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Rapid Loans

Rapid Loans is a short term lender. Find out more about their loans, the fees and charges involved and how to apply.

Updated

Rapid Loans

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Rapid Loans has provided secured personal loans online since 2003. In that time, it's serviced over 25,000 borrowers to help them meet their personal finance needs. This business is completely online. Borrowers should, however, be aware that loan convenience may come with high fees and interest attached.

Rapid Loans offers short term loans, fast-cash loans and online car loans.

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. Find out more here: https://www.finder.com.au/coronavirus-financial-help

⚠️ 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 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

Some of the features of a short term loan from Rapid Loans include:

  • 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.
  • Flexible loan terms. The loan terms for a personal loan vary from six months to 40 months.
  • 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

What’s the standard interest rate on a personal loan with Rapid Loans?

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.

How do I apply for a personal loan?

Customers can apply online, or enter their contact details through the website and one of Rapid Loans’ customer service team will contact them.

Can I apply if I’m on Centrelink?

Rapid Loans allows customers to apply for their loans if they're on Centrelink. However, the applicant must be able to prove that they can make their payments.

How quick is the approval process?

The applicant will know whether or not they have been successful in one to two business days.

Can pensioners apply for this loan?

Yes they can, they just have to make sure they apply for an amount they can afford to pay off over the loan term.

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