Bad credit personal loans

Get back on track with a competitive bad credit personal loan.

Don’t sweat bad credit with a personal loan

If you need a personal loan, we can help you get approved!

Bad credit? Don’t worry

Bad credit might be an impediment in life, especially when it isn’t your fault. Defaults on your credit history can happen due to dodgy housemates, unforeseen accidents, and other misfortunes. That shouldn’t mean you’re punished for it forever. Our consultants help dozens of Australians with bad credit get approved for a personal loan. Whether it’s to consolidate higher-interest debts, urgent purchases or for something special, you can trust the team at Savvy to help you with the entire process from start to finish, assessing your potential for not only approval, but also a competitive rate as possible, tailored to your situation.

We shop your loan around to over 25 of Australia’s leading lenders and banks to ensure you get a fair deal. Your consultant will give you an honest assessment of your financial situation and tell you if this solution is suitable for your finances.

Forge ahead with better finances

If you are stuck in a “debt trap” – paying off credit cards with other credit cards, balance transferring while spending more – a personal loan could help you out of the debt spiral. According to credit reporting agency Veda, 600,000 Australians are at-risk for credit default. This means you are far from alone when it comes to having a poor credit history. Savvy understands this, and knows that a personal loan for debt consolidation purposes can give you a leg up out of debt and into good financial standing.

By paying off debts with a lower interest loan (by comparison), over time your credit history will reflect a better financial standing and a “clean” record. Before you apply, you must understand any risks involved. Savvy are responsible lenders and will tell you any obligations you have up front. Our consultants will treat your application with the utmost care and attention. That’s the Savvy way.

Searching for bad credit personal loans? Look no further

Compare a range of personal loan offers from top lenders. We offer competitive rates, even with customers with bad credit

Have questions about bad credit personal loans?

Get the answers you need from our bad credit loan consultants

I know bad credit loans have higher interest rates – how high are they?
Bad credit or “sub prime” loans can attract interest rates of up to 30% p.a. in the most extreme cases. This factors in any risk your lender is taking on as a result. However your consultant will work with you to reduce this interest rate as much as possible.
How much can I borrow?
Personal loans usually exceed $5,000 at the lower limit, though this depends on the health of your finances. Ask your consultant for the limit of what you may borrow without hurting your situation.
When will I know if I’ve been approved?
Approvals can come through within one business day – or even quicker, in most cases.
I am an ex-bankrupt, may I apply?
If you have been discharged from a bankruptcy and have a clean financial record for over 18 months, you may apply.
Do I have to apply after I’ve made an enquiry?
No. There’s no obligation to apply. We are here to help.
Is there any restriction on what I can spend the money on?
Can a guarantor help me get approved?

Yes, if you have bad credit, a guarantor can possible assist in getting more funds approved.

Can I get approved if I have just started a new job?

Yes, there are likely options for you but will come with some conditions for a new job personal loan. 

Your helpful guides to bad credit personal loans

More informative guides about bad credit personal loans

Using personal loans as consolidation

Though many of us consider personal loans for use on cars, holidays, renovations, or family emergencies, bad credit personal loans can also be used as consolidation loans. Once approved, you can pay off smaller, high-interest debts in one “hit.” This means you only pay one monthly payment instead of many others. In some cases, a broker can negotiate with your creditors to facilitate the loan without the risk of paying early payment fees or other charges associated with sudden payments.

 

Beware the payday loan

A “payday” or “quick cash loan” is a loan product that offers amounts up to $2000, perhaps even $5000 wired to your bank account within a couple of hours – or even less time than that. Though it seems tempting, the interest rates are punitive, even compared with bad credit personal loans. Most payday loans charge a 20%p.a. interest rate. This is the legal maximum, but they also slug you with a 4% monthly account-keeping fee. If you only borrow $500 from a payday lender for a term of one year, you will have paid back $840 in total. If you default on a quick cash loan, a provider may charge up to 200% of the total owed + collections expenses.

 

Personal loan over a balance transfer

Balance transfers can be a good way to get out of a large credit card debt. However if you do not pay off the balance – or even add to it – within the zero-interest period, this can leave you worse off. Here’s why: personal loans are, on average, much cheaper than credit cards, especially in terms of interest rates. Credit card interest rates average around 17-19% p.a. A personal loan – even a bad credit one – could end up cheaper over time. Instead of making minimum monthly repayments, which ensures you incur interest, paying off a personal loan will guarantee an eventual zero balance, which means you can leave your finances in better health compared with when you started

 

Can I get a secured personal loan?

Though most personal loan products are “unsecured” i.e., they do not have an asset the loan is tied to, some personal loans can be secured to a high-value asset such as a car or a home. This can increase chances of approval and lower your offered interest rate. However, a secured loan comes with risks for the borrower. If you default on your loan, your lender has the right to repossess the collateral to recoup the costs on lending you the money. If you have an asset you can use and feel confident to put it up as security, you can ask your consultant for more information on how to apply for a secured personal loan with bad credit.