If you’re experiencing financial hardship and can’t keep up with your loan repayments, our team is here to support you.
You don’t need to wait until you’ve missed a payment, getting in touch early can make a big difference. Whether you have a personal or auto loan, we’ll take the time to understand your situation and work with you to find a practical way forward.
Contact us
If you’re unsure where to start, reach out to our team. Requesting hardship assistance is free.
- Call: 1300 660 531
- Operating hours: Monday to Friday, 8:30am to 5:00pm AEST
- Email: hardship@rapidloans.com.au
Learn more about financial hardship
How we can help with financial hardship
Customers have the right to request a hardship variation under section 72 of the National Credit Code. Requesting hardship assistance is free. Depending on your circumstances, we may be able to help with:
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Pausing your repayments for a set period (sometimes called a moratorium)
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Reducing your repayments for a set period. After the hardship period ends, your repayments would increase so any missed amounts (your arrears) are cleared within a reasonable time.
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Putting a hold on interest and fees for a set period
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A combination of these options
Every situation is different. Our approach to financial hardship is flexible and tailored, so we can find an option that works for your current financial position.
What we’ll need from you to assess financial hardship
To understand your situation and provide the right level of support, we may ask for:
- Your current income and expenses
- The reason for your financial difficulty
- What repayments you can reasonably afford
- Supporting documents (e.g. bank statements or medical certificates)
All information you share is handled confidentially and only used to assess how we can best support you.
What happens next?
Once we’ve reviewed your situation, we’ll talk through the available options and agree on a plan together.
This may be a short-term arrangement or a longer-term solution, depending on your circumstances. We’ll clearly explain any changes so you know exactly what to expect moving forward.
If you are not satisfied with the outcome of your hardship application, you can ask us to review the decision. In the first instance, this review is handled by our Internal Dispute Resolution (IDR) team, which is a free service for customers. To request a review, email idr@rapidloans.com.au or call 1300 660 531.
www.afca.org.au and post: GPO Box 3, Melbourne VIC 3001.
We trust that such further action will not be necessary as we endeavour to resolve all complaints through our internal disputes resolution process.
Additional support for financial hardship
If you’d like independent guidance while managing financial hardship, free and confidential help is available:
- National Debt Helpline – 1800 007 007
- ASIC MoneySmart
- Australian Government Financial Information Service
- 1800RESPECT – 1800 737 732
- Mob Strong Debt Help – 1800 808 488
Reaching out for support early can help you better understand your options and feel more in control.
Frequently asked questions
Will financial hardship affect my credit score?
Entering into a financial hardship arrangement may be noted on your credit file, depending on the type of assistance provided. However, reaching out early and working on a plan can help you avoid missed payments, which may have greater impact on your credit score.
What happens if I miss a repayment?
If you miss a repayment, it’s important to contact us as soon as possible. The sooner we understand your situation, the more options we may be able to offer to help you get back on track.
How long can financial hardship assistance last?
This depends on your individual circumstances. Some arrangements are short-term to help manage temporary challenges, while others may be longer-term. We’ll work with you to agree on a timeframe that’s realistic and manageable.
What if I’m not sure I qualify?
If you’re unsure, it’s still worth getting in touch. Our team can talk through your situation and let you know what options may be available.
Can I apply if my account is up to date?
Yes. You don’t need to miss a repayment before requesting assistance. If you think you may have difficulty meeting future repayments, we encourage you to contact us as early as possible.
What if my situation changes after we agree on a plan?
If your circumstances change again, please contact us. We can reassess your situation and discuss whether further support options may be available.
Will collections activity be placed on hold?
We’ll work with you while your hardship request is being reviewed. Any debt collection or default action will be paused while we assess your application and any requested information.
Can someone else apply on my behalf?
Yes. You can nominate an authorised representative, financial counsellor, or support person to speak with us on your behalf. However, we will require your consent before discussing your account with a third party.