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Learn more about personal loans

What is an emergency loan?

Emergency loans are typically short-term loans designed to help borrowers cover expenses in an urgent situation. Borrowers can use emergency loans for unexpected expenses like medical bills, car repairs, or fire and flood damage.

Can you get an emergency loan if you have bad credit?

It is possible to get an emergency loan if you have bad credit, but eligibility depends on the lender. Some lenders require good credit, while others provide emergency money loans for bad credit.

When searching for emergency loans bad credit in Australia, it’s best to check your eligibility before applying.

emergency loan

Who offers emergency loans?

A huge number of online lenders offer emergency loans in Australia. Each lender is different and may offer varying loan options, so it’s best to compare before you apply.

How do you take out an emergency loan?

Most, though not all, emergency loan lenders operate online and provide a relatively straightforward online application process. After you complete and submit an online form, the lender will review it and either approve or deny your loan request.

How long does it take to get an emergency loan?

The application process for emergency loans is typically quick, but the time it takes to receive your money varies from lender to lender. Some lenders provide emergency cash loans in one hour, while others provide your funds within a couple of days.

emergency personal loan

What are the pros and cons of emergency loans?

Emergency loans help you cover urgent costs, which can be beneficial in avoiding consequences like repossession or credit damage. Emergency loans are also relatively simple to get and allow you to access funds quickly.

However, borrowing money always comes with risks. Like other personal loan options, there are consequences if you default on your emergency loan. You may rack up additional debt that can be difficult to overcome. Emergency loans also have several associated costs and fees, from high interest rates to high late payments.

What are the alternatives to emergency loans?

Centrelink advances, low-interest credit cards, and negotiating with your providers are all alternatives to emergency loans. Depending on the costs you need to cover, you may be able to ask for a payment plan from your provider or supplier.

Those receiving Centrelink benefits might be searching the web for an emergency loan from Centrelink, but they actually may be eligible for advance payments that would allow them to avoid loans of any kind.

If you’re struggling with existing debt, a debt or financial counsellor may also be able to help.

CASE STUDY: Mark cops the consequences

Mark had a medical emergency, and his medical bills have been piling up. He decides to take out an emergency loan to cover costs. Mark wasn’t confident about making his repayments, but he needed to pay the hospital, so secured the loan anyway. Mark pays the first few loan payments, but soon cannot make the payments. The consequences become apparent as his credit score drops and his interest adds up. Mark has unfortunately taken out a loan he can’t pay, and is paying the price.

Frequently asked questions

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.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007

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.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Can you get an emergency loan on Centrelink?

When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.

Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.

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.

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.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.

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.

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.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

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.

What causes bad credit ratings/scores?

Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.

How long does it take to get a bad credit personal loan?

In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.