A Guide to Unsecured Bad Credit Loans


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A Guide to Unsecured Bad Credit Loans

Do you have a bad credit rating and need guidance on how to apply for a loan? If so, then you have come to the right place. Having a bad credit rating is not as uncommon as you’d think. With so many factors responsible for your credit score, it can be easy to end up with a less-than-perfect credit rating. On the plus side, a bad credit rating is not all doom and gloom. If you need financial help, then you can always get some by securing a bad credit loan. There are plenty of options available for those in need of a bad credit loan in Australia. These include payday loans, secured bad credit loans, bad credit loans with an external guarantee, and unsecured bad credit loans. In this particular article, we are going to talk about unsecured bad credit loans.

What Are Unsecured Bad Credit Loans?

An unsecured bad credit loan is similar to a secured bad credit loan with one important difference: The absence of collateral. A secured bad credit loan requires you to provide collateral in the form of your car or home equity in exchange for the funds. An unsecured loan does not require you to provide this type of security. Consequently, these loans pose a much greater risk to the lender and they may charge you a higher interest rate. Unsecured bad credit loans have a series of benefits as well. These include:

  • Defaulting on payment will not result in consequences such as losing your home or car
  • Flexible repayment terms
  • The lender does not limit you regarding the purpose of the funds

What Are The Different Types of Unsecured Loans With Bad Credit?

There are several types of unsecured bad credit loans available as well. These include payday loans, an unsecured line of credit, and a debt consolidation loan.

1.     Payday Loans

Payday loans are short-term, unsecured loans. They have flexible terms and conditions. You borrow a loan amount of $2,000 to $5,000, depending on your lender. These loans charge an establishment fee as well as a monthly fee. The repayment period can last between 2 weeks and 6 months (or more).

2.     Line of Credit  

A line of credit is a useful option as well. They are similar to a regular, revolving line of credit. You are provided with a maximum credit amount. You can withdraw money from this line of credit when required and repay when you can. This loan option will only require you to pay for the amount of credit you use.

3.     Debt Consolidation Loan

A debt consolidation loan is a “type of loan that is used to pay off your current debts”. Finding a debt consolidation loan with a bad credit score can be difficult. You need to find a lender that is willing to charge you a low interest rate. This is important since you are using this loan to pay off your current debt (which will have an interest charge as well). The goal here is to find a lender that offers loan terms and an interest rate that you can manage.  

When Should You Apply for an Unsecured Loan With Bad Credit?

An unsecured loan with bad credit can be extremely useful. However, you need to be careful about applying for this type of loan. You also need to be careful about how you intend to use the loan amount. For instance, you should avoid using an unsecured loan for investments such as purchasing a car. These loans are most suitable for use during an emergency where you need access to fast cash. Here’s why:

  • Given the high interest charged, it is better to pay off on an unsecured loan as quickly as you can. Prolonging payment can affect the cost of borrowing such loans. For instance, if the interest rate increases over time, then you will have to pay more than you initially signed up for.
  • Late payments on these loans will hurt your credit score (Naturally, this is not what you want).

Choosing a Lender for Unsecured Loans

Given the costs, you must choose a suitable lender when applying for bad credit loans in Australia. Your final decision should depend upon the following:

The Interest Rate

The interest rate is a primary consideration when choosing a suitable lender. If you are looking to borrow a loan amount that is less than $2,000, then the lender will not charge you interest. Watch out for lenders that end up charging you an interest anyway.

The Additional Costs

As mentioned earlier, most unsecured bad credit loans involve an establishment fee and a monthly fee. These fees are charged as a percentage of the loan amount. Make sure you can manage these costs along with the loan amount.

The Reputation of the Lender

You must also choose a reliable lender with a good reputation in the market. This is important because there are plenty of online scams that will offer you a personal loan with bad credit. Watch out for lenders that ask for an upfront fee before providing you with the loan. They are most likely to be running a scam and will disappear with your money.

There are plenty of lenders in Australia that can offer you a bad credit personal loan. These include:

  • Monzi
  • Safe Financial
  • Credit 24
  • Fair Go Finance
  • Sunshine Loans

Final Thoughts

Applying for an unsecured bad credit loan can help you gain access to fast cash in an emergency. These loans can be used for a variety of purposes, but we suggest you do not use them for major investments such as making a down payment on a car.

Finding a lender that can provide you with manageable loan terms is very important. If you are looking to apply for a bad credit loan in Australia, make sure you check the interest rates, the additional fees, and the reputation of the lender. If things get too confusing for you and you are unable to find a lender, feel free to get in touch with us at Bad Credit Personal Loans.


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Eligible Borrower:


A payday loan or cash advance is a short term loan. It provides the consumer with the needed cash to use until their next payday, or over a 12 month period. The loan, plus any applicable fees, is paid back on the consumer's next payday (This can be extended if required)

  • 18 years of age or older.
  • Australian Permenant Resident.
  • Valid check or savings account with direct deposit.
  • Regular income of at least $1,000 per month.
  • Bad Credit or Centrelink Customers are welcome to apply. (Centrelink)
  • *All Loans are subject to an assessment of suitability and affordability.

If approved, electronic transfer can be in as little as 4 hours. Most bank transactions will be received within 1 business day, although certain banks can take up to 48 hours to show the credit

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If your application is succesful you will be presented with a loan offer subject to terms and conditions shown on the offer.

We are a Licensed Finance Broker. We do not provide any kind of credit facilities. Your request will be referred to a third party that you can deal directly with.

You will be advised of the 3rd party lenders fees and charges before signing your contract. We may receive a small fee (amount unascertainable) from these third parties for the referral.

It is recommended that you take independent legal and financial advice before taking up any products that you are referred to.

Frequently asked questions

Normally within 24 hours of application approval. Bank holidays, weekends and certian banks can impact delivery time up to 48 hours

Our lenders costs are the same for all states. They charge an establishment fee which is 20% of the loan amount you borrow plus a 4% monthly fee.

Yes you can. Your credit score does not always play a factor in most of our lenders decisions.
All our lenders will perform credit checks but bad credit will not always preclude you from obtaining a loan

The loan amount and any fees will be electronically deducted from your bank account on the due dates. You do not have to do anything.

Please speak directly with your lender if you have any issues paying back the loan.

Fill out the easy online application and submit it. You are under no obligation at that point. You will be able to see the loan offer before agreeing to it.

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