Bad Credit Personal Loans

Borrow from $2,000 - $25,000 for renovations, weddings, holidays, bills, emergencies, debt consolidation and more.

  • Rates from 7.59% (comparison rate 12.24% p.a.)
  • Any credit score
  • 100% Online Application

Creditworld is a credit broker and not a lender. Australian Credit Licence Number 397589.

Easy 100% Online Bad Credit Personal Loans applications for up to $25,000

At Creditworld, we aim to make the process of comparing personal loans in order to find the best personal loan rates as painless as possible.


We have a panel of lenders to help you get approved. Simply tell us what you need from your loan, we’ll take some details and do the hard work for you.

Easy online applications

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Quick outcomes

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Instant cash

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  • $6,000
  • $25,000
  • 0yr
  • 1yr
  • 2yr
  • 3yr
  • 4yr

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Monthly repayments


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  • img Instant decision in most cases
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Am I eligible?

Please note:

This interest rate is for people with good credit. The interest rate shown may vary. It will depend on the amount and term along with your personal circumstance and credit rating.

Benefits of the Creditworld Personal Loan for Poor Credit Service

  • Easy 100% online application process
  • A panel of lenders to get you approved
  • They can lend to good credit history, no credit history and bad credit history
  • The online application takes an average of 8 minutes
  • You are under no obligation to go forward with the personal loan

“We love that we were able to renovate our kitchen and transform it into a place that works for us. A small personal loan from Creditworld was a big part of making that possible.”

Cynthia and Max

Sydney, NSW

“We love that we were able to renovate our kitchen and transform it into a place that works for us. A small personal loan from Creditworld was a big part of making that possible.”

Cynthia and Max

Sydney, NSW

What are you planning on using your personal loan for?

Buying a car

Spread the cost for your car purchase, new or old.

Car Loans

Debt consolidation

Manage all your existing debts with one simple monthly payment.

Debt Consolidation Loans

Personal loan

Get a loan to upgrade your space or finally go on that holiday.

Personal loans

Get your personalised rate

Apply now to find out what loan rate we can offer you.

What is a personal loan?

Straightforward and relatively flexible, a personal loan is a type of loan that allows you to borrow funds to put towards pretty much anything that’s not business-related. When you apply for a personal loan, you choose the amount you want to borrow – typically ranging between $5,000 and $50,000, depending on the lender – and then you repay that amount in equal repayments over a fixed term, plus fees and interest.


One of the great things about personal loans is the fact that you can use them for almost anything. While certain lenders may stipulate what you can and can’t use your personal loan for, most will simply provide you with the funds after checking your eligibility and ability to repay, giving you free rein over how you spend the loan.


So, how do most people use their personal loans? Here are some of the most common personal loan uses – although there are many more we don’t have space to mention.

  • Holiday: A personal loan can help cover every aspect of travel or just certain parts of a trip. You could take out a personal loan to cover your flights, accommodation, tours, meals and spending money, or just one or two of those costs you don’t have the funds to cover upfront. Using a personal loan for travel can allow you to lock down flights and accommodation early, to then pay it all back over a set period of time.
  • Renovations: Renovating your home can be costly, especially when you have to bring in specialists such as plumbers and electricians. A personal loan could help cover large renovations, smaller upgrades, furniture or even electronics and white goods. Should any unexpected expenses crop up during the renovation process, a personal loan could help cover the cost of that too.
  • Car: Thinking about buying a car? While there are plenty of car loans out there to choose from, you may also opt for a personal loan to cover the purchase. When making a decision, weigh up the two options carefully, looking at cost and eligibility. Bear in mind some lenders may not allow for the purchase of a vehicle with their personal loan products, especially if they offer car loans as well.
  • Wedding: From the venue to the dress, the catering to the celebrant, weddings don’t come cheap. A personal loan can help cover part of those expenses, or the entire wedding, allowing couples to spread the cost over a number of years. Planning a honeymoon? You could tack on the cost of your trip to your personal loan, to then pay it all off together.
  • Medical Bills: When the dog swallows a squeaky toy. When one of the kids needs braces. When you decide to go private for treatment to avoid the long wait within the public system. Medical costs can be hefty – and if you don’t have the cash available to pay the bill when it comes, you will need to find another way to pay. Providing funds when you need them, a personal loan could offer a worthy solution, allowing you to pay those bills now, and then repay them over time.
  • Debt Consolidation: Using a personal loan to consolidate your debt could allow you to streamline your finances, making them easier to manage. Your personal loan could pay off other high-interest loans and credit cards, giving you one easy repayment each month to keep track of. This could help you save on interest, or spread your debts over a longer period to benefit from more manageable repayments. Check out our debt consolidation loans for more.

