Do you have an emergency and need some quick cash? Online loans are the go-to solution for your financial problems. You can qualify for these loans even with bad credit.
Below is a list of the best payday loans for bad credit in Australia.
1. Viva Payday Loans
This is an online platform that offers loan matching services to borrowers. Viva Payday Loan provides loans ranging from $100 to $5,000 with repayment periods from 16 days to a year.
This platform provides payday loans for bad credit, and Centrelink recipients can also qualify.
There’s a 4% monthly fee and a 20% establishment fee for loans less than $2,000, while from $2,001 and above, loans have a $400 establishment fee and an APR of 20% to 199.43%.
You have to meet some eligibility criteria to apply for Viva Payday Loans. Fill out your details and the amount you need, then submit your application online.
Viva Payday Loan will match you with a suitable lender who will send you the loan contract. You’ll have to sign the terms and conditions before the lender transfers funds to your bank account.
Pros
- No collateral.
- Quick application process.
- Bad credit borrowers can qualify for the loans.
Cons
- High rates and fees.
2. Gday Loans
This loan matching service platform allows customers to apply for loans from top lenders with just one application.
Gday loans have collaborated with leading lenders in Australia who are willing to offer a wide array of loans such as payday loans for bad credit.
If you are cash strapped and need some money to keep you going until your next paycheck or need some cash to keep your business afloat, Gday loans is the platform for you.
The application is entirely online, and it takes roughly three minutes. The response after application submission is also fast.
Pros
- You will receive the funds the same day your application is approved.
- The platform offers loan amounts ranging from $200 to $5000.
- Fast application and approval process.
Cons
- The platform isn’t upfront about the interest rates.
3. Fair Go Finance Small Loan
Fair Go is an online site that offers small loans between $300 to $2,000 with loan terms from 1 to 24 months. The repayment schedule is planned according to the borrower’s income frequency, and there’s also an option of timely repayment without penalty.
Borrowers with bad credit can qualify for loans on this platform, although they won’t get an establishment fee waiver. The loans are too costly even for those with good credit who get a waiver on the establishment fee.
In addition to the 20% establishment fee and the loan amounts of $18 to $400, you pay a 4% monthly fee. It’s advisable to apply for these payday loans only during emergencies since they are a short-term financial solution.
Pros
- Extended loan periods from one to twelve months.
- Wide range of loan amounts from $300 to $2,000.
- Unsecured loans that don’t require collateral.
- Fixed repayment plan as per the borrower’s income frequency; fortnightly or monthly.
Cons
- 4% monthly fee.
- You’ll incur a 20% establishment fee of the loan amount when you first receive the loan.
4. Jacaranda Personal Loan
Jacaranda Finance is an online short-term loan provider. This platform offers loans with flexible eligibility standards, and the applications are analyzed individually. The application process is quick, and the applicants get feedback within an hour.
You can apply for loans up to a maximum of $10,000 with repayment terms of more than two years. The interest rate is between 8.69% to 48%, with a comparison rate of 12.05% to 48% as per your credit.
Potential borrowers can still be eligible if they receive Centrelink payments, have a negative credit listing, or are undischarged bankrupt. Individuals in a part 9 debt agreement are ineligible.
Pros
- Loan amounts range from $300 to $10,000.
- Flexible repayment terms ranging from 9 to 24 months—meaning lower ongoing repayment.
- The application and approval process is fast.
- You can still qualify for a loan even with bad credit. Loan applications are assessed individually.
- Welfare beneficiaries can still apply and qualify for loans.
Cons
- Borrowers incur establishment charges ranging from $0-1000 based on their credit.
- Jacaranda Finance charges a $35 direct debit dishonor fee if they try to deduct funds from a customer’s account and are unsuccessful.
5. Sunshine Short-Term Loans
Sunshine short-term loan matching service connects borrowers with bad credit lenders that can give loans ranging from $150-$2000, with repayment terms of 9 to 24 weeks. You can also make early loan repayments without any penalties.
The platform charges a 4% monthly fee and a 20% establishment fee similar to other payday lenders. Borrowers who receive government benefits can apply for the loan if the benefits are 50% less than their income. Customers with poor credit are also eligible.
Pros
- The repayment plan depends on the borrower’s earning frequency.
- You can get loans of up to $2000.
- Applications made during business days are processed immediately, and money is disbursed on the same day.
Cons
- Borrowers must provide employment information or Centrelink payment details.
Bottom Line
If you have poor credit, payday loans can come in handy when you need some quick cash. Applying for these loans is straightforward — all you need is a computer or smartphone!
