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Best Loan Rates in Australia – Bad credit welcome

Make use of our comprehensive collection of Australian lenders to quickly and easily compare options and find the ideal loan to satisfy your needs.

If you have a bad credit history, you will have to apply for a loan from a lender that specialises in bad credit loans and we’ll help you do just that.

What is a Personal loan? How does financing a car work? Emergency Cash Loans How to get a Loan with bad credit? Is Debt consolidation for me?

What does a Personal loan offer?

A personal loan allow you to borrow a large amount of money for a period of between 2 and 7 years. These loans are especially helpful when you're considering home renovation projects, upgrading household appliances, and travelling for leisure.

Is a Personal loan the right option?

When you're considering the merits of a personal loan, the first place to start is making sure it's the best option for your current situation. Taking out a long term loan when a short term loan would do is costly since you’ll end up paying more in the long run and unnecessarily burden your budget.

Online lenders can offer you some spectacularly low-interest rates on long-term loans. Using GotoLoans you can browse through some of Australia's top online lender’s comparison rates to help you find the loan that's right for you.

Five tips to help you shape a cost-effective loan

  1. Use our loan calculator to help you decide on the most affordable loan term
  2. Consider taking the shortest loan term you can afford to save money on fees in the long run
  3. Don't base your choice of lender solely on the comparison rate shown but also on the features offered
  4. Double-check the monthly costs and interest rates you'll be charged before signing a loan agreement
  5. Having a high credit score will ensure you get the lowest rates a lender has to offer

What is a secured Personal loans vs unsecured?

Most online applications will be for unsecured personal loans. This means that you don't need to offer an asset as collateral. These are a higher risk to lenders so the interest rates are typically higher.

What documents are required for a Personal loan?

  • A photo ID
  • Payslips
  • 3 month Bank Statements
  • A list of your income and expenses for an affordability assessment

List of direct lenders offering low-rate Personal loans

How does financing a car work?

Are you considering getting financing for that car you can't stop thinking about? You could apply for the full purchase price for any vehicle new or used from one of the lenders we’ve listed here on GotoLoans.

Car loan repayment term

Car finance offers terms from 12 months to 7 years. Your choice of loan term should depend on what you can afford as a monthly instalment. Remember to include fees and insurance when calculating the cost.

It's tempting to choose the longest possible loan term. You'll need to decide whether you want to pay lower monthly instalments and pay more back in fees, or take a shorter-term and pay higher instalments and save on the related costs by paying the loan back sooner.

Unsecured & alternative Car finance options

You may be given the option to take an unsecured car loan. This means that you won't have to use the car itself as collateral to ensure you repay the loan. In general, you'll pay higher interest rates if you take this option and will only be able to secure a smaller loan amount.

What’s the deal with down payments?

While you can qualify for the full purchase price of the car you want to buy, having a deposit on hand will save you money. You can offer a deposit of 10% or, if you really want to lower your monthly expenses 20%.

Fixed vs variable interest rate Car loan

Car loans come with two types of interest rates, fixed or variable. For a stable monthly repayment, your best option is a fixed interest rate.

Variable interest changes along with the RBA set official cash rate. Choosing this option means your repayments will rise and fall with the cash rate.

What is required for a Car loan application?

For a successful application, you must be 18 or older and have a valid driver’s license. Lenders will also require the following documents:

  • ID
  • Drivers licence
  • Payslips
  • Bank statements

The beauty of applications online is that you could get your loan approved in as little as 24 hours.

We have a comprehensive collection of car finance providers so it’s easy for you to find the lender who offers the best fit for your circumstances.

List of direct lenders offering Car finance


Quick & Easy Loans for cash emergencies

Handle any financial emergency with a flexible quick loan.

Quick loans are an ideal way to take care of those unavoidable financial issues that just can’t wait until payday. They offer lower loan amount, easy applications, and fast turnaround times.

Key benefits of a Quick loan

A quick loan will typically allow you to borrow up to $5,000 with a turnaround time of as little as an hour. Loan terms range between 3 and 24 months. This is considered a short-term loan, and due to the smaller loan amounts, lenders can offer you more flexibility and quicker turnaround times.

