Bad Credit Personal Loans
Get back on track with a competitive bad credit personal loan.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
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. At Savvy, we can help connect you with a lender who meets your personal loan needs.
Forge ahead with better finances
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. Find out more about your options and start your application today.
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Have questions about bad credit personal loans?
Your helpful guides to 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. You should make sure that any outstanding debts being paid off don't come with early repayment fees or other related charges which either partially or wholly negate the consolidation in the first place. In most cases, though, you'll notice a clear difference (and saving) after combining your debts under one roof.
Bad credit loans vs. small personal loan
It's important to understand the difference between regular bad credit personal loans and small personal loans, or payday loans. Small loans range from as little as $2,050 up to a maximum of $5,000 and can be repaid over terms of 16 days to two years in total. The biggest difference, however, is that these loans don't really charge interest. Instead, they're charged fixed, capped fees: an establishment fee of up to $400 of the cost of your loan and ongoing fees capped at 48% of your loan amount each year. With this structure, you'll know exactly what you'll be paying for your finance deal well ahead of time. These loans also come with no early repayment penalties.
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 which the loan is tied to, some personal loans can be secured to a high-value asset such as a car. This can increase chances of approval and lower your offered interest rate. However, if you default on your loan, your lender has the right to repossess the collateral to recoup the costs on lending you the money as a last resort. It's important to note, though, that most bad credit personal loan specialists don't offer secured personal loans as an option, so if you have your heart set on one, you'll have to do your research to find a lender who can accommodate your needs.
Small loans to suit your circumstances
Helpful small loan guides
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
