About Bad Credit Loans
Bad credit loans can help provide emergency cash for unexpected bills and unplanned expenses. A Bad credit loan is specifically for applicants who don’t have the best credit rating. For example, people who have experienced credit issues such as bankruptcy or defaults in the past.
We understand how discouraging it can be to be declined for personal finance due to a past borrowing mistake. A default or missed payment on your credit file does not always imply that you are a bad borrower.
We look at everyone based on their current situation and current capacity to pay a loan. Our team of friendly bad credit loans experts will try and help you. We offer poor and bad credit loans at competitive rates.
Wonder Loans understands that things change and just because you’ve had financial issues in the past, it doesn’t mean you can’t fulfil your loan commitments now. Every Aussie deserves a second chance, so if you meet our personal lending requirements, we’ll try to assist you with a bad credit loan.
We see you as a human being, not a number. Instead of just looking at your credit score, our loan assessors consider your current financial situation. To help do this, we review your last 90-days of banking (and your Centrelink statement if you have one) to establish if you can manage your loan repayments.
Try our easy 100% online application form that only takes minutes to complete. We take time to understand your situation and assist you.
Do I qualify for a bad credit loan?
As responsible lenders, we do have eligibility requirements.
- You must be a permanent resident Australian
- You must be a minimum 18 years old
- You need to prove you have a regular income
How Can I Apply For A Bad Credit Loan?
- Simply Apply Online 24/7 In Just 5 Minutes
Our loan application process is fast, efficient and clear. Use any connected device to apply online.
- Get Approved & Confirm Online
If you meet our lending criteria, we will notify you via email/SMS to digitally sign your contract online. We verify the assessment information you send us in a very secure manner, without tons of paperwork. Our entire process is online and we keep you informed at every stage of the process.
- Get Funds Same Day
If approved before 5pm, we will deposit the funds into your account the same day. All approved loans are paid as soon as they are approved. Depending on your bank, you will receive your money on the same day as you apply, Monday to Friday.
Apply for a Bad Credit Loan Online today.
Example of a Small Loan (Small Amount Credit Contract)
You need a loan of $1,000 to fix your car. You apply online and you choose your loan amount and your repayment term. You choose to pay it back in 10 payments of $132 per week.
$132 x 10 Repayments per week = $1,320 Total Amount Repaid
In the above example, you will pay:
- Adjusted Credit Amount: $1,000.00 (the amount that you receive)
- Establishment Fee: $200.00 (set by NCCP at 20% of the loan amount)
- Monthly Permitted Fee: $40.00 per month
- Amount of Credit of the Loan: $1,240.00
- Nominal Percentage Rate (Interest) per annum: 0% as defined by NCCP
- Comparison Rate: 201.9447% as defined by NCCP
- Total Amount of Interest Payable: NIL
- Total Number of Repayments: 10
- Consisting of 10 repayments of $132.00
- Total amount repaid: $1,320.00
These examples assume that repayments are made on time as per the original loan contract terms. For more information on our fees see our Costs Page