$30,000 Loan with Bad Credit

Find out more about your options when you need a $30,000 loan with bad credit here with Savvy.

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, updated on October 4th, 2023       

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The features of a bad credit personal loan through Savvy

Consolidate your debts

Personal loans are often an effective way of managing your outstanding debts, bringing them under one loan and rate to potentially save you money.

Cover unexpected medical expenses

When you don’t have the funds to pay for a trip to the hospital or a necessary procedure, a personal loan will help you pay for it on your terms.

Centrelink payments accepted

We can connect you to lenders who are able to accept Centrelink income such as disability, veterans’, carers’ and other pensions as part of your total earnings.

Flexible repayment schedules

You get to decide how often you make contributions to your loan, whether they be made on a monthly, fortnightly or weekly basis.

No compulsory deposit

You won’t need to pay any substantial lump sum as part of your personal loan, with 100% financing available to cover what you need.

No upfront fees

There aren’t any major fees that you’ll be required to pay, either, with your loan’s establishment fee built into your pay instalments.

Why Australians choose Savvy?

How to maximise your borrowing power with bad credit

Frequently asked questions about bad credit loans

Who’s eligible to take out a bad credit personal loan?

The eligibility criteria you’ll be required to meet upon applying for a bad credit personal loan are the following:

  • 18 years or older
  • Hold Australian citizenship or permanent residency
  • Receive an income of at least $400 to $500 per week
  • Hold a bank account which your income is deposited into
Are there any restrictions on how I use a bad credit personal loan?

Not really – as mentioned earlier, you can use your personal loan for just about anything you like. You can’t use a personal loan for the express purpose of paying off another personal or small personal loan, although you can refinance to net yourself a better or more manageable deal. The restrictions on usage only come in when loan type changes. Car loans can only be used to purchase cars, with the equivalent being the case on commercial vehicle finance.

Can I still apply if I have past defaults on my file?

Yes – our lenders are flexible and understanding when it comes to assessing borrowers with past defaults and can accommodate these as part of your loan. Having a default for a recent similar loan may mean that you won’t be accepted for further financing, however.

Am I able to refinance a $30,000 personal loan when I have bad credit?

No – if you took out a larger personal loan and have since endured a drop in your credit score, you likely won’t be able to take out a full loan to refinance it. It’s not generally advised that you refinance your personal loan if you can’t achieve better terms, but it may sometimes be a necessity to lengthen your loan term. In these situations, you’ll only be able to do so up to your bad credit borrowing limit.

Can I access $30,000 financing if I’m self-employed with bad credit?

No – self-employed individuals aren't any different to any other type of worker when it comes to their borrowing power, except you'll need to apply with the two most recent years' worth of tax returns instead of payslips.

I’m a single mother. Can I be approved for a loan?

Yes – you can still be approved for personal financing if you’re a single parent with dependants who has bad credit. The amount you’re approved for will depend on your income and existing financial commitments and monthly expenses and your credit score. If you’re earning enough to support it and have shown improvement in your credit, you could be eligible to borrow up to $10,000.

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.