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Bad Credit Loans

Bad Credit Loans
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

Get a bad credit loan from Jacaranda Finance

Bad credit loans are readily available with Jacaranda Finance.

When you have a poor history of paying your bills, it can limit you in several ways. However, at Jacaranda, we know that your credit score can be the result of something that happened in your past that may have been out of your control. We understand that having ‘not so great’ credit can be limiting, so we don’t want to make your situation any more difficult. That’s where bad credit personal loans come in handy. With us, you can borrow up to $10,000 in the most hassle-free way.

Types of loans

We offer 3 different types of bad credit personal loans. Details of each of these loans can be found in the following table:

Loan Type

Security Options

Loan amount

Loan term

Small Loan


$300 to $2,000

12 months

Medium Loan


$2,100 to $4,600

13 to 24 months

Large Loan


$5,000 to $10,000

13 to 24 months


How to apply

Step 1: Apply online

To begin your application, scroll up to the top of this page and click the ‘Apply Now’ button. You’ll then be taken to our online application form. This is very straightforward and could only take you a matter of minutes to complete. It’s important to fill out the required fields as honestly and as thoroughly as possible. When you’re done, hit ‘Submit.’ 

Step 2: Get assessed

Once you’ve submitted, you can sit back and relax while we get to work assessing your application. We’ll get back to you with the outcome of your application as soon as possible. You could even get your outcome in as little as 60-minutes.*  

Step 3: Read and sign your contract

If we are able to offer you a loan, we’ll send you an online loan contract for you to review and sign. Make sure you read over it thoroughly to make yourself aware of terms of your loan. When you’re happy, you’ll be required to e-sign it and submit it back to us. 

Step 4: Get your funds

Once we’ve received your signed loan contract, we’ll send your funds directly to you. Thanks to instant transfers, you could have the money in your account in 60-seconds*! 

Eligibility for a bad credit loan

To qualify for a personal loan with Jacaranda you must:

  • Be 18 years or older;
  • Be an Australian Citizen or Permanent Resident;
  • Have received a regular income (for the last 90-days);
  • Have internet banking set up;
  • Have a phone number and email address.

What information do I need to provide?

When you apply for a loan with Jacaranda, there are a few details we will need from you. All of the following details are to be submitted online – no printing or copying required!

  • Personal details (i.e. Name, Address, DOB);
  • Your phone number and email address;
  • The reason for your loan;
  • myGov details (if you receive Centrelink benefits);
  • Online banking and employment info.

Bad credit loans FAQs

If you have a question about our bad credit personal loans, then you may find your answer below:

What is bad credit?

Bad credit refers to a poor credit score. Your credit score is typically a number that ranges between 0 to either 1000 or 1200 depending on the credit bureau calculating it. This number is a reflection of the information in your credit report. Information that is reported on your credit report includes your current debt, repayment history, past credit/loan applications, and defaults. So a bad credit score is likely to be the result of missed payments, defaults, bankruptcy etc.

The average credit score in Australia is 550. So generally, a credit score below 500 is considered low and an indicator of ‘bad’ or ‘poor’ credit. 

What are bad credit loans?

Although Bad credit loans may sound like a negative thing, they are essentially just loans for people with poor credit scores. Lenders who offer this type of loan will focus more on your present financial situation rather than your past financial mistakes.

Can I apply for a bad credit loan?

Yes. At Jacaranda Finance, it’s our mission to give all Aussies the fair go they deserve at accessing finance. That means we offer fast and easy loans to people from all walks of life – bad credit and all!

Do you perform credit checks?

We do conduct credit checks on eligible applicants but it’s not the only thing we look at. We do this because we are committed to following the responsible lending obligations set by ASIC. These credit checks will play a small role in our assessment process. However, we mostly focus on your current finances such as your income and spending habits. 

Does applying for loans affect your credit score?

Yes, it can. Each time you apply for a personal loan, a credit enquiry is applied to your credit report. Several credit enquiries may cause your credit score to drop over time. That’s why we recommend doing your research and only applying with lenders that are more likely to approve you for a loan.

If you’re approved for a loan, it’s important that you don’t miss any repayments. Staying on top of loan repayments will be reflected positively in your credit report.

Do you do loans for people on Centrelink?

