Bad Credit Loans that Work for You
With access to an extensive range of financial products, Rapid Finance could help you - in spite of bad credit. Click below to read more about the types of loans that may be available to you.
With over 20 years experience, we are experts in assisting people find finance with poor credit. Even if you've been turned away by the banks, or have had problems with defaults in the past, we could still help. With decades of industry experience, our experts will work with you, to find you the right loans with bad credit.
Loan Type | Loan Term | Who is this Product for? | Loan Purpose | Min Loan Amount | Max Loan Amount | |
---|---|---|---|---|---|---|
Car Loans with Poor Credit | 1-7 Years | People who have a poor credit history including: ex bankrupt, Part XI, credit defaults, poor credit rating or have been previously declined | Purchase of a vehicle, such as a car, bike, boat or caravan | $2,000 | $100,000 | Bad Credit Car Loans |
Home Loans with Pad Credit | 1-30 Years | People wanting to refinance who may have credit defaults, ex bankrupt, Part XI, poor credit rating or have been previously declined | Purchase of property, such as a home | $200,000 | $5,000,000+ | Bad Credit Home Loans |
Personal Loans with Credit Problems | 1-7 Years | People who have bad credit, needing a loan or finance, who have recently been rejected for a loan, due to their poor credit rating | To fund home renovations, car repairs, medical expenses, travel, weddings or other need | $8,000 | $60,000 | Bad Credit Personal Loans |
Debt Consolidation | 1-30 Years | homeowner/Buyers. Looking to utilise equity to consolidate loans and debts into one manageable payment | Debt consolidation/mortgage refinance | $200,000 | $5,000,000+ | Debt Consolidation Loans |
Poor Credit Bike Loans | 1-7 Years | People who have a low credit history including: ex bankrupt, Part XI, credit defaults, poor credit rating or have been previously declined | Purchase of a motorbike | $2,000 | $100,000 | Bad Credit Bike Loans |
Poor Credit Boat Loans |
1-7 Years | People who have a low credit history including: ex bankrupt, Part XI, credit defaults, poor credit rating or have been previously declined | Purchase of a boat or water sports equipment | $2,000 | $100,000 | Bad Credit Boat Loans |
With access to an extensive range of financial products, Rapid Finance could help you - in spite of bad credit. Click below to read more about the types of loans that may be available to you.
Improving your credit score when you have bad credit can be challenging, but it's definitely achievable with the right approach and habits. Here are the top 10 tips for people with bad credit to help improve their credit:
Review Your Credit Report: Obtain a free copy of your credit report from major credit bureaus and check for errors. Dispute any inaccuracies, such as incorrect late payments, and get them corrected.
Make Payments on Time: Late payments can significantly harm your credit score. Set reminders or automate payments to ensure you pay all your bills on time.
Reduce Credit Card Balances: High credit card balances can negatively impact your credit utilization ratio, which is a key factor in your credit score. Aim to keep your credit card balances below 30% of your credit limits.
Avoid New Loans: Each time you apply for credit, a hard inquiry is made, which can lower your score. Only apply for new credit when absolutely necessary.
Pay Off Existing Debt: Work on reducing your overall debt. Consider strategies like the debt snowball or avalanche methods to efficiently pay off debts.
Keep Old Credit Accounts Open: The length of your credit history contributes to your credit score. Keep older accounts open, even if you don’t use them frequently, to maintain a longer credit history.
Mix Types of Credit: Having a mix of different types of credit (like a credit card, auto loan, and mortgage) can positively affect your score, as long as you manage them responsibly.
Set a Budget and Stick to It: A budget helps you control your spending and ensures you have enough money to pay your bills on time. This can prevent falling further into debt.
Seek Professional Help If Needed: If you’re overwhelmed, consider consulting a credit counsellor. They can provide personalised advice and help you develop a plan to improve your credit.
Monitor Your Credit Regularly: Regularly check your credit score and report to track your progress and understand the impact of your financial actions. There are many free services available for monitoring credit.
