Rapid Finance Bad Credit Loans
With Rapid Finance, you can apply for a wide variety of loans even with bad credit. Costs will vary according to individual applications and the type of loan.
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GoRapid specialises in loans for customers with a bad credit history, and who are unable to get loans elsewhere. These loans include car loans, personal loans, bike loans, boat loans, equipment loans and more. While the cost will vary based on the applicant and the type of loan you apply for, loan terms are between 1 to 7 years. Repayments are flexible, allowing you to make weekly, fortnightly or monthly repayments. If you have security to offer, you may get better terms.
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Types of Rapid Finance loans
GoRapid provides a wide variety of bad credit loans. Depending on what you're looking to finance, you might want to consider applying for their:
- Bad Credit Car Loans. If you're looking for finance for a vehicle but have bad credit, you can apply for one of these loans. Enjoy a free finance assessment and loan options such as chattel mortgages novated leases, consumer car loans and commercial hire purchases.
- Bad Credit Home Loans. Home loans for those with bad credit can be accessed through Rapid Finance. First home buyer, refinance, investment and commercial are available.
- Bad Credit Personal Loans. Aren't looking to purchase an asset with your loan? Personal loans for bad credit applicants are also on offer. There are no penalties for extra repayments with these loans, helping you to save on interest if you're able to repay your loan early.
- Bad Credit Leisure Loans. Finance for bikes, boats, jet skis and caravans can be found under the tailored 'leisure loan' umbrella. As with most Rapid Finance loans, bad credit borrowers are considered.
- Bad Credit Equipment Loans. Applicants, including those with less-than-perfect credit, can apply for finance for trucks, 'yellow goods' and other equipment, which can help your business get the tools it needs to keep going.
Rapid Finance Bad Credit Personal Loan
Rapid Finance Bad Credit Car Loan
The features you can expect when you borrow
- Bad credit considered. One of the biggest stumbling blocks in getting a loan is having a negative mark on your credit file. This can make it difficult to be approved for loans from a vast majority of lenders. However, Rapid Finance will look at your current financial circumstances while considering you for a loan, looking beyond any bad credit you might have run into.
- Wide variety of loans. They provide loans for different purposes, including to finance a boat or a vehicle, to buy a home, a caravan or even a bike. This essentially makes them a one stop shop for most bad credit financing requirements.
- Repayments. You'll have between one and seven years to repay your loan, and you'll be given a rate based on your application. You can make weekly, fortnightly or monthly repayments.
- Fee structure. The fees for loans is based on individual circumstances. This allows you to get loans for attractive terms if you can meet the requirements, such as if you have a property in your name or if you can provide any other security.
- Free assessment. The preliminary assessment is free of charge. A quote is provided after the assessment if it is found that financial assistance can be provided. The services up until this point are provided without any cost attached to them.
What you'll pay when you take out a loan
Fee and charges vary according to individual applications and the type of loan taken out. The initial assessment of the application is done free of charge. After a quote is provided, there might be certain fees charged depending on the loan. If a valuation of the secured property is required, the costs attached to it may be included in the fees.
Back to topHow to apply for a loan from Rapid Finance
If you would like to apply for a loan, you can start filling the application form by clicking ‘Go To Site’ on this page. This will redirect you to an online application which needs to be filled. Keep in mind you need to be over the age of 18 to apply. Have the following details on hand to submit your application:
- Personal details. These include your name, date of birth, contact number and driver's licence number.
- Financial details. If you've been bankrupt or in a Part 9 Debt Agreement, you'll need to list your status. You also need to list any property you own outright or under a mortgage, as well as any defaults you have.
- Employment details. Your current work status, how long you've been at your current and previous job and your net pay after tax will need to be listed.
GoRapid can assist you in getting your dream car or finding the ideal loan if you have bad credit. They provide a quick and competitive service that can be very useful for customers looking for immediate financial assistance.
Back to topFrequently asked questions
I have been denied a loan by a couple of lenders. Will I be successful in getting a loan from Rapid Finance?
Every organisation has different credit criteria for various loans. Rapid Finance specialises in bad credit loans and instead of looking at prior results, they assess all applications on their individual merit. Whether or not you are approved will depend on your financial situation and your ability to meet your loan repayments.
Are there any charges for the services provided by Rapid Finance?
Rapid Finance provides their services free of charge until the point of providing a quote. The initial assessments for most of the loans do not require any cost or charges from the applicants. Only after a loan is accepted by you do the fees for that respective loan need to be paid.
What interest rate will apply to my loan?
Rapid Finance offers various rates. The actual interest rate that will apply to your loan will depend on your individual financial circumstances and the information you supply in your application.
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Ask a question
Hi.
I am 26, a single mum of two, receiving parenting payment, study- self paced to start my own business by March 2016 (fingers crossed)
Also, 4 months ago started with a direct sales company earning additional income on top of my fortnightly payment.
I have no other loans, no bad credit small deposit of my own and also my parents as a guarantee on a loan.
Where does this leave me standing with a home loan?
Thanks You
Hi Guest,
Thanks for your inquiry.
If you are currently receiving government benefits, you have a secondary source of income (as you mentioned), and good credit history, you should be able to qualify for a loan. Just keep in mind that lenders have different criteria that need to be met but ultimately they will determine your ability to service the loan. They may also take into consideration the number of dependents you have.
You can read about guarantor home loans and home loans for Centrelink recipients to know your options. I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
Before applying for a home loan, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Thanks,
Belinda
im wanting to consolidate my 2 loans i get centrelink plus i have a steady income im a single mum with 2 kids and i find i often get turn down which is silly cause i know i can pay
Hi Kelly,
Thanks for your question.
When it comes to applying for a loan as a Centrelink recipient, lenders need to be sure you will be able to manage repayments comfortably. As you already have two loans that you are paying off, they may see it as too much of a risk to take you on as a borrower – it should also be noted that each time you apply for a loan it is listed on your credit file, so applying for several loans in a short space of time and being rejected may be a red flag to lenders.
You may want to have a read of our review of loans to Centrelink recipients to find out about your Centrelink loan options. You could also consider giving the free financial counselling service a call on 1800 007 007.
I hope this has helped.
Thanks,
Elizabeth
Hi I am also on Centrelink payments. I get 470.90 a fortnight but I also receive money from my mother, but that does not go into my bank account so I only have my Centrelink income on paper. Any help ?
Hi Bodhi,
Thanks for your question.
You are able to apply for a loan if you receive Centrelink payments but your application will be handled on a case-by-case basis. Unless you can show evidence of the income you receive it may not be considered. If this is your sole income, you can find lenders who may consider letting your borrow on anunemployed loans.
If you are receiving Centrelink payments as well as a supplementary income, you can compare lenders who offer loans to Centrelink recipients and other government and community assistance programs that you can apply.
I hope this has helped.
Thanks,
Elizabeth
I am on centrelink payment, can i get a loan?
Hi Jill,
Rapid Finance don’t offer clear-cut rules on this, so your application will be judged on a case-by-case basis. The minimum criteria is that you earn a steady source of income, so if you do you are able to apply.
I hope this has helped.
Thanks,
Elizabeth