Do you need money to pay off bills or rent an apartment and want to get a loan in Australia but you have bad credit. Do not worry because you can get personal loans that are offered by a lot of lenders such as a bank, credit institutions. How to apply for bad credit loans Australia? Please have a look into the article below.

Bad credit loans Australia
Some NOTES to get the best bad credit loans Australia

In the previous post, introduces people to some of the necessary information that is useful for getting the Macquarie Credit Union personal loans, to get more information people can read the article Macquarie Credit Union personal loans are offered with the best interest. Now, let find knowledge about bad credit loans in Australia in the post today.


Just like a lot of article posts about the personal loans in Australia, as well as each type of loans such as Gateway Bank personal loans, People’s Choice Credit Union personal loans, Macquarie Credit Union personal loans…. this post about the bad credit loans in Australia also includes some main parts. They are:

1. What are the bad credit loans in Australia?

Credit band Experian Equifax
Very good
Fair / Average
Weak / Below average

1.1. Secured personal loans

If you can provide collateral, such as a car, home equity or another high-value asset, lenders may be willing to ignore some negative signs in the lake. Your credit profile.

1.2. Unsecured personal loans

Do you have a partner, close friend or relative willing to secure your loan? You may be eligible for a secured personal loan. There are some bad credit lenders that offer suitable products to borrowers that you may want to consider.

1.3. Short-term loans

Do you only seek to borrow up to $ 2,000? Then you can consider a short-term loan from a day lender. These lenders focus less on your credit history and focus more on your current financial situation and your ability to repay.

1.4. Large amounts of bad credit loans

If you need to borrow more than $ 2,000 and have bad credit, there are lenders who offer loans of up to $ 5,000. You can also find a few lenders who offer loans of up to $ 10,000 for people with unfavorable credit histories

2. How to improve the bad credit and get the best loans in Australia

Do not create too many credit applications at the same time. This is a red flag for lenders and can hinder your opportunity at future credit approvals. If you have done this, try and wait for any future applications.

Check your credit score to see where you are standing. By checking your credit score, you can know your credit position and where you fall into the credit activity population.

Use a personal loan calculator. This will ensure you don’t sign up for a loan you can’t afford. The lender, when reviewing your application, will only approve your loan if you can afford to pay.

Bad credit loans Australia
Some NOTES to get the best bad credit loans Australia

3. The interest rate and fees of bad credit loans in Australia

This depends on the lender in Australia and the type of loan the customer applies. Lenders can’t charge you more than the following, but remember to always compare your options, because some lenders charge less:

  • Loans of less than $ 2,000 with a term of between 16 days and a year: Establishment fee of 20% of the principal; 4% monthly fee.
  • Loans range from $ 2,001 to $ 5,000 with a term of between 16 days and two years: $ 400 establishment fee; Maximum interest rate of 48%, including all other fees and charges.
  • Loans of over $ 5,000 with terms of between 16 days and two years: All fees and charges cannot exceed 48% p.a.


  • Customers get $10,000 
  • Loan term 1-year
  • The interest rate is 7.5% p.a. 
  • Application fee: 3% = $300
  • Monthly fee: $0
  • The total amount payable is $11,050 including interest and fees
  • Each month, customers need to pay $920.833

This post is about bad credit loans in Australia. We provide this information to offer you some of the necessary information that is useful for getting bad credit loans from any lenders in Australia. Also if you are looking for information about the personal loans from Gateway Bank, please refer to the Gateway Bank personal loans link we just provided in the previous article.

Anita (Team Content) – Bad credit loans Australia