In this article:
How to consolidate debt with bad credit
With 13,259,647 credit cards currently in circulation, for many Australians debt can easily get out of control. Swoosh offers quick and easy cash loans for those who need to consolidate their existing debt into one manageable repayment—even with bad credit. Our secured Debt Consolidation Loans require no long queues or lengthy paperwork, the application can be done online in minutes and approval is usually within the hour.
Looking to save money? Swoosh debt
consolidation loans can help
What is a Debt Consolidation Loan?
A debt consolidation loan is a way to refinance your debt. By consolidating your debts, you use a single loan to pay off several others. This can benefit you by reducing your interest, fees, and monthly payments. So you can combine multiple credit cards, a small personal loan, and maybe outstanding utility bills, for example, into one easy monthly repayment to help you pay off your debt sooner.
Discover the ins and outs of how debt consolidation loans in Australia work in the video below. You can also check out the FAQs at the bottom of this page and on our FAQs page.
Learn more: What is debt consolidation?
Why use a Debt Consolidation Loan?
If you have a few debts and are struggling to keep up with payments, a debt consolidation loan might be the right solution for you. Our easy secured loans allow you to pay off several others at once. And this helps you to reduce and simplify your debt—making your finances more streamlined.
With only one single loan, repayment, fees, and interest rates may be lower. This means you can get back on track faster and save on your repayment amounts.
Bad credit debt consolidation loans – guaranteed approval
At Swoosh you can get a debt consolidation loan even if you have bad credit. Bad credit impacts tens of thousands of Australians every year. And many people find it difficult to secure a loan after a history of bad credit—even though they are in a financially secure position now. However, at Swoosh, we look at the ‘here and now’ of your financial situation, assessing everyone on an individual basis.
We offer loans after evaluating current bank statements and assessing whether you have the ability to repay the loan now. In this way, we’re able to offer debt consolidation loans for bad credit with guaranteed approval—as long as you meet our eligibility criteria and we’re confident you can afford your repayments.
Loan terms and amounts
Our small loans of $2,200-$5,000 are easy to manage and can be paid back over 12 months with a fixed interest rate. Plus there are no hidden charges, no monthly fees, and no penalties for early payouts or extra repayments—so you can pay it off as soon as you are ready. Find out more about how our loans work.
How to apply
Our 3 step loan application process is 100% online. This keeps your information safe and secure—without holding up the speed of receiving your money.
1. Complete an online application on your mobile phone, computer or tablet. Applications only take minutes.
2. Applications are reviewed within minutes and approved within 60 minutes of receiving all the required information (during business hours)*. The decision will arrive promptly – right in your inbox
3. After approval, we will pay off your debt directly with the outstanding lenders and send any remainder to your bank account.
Applications are 100% online, free to apply, no obligation and can be paused or stopped at any time.
Still confused? Learn more about how to apply for a loan online.
*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.
Debt consolidation loan eligibility
If you meet these four simple requirements, you can apply today and get your cash fast.
Are 18 years or older
Be a permanent resident or valid visa holder of Australia
Own a vehicle (like a car or motorbike) registered in your name
Have been employed for at least 3 months
How are Swoosh debt consolidation loans different?
Unlike banks and other lenders, Swoosh doesn’t require extensive paperwork. We utilise a straightforward process that’s 100% online. That way you can get a quick and easy loan to consolidate your debt.
We only need a few pieces of information that you provide in your application and 90 days of bank statements.
Applying for a small loan takes only a few minutes. And online approval usually comes within an hour of you providing us with all the required information.
Flexible loan repayment
We align repayments with your pay schedule—making it easy and stress-free. Your repayments can be:
- Weekly
- Fortnightly
- Monthly
Lending responsibly
When we lend money, we lend it responsibly. We only offer a loan when we know you have the ability to repay it, both initially and over the life of the loan.
And we make sure you have all of the information in advance—so there are no hidden surprises.
We even utilise (human!) professional assessors to review each application based on individual merit.
FAQs
Does a debt consolidation loan really work?
Yes, it works to simplify your debt situation. Instead of paying off multiple loans and having to keep track of all the monthly payments, you only need to focus on one. And because you only need to pay one set of fees, interest, and monthly payments, you may end up saving money.
Is it easy to get loans to pay off debt with bad credit?
With Swoosh, it’s as easy as 1-2-3.
1. Complete an online application.
2. Provide the requested information.
3. Sign the offer email!
How quickly can I get a debt consolidation loan?
Our 100% online application only takes minutes to fill out. Once received, we can get you the money you need on the same day.
Do debt consolidation loans hurt your credit?
No, not in the long run. There may be a small dip in your credit score at the start. But because you’re only paying off one loan, it’s easier to keep track of your finances and pay on time. So, your credit score will improve over time.
Do you need a job for a debt consolidation loan?
One of our eligibility requirements is that you have been employed for at least 3 months. However, it does not need to be full time or permanent employment.
What interest rate will I get?
We have a $0 application fee, a $400 standard establishment fee and the interest rate is 47% (Comparison Rate 66.0347%). All our fees and rates are clearly displayed on our Payday Loan Rates and Fees page.
What will my repayments be?
You can calculate your repayments up front by using the calculator on the right hand side of this page.
Testimonials
sam johnston
Donna Moroney
clint bindley
Eric & Zephy
Melissa Wilson
Tales from the Crypto
Naseer Mansour
Tohi Ridings
J R
Shayne Khan
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
