Got bad credit and need a small loan fast? We're here to help!
At Swoosh Finance, we understand that not everyone has a perfect credit history. If you’re in Australia and need a small bad credit loan, we’re here to help. We can service a wide range of credit scores, including those with poor or very bad credit. You can borrow up to $5,000 with same day approval on eligible applications.
Fast approval, friendly service, and no early repayment fee if you choose to pay off your loan sooner. Apply online for free today to get started!
Apply for $2,200-$5,000 today with a local Aussie direct lender!
How to apply for a loan with Swoosh
Step 2:
Get approval within 60 minutes of receiving required information (during business hours)*
Step 3:
Get paid directly into your bank account
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.
Why Choose Swoosh Small Loans?
Application reviewed in minutes… by actual humans, not computers!
About our fast cash loans for bad credit
Bad credit loans are cash loans that are designed for individuals with a low credit score or poor credit history. Traditional lenders might reject your application, but Swoosh Finance offers you a second chance. As a private lender, we can provide loans to people with less than ideal credit, as long as they meet our eligibility and lending criteria.
All our bad credit loans use a car or other vehicle as security. So you can get a loan using your car as collateral and keep driving while you repay.
Loan term
All Swoosh small loans have a fixed loan term of 12 months.
Secured or unsecured?
Secured against a car or other vehicle.
Repayment options
Weekly, fortnightly or monthly to align with your payday. Payments are automatically direct debited, so you never have to worry about missing a payment.
Am I eligible to apply for a loan?
We keep things simple, to be eligible to apply for a quick bad credit loan you need to:
- Be 18 years or older
- Have been employed for at least 3 months
- Be a permanent resident or valid visa holder of Australia
- Own a vehicle (like a car or motorbike) registered in your name
Rates & fees
| Loan amount | $2200 to $5000 |
| Application fee | $0 |
| Establishment fee | $400 |
| Other fees and charges | $16 |
| Annual Interest | 47% (Comparison Rate 66.0347%)** |
| Term length | 12 Months |
| Debit dishonour fee (if a scheduled payment is returned unpaid) | $35.00 |
| Repayment options | Weekly, fortnightly or monthly (based on your pay schedule) |
We like to keep things simple with our small personal loans for bad credit.
Interest is calculated daily, based on the outstanding balance and then applied to your account. Daily interest rates are computed by dividing the annual interest rate by 365.
Find out more: Payday loans rates and fees
**WARNING: This comparison rate is based on the Swoosh Medium Loan for an amount of $2,500 over 2 years and a $400 establishment fee. This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Ready to get your loan?
Whether it’s for an unexpected bill, a last-minute holiday, or to consolidate existing debt, give yourself a break and apply now with Swoosh.
Do you offer very bad credit loans with guaranteed approval?
We do offer approval on loans with bad and even very bad credit. But as responsible lenders, we cannot offer guaranteed approval no matter what.
We need to verify that you meet our eligibility & lending criteria. But we know that situations can improve faster than credit scores. So as long as your current situation meets our lending requirements, a bad credit history won’t hold you back from being approved for a loan.
Bad credit loans no credit checks
Swoosh does conduct a credit check as part of our responsible lending practices but we always offer a fair go to everyone, even those with bad or very bad credit. That’s why we always use human assessors, not computers, to review each application.
Read more: Do Cash Loans Without Credit Checks Really Exist?
Loan on Centrelink with bad credit
You can still get a loan from Swoosh while on Centrelink payments. You will need to be employed for at least 3 months and meet our eligibility and lending criteria.
Bad Credit Loan FAQs
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.
Am I eligible for a Swoosh loan?
To be eligible for a Swoosh loan, you need to meet the following criteria:
- Be over 18 years old
- Permanent Resident or a valid visa holder of Australia
- Employed for at least 3 months with minimum weekly pay of $300 (after-tax)
- Own a vehicle registered in your name
How much does it cost?
We’re transparent with our fees. There are no hidden fees, so you can make the best decision. Find out more here: Payday loans rates and fees
Can I get a loan without a car?
Swoosh cash loans need to be secured by a vehicle registered in your name. This is generally a car but it could be another type of vehicle as well, like a boat or motorbike.
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 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 credit history. That’s why we offer debt consolidation loans!
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.
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
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.
Are payday loans bad for credit?
Like other types of personal loans, payday loans can be bad for your credit score if you miss payments or default on the loan. They can also help improve your credit score if you consistently make payments on time. The specifics of how a loan impacts your credit score depend on whether the lender reports to credit bureaus and what information they provide.
There are a number of other factors that can influence credit scores. Some of these include hard checks on your credit file, the number of credit enquiries in a short space of time, and the type of credit.
Read more: Should You Get a Personal Loan to Improve Your Credit Score?
Loans for Bad Credit
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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.
Looking for a loan near you? Check out some of the locations we serve.