Find the most cost-effective options:

  • Borrow only what you need to cut down on fees and make repayments easier to meet
  • Pick the shortest loan term your monthly budget will allow to save money long term
  • Use the APR for cost comparison because it’s a more accurate representation of the fees you’ll be paying
  • Make sure you have a healthy credit score to avoid risk-related fees

If you have a less than stellar credit score, don’t sweat it. Some lenders make it their business to find you the best loan available regardless of your credit score.

Quick loan rates & fees

For loans under $2,000 you won’t be charged interest, but you’ll still be charged up to 20% of the loan amount in establishment fees and up to 4% in monthly administration fees. Small loans have quick, easy online application forms you can complete in minutes.

Documents you’ll need to have in electronic format when applying:

  • ID
  • Latest payslips
  • Bank statements for the last 90 days

Whether you need a loan to cover the cost of replacing that old fridge or a desperately needed weekend away, use GotoLoans to find the lender who can offer you the best deal on your small loan.

List of direct lenders offering Quick cash loans


How to get a Loan with bad credit?

We offer you a safe and easy platform to find and compare online lenders offering bad credit loans. This category includes loan options available to people who would have a hard time getting their loans approved due to a low credit score.

What does your credit score indicate?

Based on your credit file, you'll be assigned a value of between 0 and 999 to rate how well you manage your debt. A credit score of 600 or less tells lenders that there have been issues with your repayments and flags you as a high-risk borrower. Some lenders will abort your application right there.

Things that will lower your credit score

  • Late payments
  • Missing payments all together
  • Having too much debt
  • Not having any credit
  • Making loan applications (or multiple credit checks) within a short time
  • Court Judgements against you for non-payment of debts

Bad credit loans from the lender’s perspective

Fortunately, there are various open-minded lenders out there who won't judge you based purely on your credit score. When your bad credit loan application is being assessed, lenders will review your financial situation as a whole and focus on whether you can afford the repayments. Bad credit lenders will charge you higher interest rates because of your low credit score.

Compare Loans for bad credit with a broker

Comparing loan offers from different lenders will help you choose the loan that best suits you and offers you the most reasonable repayment options. Applying for these loans through a free online loan broker will ensure no further harm comes to your credit score. Using a broker allows you to apply once and receive multiple offers from interested service providers.

Bad credit loan application requirements

  • Bank statements for the last 90 days
  • A copy of your ID
  • Payslips
  • Detailed expense report
  • A list of any other debts your currently paying off

List of direct lenders offering Loans for bad credit


Is Debt consolidation for me?

If you’re starting to buckle under the strain of multiple repayment plans, it may be time to consider a debt consolidation loan. Debt can be an excellent tool when striving to make your dreams a reality, but there’s a point where it can become overwhelming and start to affect your lifestyle negatively.

What Debt consolidation can do for you

Debt consolidation helps you to pay off smaller loans with higher interest rates and accompanying fees in one shot. The other benefit is that you only have to keep track of one creditor and focus on paying the consolidation loan off with determination.

It may seem counter-intuitive to take on further debt when you’re struggling to manage your current debt but, it can certainly provide you with the lifeline you need. The benefits of a debt consolidation loan, coupled with re-evaluating your financial decisions can prevent far worse financial consequences.

How Debt consolidation works

  1. Take some time to evaluate your current debt. Add up your debt and find out what if any, early settlement fees will be due and add them up. You will now have a figure to work with.
  2. Apply for a debt consolidation loan to cover your outstanding debts. Consider each loan offer carefully and take the deal that offers reasonable terms with the lowest costs.
  3. Pay off your debts and rearrange your budget with healthier financial goals in mind.

Get the most out of your Debt consolidation loan

  • Compare rates and check out customer reviews before choosing a lender
  • Choose the best loan offer that won’t penalise you for early settlement
  • Avoid paying unnecessary fees by taking the shortest affordable loan term
  • Make sure you know exactly what fees you’ll be charged before signing the loan agreement
  • Stay away from new debt until your consolidation loan is paid off

GotoLoans showcases the best lenders Australia has to offer. If your debt has spun too far out of control for debt consolidation loans to be a viable option, the debt counselling category may have the answer you need.

List of direct lenders offering Debt consolidation