How to Get a Personal Loan with Bad Credit


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How to Get a Personal Loan with Bad Credit

In today’s world, with so many financing options available, it is very much possible to get a personal loan even on bad credit! While credit scores are important decision-making factors for a lender in deciding a borrower’s eligibility, not all loans will require you to have a good credit history. As a borrower, you can turn to institutions that will provide personal bad credit loans with ease.

This blog will focus on how to get a personal loan with bad credit in Australia, so you do not feel helpless in case of a financial emergency or a situation that requires immediate funds.  

What Does “Bad Credit” Mean?

Before we start outlining the process of obtaining a personal loan on bad credit, let’s look at what bad credit actually entails.

Credit reporting agencies in Australia compile a report based on your past financial dealings. In this report, you are assigned a credit score, which is a number usually between 600 and 900. The categorization of credit scores is as follows:

  • 833 and above: Excellent
  • 726 – 832: Very good
  • 622 – 725: Good
  • 510 – 621: Average
  • Under 509: Bad credit

Why Do I Have Bad Credit?

Mostly, bad credit occurs because of adverse financial events that contribute to a low credit score. These may include the times you might have defaulted on a particular loan and credit card repayments. If you ever went bankrupt or had your credit card application denied, you are also likely to have bad credit. Having too many credit checks in one time period can also affect your credit rating. It shows the number of times you applied for a loan in a given period since lenders check your credit every time you apply.

How Does Bad Credit History Affect the Loan Process?

Consider this— you are living in Sydney for 5 years now. You have no outstanding repayments, have repaid all your loans and have no outstanding credit card dues. You pay your rent and bills on time and have never gone bankrupt. Your credit score is above 870. If, in this case, you go to a lender to borrow a personal loan, you can expect to get the lowest interest rates and the best loan agreement terms. The lender will see your credit history. They will know that you have paid back all your dues in the past and are not likely to default.

However, a bad credit score, let’s say, 500, can make your loan application weak. Banks and credit unions are awry when it comes to lending out bad credit loans. However, there is no need for you to fret! Many lending institutions, like CashOnYourMobile, have made it super easy for people with bad credit to get a personal loan of up to $50,000. The process is fast, safe and secure with easy loan terms, a borrower-preferred repayment schedule and direct debit repayments!

How to Get a Personal Loan with Bad Credit?

Types of Bad Credit Loans

1. Secured and Unsecured Personal Loans

Secured loans need you to provide collateral, like your car, against the loan amount. These loans have lower interest rates and higher borrowing limits. If you have bad credit, secured loans are the easiest ones to get!

An unsecured loan has no collateral because of which the interest rates are high and borrowing limits are less. It might be harder for you to get an unsecured loan with bad credit, but with CashOnYourMobile, nothing is impossible!

2. Payday Loans

Payday loans are short-term cash loans. They guarantee fast cash that you will have to pay back whenever you receive your next paycheck. They usually charge a high fee, but CashOnYourMobile offers payday loans of up to $50,000 with only 20% of the principal amount as fee!

3. Guarantor Loans

Guarantor loans are bad credit loans that require someone else to take the financial guarantee for the loan. This means that if the borrower defaults or does not meet the terms of the loan agreement, the guarantor will have to take responsibility and pay off the dues.

Usual Process of Getting Bad Credit Loans

Step 1: Check your credit score. You can do this by using free resources like RateCity. By doing this, you can find out which personal loans you are eligible for.

Step 2: Gather your paperwork and documents. Collect all proofs of your identity, assets, liabilities, residence, income, security, investments and employment details. A lender will need to see all these documents before making an informed decision.

Step 3: Compare different personal bad credit loans. Compare the terms of agreements, repayment schedules, sizes and interest rates of other loan options that are available for you. Ensure that you can repay the loan according to your income and budget. We would advise going for secured personal loans since they have the best terms.

Step 4: Contact the lender. Get in touch with the lender about the loan you are interested in. Arrange a meeting with them and explain your bad credit and try to gain their confidence before filling out the loan application.

Step 5: Apply for the loan! The last step is to fill out the loan application with all your relevant documents attached and wait for the outcome.

How CashOnYourMobile Can Help!

The next time someone asks you about how to get a personal loan with bad credit, direct them to CashOnYourMobile. We provide secured and unsecured personal and payday loans between $400 and $50,000. Bad credit is rarely an issue! You just need to be over 18 years old, have an Australian PR or citizenship, have a bank account that accepts direct deposits, and earn at least $550 a month. Meeting these 4 requirements will make your credit history irrelevant, and you will be able to borrow personal bad credit loans with ease! 


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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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