When Centrelink benefits are your primary source of income, getting approved for cash loans can be difficult. Fortunately, Jacaranda Finance works a little differently to traditional lenders. We treat certain types of Government benefits as a regular form of income. As long as you’ve been receiving these benefits into a personal bank account for the last 90-days, then you’re welcome to apply.

Unfortunately, we cannot accept applicants on temporary benefits such as Newstart (now Jobseeker) or Youth Allowance.

How fast are your loans?

Jacaranda’s loans are designed to be quick and easy. Most approved applicants receive their cash on the same day they apply.* This will depend on a few things. Firsty, if you apply during our business hours then you could get your outcome in just 60 minutes. If approved, you could get your cash transferred in 60 seconds. This, however,  will depend on whether or not your bank supports instant transfers.

Are your loans secured or unsecured?

We offer both unsecured and secured bad credit loans. Our unsecured loans range in value from $300 to $2,000. Whereas our secured personal loans range from $2,100 to $10,000.

Loan Purposes

You can spend your bad credit loan on just about anything. If you haven’t yet decided on how you plan to use your loan, we’ve listed a few ideas:

  1. Car repairs
  2. Rental bond
  3. Buying furniture or white goods
  4. Medical expenses
  5. Travel costs
  6. Unexpected or emergency bills
  7. Debt consolidation
  8. Home renovations

Tips to improve your application for a bad credit loan

There are many reasons you may want to take out a personal loan. Personal loans can help you finance a car, consolidate debt, go on holiday, etc. However, before applying for a personal loan with any lender, consider improving your application. There are several factors that may help the likelihood of getting your loan approved. It’s important to try improving your chances of approval as rejected applications could affect your credit score. You can still get approved with bad credit, however, it’s best to keep your score in good shape. Here are 5 tips to help get your personal loan approved:

  1. Meet the criteria. Regardless of which personal loan you apply for, it’s important to ensure you meet the criteria beforehand. To be eligible for a personal loan with us, you must:
    1. Be at least 18 years or older;
    2. Be an Australian Citizen or permanent resident;
    3. Receive regular income for at least the last 90 days. However, this is preferred, not mandatory;
    4. Have an active mobile number and email address;
    5. Have your internet banking setup.
  2. Be realistic. Remember that personal loans are meant to help you financially, not make you worse off. If your income will be able to support the repayments, you’ll have a higher chance of getting approved. If it looks like your income won’t support payments, consider lowering your loan amount! Being realistic with the personal loan amount can certainly help get your application approved. 
  3. Improve your credit score. Paying your bills and other payments on time can help improve your credit score. You can get approved for a loan on bad credit, however, a good score can help get your loan approved! You can check your score through organisations such as Equifax, Experian, and Illion
  4. Apply after your employment probation period. While it’s not mandatory, it’s preferred you provide a proof of income from at least the last 90 days. Having income security will help you avoid defaults and missed payments throughout your loan terms. 

Worried About Bad Credit?

Does the thought of your credit score make you shudder? Well, lucky for you, Jacaranda looks at more than just your credit report. We understand that sometimes life throws a curveball (or two). At Jacaranda, we don’t think a mistake you made up to 7 years ago should stand in the way of a same day loan.

At Jacaranda, we do conduct credit score checks on same day loan applications as a part of our commitment to responsible lending. Don’t let that throw you off though. At Jacaranda, we will take a look at how you’re actually going to repay the loan – that is the most important part! Jacaranda looks at your employment status, income and spending habits to determine whether or not a same day loan is a responsible option.

So, if you’ve been looking for same day loans for bad credit you might have come to the right place. The good news is, an application won’t cost you anything. Our team will take a look at your application and do their best to get back to you with an outcome in just 60-minutes*. Just scroll up to apply!

Ways to improve your credit score

Even though Jacaranda Finance could offer you same day loans with bad credit, you can better your chances at getting approved for same day loans by improving your credit score. If you’re worried about your credit score, don’t sweat it! To ensure you make the most of positive credit reporting you should:

  • Pay your bills on time; setting up direct deposits/debits is a good way to ensure this;
  • Try not to switch credit lenders too often;
  • Notify your lender of your new address;
  • Research and only apply for credit when you need it;
  • Keep balances low on credit cards and other revolving credit;
  • Negotiate outstanding balances.

