Personal Loans for Discharged Bankrupts

Find personal loans offered by flexible lenders across Australia for discharged bankrupts right here with Savvy.

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, updated on October 4th, 2023       

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The features and benefits of a personal loan for discharged bankrupts

Borrow up to $12,000

Bad credit personal loans come at a minimum amount of around $2,000 up to a maximum of $12,000, with their potential uses versatile to fit your needs.

Make early repayments

We can connect you with lenders who allow you to contribute additional repayments above the minimum and save money on your personal loan overall.

Apply on Centrelink benefits

If you’re receiving pension payments because you’re a senior Australian, living with disability, acting as a carer or single parent, you can include them in your income.

Easy application process

The process of applying for your personal loan takes only five to ten minutes, after which your application is sent off and your lender can have it turned around in as little as one day.

Broad eligibility criteria

As long as you’re 18 or over, a citizen or permanent resident and earning at least $400 per week received in your account, you can apply for a personal loan.

Consolidate outstanding debt

A common reason for personal loans being taken out is to consolidate outstanding debts, such as credit card debts, and repay them at a more manageable speed.

How Savvy can help you get approved for your personal loan

How to increase your approval chances as a discharged bankrupt

Common queries about personal loans for discharged bankrupts

What types of employment are accepted for bad credit personal loans?

You can be employed in just about any type of work to be eligible to apply for personal financing. Full-time, part-time, casual and self-employed workers can all apply, and get approved for personal loans, with some bad credit lenders not requiring applicants be employed at all (provided they meet the minimum income requirement).

This income must be stable and consistent, though, so if you’re earning an irregular amount from a casual job you started a month ago, you probably won’t be approved.

Do I need to supply an asset as security?

No – we’re partnered with lenders who offer secured personal loans to their borrowers, but this isn’t an obligatory part of the personal loan process. The majority of personal loans are unsecured, meaning you won’t be required to place an eligible asset as collateral against your loan as part of the agreement.

While you can benefit from cheaper rates and fees, as well as expanded borrowing power, from securing your personal loan, unsecured loans are able to be processed more quickly and are easier to obtain for a wider range of people overall.

Do I have to pay a deposit on my personal loan?

No – personal loans don’t come with any form of deposit required as part of the financing agreement. You can utilise a deposit of sorts by only taking out a loan to partially cover the expenses you need to pay for and using your savings to fund the remainder.

Doing this can save you hundreds of dollars overall in interest and fees, so it could be worthwhile for you to do so if you’re in a position to.

What documents will I need to supply as part of my application?

When applying for your personal loan as a discharged bankrupt, you’ll need to produce digital copies of the following documents as part of your online application:

  • Your last two payslips
  • Centrelink income statements (if you receive benefits)
  • Photo ID, such as your driver’s licence or passport
  • Information on your outstanding liabilities and assets
  • Online banking account information
  • 90 days of bank statements and employment contract may be requested
Will I need to pay all unpaid defaults before applying?

No – even with unpaid defaults on your credit file, you can still find personal financing options for you. The amount that you’re approved for is likely to be impacted by the number and cost of any defaults on your file, but our partnered bad credit financiers are able to work with you and offer a loan that suits your profile without requiring you to pay these off prior.

Am I eligible to borrow money if I’m under a Part 9 debt agreement instead?

Yes – unlike bankruptcy, there are lenders who are willing to approve loan applications whilst under a debt agreement. Because these aren’t as severe as bankruptcy, such as not requiring a trustee to look after your finances over the duration of the agreement, lenders are more amenable to granting loans. Your options will be slim if you find yourself in this position, but not none.

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