Rapid Finance

Rapid Finance Australia FAQs

• Why should I use Rapid Finance?

  Rapid Finance is a specialist broker, with over 20 years experience finding loans and finance that suit our customers' unique circumstances. We cater to a variety of needs including car loans, bad credit, debt consolidation, and home loans with low deposits, as well as a wide range of other bad credit personal loans. We offer a tailored service based on your needs and will work to find the best deal and loan for you. We can assist through the whole process, from rebuilding your credit rating, in some situations, to finding the best loan for you and guiding you through the options and application process.

• What kind of loans do you offer?

  We offer a number of different loan types from personal loans, home loans to vehicle loans.

  Home Loans

  • low deposit home loans - get a home loan, even with a low deposit
  • First home buyer loans - As a first home buyer, we can guide you through the process and assist you with your first homeowner grant
  • Bad credit home loans - We have access to a range of lenders who will consider you for home loans with a bad credit history
  • Refinance home loans - Get help and a rate that suits your improving credit rating as you pay down your home loan
  • Debt consolidation - Get help with better rates, reducing high interest loans and making your repayments more manageable
  • Investment property loans - generate income from your investment property

  Vehicle Loans

  • Car loans - we can guide you through a range of car loan lenders and options to suit your circumstances
  • Bad credit car loans - car loans with bad credit are our speciality - no deposit needed
  • Car refinancing - get a better deal by refinancing your car loan at a better rate or repayment terms
  • Bike loans - motorbike loans, whatever your credit rating, we'll guide you through to the fast lane
  • Caravan loans - get a loan that will take you places, to match your finances and lifestyle
  • Leisure loans - A range of leisure loans - whatever your credit history
  • Equipment loans - get an equipment upgrade with our assistance
  • Commercial hire-purchase - get a commercial vehicle for your business

  Personal Loans

  • A range of personal loans up to $30,000.
  • Bad credit personal loans - for a wide range of purposes from emergency medical and dental, holidays, car repairs to home renovations.

• What advantages are there applying with a loan broker?

  There are several advantages of applying for a loan through a broker, especially if you have bad credit:

  • Low or no impact on your credit file - with Rapid Finance, we can review your credit file and find a lender and loan product that works for you. We'll only submit your application on your behalf, when we are confident it will pass the lender's criteria.
  • Knowledge and Expertise: Loan brokers, like Rapid Finance have extensive knowledge of the loans available and can guide you through the lending process, explaining any complex terms or conditions.
  • Access to Multiple Lenders: Loan brokers like Rapid Finance, have good relationships with a variety of lenders, including those who are more likely to consider applications from those with bad credit. They can save you time by identifying these lenders and helping you to avoid applying to lenders who are likely to reject your application. So fewer negative loan enquiries on your credit file.
  • Tailored Options: A loan broker like us, can help you find a loan product that suits your personal circumstances and needs. This could mean finding a lender who offers more flexible terms or who looks at factors beyond your credit score when considering your application.
  • Application Support: Some specialist brokers, such as Rapid Finance, can help you present your loan application in the best possible way, increasing the chances of approval. We can provide you with advice on how to address your bad credit in the application and highlight other financial strengths that you may have - which you may not be able to do, by applying direct.
  • Loan Comparison: Loan brokers can compare multiple loan offers for you, making it easier to understand the differences and identify the most cost-effective option.

  Remember that while brokers can help you navigate the lending market, some may also charge fees for their services (there is no charge to you when applying through Rapid Finance), and not all brokers will have access to all lenders. Always do your research to understand what a broker can offer you before deciding to work with them.

• Can I get a home loan with bad credit?

  Yes, it is possible. Rapid Finance have over 20 years experience assisting customers get home finance. Whether it is due to low deposit, bad credit or wishing to refinance, we are experts in bad credit home loans.

• Can I get a car loan with bad credit?

  Yes, it is possible, and it may be easier than you think with Rapid Finance. We are specialists in bad credit car finance and can review your application and credit history to match you with the right lender at a competitive rate, that suits your circumstances. We have over 20 years experience helping people with bad credit get car finance, that works for them.

• Can I get a personal loan with bad credit?

  Yes, you've come to the right place! We are specialists with over 20 years bad credit expertise. Assisting our customers get their bad credit personal loans approved, with repayment terms that work for you and your situation.

• How can I qualify with Rapid Finance?

  You must be a permanent Australian resident or on a visa that allows you to work in Australia for the next 3 years. Apart from that, we can review your income, whether it is from employment or Centrelink benefits, whether you work full time, part time, causal or contract and we can even fund loans for the self employed.

  If you have bad credit - we can generally help with that too. It doesn't matter if you have defaults on your credit file, late bill payments, Part 9 Debt Agreement, Court Judgements or a discharged bankruptcy - we have a range of specialist lenders who can accept all kinds of bad credit. If it makes more sense to fix up your credit file first; we'll let you know what you need to do, in order to improve your credit rating.

  Learn more about Our Process and how we could help to get your next loan approved.

• How can I check my credit score for free?

  With Rapid Finance, we offer a free credit check report. Your credit report gives you an insight into how lenders and other service providers may view you in terms of reliability and financial management. This understanding can help when you're planning to apply for any kind of loan. By regularly checking your credit report, you can understand the factors influencing your credit score. This knowledge can help you take steps to improve your score over time, such as fixing errors in the report, paying off debt or ensuring bills are paid on time.

• What is considered a bad credit score in Australia?

  In Australia, credit scores range from 0 to 1200, depending on the reporting bureau. Here is the typical breakdown:

  • Excellent: 800 - 1200
  • Very good: 700 - 799
  • Good: 625 - 699
  • Average: 550 - 624
  • Below Average or "bad": 0 - 549

  The range varies between the below credit reporting agencies.

  • Equifax
  • Experian
  • Illion

  These agencies collect information about your credit history, including loans you have applied for, defaults on loans, your repayment history, and court judgements. They use this information to create a credit report and calculate a credit score, which lenders can use to assess your credit risk.

  If your score is in the "below average" range, it may be harder for you to get a loan or credit, or you might have to pay a higher interest rate. If you're in this situation, you might want to look into ways of improving your credit score, such as paying your bills on time, limiting your number of credit inquiries, and reducing your overall debt. Complete our free credit check form to get started.

• Will gambling affect my credit score?

  Generally, gambling does not directly impact your credit score. Credit scores are calculated based on factors like your payment history, the amount of debt you owe, the length of your credit history, the types of credit you use, and the amount of new credit you have.

  However, gambling can indirectly affect your credit score in a number of ways:

  • Debt Accumulation: If you use credit to gamble and accrue debt that you cannot repay in a timely manner, this could negatively affect your credit score. Late payments or defaults on your debt are reported to credit bureaus and will lower your credit score.
  • Multiple Loan Applications: If you apply for multiple loans or forms of credit to fund gambling, this can negatively impact your credit score. Every time you apply for credit, it results in a hard inquiry on your credit report, which can lower your score.
  • Uncontrolled Spending: Gambling can sometimes lead to financial instability and uncontrolled spending. If this leads to missed payments, defaults, or bankruptcy, it can significantly impact your credit score.

  It's also worth noting that while gambling transactions themselves do not show up on your credit report, taking out cash advances on a credit card to gamble can be visible to lenders, as can any loans or credit used to gamble. Lenders may consider these behaviours risky, which could impact your ability to secure credit in the future.

  Remember, if you feel that gambling is negatively affecting your life or finances, it's important to seek help. There are many resources available for people dealing with problem gambling.