Improving your credit score won’t happen overnight. However, stay consistent with the tips above and it will begin to increase over time. You may be able to improve your credit score within one to two months. It could take longer, depending on what’s dragging down your score and how you handle it.

Can I get personal loans for bad credit?

The short answer is, yes! It is absolutely possible to apply for cash loans with bad credit. Here at Jacaranda Finance, we know that having a bad credit rating doesn’t necessarily mean you’re not good with your finances. Your bad credit may be a result of things that were out of your control at the time personal loans.

Perhaps you’re also now working hard to repair your credit and change the way you handle money. Therefore, we always like to look to the future with our clients. In fact, borrowing bad credit loans Australia can sometimes help to show other credit providers your ability to meet your contractual repayments over a set term. This will help to vouch for your ability to handle credit responsibly.

Why do people apply for personal loans for bad credit?

There are a variety of different reasons that people apply for bad credit loans. Typically, our clients apply for easy bad credit loans when they have an unexpected bill or emergency expense that’s popped up and they don’t have the funds to cover it themselves.

This is one of the main reasons our clients apply for any type of personal loan, however, sometimes that credit score does get in the way. That’s what we’re here for!

Some examples of what people have applied for in the past are:

  • Overdue school fees
  • Emergency vet bills and pet finance
  • A higher than expected utility bill
  • Medical bills
  • Holiday expenses
  • Car repairs/ maintenance

How quickly could I receive my funds after approval?

We are a 100% online company. Therefore, you won’t have to waste time making appointments with bank managers or waiting in queues.

If your application is submitted during business hours you could have an outcome within 60-minutes*! However, if we require any additional information, it can take a little longer to hear from us. Just be sure to keep an eye on your phone and email and we’ll get back to you as soon as we can.

If you are approved, we’ll send you your loan contract to read through carefully and then accept. Once we receive you’re happy and have accepted your contract, we’ll transfer you the cash to your nominated bank account. The amount of time it takes for the funds to reflect in your account will depend on the policies of the bank you are with. Most of our clients generally receive their bad credit loan within 60 seconds (for NPP enabled accounts).

Where can I get a bad credit rating loan?

If you’ve ever applied for a bad credit rating loan with a traditional lender then you probably already know how tedious it can be. Fortunately, there are lenders out there who could supply you with the funding you need. 

Jacaranda Finance is a lender with a difference. We take an open-minded approach to online lending. At Jacaranda, we believe that all Aussies deserve a second chance. Although we can’t guarantee approval on every single loan application – we can guarantee you a fair go. So, if you’ve been googling ‘personal loans bad credit rating’, ‘loans for bad credit ratings’ or ‘top rated loans for bad credit’ you might have just found the perfect lender. 

What is a bad credit rating loan? 

A bad credit rating loan is essentially just a personal loan for individuals who have subpar credit scores. Lenders who offer loans for bad credit rating will usually focus on your current financial circumstances and how you are going to repay the loan. Consequently, many lenders will look at your bank statements, income and current financial commitments as indicators.

A lender you can trust

Jacaranda Finance is the online lender giving Aussies a fair go. We believe in honesty and transparency. We don’t hide our fees and charges. So, you can rest easy knowing you’re in safe hands. The best part is you can apply 100% online without the stress of pages and pages of unnecessary paperwork. Our online application form could only take you a few short minutes to complete. You can apply wherever you are and whenever you like. Jacaranda is built for Aussie borrowers on the go! 

At Jacaranda Finance, we take a fresh approach to assessing bad credit loan applications. Our team understands that people and circumstances change. Why should you be judged on a mistake you made up to 7 years ago! If our team can see you have made a considerable effort to reconcile bad credit then you could be eligible for a bad credit rating loan. The best part is an application with Jacaranda is free of charge. That means we’ll assess your application and get back to you with a speedy outcome, without any initial fees.



Contact us 


If you have a question about our bad credit loans, you can get in touch with our friendly and helpful customer service team. To speak to someone directly, you can give us a call on 1300 189 829 between 8 am to 6 pm Monday to Friday. If you have a query outside of these times – simply send the team an email to

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Reviews current as of May, 2021.

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

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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.