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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 Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% 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.

The Interest Rate for Secured Large Amount Loans is 48%. 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.

After Personal Loans for Bad Credit? You’ve come to the right place!

Personal loans for bad credit are finance options for those with a low credit score. These personal loans for bad credit can be for amounts up to $5,000. They feature different costs and can be secured or unsecured depending on the loan amount, with maximum repayment periods of 24 months subject to the loan amount.

If only we knew when financial problems were going to hit so that we could plan for them well ahead of time. But that’s the thing. A financial mishap almost always catches us unaware. It almost always comes out of nowhere. You know what we’re talking about…

You’re happily driving along the road when BAM. You hit a pothole and your wheel alignment is completely thrown off as a result. Finally back on your feet money-wise, the pipes in the roof decide to burst.

All of a sudden you need new pipes, along with the carpets that got soaked through as well (we all know that that sort of thing doesn’t come cheap!).

As so often happens in the case of unexpected expenses, when it rains, it pours. If you’re in need of a helping hand in a time of need, why not consider personal loans for bad credit?

personal loans for bad credit

Who Do Australians Turn to When They Need Easy Personal Loans for Bad Credit?

The real worry comes in when you know you need cash, but you have bad credit. If you’re anything like most Aussies, you won’t even know where to start looking for bad credit loans until you’ve spent hours doing research online.

The good news is that Personal Loan Pal is here to make your life easier in this regard. We can help you find providers of small personal loans for bad credit, and even medium and large loans if you’re looking for a heftier loan.

Why wait weeks applying for loans through your bank? Are you really going to put yourself through the hassle of gathering endless amounts of paperwork?

Personal Loan Pal makes the process faster, easier and more convenient. We’ll do our best to find a lender that can provide the personal loans for bad credit that you’re after.

What is Personal Loan Pal?

We are a lender-finding service. Basically, we make it easier for clients to find lenders. All you have to do is check if you qualify, submit an application, and we’ll do our best to find a lender for you!

How Do I Apply With Personal Loan Pal?

Here at Personal Loan Pal, we have streamlined the application process to such an extent that it can take just minutes to complete! The entire process is online. Apply from anywhere – your bed, your couch, the mall, the corner coffee shop… even while on holiday abroad. It definitely beats having to get dressed up and queue for hours at the bank, doesn’t it?

Before you kick off your application, make sure you’re eligible. In order to apply with our lender-finding service, you must:

  • Be at least 18 years of age;
  • Be an Australian citizen or permanent resident;
  • Have been receiving a consistent income into a personal bank account for at least the past 90 days;
  • Have a direct contact phone number and email.

When you’re sure that you’re eligible, scroll up to the top of the page. Here you’ll find our loan calculator! You can use this to get an idea of costs for the loan amount that you hope to borrow. Keep in mind that these are just examples, and final loan fees and terms will depend on your lender.

Ready to apply? Click apply now! It should take just a few minutes to complete the application form. Once you hit submit, we can get to looking for a lender. If we find one for you, we’ll try to refer you as fast as possible!

What can I use personal loan for bad credit for?

There are a wide range of uses for personal loans for bad credit. The lenders we work with are generally quite happy to provide you with a loan to help cover fees related to any of the following:

  • Car registration;
  • Car repairs and servicing;
  • White goods;
  • Rental bond;
  • Moving expenses;
  • Travel costs;
  • Medical costs;
  • Furniture for your home;
  • Holiday expenses;
  • Home repairs, renovations and maintenance;
  • Education costs.

And that’s not an exhaustive list, either! So whatever the reason for your loan, apply with Personal Loan Pal and let’s see if we can find a lender for you!

Why Choose Personal Loan Pal?

There are many reasons why Australians of all ages and backgrounds choose Personal Loan Pal when they need to find providers of personal loans for bad credit.

1. We get it

We understand that stuff happens. You didn’t want to miss repayments. Having bad credit was not on your bucket list. We also know that you didn’t mean to find yourself strapped for cash at this very moment.

We get it, we really do. That’s why we do our best help you find a lender, and hopefully get the cash that you need when you need it.

2. We simplify the process

When you think about getting a personal loan, you think about queuing at the bank for hours. Of what appears to be never-ending paperwork and credit checks. You think of tiresome phone calls. When you come right down to it, you expect a long-winded process, plenty of obstacles and a few raised eyebrows along the way.

We’re not here to judge, nor are we here to overcomplicate things. That’s why our lender-finding application and process is fast, easy to understand and hassle-free.

3. We cater to the needs of many Australians

Got bad credit? Receiving Centrelink? It doesn’t matter. Meet the eligibility requirements and you can apply with Personal Loan Pal’s hassle-free lender-finding service.

4. More lenient than the banks

Unlike the banks, the lenders we deal with are willing to cut you a bit of slack. They’ll look at your current financial situation, not just your credit score.

5. We do it all online

Finally, we take the stress out of the process by allowing you to apply exclusively online. No need to make small talk with the bankers. You don’t need to iron your best, most formal outfit, or brave early morning traffic. All you need is an internet connection and a laptop or mobile phone, and you’re sorted.

How Much Do Personal Loans for Bad Credit Cost?

We are not a lender, so we cannot guarantee how much specific personal loans for bad credit will cost. That will depend on your lender, if we find one for you.

However, we can give you a general idea of the types of fees that are involved with different loan categories. These are small personal loans for bad credit, medium secured personal loans for bad credit and large secured personal loans for bad credit. Here’s how each of these types of loans works:

Small Personal Loans for Bad Credit

  • Loan Amount: Minimum – $200; Maximum – $2,000.
  • Repayment Period Terms: Up to 12 Months.

Medium Secured Personal Loans for Bad Credit

  • Loan Amount: Minimum – $2,001; Maximum – $4,600.
  • Repayment Period Terms: Minimum – 13 Months; Maximum – 24 Months.

Large Secured Personal Loans for Bad Credit

  • Loan Amount: Minimum – $5,000; Maximum – $5,000.
  • Repayment Period Terms: Minimum – 13 Months; Maximum – 24 Months.

Medium and Large Secured Personal Loans for Bad Credit will require a vehicle such as a car, boat, motorbike or caravan to be offered up as security.

If your application is approved by a lender, remember to read your loan contract thoroughly, as it will contain all relevant costs.

If you’d like to know more about personal loan rates, you can check out the MoneySmart personal loan calculator.

What if I’m receiving Centrelink?

Yes, we can find lenders for those who are receiving Centrelink payments! Even if you’ve received a Centrelink cash advance in the past, we might still be able to find a lender for you.

Just like having bad credit, receiving Centrelink payments can be seen as a deal breaker for traditional lenders. However, the personal loan providers that we can find for customers may be able to help you out. As long as you meet the eligibility criteria, you’re welcome to apply. Whether you’re after loans for pensioners or just fast loans, we’ll do our best to find a lender for you.

So, There You Have It – Personal Loans for Bad Credit In A Nutshell

Cracking the bad credit loans market doesn’t have to be impossible. With your pals from Personal Loan Pal in your corner, you can be sure of a few things.

  • Fast, 100% online applications;
  • Quick outcomes;
  • Prompt and helpful customer service.

If you’d like to know more about us, you’re in the right place. Our website has heaps of information about our lender-finding service, how it works and the possible costs involved with a loan. You can also check out our FAQ page if you have questions. Want to get in touch directly? We’d love to hear from you! Feel free to contact us.

In short, there’s simply no better way to find providers of personal loans for bad credit than Personal Loan Pal. Apply today and we could find a lender for you in no time!