From
7.50%
Fixed
9.51%
Tier 1 Personal Loan - Fixed Repayments (Unsecured)
13.00%
Fixed
13.00%
$0
$5k to $125k
monthly over 3 years
Pros
New Car | Total repayments $36,389 |
Used Car | Early Exit Penalty Fee $0 |
Motorcycle | Missed Payment Penalty $20 |
Boat | Redraw Activation Fee $0 |
Student Loan | Repayment Type Fixed |
Debt Consolidation | Loan Type Unsecured |
Renovation | Available to 457 Visa Holders |
Shares | Redraw Facility |
Holidays | Extra Repayments |
Medical Bill | Line Of Credit |
Wedding | Upfront Fee $0 |
Ongoing Fee $0 | Borrowing range $5k - $125k |
Beyond Bank is a customer-owned bank based in Australia. Beyond Bank is owned by its members, which means it does not serve sharemarket investors. Profits earned by Beyond Bank are reinvested, allowing it to offer lower fees and rates.
Beyond Bank was established about 60 years ago and now serves over 200,000 customers and operates over 40 bank branches.
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.
If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility.
Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.
Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.
Most lenders will need to you provide the following information in your application for a fast loan:
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following: