500
Weekly
Fortnightly
Monthly

Loans from $2100 and upwards require a car, motorbike, boat or caravan to be provided as security. If you cannot provide security, please apply for $2000 or less.

The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

The Interest Rate for Secured Medium Loans is 48%. Maximum Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

The Interest Rate for Secured Large Loans is 21.24%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.


Good People Bad Credit can find providers of bad credit loans!

Bad credit loans are finance options for those with low credit scores. They can be for amounts between $1,000 and $15,000 and be either secured or unsecured. Depending on the amount, they can include different types of fees.

If your credit report isn’t the best in the world, but you’re still after a loan, bad credit loans may be an option for you. They allow you to access extra finance, even if your credit score isn’t brilliant. Keep reading to learn all you need to know about bad credit loans.

bad credit loans

What are bad credit loans?

Bad credit loans are personal loans for people with bad credit. Unlike loans from “traditional” lenders that turn up their noses at bad credit, these bad credit loans are offered by online lenders.

The reason for this is that the banks are very stringent in their assessment of credit reports. Therefore, if you’ve made a mistake in your past this will impact you in regards to getting a loan from the bank.

However, online lenders can be more understanding than the banks. That’s why they offer bad credit loans. They understand that you may have made mistakes in the past, but that shouldn’t define you now. Therefore, they’ll look at your current situation and ability to manage money more, rather than just your credit history.

How do I know if I have bad credit?

 

More people have credit than you might think, and some aren’t even aware of it. Even if you have a general idea of what your score is, it’s important to check your credit score regularly. It will also allow you to track how your credit is travelling, regardless of whether you’re applying for a loan or not.

 

Luckily, checking your credit score is now, quick, painless, and most importantly, free! There are a bunch of ways to check your credit score, as recommended by Money Smart! You might have heard that applying for a free credit score check will harm your credit history. Thankfully, that’s not true! You can apply with the following providers for a free report that won’t harm your credit score. Results may vary depending on the credit reporting agency, so it might be an idea to apply with a few different services to get a more accurate reading.

What does my credit score mean?

 

So, you’ve applied with one or more of these and you’ve got your credit score. Now you might be wondering: what exactly is bad credit? Your credit score exists on a spectrum between 0 to 1,000 for the credit agency Experian, and 0 to 1,200 for Equifax. As you’ve probably already guessed, if you have bad credit, you’ll be down the lower end of this spectrum. Here’s a breakdown of the different credit score bands for each credit agency:

 

Credit BandExperianEquifax
Excellent800-1,000833-1,200
Very Good700-799726-832
Good625-699622-725
Average550-624510-621
Below Average0-5490-509

 

If you have bad credit, it’s important not to panic. Even if you’re in need of fast cash, you’re better off seeking out legitimate providers of bad credit loans, rather than those that pretend as though they can offer personal loans with guaranteed approval. Apply with our lender-finding service and we’ll see if we can find lenders who can help you out.

How can I apply with Good People Bad Credit?

If you’re wanting to find lenders offering bad credit loans, you’ve come to the right place. Good People Bad Credit can help with that! Applying with us takes just a few simple steps, which we’ll take you through right now.

Check if you qualify

Before you can apply with our lender-finding service, there are a few basic requirements that you have to meet.

You must:

  • Be at least 18 years of age;
  • Be an Australian citizen or permanent resident;
  • Have been receiving a consistent income into a personal bank account for at least the past 90 days;
  • Have a direct contact phone number and email address.

We can also consider Centrelink payments as income, as long as they are consistent and reliable (such as a pension). That’s what allows us to find lenders offering loans for Centrelink customers!

Fill out an application form

Scroll up to the top of any page on our website and you’ll see the apply now button. Click that and get cracking on your application! It can take just a few minutes to complete, so you won’t have to spend hours sitting at the computer. Our website is even mobile compatible, so you can apply while you’re out and about! Once you’ve got everything in order, hit submit!

Wait for an outcome

Keep your phone or laptop close by as we go about looking for a lender! We know people don’t like to be kept waiting, so we always aim to deliver fast outcomes. If we find a lender for you, we can refer you to them promptly. At that point, we’ll get back to lender-finding and your lender will be in touch.

How much do bad credit loans cost?

Good People Bad Credit are lender-finders, not actual lenders. As such, we cannot guarantee what your fees and costs are going to be. Your exact terms will depend on your lender and your loan amount. However, here’s an estimate of the sorts costs that you can expect:

 

Small Amount Credit Contracts:

Small loans are for amounts between $1,000 and $2,000. These types of loans are unsecured. You can expect a loan of this type to look something like this:

  • A maximum 20% establishment fee;
  • A maximum 4% monthly fee;
  • Can be repaid over a period of up to 6 months;
  • Dishonour fee if you miss a repayment.

 

Medium Amount Credit Contracts:

If you’re after an amount between $2,001 and $4,600, you’ll be looking at a medium loan. These are secured loans, so you will have to include a vehicle as security. This could be a car, motorbike, boat or caravan. Expect fees somewhere in the region of the following:

  • An establishment fee of $400;
  • Interest Rate (APR) of 48%*;
  • Can be repaid over a period of between 13 and 24 months;
  • Dishonour fee if you miss a repayment.

*Comparison rate of 67.41% P.A.; this comparison rate is based on a medium amount secured loan and may not include all fees and charges. Different fees, terms or other loan amounts may result in a different comparison amount.

 

Large Amount Credit Contracts:

If you’re looking for an even larger amount, Good People Bad Credit can find lenders offering bad credit loans from $5,000 to $15,000! Again, these are secured loans, so you will need to put up some form of security. Expect fees to look something like the following:

  • An interest rate of 21.24%* per annum. Keep in mind that the more you pay off the principal amount of your loan, the less interest will be charged. This is called reducing interest.
  • Can be repaid over a period of between 13 and 36 months.

Comparison rate of 48% P.A.; this comparison rate is based on a large amount secured loan and may not include all fees and charges. Different fees, terms or other loan amounts may result in a different comparison amount.

We aim to find lenders for as many customers as possible. However, if we find a lender that approves your application, the final decision is yours. Make sure that you thoroughly read through your loan contract prior to signing so that you know what you’re agreeing to. Furthermore, if you choose to reject your loan contract, you can do so prior to signing your contract for no extra charge.

If you want to know more about personal loan costs, check out the Money Smart personal loan calculator.

Find providers of bad credit loans with Good People Bad Credit!

Bad credit loans are a way for people with a low credit score to get a quick cash loan. Online lenders tend to be much less strict than the big banks in terms of your credit score. Therefore, as long as you meet our eligibility requirements, we’ll do our best to find a lender offering bad credit loans for you.

Want to know more about what we do? In addition to the how it works page, we also have a section regarding costs and FAQs. Not only that, but you can also contact us directly if you have a specific question.

Need help finding lenders offering bad credit loans? Apply with Good People Bad Credit today!