meet general eligibility requirements including:

  • Being at least 18 years of age
  • Being an Australian citizen or a permanent resident of Australia
  • Being in paid employment
You'll need to provide current address details and evidence of employment. Having a good credit history improves your chance of approval.
Elizabeth Barry's headshot
Journalist

Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

Elizabeth's expertise
Elizabeth has written 202 Finder guides across topics including:
  • Banking
  • Personal finance
  • Investing
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31 Responses

    Default Gravatar
    GuestOctober 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

      Default Gravatar
      BelindaNovember 6, 2015

      Hi Guest,

      Thanks for your inquiry.

      If you are currently receiving government benefits, you have a secondary source of income (as you mentioned), and good credit history, you should be able to qualify for a loan. Just keep in mind that lenders have different criteria that need to be met 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 and home loans for Centrelink recipients to know your options. I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.

      Before applying for a home loan, 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.

      Thanks,
      Belinda

    Default Gravatar
    kellySeptember 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

      Elizabeth Barry's headshotFinder
      ElizabethOctober 1, 2015Finder

      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 our review of loans to Centrelink recipients 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

    Default Gravatar
    BodhiSeptember 17, 2015

    Hi I am also on Centrelink payments. I get 470.90 a fortnight but I also receive money from my mother, but that does not go into my bank account so I only have my Centrelink income on paper. Any help ?

      Elizabeth Barry's headshotFinder
      ElizabethSeptember 17, 2015Finder

      Hi Bodhi,

      Thanks for your question.

      You are able to apply for a loan if you receive Centrelink payments but your application will be handled on a case-by-case basis. Unless you can show evidence of the income you receive it may not be considered. If this is your sole income, you can find lenders who may consider letting your borrow on anunemployed loans.

      If you are receiving Centrelink payments as well as a supplementary income, you can compare lenders who offer loans to Centrelink recipients and other government and community assistance programs that you can apply.

      I hope this has helped.

      Thanks,
      Elizabeth

    Default Gravatar
    jillAugust 29, 2015

    I am on centrelink payment, can i get a loan?

      Elizabeth Barry's headshotFinder
      ElizabethAugust 31, 2015Finder

      Hi Jill,

      Rapid Finance don’t offer clear-cut rules on this, so your application will be judged on a case-by-case basis. The minimum criteria is that you earn a steady source of income, so if you do you are able to apply.

      I hope this has helped.

      Thanks,

      Elizabeth

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