Bad Credit Loans

Bad Credit Loans - Frequently Asked Questions

• What is a bad credit loan?

  A bad credit loan is a borrowing option for people who have bad credit, or are having difficulty getting approved by mainstream lenders and banks. Bad credit loans are tailored to suit people with a bad credit history. They are offered by alternative lenders and brokers, such as Rapid Finance, who have experience understanding the circumstances and needs of people experiencing bad credit and will work with you, to find an affordable loan option, to suit your needs.

• What is your basic criteria for a personal loan?

  To pass our basic criteria, you must:

  • Be 18 years of age or over
  • Be a permanent Australian resident
  • Receive a regular income

  You must not:

  • Be currently bankrupt. If your bankruptcy has completed, and you are now an ex-bankrupt, then you may apply.
  • Have too many payday loans(short term loans) and too many bank dishonours.

• Can you help me get a car loan with bad credit?

  Yes, we could. We are specialists in finding vehicle finance for people with bad credit. Whether you need a car or any other vehicle, we could help. Check out our bad credit car loans page to learn more and get started.

• Can you help me get a home loan with bad credit?

  Rapid Finance help people with bad credit get their home loans approved, all across Australia every week. We are bad credit home loan experts, with over 20 years financial experience. Head over to our bad credit home loans page to get started.

• Can I get approved if I have defaults or ex-bankruptcy status on my credit file?

  Yes, you could with Rapid Finance. We have over 20 years experience getting loans approved for people who have defaults on their files or who have recently completed their bankruptcy.

• Can I get approved if I am self-employed?

  Yes, you could. Whether you are self-employed or working on a contract, we will review your financial situation and work out what kind of loan is affordable for you. Even if you are self-employed, if you can show a regular or consistent income, you have a good chance of getting approved with Rapid Finance.

• Can I get approved if I am on Centrelink benefits?

  Yes, you could get approved on Centrelink benefits, when you are also receiving a regular income, whether that is from full-time, part-time, contract or self-employment or even Centrelink, through Rapid Finance. We have a number of loan products which may be suitable to your needs. However, the amount you could borrow, will depend on your income, expenses and the loan’s affordability. We will also consider applicants who wish to add their partner to the loan.

  Did you know you could even qualify for a Centrelink Car Loan? Check it out!

• What are my chances of getting approved with Rapid Finance?

  Every customer is different. We can't give a guaranteed approval, without looking into your current financial situation. However, if you have passed our basic criteria, you will have a very good chance of getting a loan approval through Rapid Finance - even if you have a poor credit history

  Check out our Free Finance Assessment, at the top of the page to get started.

• How can I check whether I have bad credit?

  If you don't know your credit rating and would like to check, Rapid Finance offers a free credit check. By using our free credit check, your credit rating will not be effected!

• How can I check whether I'm eligible for a bad credit loan through Rapid Finance?

  The quickest way to check your eligibility, would be to complete the Free Finance Assessment form, at the top of this page, or give us a call on 1300 467 274.

• Is Rapid Finance a lender or a broker?

  Rapid Finance is a broker, with a large panel of lenders, who specialise in providing loans and finance to people who may have difficulty getting their loans approved via the main banks or lenders. We have over 20 years experience finding finance and loans for our customers, and are often successful in securing finance, when other lenders are unable to assist.

• Can I get approved if I have just started a new job or work contracts?

  Yes, you could. As a lender, there is more risk when an applicant or borrower is in a new job or on probation, but it is possible. Your chances will improve after the probation period has ended, which is generally after 3 months in the new role. If you work contracts, it is also possible to get approved with Rapid Finance. You will need to demonstrate regular income and that the loan is affordable to you. We will work with you to find the right lending product, that suits you. We have a number of lenders on our panel, who will accept applications when the borrower is on probation in a new job.

• What are the advantages of applying through a broker?

  If your credit score has seen better days, don't worry. There are plenty of advantages when getting a loan through a broker like Rapid Finance:

  • Easily Compare Loans: Rapid Finance helps you look at different loan options side-by-side, so you can pick the one that's best for your finances.
  • We Know the Ropes: We're experts in the Australian loan world. We can break down the fancy terms and guide you through each step, making the whole process a lot easier.
  • Boost Your Approval Chances: Rapid Finance knows how to present your application to lenders, giving you a better shot at getting approved. We can even give you tips on how to improve your credit score.
  • Less Risk to Your Credit: We take a look at your credit file first to match you with the right lender. We'll only send your application when we're pretty sure it'll get the green light, so it won’t negatively effect your credit score.
  • Find the Perfect Fit: Whether you need flexible payment terms or a lender who doesn't just focus on your credit score, we can help find the loan that suits you best.
  • Get Access to Many Lenders: We have relationships with lots of lenders, that are happy to work with borrowers who have bad credit now or in the past. This saves you time and helps you avoid applying to places that are likely to say no, keeping your credit file cleaner.

  Just a heads-up, while many people find brokers like Rapid Finance really helpful, some brokers might charge fees (don't worry, we don’t). And remember, we can't reach out to every lender out there, so make sure to do a little homework on your own before making a decision.

• Will I need to provide any paper documents?

  Yes, we will need 2 pay slips and or a copy of your Centrelink income statement.

• Will applying with Rapid Finance affect my credit score?

  No, it won't. As a broker, when we access your credit file, there will be no record against your credit file. Unlike lenders, where your credit rating may be negatively affected.

• How can I improve my chances of getting approved for a loan?

  There are a few things you can do in the short term. Make sure you do not empty your bank account every pay day. Limit the amount you spend on gambling. Stay in the same job and at the same address if possible. Pay off as many debts, as you can. Review your credit score and make sure everything is correct. You can check your credit score for free, with Rapid Finance. Most importantly, be as honest as possible in your application with us.

• Do I have to offer security to get approved?

  No, you don't. However, there are some advantages to providing security against your loan. You are more likely to get approved, for a larger loan amount and at a better loan rate. This is due to their being less risk for the lender. Some common items of security include your car or your home.

  To learn more about our secured loan options, see below:

  • Secured Car Loans
  • Car Loans with Bad Credit
  • Refinancing Home Loans
  • Debt Consolidation Loans

• How long will the application take to complete?

  With Rapid Finance, your online application for a bad credit loan can complete within about 5 minutes.

• What happens after I apply online?

  After you have applied online, you will be assigned one of our friendly financial specialists, to work with you. They will assist you by reviewing your documents and finding your financial strengths. They will then match your details and requirements and negotiate on your behalf with the right lender to find a loan product which is suitable and affordable for you.

• Can I apply to other lenders at the same time?

  No, that's not a good idea. Making multiple applications with lenders, will put multiple credit enquiries against your credit file. This may negatively affect your credit score. As Rapid Finance is a broker, there will be no impact on your credit file - which is important when you already have bad credit. When you apply with us, you are getting access to a wide range of specialist lenders and products. We do all the hard work in the background, so you only need to make one application, with Rapid Finance. When we have matched you with a lender, we will contact you, to submit your application on your behalf.

• What happens if I'm unable to make a repayment on time?

  All the lenders on our panel work under responsible lending guidelines and have processes in place to assist, when customers financial situations change. The important thing is to contact the lender directly (or us, so we can help), as soon as you can, so they know why and can assist you.