Bad credit loans $500 - $5,000
Need a cash loan but have a bad credit rating?
Obtaining a small cash loan when you have some bad credit is possible, even if you've been knocked back by the banks or other lenders. At Safe Financial we try to help everyone. We have clients with good and not so good credit scores. We assess every application on an individual basis, not just on your credit score. Unfortunately, we’re unable to say if an application will be approved until it has been submitted and thoroughly assessed. It costs nothing to apply, so feel free to place your application online now!
What could I use a Safe Financial bad credit personal loan for?
- Travel, holidays and accommodation
- Car expenses - including repairs, rego, tyres or insurance
- Moving costs - including rental bond, body corporate fees, transport
- New furniture or household appliances
- Family emergencies or funeral costs
- Home renovations
- Education costs - including school fees, uniforms, stationery or tech items
- Medical expenses
- Vet bills
- Gifts for those you love
- And more...
What does bad credit mean?
Bad credit is a term used to describe a person's credit history when they have had trouble paying loans or other bills on time. This history is summarised with a score that indicates the borrower's credit risk. A low credit score signals bad credit, while a high credit score is an indicator of good credit. If there are defaults, missed payments or other negative items on your credit report, these will make your score go down, resulting in either loan denials from lenders, or an approval with a higher interest rate. The lower the credit score the more you are perceived a higher risk for borrowing.
Other common phrases used for bad credit loans include loans with bad credit rating, bad credit history loans, loans for bad credit score, loans with poor credit, unsecured loans with bad credit, personal loan with bad credit, bad credit car loans, online bad credit loans Australia etc. But we do not offer a 'no credit check loan'. All our loans require a credit check.
What is a good credit score and how does it differ from a bad credit score?
Credit reporting agencies such as Equifax (formerly Veda) and Experian calculate a score based on your credit history collected from credit providers, courts and other organisations. This score is ranked on a number scale of between 0-1,200 by Equifax and 0-1,000 by Experian. The Equifax score bands are:
- Excellent: 833-1200
- Very good: 726-832
- Good: 622-725
- Average: 510-621
- Below average to average: 0-509
The lower the credit score the more likely you will be considered a credit risk by different lenders. To find out how to turn a poor credit rating around, read: How to improve your credit score.
Can anyone apply for a cash loan if they have some bad credit?
As long as you’re a Permanent Australian Resident, 18 years of age or older, have a bank account and phone in your name, and a driver’s license or 100 points of ID, you’re welcome to apply.
For new clients (never had a loan with us before), you need to be working. You can also be receiving Centrelink benefits, but your take-home wage needs to be at least $500/week. We are unable to accept an application if you only receive Centrelink benefits.
We offer loans for people with bad credit right across Australia - including Brisbane, Sydney, Melbourne, Adelaide, Perth, Gold Coast, Cairns, Darwin, Wollongong, Newcastle, Hobart, Canberra and anywhere in between!
How much can I borrow if I have some poor credit?
You can apply for a small personal cash loan from $500 - $5,000. We’ll assess your application and try our best to meet your requested loan amount. However, in some circumstances where we deem the credit risk higher, we may initially offer a lesser loan amount, subject to that meeting your needs. Then, once a good repayment history has been established (this helps improve your credit rating with us), higher amounts may be considered for future loans.
How much bad credit is too much?
You are welcome to apply if you have some bad credit - in many cases we are able to approve applications for people that have had past credit problems. However, we would discourage you from applying if you have multiple unpaid loan defaults on your credit report or if you are currently in a Part 9 Debt Agreement.
How much are the loan repayments?
Our simple loan calculator gives you a choice of terms for repayments including all fees, charges and interest. Plus, there are no penalties for early payouts!
How do I apply for a loan if I have a poor credit history?
The application process is quick and easy:
- Use our simple loan calculator — choose a loan amount between $500 and $5,000
- Complete the online application
- Get approved — usually within a few business hours
- Get cash — the $$$’s are in your account
Do you offer bad credit car loans?
Yes, we offer bad credit car loans up to $7,000 with fast in-house approval and a choice of loan terms. These loans are secured with the car used as security. So before you hit the market for your next set of wheels, check out our car loan calculator and apply online to get pre-approval.
Why choose Safe Financial for a bad credit loan?
- Apply online in minutes - just click here - complete your application, and hit submit!
- Fast approvals - you'll get a quick decision, usually within a few business hours. Plus same day funding is available.
- Friendly customer service - our customers love us! They rate us 'Excellent' on Trustpilot.
- Responsible lender - we will only lend you money if you can comfortably afford the repayments and the loan suits your requirements and objectives.
- Repay early and save - if you wish to repay your loan early, there are no early payout fees, so you'll save money!
- WIN $1,000 - when you take out a bad credit cash loan online, you'll be in with a chance to WIN $1,000! Winners are grinners – check out our winners.
- 100% Australian - proudly Australian-owned and operated (no overseas call centres)
- Trusted credit provider - for 20+ years we've been helping Aussies to do more
It’s easy to apply for a bad credit loan - so jump online, complete your application and hit submit! Then, we’ll be back in touch with a decision, quick smart!