Couple applying for unsecured bad credit loan

Compare unsecured bad credit loans

Get an unsecured bad credit personal loan regardless of 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

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.

  • Loan amount: $2,000
  • Loan term: 9-15 weeks
  • Turnaround time: 30 minutes (conditions apply)
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Income requirement: 50%+ of income cannot be from Centrelink
  • Bad credit borrowers OK
  • Quick and easy approval
  • No credit checks
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Unsecured loans you can consider applying for

Which lenders will actually accept bad credit borrowers? Consider the lenders below.

Rates last updated September 19th, 2018
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
$2,000
9-15 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-15 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Wallet Wizard Smart Loan (Up to 2K)
$2,000
Up to 2 years
3 hours - conditions apply
47.8%
$316.70
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
Nimble Short Term Loan
$2,000
62 days to 1 year
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
$396
A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.
Credit24 Short Term Loan
$2,000
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
Establishment fee from 10% of loan amount + monthly fee from 2%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Capfin Short Term Loan
$2,000
6 to 12 months
Overnight
20% of loan amount + 4% of loan amount each month
$396
A short-term loan from $500 that you can have up to 12 months to repay. All credit histories considered.

Compare up to 4 providers

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 unsecured loans do not require you to use an asset such as a car or property as collateral.

This financing can sometimes be a viable option for people who have negative listings on their credit file but still need access to credit. Due to the higher risk to the lender, your loan may have a higher interest rate.

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

  1. Find a lender with whom you're eligible using the table above.
  2. Check the loan meets your requirements when it comes to the 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 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 combine multiple debts 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 can draw on them as necessary.
  • 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 bad credit 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 amounting to less than $2,000, there is no interest charged. You will be charged fees that are expressed as a percentage of what you borrow. That being said, these fees can be considered costly. Bad credit lenders are taking a risk lending to you and without an asset guaranteeing the loan, the costs are going to be higher, whether in the form of fees or interest.
  • Who is the lender?
    It's also important to check the lender's reputation before you borrow from them. 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 for 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 history.

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 there's no waiting period to see if you are eligible for the loan.

Questions you might have before you apply

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.

Since no credit check lenders cannot verify your credit history, more emphasis is placed 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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58 Responses

  1. Default Gravatar
    MaryNovember 10, 2017

    I’m in need of a loan please, I have a bad credit file and I always get decline when I apply for a loan I really need a short-term loan please if there’s any help or good lender out there. I’m unemployed and on Centrelink benefits.

    • finder Customer Care
      RenchNovember 10, 2017Staff

      Hi Mary,

      Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      If you make several credit enquiries in a short space of time, for example if you file multiple personal loan applications in the space of a couple of months, it indicates to lenders that you may be under financial stress. This can in turn affect your credit rating. Applications for credit, including loans, credit cards and more, are listed on your credit file for five years. These listings are included regardless of whether or not your application was approved.

      It’s quite difficult to qualify for a credit card in Australia if you have bad credit, so your only option may be to use a debit card instead. Debit cards allow the same convenience as credit cards but with the key difference that you spend your own money rather than funds from a credit provider. You can also access prepaid debit cards with some short-term loans.

      You can get this info from this page.

      You can also have a look at these pages to compare other options:
      https://www.finder.com.au/loans-for-people-on-centrelink-payments
      https://www.finder.com.au/unemployed-loans

      Hope this information helped.

      Best regards,
      Rench

  2. Default Gravatar
    August 11, 2017

    I was wondering if I am able to get a bad credit personal loan for $5,000. I did a credit check and on it was stating that there was a court case for my rates which was a lie as it never went to court and this was over 2years ago. I had made an agreement with the council for paying my rates and I have proof that I am up to date. I DO NOT WANT to be refinanced for my home loan just for $5,000 as I am very happy with my lender. I built a granny flat at my son’s where I will be moving into soon after my house is fixed and ready for rental but there were a few extra costs for the build and am now low on funds for the rest of the fixing and the big expense of the plumber connecting the granny flat to the house’s septic tank and water. Please could you give me an answer if you can help. Thank you

  3. Default Gravatar
    ColinApril 20, 2017

    Hi ..I want to borrow $3000 for jet ski repairs . I have a few defaults on my history . And I’m on a centerlink disability pension .but I have a 2006 Mitsubishi triton worth $15.000 that I am willing to use as security .. can you help ?

    • finder Customer Care
      LouApril 20, 2017Staff

      Hi Colin,

      Thanks for your question.

      If you are receiving Centrelink, the lenders on this page may consider you for a loan.

      Kindly check the eligibility criteria and terms and conditions of the loan product you are interested in before submitting your application.

      Cheers,
      Anndy

  4. Default Gravatar
    MarcJuly 29, 2016

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

    • Default Gravatar
      SamDecember 30, 2016

      I would like to apply for a personal loan for the amount of $3000,00

    • finder Customer Care
      LouDecember 30, 2016Staff

      Hi Sam,

      Thanks for reaching out.

      The maximum amount that you can borrow with any of the lenders listed above is $2,000.

      You can check for lenders that may allow you to borrow $3,000 on this page. Kindly note that certain eligibility criteria apply, so please check them out before submitting your application.

      Cheers,
      Anndy

    • finder Customer Care
      ElizabethAugust 1, 2016Staff

      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,

      Elizabeth

  5. Default Gravatar
    DanielJune 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

    • finder Customer Care
      ElizabethJune 3, 2016Staff

      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.

      Thanks,

      Elizabeth

  6. Default Gravatar
    DesperateApril 10, 2016

    Hello,

    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.

    • finder Customer Care
      ElizabethApril 11, 2016Staff

      Hi,

      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.

      Thanks,

      Elizabeth

  7. Default Gravatar
    WorriedMarch 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

    • finder Customer Care
      ElizabethMarch 14, 2016Staff

      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.

      Thanks,

      Elizabeth

  8. 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?

    Thanks.

    • finder Customer Care
      ElizabethDecember 7, 2015Staff

      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.

      Thanks,

      Elizabeth

  9. Default Gravatar
    samanthaOctober 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.

    • finder Customer Care
      ElizabethOctober 28, 2015Staff

      Hi,

      Thanks for your question.

      You’ve come through to finder.com.au, 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.

      Thanks,

      Elizabeth

  10. 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.

    • finder Customer Care
      MattJune 19, 2015Staff

      Hi Rosa,

      You’ve come through to finder.com.au – 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

      Cheers
      Matt

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