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Bad Credit Personal Loans

There are viable credit options available, even if your credit score needs major mending. Compare bad credit personal loans and estimate your repayments below to match up with a lender who’s willing to help you.

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3 months


Flexible Personal Loan

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Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
St.George Bank

Unsecured Personal Loan (Fixed)

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
St.George Bank

Unsecured Personal Loan (Variable)

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
People's Choice Credit Union

Unsecured Personal Loan

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As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
The Mac

Personal Loan Unsecured

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Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
Regional Australia Bank

Personal Loan

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All-purpose Personal Loan for quick and easy funds when you need them. provides factual information in relation to financial products. While attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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Bad credit personal loans – Discover your finance options

Can I get a personal loan with bad credit? This is a commonly asked question whose answer provides mostly good news if you need to borrow with a less than ideal credit history. But there’s no downplaying it: Getting a personal loan with bad credit might be an uphill struggle. If you do win the lender’s approval, expect to get hit with higher interest rates and fees than those for better credit histories.

The trick is to do some groundwork so you can find personal loans worth applying for. You can use the tools from BestFind to help with your research. This includes our comparison table, calculator, and guide on bad credit personal loans – all of which you’ll all find on this page.

What’s a personal loan for bad credit?

“Bad credit” simply refers to a poor, weak, or below average credit rating. Australian credit reporting agencies such as Equifax and Experian are responsible for bundling your credit history into a file that contains your credit score. This score typically ranges from 0 to 1000 or 1200, and a bad credit score falls below 549 or 509, depending on the credit scoring model.

So what makes a person have bad credit? The following negative events will leave a stain on your credit history, resulting in a bad credit score:

  • Missed payments or defaults on your credit accounts
  • Rejected applications
  • Too many credit applications/enquiries/hard credit checks
  • Bankruptcy

Once a lender sees a poor credit score, it usually sets off the alarm for high-risk borrowers. That’s when the lender brings out their “bad credit” personal loans, which generally come with higher interest rates and strict limits on amounts and terms. Otherwise, personal loans for bad credit work like any other: You borrow funds and repay them in monthly instalments over a specified payback period.

Where can I find loans for people with bad credit?

Aussie bad credit providers include banks, credit unions, peer-to-peer lenders, specialist lenders, and other online lenders. Most of these providers not only look at your credit score, but they also take other factors into account, such as your debt-to-income ratio, job history, and earning potential. This often boosts your chances of approval and may be a lifesaver for young borrowers still building their credit score.

If you want to apply for a bad credit personal loan online with BestFind, scroll up and click “Go to Site” for your favoured option in our product table.

Who can apply for a bad credit personal loan?

As mentioned earlier, getting a personal loan with bad credit is a tougher assignment than when you have good or excellent credit. Each provider has its lending criteria, but the basics apply: You must be at least 18 years and a permanent Australian resident. You should also be employed with a steady and sufficient income.

If you’re self-employed, the lender will need bank statements, tax returns, and additional documents that verify your financial situation. Some lenders also provide bad credit personal loans for students, entrepreneurs, Uber drivers, and casual workers.

How can I improve my chances of approval?

  • Check your credit score. This ensures you only apply for personal loans with matching credit requirements.
  • Calculate how much you can afford. Only borrow what you can afford. Most lenders award credit if they’re confident in your ability to pay it back.
  • Go for a secured loan. Getting a secured personal loan with bad credit requires an asset to guarantee the debt, for instance, a car or home equity. This lowers the lender’s risk and promotes your chances of qualifying.
  • Consider a joint application. Adding a second borrower with better qualifications onto your application may help your case.
  • Pre-qualify with several lenders. Soft credit checks don’t show up on your credit file. So you can pre-qualify with more than one lender to boost your chances of scoring credit.

What’s the interest rate for bad credit personal loans?

Keep in mind that the interest rate you get is generally linked to the risk you pose to the lender. A higher risk equates to higher rates and costs. Therefore, this risk-based pricing prevents you from knowing what the lender will charge unless you apply and give them the go-ahead to perform a hard credit check (remember to avoid too many enquiries at once as they further damage your score).

Your best bet is to get an estimate from the lender if possible. You can also look at current, competitive rates trending on the market. If the lender advertises a range of interest rates, expect to be on the sub-prime end, which offers higher than average rates.

Can I find a bad credit personal loan with no credit checks?

Unfortunately, some no credit check lenders are disreputable or unlicensed and usually advertise bad credit personal loans with guaranteed approval. They charge exorbitant rates and fees, and they don’t encourage responsible borrowing, which gets you further into debt.

There are, however, some reputable lenders who offer loans with no credit checks. They usually provide small and quick credit for emergencies. These lenders always take steps and ask for information to help them decide if you can afford more debt.

Are payday loans a good option if I have bad credit?

Payday loans provide small personal loans for bad credit with amounts of up to $2,000 or $5,000 and short loan terms of 12 months or less. Although payday loan lenders are willing to help people with bad credit, they do so at a much higher cost than personal loan lenders. Therefore, it’s best to only sign up for a payday loan when you need to cover an emergency and if you’re confident of your payback abilities.

How do I choose the best bad credit personal loan?

When you compare personal loans for bad credit, keep an eye out for the following to ensure you get a flexible and affordable deal:

  • Loan amounts and terms
  • Minimum credit score requirement
  • Interest rates plus fees and charges
  • Ability to make extra repayments
  • Approval time

What can I use a bad credit personal loan for?

The funds from a bad credit personal loan can help you with:

  • Debt consolidation
  • Credit card debt consolidation
  • Auto repairs
  • Home repairs
  • Any other suitable expenses

Will a bad credit loan improve my credit rating?

In the short term, no, but over time, it might. Your credit score will initially take a small hit when you apply for and receive a bad credit loan. However, creating positive credit events will eventually help push your rating in the right direction.

Credit reporting agencies now make use of Comprehensive Credit Reporting (CCR), which factors in a positive credit history. You can therefore repair bad credit by:

  • Making repayments on time (you can set up autopay to help you with this)
  • Paying back debts in full
  • Reducing the amount of debt on your plate

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