Do you need money to pay off bills and want to get a loan in Australia? 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 personal loans Australia? 

Macquarie Credit Union personal loans
There are a lot of types of personal loans Australia for you to choose

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. Some types of personal loans you can choose in Australia

  • Secured loan. This type of loan works by providing you with an asset in a secure way in exchange for lower prices and fees. Usually, this loan is used to buy a car, but other types of assets can also be used.
  • Loan for a car purchase. Looking to buy a new or used car? You can choose to borrow a car through a bank, lender or even use the agency’s finance to help you buy.
  • Unsecured loans. If you do not want to offer a property that is secured or want to fund something that is not used for a secured personal loan, you may want to consider a loan without a guarantee.
  • Credit limit. You will have access to a set credit limit, but only interest on the amount you have used. You can consolidate your debts or even sponsor a range of purchases with this type of loan.
  • Borrowing loans. Current debt can be managed by offering a debt consolidation loan. Integrate separate loan accounts into a manageable loan with a lower rate of potential and with fewer fees.
  • Overdraft. Overdraft is very much like an unsecured loan but it is usually attached to your daily bank account. You are granted an amount that you can withdraw from your account when your money is exhausted.
  • Bad credit loans. If you have bad credit but are in need of a loan, there are options available to you. Apply with lenders who do not perform credit checks or who accept applicants with negative lists in their records.

2. Some requirement to apply for a personal loan in Australia

Each bank and organization in Australia has its own criteria that you will have to meet to complete your loan application.

2.1. Proof of identity

You will often need any of the following to prove your identity:

  • Driver’s license/age card proof
  • Passport
  • Medicare card
  • Utility bill showing your address

2.2. Proof of income

You will need to verify your income, with actual verification required different between lenders. General requirements are as follows:

  • Three paychecks
  • Report of the Bank
  • Two-year tax return (if self-employed)

2.3. Other documents

  • Reports from other accounts/credit cards

2.4. If you are applying for a car loan

Apply for a car loan requiring different documents to verify the car:

  • VIN number or frame number, engine number and registration details
  • Car dealership contact information or contact details of the seller if sold privately
  • Tax invoices and receipts for vehicles or purchase prices if sold privately
  • Your CTP insurance and comprehensive insurance details.
Bad credit loans Australia
There are a lot of types of personal loans Australia for you to choose

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

Personal loan costs should be taken into account, including both upfront and ongoing fees: upfront fees usually range from $ 0 to $ 500, while ongoing fees usually range from $ 0 to $ 15 per month. For example, a personal loan of $ 20,000 may cost:

Loan term Interest rate Monthly repayments Total repayments
3 years 8% $627 $22,562
3 years 10% $645 $23,232
3 years 12% $664 $23,914
5 years 8% $406 $24,332
5 years 10% $425 $25,496
5 years 12% $445 $26,693

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) – Personal loans Australia