Couple applying for unsecured bad credit loan

Compare Unsecured Bad Credit Loans

Information verified correct on October 20th, 2016

Get an unsecured bad credit personal loan no matter what your credit rating.

Bad credit can affect anyone. Default on a repayment today and you might be paying for it for the next five years. Luckily there are personal loan options available for people who have negative marks on their credit file and they don't involve you risking your car or the equity you hold in your house to access them.

Unsecured bad credit loans give you a loan option with flexible eligibility criteria. There are a few different types of unsecured credit loans, so be sure to compare your options and find the right one for your needs.

Sunshine Short Term Offer

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.

  • Loan Amount: $2,000
  • Loan Term: 9 weeks
  • Turnaround Time: 30 Minutes - conditions apply
  • Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed

    Unsecured loans you can apply for.

    Which of these lenders will actually accept bad credit borrowers? The lenders below will.

    Rates last updated October 20th, 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.

    What exactly is an unsecured bad credit loan?

    An unsecured bad credit loan is a personal loan which has more flexible requirements than the big, major banks and lenders. These loans are unsecured and as such do not require you to use an asset such as a car or property as collateral. These loans can sometimes be a viable option for people who have negative listings on their credit file but need access to credit. Due to the higher risk to the lender, you may have a higher interest rate applied to your loan.

    Do you have bad credit? Here's how to actually get a loan

    1. Find a lender you're eligible for using the table above.
    2. Check the loan meets your requirements when it comes to loan amount, fees and turnaround time.
    3. Click the "Go to Site" button to go through to the lender's site and review your options for a loan
    4. Apply using the secure online form on the lender's site if you're eligible for the loan and want to apply after reviewing the loan details. You can usually see if you're approved in a few minutes and receive your funds on the same or next business day.

    What types of unsecured bad credit loans are available?

    There are a few different types of unsecured bad credit loans that you may want to consider:

    • Payday loans.
      These loans are designed to cover you until you in the short term. You can borrow usually borrow between $100 and $2,000 and repay it in terms of between 16 days and a few months. Loans and unsecured and eligibility criteria is flexible, so if you have bad credit it usually isn't a problem.
    • Debt consolidation loans.
      These types of loans are designed to help people with multiple debts combine them together to save on interest and better manage their repayments. If you have bad credit you still might have debt consolidation options available to you.
    • Line of credit.
      A line of credit is a loan which allows you to withdraw up to and including a certain amount of money. These loans give you access to immediate cash and you and draw on them as and when you need.
    • Cash advance.
      A cash advance is when you receive cash through your credit card using an ATM withdrawal or at a branch, but have also come to be known as payday loans. Keep in mind that if you have bad credit you will generally not be approved for a credit card, so if you're looking for a credit card cash advance you will need to already hold a card. For a payday loan cash advance, you can search for a payday lender with a physical location.

    More information: Debt Consolidation Help

    Taking out an unsecured bad credit loan? Here's what to consider

    Before applying for an unsecured bad credit loan, you should take the following into consideration:

    • What fees are involved?
      Lenders are restricted as to what fees they can charge you. For loans up to $2,000 you can be charged a 20% establishment fee and a 4% monthly fee. For loans between $2,001 and $5,000 lenders can charge a one-off fee of $400 and a maximum annual interest rate of 48% (inclusive of all fees and charges). For loans over $5,000 lenders cannot charge more than 48% which includes all interest and fees.
    • What is the interest rate?
      For loans of less than $2,000, no interest is charged. Fees are charged on these loans represented as a percentage. That being said, these fees can be considered costly. Bad credit lenders are taking on a risk lending to you, and without an asset guaranteeing the loan the costs, whether in the form of fees or interest, are going to be higher.
    • Who is the lender?
      It's also important to check the reputation of the lender you are borrowing from. The internet has made it easy for dodgy lenders to appear reputable, so make sure you read all the terms and conditions and compare your options before you apply. You can also read online customer reviews of lenders to see other people's borrowing experiences. Never submit any payment to a company online to receive a loan.

    Bad credit car repair borrowing

    A bad credit loan for Darren

    Two years ago, Darren split with his wife and fell into a cycle of debt as they went through an expensive divorce and split their assets. He had a few payment defaults listed on his credit file and now finds himself unable to get a loan.

    A few days ago, Darren received the bill for a hospital stay he had. The bill was larger than expected and he doesn't have the money to cover it. He reviews his budget and sees that while he can't cover the cost upfront, he would be able to afford a short-term loan. That's when he considers his options for an unsecured bad credit loan.

