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Bad Credit Loans in Australia

Bad Credit Loans in Australia
Personal Loans up to $10,000

Money in your bank account and ready to use in 60 seconds once approved*(1)

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Apply in less than 8 minutes

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Apply in less than 8 minutes

Need money with bad credit? 

Looking for a bad credit personal loan in Australia? Jacaranda Finance could be the guy for the job. If you’re worried about your credit score or history, you may be hesitant to apply for a personal loan that you need.

Here at Jacaranda Finance, we do our best to give all Aussies a chance at bad credit loans in Australia. That’s why we look at more than just your credit score. We look at the big picture, including your income and expenses. Apply within minutes for the loan you need and you could be eligible to borrow up to $10,000. We’ll do our best to match you with a personal loan product to suit your financial circumstances.


What is a bad credit personal loan?

In a nutshell, a bad credit personal loan is a type of personal loan given to those who have a bad credit score or history. A credit score helps lenders determine whether someone will be able to repay a loan. Lenders look at your credit score and history to determine the risk of approving your application for a personal loan. Generally, those with a bad credit score are considered higher-risk borrowers and may find it difficult to be approved for a personal loan by traditional lenders.

Can I get bad credit loans in Australia?

If you have a bad credit score or history, it can sometimes be difficult to get a personal loan approved by traditional lenders such as banks or credit unions. However, at Jacaranda Finance we take a different approach to bad credit. We understand life can get in the way and financial mistakes can happen. As a result, we don’t believe that your past should affect your financial future. So, we’ve helped thousands of Aussies to access bad credit personal loans.

What does it mean to have bad credit?

Typically, a credit score will be between 0 and either 1,000 or 1,200 but this can vary depending on the credit reporting agency. Your score is based on your credit report and the higher the score, the more positive your credit rating. However, negative listings including late payments, defaults, or bankruptcy, can lower your credit score. Credit scores below 500 are usually considered ‘weak’ or ‘below average’. If your credit score is low, don’t stress! At Jacaranda Finance, we give all our applications a fair chance at a bad credit personal loan so don’t hesitate to apply today. 

If you want to find out how to get your credit report for free, check out MoneySmart’s guide on credit scores.

How quickly can I get bad credit loans Australia?

At Jacaranda Finance, we get rid of the hassle of a traditional loan application with our easy-to-use and quick application process. Our application is 100% online so you can do it from anywhere on any smart device. For most people, it takes on average about 8-minutes to apply and you could receive an outcome within 60-minutes of applying.* Plus, the funds can be available and ready to use in your bank account within 60-seconds of accepting your digital contract.**

Will you do a credit check?

Here at Jacaranda Finance, we do conduct employment checks when processing your application. Our team will get in touch with your employer as a routine part of our loan assessment procedure. There is no need to stress about employment checks; your privacy is our priority. Our highly trained team conducts employment checks with the utmost discretion. We will never disclose any of your personal information, including the reason why you are applying for a personal loan. Have questions regarding our employment checks? Get in touch with the Jacaranda team, we are always more than happy to help.

Can I pay off my loan early?

Yes, absolutely. At Jacaranda Finance, you can pay out your loan early at any time. We also won’t charge you any early payout or exit fees on any of our loans. To make an early repayment, all you need to do is simply log into the customer portal at any time.

What if I miss a repayment?

If you know you might miss a repayment on your personal loan, please get in touch with us 24 hours before the payment is due. Should you miss a repayment on your loan, additional fees could apply. To find out more about fees for bad credit personal loans Australia, give our customer service team a call or send through an email. We’re always here to help and happy to answer any questions you may have.

How to apply? 

Applying for bad credit loans Australia couldn’t be any easier at Jacaranda Finance. We’ve designed a quick, easy, and 100% online application form. Within just 60-minutes, we could have an answer for you.* 

To apply for a bad credit loan, follow these three simple steps:

Step 1: Apply online

To start your bad credit personal loan application, scroll up to the top of this page to find our loan calculator. Use the loan slider to let us know how much you need to borrow and for how long. Then select the repayment cycle that best suits you and hit apply now! 

We’ll then get you to fill in the required details and provide any documentation that may be needed. You’ll also need to provide the reason for why you’re applying for a loan

Step 2: We assess your application

Next step, our team will assess your application. Generally, we try to have your application assessed within 60-minutes.* Please note, it may take a little bit longer if you apply outside of our regular business hours or if we need some additional documentation from you. But don’t stress, we’ll have your application assessed as soon as we can.

