Rapid Loans Fast Cash Loans
This loan is open to bad credit applicants, allowing you to borrow up to $10,000. Interest rates and fees are high.
If your credit history is less-than-perfect and you're looking for a personal loan, Rapid Finance offers personal loans up to $10,000, or more. The eligibility criteria for this loan is flexible and you can apply even if you have lower documentation or unpaid credit card debts and defaults. This loan is expensive, with interest rates ranging from 12% to 36% p.a. Loan terms range from 1 to 7 years, with a weekly, fortnightly or monthly payment frequency. As this loan is expensive, you should only borrow in case of an emergency. This is not a long-term financial solution and could lead to further debt.
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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.
⚠️ 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.
Compare other personal loans
Whilst we don't compare Rapid Loans Bad Credit Personal Loan directly, here are some other loans that are similar.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
What should you consider about a loan from Rapid Loans?
Having negative marks on your credit file can make it difficult to access finance, but institutions like Rapid Finance can help you find a suitable loan if you have paid or unpaid defaults, discharged bankruptcies, or no financials, and you can also apply for one of its loans if you're self-employed.
You can use a loan from Rapid Finance loan for a range of personal needs, such as purchasing a new car or motorbike. Rapid Finance considers your loan application and works to offer you a tailored solution. Find out if its loan is right for you by reading more about it below.
Five important features of a bad credit loan from Rapid Loans
Rapid Finance’s bad credit personal loans come with a number of features, which comprise of the following:
- Additional repayments. You can make extra repayments towards your Rapid Finance bad credit personal loan without worrying about paying any penalties. This allows you to pay your loan off sooner and save on interest.
- Free assessment. You don’t pay any fees for the initial assessment, and you can expect to get a response in a matter of minutes.
- One point of contact. If you choose to get a bad credit personal loan through Rapid Finance you won’t have to worry about discussing your situation with a new representative each time. This is because a single Rapid Finance specialist looks after your loan requirements from start to finish.
- Multiple lender options. Rapid Finance works with a number of lenders across Australia and finds one for you after taking your requirements into account. Some of the lenders Rapid Finance works with include Latitude Financial Services, Macquarie, Bankwest, Suncorp, RACV, and Esanda.
- Repayment flexibility. You can choose to make repayments in accordance with your pay cycle, which can be weekly, fortnightly, or monthly. You get to select this during the application process.
Are you eligible for this loan?
You can apply for a bad credit loan through Rapid Finance if you meet certain eligibility criteria. You should be over 18 years old, a permanent Australian resident and have a regular source of income. You can apply if you have poor credit history or if you don't have financial documentation. You can also apply if you’re self-employed.
How much does the loan cost?
After conducting its initial assessment, Rapid Finance will establish if it can provide financial assistance to you. Until this point, you don’t have to pay any fees. If you decide against proceeding after the approval of your loan, you might have to pay a fee for using Rapid Finance’s services depending on the kind of loan you choose. You get a comprehensive list of all associated fees and charges as part of the quote.
How to apply for a Rapid Loans Bad Credit Personal Loan
You can submit your application online, or speak to a Rapid Finance specialist over the phone. Establish that you meet the following eligibility criteria before you take the next step:
- You’re at least 18 years old
- You are a permanent resident of Australia
- You have a regular source of income
As part of the application process, you have to provide different kinds of information, which includes the following:
- Details of your Australian driver’s license
- Residential details
- Employment information
- Copies of your last two payslips
- Details of your monthly expenses
- Details of all existing liabilities including loans, credit cards, and overdrafts
Individuals with poor credit can consider applying for a Rapid Finance bad credit personal loan, as there are other institutions that provide bad credit loans, compare a few before narrowing down on a suitable one.