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“I need a loan urgently but have bad credit – what can I do?”
We hear this a lot. And we say: Don’t worry! Not everyone has a good credit history. Bad credit follows tens of thousands of Australians around for years, often through no fault of their own. But you don’t need specialised loan brokers for bad credit. You can get a Swoosh Bad Credit Loan. With our easy online loans and speedy approvals, you can get a loan for bad (and even very bad) credit in a matter of hours.
Whether you’re in Melbourne, Sydney, Perth, Brisbane, or anywhere else in Australia, we can help you out! Apply online today.
What is bad credit?
Good credit is typically above a score of 620 in Australia. Anything below can be considered bad credit. A bad credit rating is the result of a previous inability to meet financial commitments. This failure to meet your debt agreement may have been completely out of your hands, which makes the lasting impact of a low credit score all the more unfair.
How to get a loan with bad credit: top 5 tips
What are bad credit loans?
Bad credit loans are small cash loans available to individuals with a low credit score or poor credit history. Usually, these individuals would be denied a loan by a traditional lender. As a private lender, we are able to offer loans to people with bad and even really bad credit. As long as you meet our eligibility and lending requirements, you can be approved!
How much can I borrow?
You can borrow between $2,200 – $5,000 with a Swoosh loan for low credit scores. Apply online now for fast, easy finance!
Can I get a loan with bad credit in Australia?
Yes, you can! Some direct lenders, like Swoosh, are able to offer short-term bad credit loans to Aussies who need it.
Some of the popular cash loans we offer as a direct lender include emergency loans for bad credit, bond loans, and car repair loans.
Bad credit loans with car as security
Use your car as collateral to borrow money with bad credit and still drive it! If you don’t have a car registered in your name, you can also use another type of vehicle, like a motorbike or boat.
How to get a loan online with bad credit
You can apply online 24/7 to get a cash loan with bad or poor credit. Learn how easy it is to get a loan with Swoosh in our short explainer video below.
3 easy steps to apply
Applying for a cash loan is easy with Swoosh. Our simple low credit score loan process can be done in just 3 steps:
1. Complete an online application on your mobile phone, computer or tablet. Applications usually only take minutes.
2. Approval of your loan is provided within 60 minutes of you providing us with the information we require (during business hours)*. The decision will arrive promptly — right in your inbox.
3. After approval, an offer is sent to you via email. Once you’ve signed the contract, we’ll send the money directly to your bank account.
Apply online today
Find out more about how to get a loan with Swoosh.
How quickly can I get a loan for bad credit?
*Approval speed is conditional upon receipt of all requested relevant documents/information & usually comes within 1 hour during normal business hours/banking days. If you return your contract by 3:30pm AEST, your funds will be transferred overnight.
Eligibility
We’re passionate about offering the best loans for poor credit, so we can help as many people as possible. Our loan approval is based on your current financial situation and meeting 4 simple criteria:
Permanent resident or valid visa holder of Australia
Over the age of 18
Employed with a regular income for at least 3 months
Owner of a vehicle registered in your name
Our online application form only takes minutes to complete. Once you apply, our team of expert (human!) assessors quickly assess your loan application.
Rates and fees
Our easy approval loans have no hidden monthly fees or charges, and there are no penalties for paying back your loan quicker.
| Online cash loan amount | $2200-$5000 |
| Application fee | $0 |
| Standard establishment fee | $400 |
| Other Fees | $16 (included in loan) |
| Annual Interest | 47% (Comparison Rate 66.0347%)** |
| Term length | 12 Months |
| Flexible repayment options | Weekly, fortnightly or monthly (based on your paydays) |
Interest is calculated daily based on the outstanding balance and is applied monthly to your account. And your interest rate is fixed for the loan term—so you know exactly what to expect.
If a scheduled payment is returned unpaid, we may issue a $35.00 debit dishonour fee.
Find out more: Loan Rates and Fees.