    The features you can expect with unsecured bad credit loans

    These loans offer people with bad credit a secure option through which they can access money. These loans also offer the following features:

    • Apply conveniently online
      Lenders who offer unsecured bad credit loans generally have online application forms and online approval systems available, making it easy for you to apply.
    • Choose from a range of options
      These type of loans are a viable option if you need to consolidate your debts or if you have negative marks on your credit file.
    • Have fast access to your funds
      You can normally receive the funds into your account on the same day you apply. At the latest, lenders can have your approved loan to you on the next business day.
    • Repay according to when you get paid
      Lenders will usually structure your repayments according to your pay schedule. Depending on the lender, you will usually have the repayment amount direct debited from your account on the repayment date – no need to remember to send your funds across.
    Are you eligible for a loan?

    These type of loans have flexible lending criteria when it comes to your financial circumstances. Generally, you will need to be over the age of 18 and be able to demonstrate a regular income. You will also be required to list any other assets and debts you have and some lenders may require you to be employed, although you can be considered for a loan if you receive Centrelink payments as income.

    Unsecured bad credit lenders look more at your current financial situation rather than defaults or negative listings on your credit file which may have happened a while ago.

    How to apply

    To apply for an unsecured bad credit loan you can follow any of the lender's links on this page to their secure online application form. You will need to provide certain personal and financial details. Most lenders offer a quick turnaround for approval, so you won't need to wait too long to see if you are eligible for the loan.

    Questions you might need answered before applying

    What if I'm on Centrelink, can I still apply?

    If you have bad credit and are currently receiving Centrelink payments you can still get access to funds. However, there are tighter restrictions on how much you can borrow and under what circumstances. If you receive Newstart there are very little options available to you, but other types of support payments could be included as serviceable income. For more information, check out our guide on how to get a loan if you are on Centrelink.

    I have numerous defaults on my file. What are my options?

    Having defaults and missed/late payments on your credit file can be a major hindrance to your application if you are applying for credit products with major banks and lenders. However, the range of credit brands compared on this page look at your situation as it stands over the past three months, not the past seven years. Compare your options before applying to ensure you have the best chance of getting approved.

    Should I apply for a no credit check loan?

    If you have bad credit you may be considering whether a no credit check loan is a good option. It is something to consider, but keep in mind there are bad credit lenders available. Because no credit check lenders cannot verify your credit history, more emphasis is put on other aspects of your application, such as your employment or income. Consider your personal credit history and whether a no credit check loan is necessary.

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    50 Responses to Compare Unsecured Bad Credit Loans

    1. Default Gravatar
      Marc | July 29, 2016

      Hi would really like to get a loan..would like to know how

      • Staff
        Elizabeth | August 1, 2016

        Hi Marc,

        You can compare your unsecured bad credit loan options on the page above. If you’d like to know any more information on lenders or the specific loan options, click on the name of the loan to read the review. Once you find a loan you’re eligible for and that you want to apply for, click “Go to Site” to submit your application.

        I hope this helps,


    2. Default Gravatar
      Daniel | June 2, 2016

      My family’s 7 seatet territory was crashed into 2 weeks ago insurance is offering to pay $9;500 for damages I can’t receive all the funds because we still owe on the car. This money will go to ANZ. We still have $5000 savings and need to purchase another safe reliable 7-8 seater for the family. Currently I have a couple of defaults and don’t know who to ask for a car loan

      • Staff
        Elizabeth | June 3, 2016

        Hi Daniel,

        I can’t recommend a specific lender to you, but you can find some of your larger bad credit personal loan options on this page and this page, and there is also a bad credit car lender you can add into your comparison on this page.

        I hope this information will help.



    3. Default Gravatar
      Desperate | April 10, 2016


      I need a bad credit unsecured personal loan or possibly a no credit check personal loan for urgent car repairs of up to $5000.00 over as long a repayment period as possible to make repayments more manageable. Ideally over a 36 month period would be ideal. As mentioned my credit rating has not moved over a number of years and has always been a hindrance in applying for standard bank loans. I work full time and have been in the same job for 8 years. Any thoughts on my present situation? Many thanks.

      • Staff
        Elizabeth | April 11, 2016


        You can find a list of options for bad credit personal loans up to $5,000 here. I can’t recommend any specific lender to you but you can click through to any lender’s review page to find out more about their offerings, as well as the eligibility criteria, by clicking on the name of the loan. You can also click “Go to Site” to head to their website directly and apply.

        I hope this will be of use.