Benefits of Choosing a Personal Loan

Why choose a personal loan over other alternatives? Let’s take a look at some of the benefits of applying for a personal loan.

  • Fast Access To Funds: While some personal loans take a few days to be approved, others can offer access to funds within a few hours of application. If you don’t have time to save, or you simply need fast access to cash, a personal loan can provide you with the funds you need, when you need them.
  • Lower Interest Rates: When you borrow money from a credit provider, you will be expected to pay interest on the amount borrowed. Unlike credit cards, which can charge interest in excess of 20% p.a., personal loans can offer access to credit at much lower rates. While the rate you pay will depend on the type of loan and your personal circumstances, a lower rate should lower your interest costs, allowing you to pay back what you owe much faster.
  • Scheduled Repayments: Unlike credit cards, which only require a minimum repayment each month, personal loans have a set repayment schedule. This can make it easier for less resolute borrowers to repay what they owe, providing them with an end date for paying off their total debt.

Unsecured Personal Loans

With an unsecured personal loan, there is no security placed against the debt.

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As a more flexible option, you may opt for an unsecured personal loan if you do not have or do not want to place an asset against the loan as collateral.

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With no collateral placed on the loan, this type of loan could be thought of as lower risk for the borrower. But while the lender has no collateral to repossess if you fail to repay the loan, they may still take you to court.

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Lower risk to you, unsecured personal loans are higher risk to the lender. This may result in higher interest rates, and stricter eligibility requirements. If you don’t have excellent credit, you may find it more difficult to get approved for this type of personal loan.

Secured Personal Loans

With a secured personal loan, the loan is secured against some form of collateral. If you are buying a car, this may mean your loan is secured against the car you purchase. If your loan is for some other purpose, you would typically secure the loan against your home.

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As you are securing the loan against some form of collateral, this reduces the risk for the lender. In return, the lender may offer lower rates on the loan, reducing the amount you have to pay out in interest.

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With security on the loan, it may also be easier to get approved.

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If you are unable to repay the loan and default on your debt, the lender has the authority to repossess your collateral and sell it to cover your unpaid debt. As with any type of loan, it’s crucial that you only take out a personal loan you know you can pay back, to reduce the chances of this happening to you.

To be eligible for a loan with Creditworld you must:

  • Be over 18 years of age
  • Be an Australian citizen or permanent resident
  • Have received a regular income (for the last 90-days)
  • Have internet banking set up
  • Hold a direct contact number and email address

Personal Loan Features

Certain features can create flexibility within a personal loan, making it better suited to your needs. You will usually find variable rate personal loans offer more features – and therefore, more flexibility – than fixed rate personal loans. You may also find personal loans with more features can be more costly as a result of their flexibility.

