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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 just 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.
Think fast loans for bad credit, think low credit score loans, think Swoosh.
What is bad credit?
Good credit is typically above a score of 620, while 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 bad credit score all the more unfair.
Low credit holding you back?
Swoosh can help!
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 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.
Bad credit loans with guaranteed approval
Swoosh specialises in urgent loans for bad credit. We’ve all been in a position where we’ve needed a quick loan – like when life catches you off guard with an unexpected medical bill or emergency car repair.
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 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.
When you need money ASAP, we’re here to help. It’s easy to apply for an emergency loan through our online application. Once we have all the necessary information, the money should be in your account the same day!
Learn more: Same Day Loans
Eligibility for a bad credit loan with car as security
We’re passionate about offering the best loans for bad credit. We base our secured loans on your current situation, not your past credit reports. We offer everyone a fair go, no matter what your past credit history looks like. Our bad credit loan approval is based on your current financial situation and 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
The 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.
Low credit score loan rates and fees
Our easy approval bad credit 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.
How to get a loan online with bad credit
Want a loan with no credit check? You can get a cash loan with bad or poor credit by applying online with Swoosh. It’s easy! We base our secured loans on your current situation, not your past credit reports.
We can offer finance for bad credit from $2,200 to $5,000. Our advanced online application only takes minutes, and approval follows shortly after.*
Say goodbye to stress and hello to a second chance with Swoosh today!
Read more: How to get a loan with bad credit – top 5 tips!
3 easy steps to get a bad credit loan
Our simple 3-step bad credit loan process:
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.
Find out more about how to get a loan with Swoosh.
*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.
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.
How much can I apply for with Swoosh?
You can apply for a bad credit loan of anything between $2,200 and $5,000.
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 is Swoosh able to offer bad credit history loans?
For those who find themselves financially secure after a history of bad credit, it can still prove very difficult to borrow money.
Rather than focusing on your bad credit history, our team of expert (human!) assessors carefully examine your current financial situation to make sure you’re able to make the loan repayments. This is how we can offer those with unfortunate histories a second chance to get the loan they need.
How quickly can I get a loan for bad credit?
Unlike banks and other lenders, Swoosh doesn’t require extensive paperwork. We use a simple process that’s 100% online. We only need a few pieces of information from you plus 90 days of bank statements. Approval usually comes within an hour of providing us with the information we need, so the majority of our customers receive their bad credit loan the same day.
What is the easiest loan to get with bad credit?
The easiest loan to get if you have bad credit is from a lender that specialises in bad credit loans, like Swoosh. Swoosh looks at your ability to repay the loan now, not your past credit history.
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.
Testimonials
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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.
Want to chat to someone?
Use our live chat or fill out the contact form to get in touch with a Swoosh Finance specialist