    4. Default Gravatar
      Worried | March 13, 2016

      Wondering if you might be able to help me as I’m currently building a new house with the inheritance from my father as my grandma passed away we have paid 90%, of it with cash but now when it comes to finish we be $15,000 short and I wondered if we be able to get a loan only issue I have a stat 9 against my name which I’m currently paying off and two paid debts on my credit file will I be able to get a loan to get the last 15,000 to get the keys for the house plus pay out the stat 9 which would mean I need $20,000

      I’m currently working and getting Centrelink due to looking after my sister and she owns the land and house with me I believe her credit file is clear and she’s on disability pension

      Could we get a loan together

      • Staff
        Elizabeth | March 14, 2016

        Hi Worried,

        Thanks for your enquiry.

        As you’re purchasing a property you may want to consider your secured bad credit options. These are the only brands we have available for comparison offering these types of loans but there are others available that you can search for online if neither of these is suitable.

        We have pages with information on joint personal loans on this page that you can also consider. Again, as the loan will be secured to a home you may be eligible despite your bad credit, but get in contact with the lender directly before applying.

        I can’t offer personal advice but I hope these pages have some information that can help.



    5. Default Gravatar
      | December 4, 2015

      Hi, I’m currently on unpaid maternity leave from a full-time job. I do receive centrelink(It isn’t much). Wondering if I am eligible for a loan for Christmas and which company would be best?


      • Staff
        Elizabeth | December 7, 2015

        Hi Desperate,

        Thanks for your question.

        I’m unable to recommend a specific lender to you, but you do have a few lenders who will consider you for a loan with Centrelink as your sole income. You can find a guide on borrowing while unemployed on this page and a list of lenders who you may be eligible with.

        I hope this will help.



    6. Default Gravatar
      samantha | October 28, 2015

      I am in a need of a payday personal loan in a very bad way can you please send me an email please and thank you.

      • Staff
        Elizabeth | October 28, 2015


        Thanks for your question.

        You’ve come through to, as a financial comparison service we don’t actually offer any loans ourselves. To apply with any of the lenders in the table above please click ‘Go to Site’ after you have reviewed the eligibility criteria, which you can see by clicking through to the review page.

        I hope this has helped.



    7. Default Gravatar
      | June 19, 2015

      i am legiable for a payday loan please need for emergency matters.thank you for i am very desparate ineed of a loan please.

      • Staff
        Matt | June 19, 2015

        Hi Rosa,

        You’ve come through to – an online comparison service, not a lender.

        Each review page of the loans show the requirements and eligibility criteria needed to apply. If you’d like to read more about loans for emergencies, please read our guide here.

        I hope you find what you need


    8. Default Gravatar
      Liam | June 18, 2015

      Hi I’m looking to get a loan to last me before i get paid, however I have just started this job and the pay is monthly so there is no record of it in my bank account, is there anyone who will still approve the loan as i cant find any?

      • Staff
        Elizabeth | June 18, 2015

        Hi Liam,

        Thanks for your question.

        The minimum requirement for almost all payday lenders is proof of employment or the last 90 days worth of your bank statements – if they can verify that you have sufficient income in your account during that period and that you have a letter from your employer for your new job, you may qualify. You may want to give lenders a call to discuss your situation and eligibility before applying as they may be able to help you in your situation.



    9. Default Gravatar
      can | June 7, 2015

      Can O get loan with newstart

      • Staff
        Elizabeth | June 9, 2015


        Thanks for your question.

        Some lenders will consider you for a loan when you receive Newstart Payments. Please see this page for information on what lenders will consider you, and you can also see this page on some further information.

        I hope this has helped.



      • Default Gravatar
        Jim | June 2, 2016

        Hi my name is Jim I have a debt that needs to be paid off its a private personal debt I owe worth $45000 I have bad credit and don’t have security to put up I have just secured a job but won’t start till 13th of June can I get this loan?

      • Staff
        Elizabeth | June 3, 2016

        Hi Jim,

        Unfortunately I’m unaware of any lenders that offer bad credit loans that are this large – the largest loans we have available for comparison are up to $10,000.

        Sorry I couldn’t be of more assistance,


    10. Default Gravatar
      Cameron | May 14, 2015

      Hi, I am a broker/referrer looking for lenders that will provide personal loans lending more than $2,000 and up to $30,000. Terms would be 2 to 7 years. Clients might have a paid or unpaid default.
      Which lenders work through brokers or referrers in this way?

      • Staff
        Elizabeth | May 18, 2015

        Hi Cameron,

        Thanks for your question.

        We don’t currently have an active comparison of personal loan brokers, but you can compare lenders that offer over $2,000 personal loans on this page. You’ll need to get in touch with the lenders directly to find out their policy with brokers/referrers.

        I hope this has helped.



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