  • Extra Repayments: If you think you’ll want to make extra repayments on your loan, look for one that allows for this – and doesn’t charge fees for the privilege. By making extra repayments, you can pay off the loan sooner, paying less in interest overall as a result.
  • Redraw Facility: A personal loan with a redraw facility essentially holds any extra repayments you pay in. The balance held within the redraw facility works to lower the balance of the loan – and so, the amount you pay in interest – but remains available to you, should you wish to withdraw it later down the line. Redraw fees may applied.
  • Flexible Repayments: Some lenders allow borrowers to choose their repayment cycle, offering the choice of paying weekly, fortnightly or monthly. This could allow you to choose a repayment cycle that aligns with your paycheck, making it easier to budget. Or it could ‘trick’ you into making higher repayments, to then pay off more each year.


How does this work? A fortnightly repayment is typically half a monthly repayment. But, there are 26 fortnights in a year, not 24. This means you are paying two ‘extra’ fortnightly repayments each year. The same applies for weekly repayments, where you would pay four ‘extra’ repayments each year.

Top questions people ask us

What is the difference between a variable and fixed rate personal loan?

A variable rate personal loan has an interest rate that is not fixed, which means it can go up or down at any time. While this rate may be influenced by the official cash rate, it is the lender that determines the rate you will pay on the loan at any given time.


If rates trend down, your rate may also fall. This will reduce your repayments, lowering the amount you pay in interest.


Variable rate personal loans tend to be more flexible than fixed rate personal loans, offering additional features, such as the ability to make extra repayments without penalty.


If rates trend up, your rate may follow. This will increase your repayments, while also increasing the amount you pay in interest.


As your repayments are changeable, this can make it more difficult to budget. If you’re on a tight budget, things may get somewhat uncomfortable if your repayments increase.


With a fixed rate personal loan, the loan’s interest rate remains the same throughout the length of the loan.


If you apply for a fixed rate personal loan when the market is at its lowest, you may enjoy a low rate throughout your loan period, even as rates on variable rate loans start to rise. This could save you on interest.


With a fixed rate, your repayments will be the same, each and every month. This can make it easier to budget, allowing you to set aside a certain amount each month to cover the cost of repaying your loan.


If you apply when the market is high, you could get stuck paying over the odds in interest as interest rates elsewhere start to fall.


Fixed rate personal loans can be inflexible. Some loans do not allow extra repayments or early repayments without hefty fees.

Can you apply for a personal loan when you’re self-employed?

When you apply for a personal loan, the lender wants to know you have the ability to repay the loan on time, each and every month. Due to the sometimes unpredictable nature of self-employment, paycheques may not be as steady as they would be in other forms of employment, which makes the loan a higher risk for the lender.


With that being said, it is still possible to get approved for a personal loan when you’re self-employed. To find approval, you would need to apply for a loan with a lender that allows for self-employed applicants. Loans may be traditional loans, specialist loans or low-doc loans.


TIP: Be prepared to provide a wider range of documentation than other borrowers. If you opt for a low-doc loan, you may have to cover higher loan costs, either in terms of interest or fees, due to the riskier nature of the loan.

Can you get a personal loan with no credit check?

Small amount loans – also known as payday loans – can provide an alternative to traditional personal loans, often with no credit check required. These loans are typically offered over a shorter period of time, but may come with much higher costs.

Can you apply for a joint personal loan?

As long as the lender allows for it, you may apply for a personal loan with a co-borrower. This co-borrower may be a spouse or partner, a sibling or a friend, for example. Someone you trust, in other words.


You may choose to apply for a joint personal loan because you will be using the borrowed funds together. Applying as co-borrowers may also make it easier for you to get approved, especially if one applicant has a steady income from long-term employment, while the other applicant is self-employed.


It is worth bearing in mind that both applicants will undergo a credit check, and must meet the eligibility criteria of the loan. Both applicants are also responsible for the repayment of the loan. So, if the loan defaults, it will affect the credit of both borrowers.

* This offer only applies to our personal loan product that is funded through Jacaranda Finance Pty Ltd. Most applicants that are approved by Jacaranda Finance Pty Ltd have their money in their bank account and ready to use within 60 seconds of accepting their digital contract, providing applicant banks with an NPP-enabled financial institution.

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