Remember, improving credit takes time and consistency. Be patient and persistent in following these practices, and your credit score should gradually improve.
Bonus Tip: Saving money and putting aside whatever you can, no matter how little, shows lenders you're financially responsible.
How much would a bad credit loan cost you per month? Use our finance calculators and see whether the amount you want to borrow is affordable. Adjust the loan options to find out what terms could be right for you.
Give it a shot!
So you’re thinking of finally rewarding yourself with your dream ride. Or your rust bucket of a car has disintegrated and it’s time for an unscheduled upgrade.
Read moreIt’s quite easy to take your car for granted when it’s sitting in your driveway awaiting your instructions for take-off. But what if it wasn’t there.
Read moreThe irony of a credit score is that, often, people don’t know what theirs is like until they need to rely on it. So, how do you know if you have bad credit? And what does it mean for your loan application?
Read moreBad credit loans are a type of loan tailored towards people who have poor credit scores, who may be overlooked and rejected by mainstream lenders and banks, due to their credit score.
Credit scores are an estimation of an individual's credit worthiness. This helps lenders make a quick decision on whether to lend to them, based on the credit score.
Credit can be negatively impacted by missing payments, defaults, bankruptcy, part IX debt agreements or many other situations, including excessive gambling. Credit can be improved by making regular payments on loans or services over time.
Assistance is available for many purposes including car loans with bad credit, personal loans with bad credit, home loans with bad credit and more.
At Rapid, we offer a Free Credit Check option, with no impact on your credit score!
A bad credit loan is a type of loan tailored towards people who have poor credit scores, who may be overlooked and rejected by mainstream lenders and banks, due to their credit score. Credit scores are an estimation of an individual's credit worthiness. This helps lenders make a quick decision on whether to lend to them, based on the credit score. Credit can be negatively impacted by missing payments, defaults, bankruptcy, part IX debt agreements or many other situations, including excessive gambling. Credit can be improved by making regular payments on loans or services over time. Bad credit loans are available for many purposes including car loans with bad credit, personal loans with bad credit, home loans with bad credit and more. At Rapid, we offer a Free Credit Check option, with no impact on your credit score!
Yes, it is possible to get approved for a loan, even with bad credit. 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 bad credit loan experience. We will review your current situation and finances, and can present your application in the best light, 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 loans and get started today.
Yes, it's possible to get a car loan with poor credit. However, there are a few things to keep in mind:
Yes, it is possible to get a home loan with bad credit. Go Rapid can help find the right lender who could assist you. We have 20 years experience helping people with bad credit get their home loans approved. Taking into consideration 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.
In Australia, credit scores range from 0 to 1,200. How these scores are labelled can vary between credit reporting agencies, but generally:
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.
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 make multiple loan applications in a short period, it might give the impression that you're in financial stress, which can have a more significant effect on your score. If you are worried about your credit, it is a good idea to use a broker like Go Rapid, so that we can minimise any negative effect on your credit score, and help get your loan approved.
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:
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.
There is no such thing as guaranteed approval for bad credit loans - but we can help. Obtaining finance with very bad credit can be challenging due to obstacles like defaults, part ix agreements, and bankruptcy. But with hard work and patience, loan approval is possible. At Rapid, we're determined to find the right finance for your situation. Call 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 loans with poor credit. Similarly, if you are receiving government benefits, you may require assistance getting your car loan approved on Centrelink.
Any loan application requires time, and applicants with bad credit may face additional challenges compared to those with a clean credit history. While we search for the best possible equipment loan for your situation, we'll provide a prompt, honest assessment of your chances. Even if we can't assist you now, we can guide you on improving your chances in the future.
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 primary difference arises during the credit check, where issues like multiple defaults, bankruptcies, or part ix agreements can make obtaining finance challenging. But with Rapid Finance, we emphasise the positive aspects of your application to present the best case possible to potential lenders.
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.
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.