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Learn more about personal loans

What are cruise loans?

Cruise loans are a type of personal loan that can be used to fund cruise holidays. In the last few years, cruises have become a trendy holiday choice for Australians. Perhaps it’s the appeal of just simply hopping on board or the excitement of seeing many exotic destinations without the hassle and logistics. For many people, the dream stops at the cost – which is where cruise loans come in.

Who offers cruise loans?

Once you’ve found your dream destination and you’re ready to set sail, it’s time to start researching who offers cruise loans. There is no shortage of cruise loans on the market. Both traditional lenders, like banks and credit unions, as well as non-traditional lenders, like online or peer-to-peer marketplaces, offer cruise loans and holiday personal loans. Depending on your credit history, the amount you’re looking to borrow and your relationship with your existing bank, you’ll have plenty of cruise loans to compare.

How do you take out cruise loans?

Before you take out a cruise loan, always do your research. Some travel agents and cruise companies may offer a finance option, but always read the fine print to make sure that the interest rate and terms are comparable with other cruise loans on the market. Once you’ve found a cruise loan that suits your needs, you can click through to the lender's website and apply to take out a cruise loan.

Can people with bad credit take out cruise loans?

People with bad credit can take out cruise loans. Traditional lenders tend to have tighter lending criteria, so people with bad credit may be able to take out cruise loans through non-traditional lenders. Each lender will have their eligibility criteria, so always do your research.

If you’ve already got an outstanding debt or you have a history of bad credit, taking out cruise loan may escalate your bad credit. Borrowers with bad credit should make sure they can afford to make the repayments before taking out cruise loans.

How do you compare cruise loans?

Before taking out a cruise loan, be sure to shop around and compare your options. Start by comparing the type of cruise loan you want to take out and whether it’s secured or unsecured. Make sure the interest rate is competitive, and compare your options with both a fixed and variable interest rate.

When comparing cruise loans, always make sure you check what fees are attached to the loan. Cruise loan fees may include establishment fees, monthly or annual fees, late repayment fees or any penalties for paying off the cruise loan before term.

What are the pros and cons of cruise loans?

Much like all types of personal loans, cruise loans have pros and cons. Aside from going on your dream cruise, cruise loans do have some advantages. When compared to credit cards, cruise loans generally have lower interest rates, and you can often borrow larger amounts of money which can be paid back over a longer period. As the loan amounts is capped, you don’t have the option to impulse spend the way you could with a credit card.

When it comes to cons, cruise loans are still a form of credit, which means you’ll be charged interest and, depending on the term you choose, you may be paying off the cruise loan long after your holiday has ended.

Frequently asked questions

Can I get a fast loan with bad credit?

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 its loans on your income.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.

What is an unsecured bad credit personal loan?

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 generally charge higher interest rates on unsecured loans than secured loans.

Do student personal loans require security?

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, which typically have 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 fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

How do I consolidate my debt if I have bad credit?

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process:

  1. First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
  2. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
  3. Third, instead of spending those savings, use them to pay off the new loan.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.