Find and compare line of credit personal loans

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5.60%

Variable

5.70%

Family First Credit Union

$907

36 months

0 year to 10 years

4.41

/ 5
More details

4.64%

Variable

4.91%

Community First Credit Union

$894

36 months

0 year to 10 years

4.50

/ 5
More details

5.60%

Variable up to 5.74%

5.60%

Family First Credit Union

$907

36 months

0 year to 10 years

4.41

/ 5
More details

6.61%

Variable

7.31%

Bank of Queensland

$921

36 months

0 year to 10 years

3.92

/ 5
More details

7.75%

Variable

8.03%

Coastline Credit Union

$937

36 months

0 year to 10 years

3.96

/ 5
More details

7.83%

Variable

8.22%

MyState Bank

$938

36 months

0 year to 10 years

3.79

/ 5
More details

20.49%

Variable

9.23%

Citi

$1122

36 months

3 years to 5 years

4.08

/ 5
More details

10.09%

Variable

10.37%

MyState Bank

$969

36 months

0 year to 10 years

3.34

/ 5
More details

9.99%

Variable up to 17.99%

10.66%*

Coles

$968

36 months

3 years to 5 years

3.36

/ 5
More details

10.99%

Variable

11.06%

Endeavour Mutual Bank

$982

36 months

0 year to 10 years

3.24

/ 5
More details

11.00%

Variable

11.44%

Horizon Bank

$982

36 months

0 year to 10 years

3.25

/ 5
More details

11.20%

Variable

13.44%

MyState Bank

$985

36 months

0 year to 10 years

3.16

/ 5
More details

11.95%

Variable

12.10%

ANZ

$996

36 months

0 year to 10 years

2.98

/ 5
More details

11.86%

Variable

12.15%

Illawarra Credit Union

$994

36 months

0 year to 10 years

3.10

/ 5
More details

11.96%

Variable

12.22%

Police Bank

$996

36 months

0 year to 10 years

3.05

/ 5
More details

11.96%

Variable

12.22%

Bank of Heritage Isle

$996

36 months

1 year to 10 years

2.99

/ 5
More details

12.39%

Variable

12.75%

Bank Australia

$1002

36 months

0 year to 10 years

2.96

/ 5
More details

12.77%

Variable

12.99%

NAB

$1007

36 months

0 year to 10 years

2.59

/ 5
More details

12.79%

Variable

13.01%

Bank of Queensland

$1008

36 months

0 year to 10 years

2.91

/ 5
More details

12.79%

Variable

13.43%

Bank First

$1008

36 months

0 year to 10 years

2.87

/ 5
More details

12.99%

Variable up to 19.99%

13.64%*

Coles

$1011

36 months

3 years to 5 years

2.89

/ 5
More details

13.99%

Variable

13.99%

Defence Bank

$1025

36 months

0 year to 10 years

2.80

/ 5
More details

13.75%

Variable

14.05%

Coastline Credit Union

$1022

36 months

0 year to 10 years

2.93

/ 5
More details

14.00%

Variable

14.11%

Family First Credit Union

$1025

36 months

0 year to 10 years

2.78

/ 5
More details

13.95%

Variable

14.23%

MyState Bank

$1025

36 months

0 year to 10 years

2.72

/ 5
More details

13.99%

Variable

14.25%

Beyond Bank Australia

$1025

36 months

0 year to 10 years

2.76

/ 5
More details

13.99%

Variable

14.54%

Unity Bank

$1025

36 months

1 year to 7 years

2.82

/ 5
More details

13.99%

Variable

14.54%

Bankstown City Unity Bank

$1025

36 months

0 year to 7 years

2.87

/ 5
More details

14.50%

Variable

14.73%

Circle Alliance Bank

$1033

36 months

1 year to 7 years

2.69

/ 5
More details

15.00%

Variable

15.00%

SERVICE ONE Alliance Bank

$1040

36 months

0 year to 7 years

2.64

/ 5
More details

14.71%

Variable

15.01%

Illawarra Credit Union

$1036

36 months

0 year to 10 years

2.62

/ 5
More details

15.55%

Variable

15.64%

The Mac

$1048

36 months

0 year to 10 years

2.70

/ 5
More details

16.50%

Variable

17.30%

SERVICE ONE Alliance Bank

$1062

36 months

0 year to 10 years

2.32

/ 5
More details

17.00%

Variable

17.99%

St.George Bank

$1070

36 months

0 year to 10 years

2.36

/ 5
More details

17.00%

Variable

17.99%

Bank of Melbourne

$1070

36 months

0 year to 10 years

2.36

/ 5
More details

17.00%

Variable

17.99%

BankSA

$1070

36 months

0 year to 10 years

2.36

/ 5
More details
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FAQs

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.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

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.

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.

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.

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 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.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

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 do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Can I get a bad credit personal loan with a guarantor?

Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.

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 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.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

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 I get a self-employed personal loan with bad credit?

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

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.

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.