These lenders offer specialised loans for people who have bad credit up to $35,000 and repayment over a maximum of 84 months. Average interest rates range from 18.25% to 25.75% – early repayment is welcome.
View Bad credit loan OffersIf you have a bad credit history, chances are you're going to find it hard to get approved for a traditional loan.
Let our selection of bad credit lenders help you get a loan that's tailored to your needs.
Sometimes the people that need loans the most are turned away because they have a low credit score or a bad credit history.
Traditional banks refuse to help these people in their time of need and turn them away empty-handed. Life happens and no one is perfect, we understand your credit history may not be the best and offer loans even if you have bad credit.
More and more Australian citizens need to rely on payday loans to pay their bills or make their paycheck stretch a little more. Bad credit loans can be used to pay outstanding bills, avoid defaulting on previous payment commitments.
A bad credit loan is a loan that is offered to people who have a history of bad credit and have been turned down by traditional lenders. If you have defaulted on payments or have been declared bankrupt this loan solution could be what you are looking for.
Depending on your individual circumstances and requirements, we will advise you on which type of bad credit loan is right for you. We offer two types of bad credit loans there are secured and unsecured bad credit loans.
It is important to remember that you have proven to be a high-risk client. Interest rates will vary depending on your individual circumstances and credit score. If you decide to take a loan over a longer period of time you will end up paying more interest.
Another option to obtain a loan when you have bad credit is to ask your family or friends to assist you with a loan.
To apply for a bad credit loan is very simple and the process can be completed online from start to finish. With our bad credit loans, we look at your ability to pay back the loan with your current circumstances so your bad credit score won’t necessarily disqualify you from obtaining a loan.
Bad credit loans are riskier for the lender as you have already shown that you might not have the best record for paying the money back on time. So granting you a quick cash loan as a high-risk client might take a little bit longer to make sure that we will be able to assist you.
The process of making sure you can afford to take a loan can be completed in as little as 48 hours.
When you are granted a bad credit loan and you make the monthly payments on time this will improve your credit history over time so the next time you might be able to qualify for more money and improve your overall credit score.
Bad credit loans can cost a little more than regular long or short-term loans as you are seen as a higher-risk client. You will be charged a once-off $400 establishment fee and your interest rate will be based on a percentage fee of the entire loan amount.
To make sure that you understand the loan agreement and that there are no hidden fees or nasty surprises our contacts are easy to read and completely transparent.
If you want to pay back the loan early then you are encouraged to do so, we will not charge you an early repayment fee and the sooner you pay the less interest you will pay.
There are some benefits of applying for a bad credit loan. Bad credit loans are simple to apply for online and even if a credit check is performed it will not affect the outcome of your loan application. Bad credit loans can be unsecured so there is no risk of you losing your collateral.
The repayment terms are scheduled to when you get paid and on a direct debit system, especially if you opt for a payday loan, so you don’t need to worry about skipping a payment. You will be able to improve your credit score if you all your payments on time and this could allow you to borrow more money more easily in the future.
Another type of bad credit loan option is peer-to-peer lending. Peer-to-peer lending allows you to benefit from lower rates as you will be charged a lower annual percentage rate. You can apply without negatively affecting your credit score and you can customize the loan to suit your needs.
To give your online loan application the best chance of being approved it is advisable to make sure that you meet all of the lending criteria before you apply.
Know your credit score and credit history by applying for a free credit report that documents your entire financial history. Make sure you can afford a bad credit loan and that you have exhausted all other options and compare lender fees.
Compare interest rates and initiation fees and make sure that you can afford to meet the repayment terms.