Step 3: Get your cash

If your application has been approved, congratulations! Our team will then email through your contract. Make sure you have a good read over it and are aware of the terms and conditions of your agreement before signing. If you have any questions about your contract, please don’t hesitate to contact us. 

Once we receive your signed contract, our team will then transfer the funds straight to your account. If you have an NPP-enabled bank account, you should receive your cash in just 60-seconds.**

Types of loans

Here at Jacaranda Finance, we offer three different types of personal loans for bad credit — small, medium, and large loans. Each type of loan offers different features and requirements. Below, find an outline of the types of online loans for bad credit we offer:

Loan Type Secured Options Loan amount Loan term
Small Loan Unsecured $300 to $2,000 12 months
Medium Loan Secured $2100 to $4,600 13 to 24 months
Large Loan Secured $5,000 to $10,000 13 to 24 months

Remember, we don’t charge early repayment or exit fees on personal loans. Visit our interest rates page to learn more about our rates and fees. We could also help you out with bad credit car loans

What are the eligibility requirements? 

Before we can start assessing your application, there are a few eligibility requirements you need to meet. You’re eligible to apply for a bad credit loans Australia if you:

  • Are at least 18 years of age;
  • Currently a regular income (for at least 90 days before applying);
  • Are an Australian citizen or permanent resident;
  • Have internet banking set up;
  • Have an active contact number and email address.

What documents will I need? 

As our application process is 100% online, you won’t need to worry about submitting any physical documentation. Instead, we use the safest technology to access a read-only online copy of your bank statements. If you’re a Centrelink customer, we’ll ask you to provide your MyGov details so we can check your Centrelink Income Statement. Don’t stress, if you’re missing any documentation we will let you know immediately via phone or email. 

Factors that affect your credit score

The majority of people will have a different credit score, credit history, and financial lifestyle. Even credit reporting agencies vary in how they calculate your credit score. If you’re confused on what factors do and don’t affect your credit score, you’re not alone! A survey taken in 2019 found that 90% of Aussies believe expensive assets improve credit scores. This is one of many wrong assumptions about credit scores. However, missing one credit card repayment could reduce your credit score by 22%. That’s a lot! So, it’s pretty important knowing what does and doesn’t affect your credit score. Here are 3 factors to keep in mind that affect your credit score:

  1. Repayment reliability. One of the most significant factors affecting your credit score is your repayment history. As mentioned above, one simple missed credit card repayment could lower your credit score by 22%. It’s important to ensure all your bills, loan payments, and credit repayments are paid on time. 
  2. Your credit applications. Have you made several credit applications recently? The number of credit applications you apply for can affect your credit score. Every application made will get listed on your credit report and it can affect your score. A simple solution is to limit the number of applications you make.
  3. Negative information. Having certain information such as defaults listed on your report will negatively affect your score. Defaults get recorded on your report when you fail to pay your debts. Additionally, bankruptcy and court judgements can affect your score. However, every 5-7 years, your credit report gets updated. By simply maintaining a good credit history of repayments and borrowing, you’ll be able to improve your score fast!

Don’t look past Jacaranda Finance

Whether you’re after small loans for bad credit or large bad credit loans Australia, apply with us and we’ll do our best to approve your application. Here at Jacaranda Finance, we try to help out as many clients as we can. We don’t discriminate based on bad credit history and will give you the fair go you deserve. We look beyond your credit score to look at the big picture, such as your spending habits and income. So, if you’re looking for bad credit loans Australia, don’t look past us. 

Want to keep up to date on the latest industry news? Head over to our Facebook page or have a look at our blog for some handy finance and lifestyle tips! We’re here to help in any way we can.

If you want the low down on personal loan comparisons, check our handy guide

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Reviews current as of Aug, 2020.

Our low rates

Our low rates

💰 Personal Loans starting from 7.59% (12.24% p.a. Comparison Rate)

🚗 Car Loans starting from 5.29% (5.84% p.a. Comparison Rate).

We never charge early repayment or exit fees.

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Jacaranda is 100% online. So, we do not accept applications over-the-phone. However, our friendly team is more than happy to answer any questions you may have.