Bad credit loans with guaranteed approval
If you need a loan urgently but have bad credit, you will probably find it hard to get approved. Instead of being rejected by the big banks when they conduct their credit checks, Swoosh can help. We offer guaranteed approval on bad and very bad credit loan applications for Australians who meet our eligibility & lending criteria.
Is this a no refusal loan?
As long as you meet the eligibility criteria and our Australia-based assessors believe you can repay the loan according to the terms, we will not refuse your application based on your credit history.
What’s the easiest loan to get with bad credit?
Small personal loans that are secured by your car or another asset are typically the easiest to get approved for with bad credit. The small amount and security on the loan help manage the risk for the lender. Keep in mind that these types of loans tend to come with a higher interest rate.
What’s the easiest loan to get immediately?
Check out our same day loans to learn how you can get cashed up fast, sometimes in as little as 1 hour!
Why choose Swoosh for a low credit score loan
✅ Responsible Lender
✅ Trustpilot Approved
✅ 100% Online
✅ Fast Approvals
Check out our reviews to see what people think about our low credit score loans.
FAQs
How can I get a personal loan with poor credit?
Simply apply for a Swoosh bad credit loan online. Swoosh is a responsible lender, which means that we will only loan an amount that you can comfortably repay now. And we make sure you have all of the repayments information in advance—so there are no hidden surprises.
What is the lowest credit score for a loan?
When it comes to obtaining a loan, the minimum credit score required can vary depending on the lender and the type of loan you’re seeking. While a credit score above 550 is generally considered a safe starting point for qualifying for a personal loan, it’s important to note that different lenders may have higher or lower requirements. Some lenders might accept lower credit scores or consider other factors, while others may demand a higher score for approval.
Why is my credit rating so low?
Several factors can contribute to a low credit rating. One common reason is late or missed payments on your credit accounts. It’s important to note that credit report inaccuracies and identity theft can play a significant role in lowering your credit scores as well. By regularly monitoring your credit report and addressing any errors or fraudulent activity promptly, you can help improve your credit rating over time.
Can I get a bad credit loan to consolidate debt?
Yes, you can! At Swoosh, we understand that it can be hard to stay on top of debt when you’re trying to manage multiple loans. And that it can be tricky to find someone who will look beyond your bad credit history. That’s why we offer debt consolidation loans – guaranteed for eligible Aussies, even with bad credit.
How much does a declined loan affect credit score?
The short answer is that a loan rejection doesn’t hurt your credit score. However, if you continue to apply for loans and continue to be rejected in a short space of time, this builds up numerous “hard enquiries” regarding your credit, which can lower your score.
How to get a loan when no one will approve you?
Check out our blog for suggestions for what to do when you need a loan but keep getting declined.
Who will give me a loan when no one else will in Australia?
Swoosh has helped thousands of Australians with bad credit to get cash fast and improve their credit rating at the same time.
How do I borrow money ASAP?
Complete an online loan application with Swoosh – as long as you provide the information we need and you meet our eligibility criteria, you could get the funds in your account the same day.
How is your credit rating determined?
In Australia, values assigned to credit scores, ranging from 0 to 1200, determine your credit rating. When it comes to credit ratings, the lower the number, the worse the credit. And the worse the credit, the harder it is to apply for a loan with other credit providers.
Each credit bureau calculates credit scores differently, but the following factors tend to play a large role in determining a credit score:
- Comprehensive Credit Reporting information – including repayment history and credit limits
- Credit applications
- Adverse events – like missed payments and defaults
- Personal information
- Credit report age
Learn more about the factors that influence your credit score and how a small personal loan could help you improve it on our blog: Should You Get A Personal Loan To Improve Your Credit Score?
What is a no score loan?
No score loans are made for people who have little-to-no credit history.
Find out more: Loans for no credit history
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The Swoosh difference
Our Cash Loans are available when you’re in a pinch — and we work hard to make it happen fast.
We put you first, ensuring you have all of the information upfront.
Swoosh Cash Loans give you the funds you need now from a lender you can trust.
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Use our live chat or fill out the contact form to get in touch with a Swoosh Finance specialist
