Loans for Bad Credit Customers

Loans with a Poor Credit History FAQs

• What is a bad credit loan?

  It is a type of loan designed for people with a low score or a history of repayment issues. As a result, mainstream lenders may overlook or reject them. A credit score estimates someone's borrowing reliability and helps lenders quickly decide whether to approve finance.

  Missed repayments, defaults, bankruptcy, Part IX debt agreements or excessive gambling can affect your credit score. They can also improve over time through consistent, on-time payments on loans or services.

  Bad credit loans are available for many reasons. You can use them for car loans, personal loans, or home loans, even if you have a difficult financial history. Like all finance options, it’s important to understand the fees and charges that may apply before you accept an offer.

  At Rapid, we offer free credit check option, with no impact on your credit score!

• Can I get a loan with a poor credit history?

  Yes, you could get approval for a loan, even with a poor credit history. Every customer's financial situation and credit history is different, which will affect your chances of approval with different lenders. So even if you have had your loan application recently rejected, we could still help get your application approved!

  At Go Rapid, we have over 20 years experience, helping people with poor credit. We will review your current situation and finances. We will then present your application in the best way to the right lender.

  By applying through Go Rapid, we may run a 'soft' credit check on your credit file, which is completely safe. It will not leave a mark on your file - unlike when applying directly with lenders. We could help! Check out our bad credit personal loans and get started today.

• Can I get a car loan with poor credit?

  Yes, it's possible to get a car loan with poor credit. However, there are a few things to keep in mind:

  • Higher Interest Rates: Lenders will charge higher interest rates. They do this to cover the extra risk of lending to someone with poor credit.
  • Smaller Loan Amounts: Lenders might not approve you for as large a loan as they would for someone with a better credit score. However, when you are applying for a car loan with poor credit, your ability to repay the loan or affordability of the loan is just as important.
  • Secured Loans: Most lenders will require that you secure the loan against the value of the car.
  • Specialised Lenders: In Australia, some lenders focus on car loans for people with bad credit or complicated finances. Different lenders have their own rules about who they will lend to. It is helpful to get help from a broker who specialises in poor credit, like Go Rapid.
  • Consider a Broker: A finance broker, like Go Rapid, could help you explore your options. They could find a loan product that suits you. Plus, they do this without hurting your credit rating. See how Go Rapid can help get your car loan with bad credit approved.

• Can I get a home loan with poor credit?

  Yes, it is possible to get a home loan with poor credit. Go Rapid could help find the right lender who could assist you. We have 20 years experience helping people with credit issues get their home loans approved.

  Considering your credit history and current finances and needs; We can either help you find a loan right away, or guide you through the steps you may need to take to fix up your finances or credit report.

• What credit score is considered bad credit?

  In Australia, credit scores range from 0 to 1,200. How these scores are labelled can vary between credit reporting agencies, but generally:

  • 0 to 509: Below Average - Bad Credit
  • 510 to 621: Average Credit
  • 622 to 725: Good Credit
  • 726 to 832: Very Good, 833 to 1,200: Excellent Credit

  If your score is in the 'Below Average' range, lenders might see you as a higher risk. It could be a bit harder to get your loan approved; however, we could help. Go rapid offer our customers a Free Credit Check option, with no impact on your credit score, so you can find out where you stand.

• Can you help with very bad credit loans?

  Yes, it is possible, but not guaranteed. We have helped individuals with very bad credit, find loan options that suit their needs.

  At Rapid Finance, we specialise in assisting people who have faced financial difficulties in the past. We work with a wide network of lenders, some who are willing to consider applicants with very poor credit histories.

  Our team can help you through the process. We will explain your options and improve your credit profile if we can. We will also connect you with lenders who are more likely to approve your loan application.

  We can't guarantee approval, but our expertise and personal approach may help you get a loan that works for you.

• Will applying for loans negatively affect my credit score?

  When you apply for a loan, the lender usually does a 'hard inquiry' on your credit report.

  Each hard inquiry can slightly lower your credit score. However, the impact is often temporary and can lessen over time.

  If you apply for many loans in a short time, it may seem like you are in financial trouble. This can hurt your credit score more.

  If you are worried about your credit, it is a good idea to use a broker like Go Rapid. We can minimise any negative effect on your credit score, and help get your loan approved.

• Can debt consolidation help improve my credit score?

  Debt consolidation means putting all your smaller debts, like credit card bills or car loan payments, into one bigger loan.

  This could help your credit score for several reasons:

  • One Monthly Payment ensures you're less likely to miss a payment.
  • Less Credit Card Debt can help increase your score.
  • Possible Lower Interest rates allow you to pay off the loan faster.
  • A Good Payment Record can enhance your credit score.
  • Avoiding Extra Fees means fewer chances for late payment fees. 

  After consolidating all your debts into one loan, it's important not to accrue more debt. Speak to an expert like Go Rapid if you need assistance with Debt Consolidation.

• Can I get a guaranteed-approval bad credit car loan?

  Guaranteed approval for bad credit loans sounds impossible - but we could help.

  At Rapid, we're determined to find the right finance for your situation. With the right support, hard work and patience, loan approval is possible. Obtaining finance with very bad credit can be challenging due to obstacles like defaults, part ix agreements, and bankruptcy. Call us on 1300 467 274 to find out how we could assist you, or apply online.

  Learn more about your loan options with poor credit personal loans, home loans with poor credit or car finance with poor credit. Similarly, if you are receiving government benefits, you may require assistance getting your car loan approved on Centrelink.

• Can I get an instant decision on a bad credit loan?

  Any loan application requires time. Applicants with credit problems may face additional challenges compared to those with a clean credit history. While we search for the best possible loan options for your situation, we'll provide a fast, honest assessment of your chances.

  If you have very poor credit, we may still be able to assist, although not guaranteed. However, even if we can't assist you now, we can guide you on improving your chances in the future.

  Also consider fast cash loans for emergencies where you need money fast.

• How is a bad credit loan assessed?

  Similar basic information is used to assess applicants, regardless of their credit. This includes personal and financial details, such as earnings and work history.

  The main difference comes during the credit check. Problems like multiple defaults, bankruptcies, or part ix agreements can make getting finance hard.

  With Rapid Finance, we emphasise the positive aspects of your application to present the best-case possible to potential lenders.

• Can I get car finance now that I've paid out my part ix debt agreement?

  Congratulations on paying down your debts! We've assisted many individuals with a settled part ix on their credit file. Our expertise ensures the paid-out ix is fairly considered during your application instead of being the focal point. Call 1300 467 274 to discover if you qualify, or visit our car finance with bad credit page for more details.

• What size deposit will I need for a car loan if I have poor credit?

  A deposit is not always necessary, even with a poor credit history.

  If you have outstanding debts, consider using your savings to settle them first. This will enhance your chances of securing finance. If you're debt-free, a larger deposit is beneficial as it reduces the lender's risk, potentially leading to a favourable interest rate. Call 1300 467 274, and we'll help convert that deposit into a new car.