message big
Discover
Personal Loan Pal
We can be your pal when it comes to finding a lender
APPLY FOR OUR LENDER-FINDING SERVICE
Super fast outcomes
FAST OUTCOMES
No time wasted
$1500
Weekly
Fortnightly
Monthly

The maximum you will be charged is a 20% Establishment Fee and a 4% Monthly Fee. Under the current legislation lenders do not charge an annual monthly interest rate for our Small Amount Credit Contracts. You may know this as Annual Percentage Rate or APR(%). Click here to see a worked example.

The Annual Percentage Rate for Secured Medium Loans is 48%. Comparison Rate is 67.41% p.a. This comparison rate is based on a Medium Amount Credit Contract for an amount of $2,500 over 2 years and a $400 establishment fee. Fees and charges are payable. Click here to see a worked example.

The Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a. 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 with the lender that finances your loan. Click here to see a worked example.

Need bad credit personal loans? We can help you find lenders!

Bad credit personal loans are finance options for those with bad credit. Bad credit personal loans are for amounts of money up to $5,000 and can be repaid over a period of up to 24 months. These loans will include certain types of fees to be applied over the course of the loan period, depending on the loan amount.

bad credit personal loans

Your credit rating is bad – so what? Bad credit personal loans could help

Hearing that a bank has rejected your personal loan application just because you have a bad credit rating stings the ears a bit, doesn’t it? There are few things worse than really needing money to pay an unexpected bill or two and not being able to get it. While we can’t fix your bad credit, we may be able to find providers of bad credit personal loans for you. Take a look at the information below and let’s see if we can help you find a lender offering bad credit personal loans.

What are bad credit personal loans?

Bad credit personal loans are for those whose credit score has perhaps seen better days. The banks might consider these people – people just like you – as “high-risk borrowers”. As the banks often use credit scores as a key element in deciding whether or not to lend someone, a bad credit score often means an instant rejection. Hence the term, “high-risk borrowers”.

So, what exactly does bad credit mean? Having a bad credit rating means that you have a history of not meeting your financial obligations. This could be a result of missing repayments, not paying bills on time or exceeding card limits. These could be mistakes that you made a while ago and have since recovered from. However, negative information can remain on your credit report for up to five years. Not to worry! If this sounds like you, there could a solution. Banks aren’t the only way to access loans! Online lenders are now also an option, and they are even willing to provide bad credit personal loans to clients.

If your bank account is looking a little low and you need bad credit personal loans, you’ll need to find a lender. That’s where we come in.

What is Personal Loan Pal?

We are a lender-finding service, and we could be your pals as you travel through the lending world.

When you’re in need of bad credit personal loans, you don’t have time to waste on researching hundreds of lenders. What you need is to focus on what you’re planning on using your extra funds for, rather than jumping through hoops just to get them. We could be exactly what you’re looking for! The idea behind our lender-finding service is to save customers time when it comes to searching for lenders. Instead of submitting multiple applications to any lender you find offering bad credit personal loans, we can make things easier. Submit just one simple application with Personal Loan Pal and we’ll do our best to find a lender for you.

So while we’re searching for lenders, you can focus on other things. You can’t pay for that kind of convenience, right? And when you apply with Personal Loan Pal, you don’t have to!

Who is considered a high-risk borrower?

The banks consider anyone with a low credit score to be a high-risk borrower. However, we and our partner lenders know that no two circumstances are the same. Bad credit can be the result of a range of different unfortunate happenings. Whether you’ve defaulted on payments in the past or missed bills due to your financial situation, the causes are varied. There are different levels of bad credit and more than a few ways your score could be disrupted.

Bad credit personal loans may be frowned upon by traditional banks, but we prefer not to generalise. You might just be going through a rough patch right now and need a little cash. As long as you are eligible to apply, we’ll do our best to find a lender offering bad credit personal loans for you.

How do I qualify for Personal Loan Pal’s lender-finding service?

We understand that trying to take out a loan with bad credit can feel like an uphill battle. We want to offer our services to as many people as possible, so we can try to find lenders for our clients. However, there are a few requirements that you must meet before you can apply. These are just to ensure that we can do our best to find a lender for you.

You must:

  • Be an Australian citizen or permanent resident
  • Be 18 years of age or above
  • Receive a regular income into a personal bank account for at least 90 days prior
  • Have a direct contact number and email address

When we said that we want our lender-finding service to be accessible to customers, we meant it. Just check off those simple criteria and you’re ready to apply with Personal loan Pal!

