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At Rapid Loans, a personal loan is a secured personal loan that requires an eligible registered vehicle as security. Personal loans provide a fixed loan amount that is repaid over an agreed loan term with scheduled repayments.

To apply for a Rapid Loans personal loan, applicants generally need to:

• Be at least 18 years old.
• Be an Australian citizen or permanent resident.
• Have a regular source of income.
• Provide an eligible registered vehicle as security.
• Meet our lending criteria and responsible lending obligations.

Subject to approval, a personal loan may be used for a range of eligible purposes, including:

• Travel and holidays
• Weddings and special events
• Home improvements and repairs
• Furniture and household purchases
• Medical or dental expenses
• Education or training costs
• Other eligible personal expenses

The main difference between secured and unsecured personal loans is whether security is required.

A secured personal loan requires an eligible asset to be used as security. At Rapid Loans, an eligible registered vehicle is generally required. You can continue using your vehicle as normal throughout the loan term, provided you continue to meet your loan obligations.

Rapid Loans does not offer unsecured personal loans. We provide secured personal loans only, with all applications subject to our lending criteria and approval.

Rapid Loans personal loans may be used for a range of eligible purposes, subject to our lending criteria and approval. Common examples include:

• Weddings and special events
• Emergency household or vehicle repairs
• Home improvements and renovations
• Furniture and household purchases
• Medical, dental or veterinary expenses
• Tax or legal expenses
• Rental bonds and moving costs
• Funeral expenses
• Debt consolidation
• Travel and holidays

If you’re unsure whether your intended loan purpose is eligible, our team will be happy to assist.

Yes. If you’re self-employed or a small business owner, you may be eligible to apply for a Rapid Loans personal loan, subject to our lending criteria and approval.

As part of our assessment, we may request different supporting documentation, such as tax returns or other financial information, instead of employee payslips.

Repayments are available weekly, fortnightly or monthly, depending on your approved loan agreement.

A comparison rate is designed to help you compare the overall cost of different loans. It takes into account the interest rate together with most upfront and ongoing fees and charges, based on a standard loan amount and term prescribed by law.

Because it includes more than just the interest rate, a comparison rate can provide a broader indication of a loan’s cost. However, your actual comparison rate may vary depending on your approved loan amount, loan term and individual circumstances.

No. Rapid Loans does not charge early repayment fees. You can make additional repayments or repay your loan early without penalty. Paying your loan off early may reduce the total interest payable over the life of your loan.

Yes. Rapid Loans offers fixed interest rates on our personal and car loans. Your interest rate will be outlined in your loan contract and will depend on factors such as your approved loan product, loan amount and individual circumstances.

To apply for a loan, you’ll need to provide identification and financial information so we can assess your application under our lending criteria and responsible lending obligations.

This may include:

• Proof of identity, such as a driver’s licence or passport.
• Proof of income and financial information, such as payslips or bank statements.
• Details of your current financial commitments, including existing loans or credit facilities.

Depending on your circumstances, we may request additional information or supporting documentation.

Applying for a Rapid Loans personal loan is simple. Select Apply Now on our website and complete our secure online application. You’ll be asked to provide some personal, financial and employment information, along with any supporting documentation required for assessment.

Our lending team will review your application and contact you if any additional information is needed.

All applications are subject to our lending criteria and approval. Terms and conditions, fees and charges apply.

Having a less-than-perfect credit history doesn’t automatically prevent you from applying for a loan. Rapid Loans assesses every application individually, taking into account a range of factors, including your credit history, income, financial commitments and our lending criteria.

If you’re considering applying, it’s worth checking your credit report to ensure the information it contains is accurate. Avoid applying for multiple loans in a short period, as this may affect your credit profile.

All applications are subject to our lending criteria, responsible lending obligations and approval.

We aim to review applications as quickly as possible. Processing times will depend on your individual circumstances and whether all required information has been provided.

If your application is approved and all requirements have been met, funds may be available as soon as the next business day.

Rapid Loans offers secured personal loans from $2,001 to $45,000, subject to our lending criteria and approval.

Your approved loan amount will depend on factors including your financial circumstances, the purpose of the loan and our lending assessment.

Rapid Loans aims to assess applications as quickly as possible. Assessment times vary depending on your individual circumstances and whether all required information has been provided.

If additional documentation is required, we’ll let you know promptly and keep you informed throughout the assessment process.

If your application is approved and your loan settles, we’ll arrange for your funds to be transferred as quickly as possible.