How do I apply with Personal Loan Pal?

Applying for a personal loan with a bank can be an endless tour through page after page of paperwork just to apply. At Personal Loan Pal, we want to be different. We’ve designed our lender-finding service to be as fast and easy to use as possible.

First, make sure that you qualify. If you don’t, we can’t do our job. Once you’re sure of that, scroll up to the top of any page on our website. There you’ll find our bad credit personal loans calculator. You can use this to get an idea of what your loan could look like. Simply adjust the slider until you have your desired loan amount. You’ll then be able to see the possible payments you would make on this loan amount, in weekly, fortnightly or monthly instalments. Keep in mind that these figures are only examples, and any loan terms will be up to your lender to decide.

Note that if you’re applying for a personal loan of $2,001 to $5,000, you will need to provide a vehicle as security. This can be either a car, motorbike, caravan or boat.

Once you’re ready, click that apply now button. No need to set aside a whole day! You can fill out one of our application forms in minutes. Once you’re finished and send your application through to us, that’s your part in the lender-finding process all done. We’ll take it from there, and do our best to find a lender offering bad credit personal loans for you. We pride ourselves on delivering fast outcomes to our clients, so we’ll get back to you as soon as possible. It can take just minutes!

Do you conduct credit checks?

No. As a lender-finding service, conducting credit checks is not part of our process. However, if we find a lender for you, they may do a credit check as part of their assessment.

Not to worry, though. The lenders offering bad credit personal loans that we can find for clients aren’t like the banks. They won’t reject you just for having bad credit. Whilst we can’t promise to find providers of bad credit personal loans guaranteed approval, we might still be able to find lenders offering no credit check bad credit personal loans.

Our aim is to find lenders for clients. However, we don’t pretend to make any decisions for you. If we find a lender for you and they approve your application, remember to properly consider your options. Have a good read through your loan contract to make sure that you are aware of all the terms and costs. If you find an error, make sure to bring this up with your lender. Remember that the final choice as to whether you accept a loan is up to you. If you decide that you no longer need/want a loan, you can reject the offer at any time prior to signing the contract at no extra cost.

What factors can affect your credit score?

The biggest factors that affect your credit score involve your payment history. If you have not paid your bills on time, your scores will decrease. The later your payments are made, the more your score will be affected. Your credit score exists on a scale between 0 and 1200 or 0 and 1000, depending on the credit reporting agency. The higher your score is, the better. Anything in the sub-400 range is usually considered to be bad credit.

When your score is calculated, the amount you owe on specific types of accounts i.e. mortgages, credit cards or car loans will also be considered.

Your credit score will also be impacted by the length of your credit history. This means the longer you have been using credit for, the better.

Another factor that may give you bad credit is how many accounts you have recently opened. This is because the score assumes when people open multiple accounts they are planning to take on a lot of new debt. What accounts have you opened recently?

How can I find out what my credit score is?

Even if you know that you have bad credit, it could be worth verifying exactly what your credit rating is before searching for bad credit personal loans. You can find this out by visiting one of the following websites:

Looking for more information about credit scores? Check out the MoneySmart credit score webpage.

Like the sound of our lender-finding service? Apply now!

Bad credit personal loans could be the financial helping hand you’re looking for. We can find lenders that offer them! Don’t waste time with overly-complicated application forms. Apply now and we’ll see what we can do for you!

Want more info on our lender-finding service? Our website is the place to find it, so you don’t need to go anywhere! We’ve got pages on how it works, possible costs and FAQs. If you have any further queries, either contact us here or send an email to hello@personalloanpal.com.au.

The lenders that we can find for customers don’t just offer bad credit personal loans! If you’re looking for providers of quick cash loans, fast cash loans or just straight up cash loans we’ll do our best to help. Apply now!

Example of how small personal loans work

Loan amount

$200 minimum
$2,000 maximum

Costs

Most small personal loan providers charge up to 20% as an establishment fee upfront. You’ll then pay a 4% monthly fee.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %.

In APR terms, the maximum annual percentage rate on our loans between $300 and $2000 is 199.43%.

Terms

12
months minumum
12
months maximum

Example:

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

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

Example of how medium secured personal loans work

Loan amount

$2,100 minimum
$4,600 maximum

Costs

Annual Percentage Rate (APR) is 48% Comparison rate is 67.41% p.a.

Terms

13
months minumum
24
months maximum

Example:

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

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