Start Living!
Loans for
your lifestyle.

Rapid Loans offer personal loans from over $2,000 up to $40,000 for all of life’s big and small moments. Start living your best life today!

How it works

Apply Online

Complete our easy online application form. Don’t worry, we only need the important stuff to get you moving.

Upload Documents

Upload your important docs via our secure online platform. We’ll tell you what you need, and it only takes a few minutes.

We’ll Get In Touch

Your application will be reviewed and one of our friendly loan consultants will be in touch soon!

Receive Funds

If approved, have your funds faster than you can say Rapid Loans! If you applied in the morning, they could hit your account the very same day.

We Give You A Fair Go

Lacking Good Credit History

Some of us are starting out and some of us are starting over. Whatever the case, your credit history might be a little patchy or even non-existent. That’s cool! We’ll give you a leg up or a second chance to get you going.

Discharged From Bankruptcy

Bankruptcy can sometimes feel like the end. At Rapid Loans we treat it as a fresh start. So, whether you’ve been bankrupt in the past or just recently discharged, we’re here to see how we can help you back on your way.

Credit File Defaults

No sweat. Rapid Loans looks at all applications with a fresh eye. We know life happens, so we assess your application as a whole.

Frequent Questions

Find the answers you are looking for by browsing through a number of questions we get asked a lot.

What is a personal loan?

If you’ve been wondering what a personal loan really is, it’s simply just a way for you to borrow money from a lender, like Rapid Loans. A personal loan gives you an opportunity to achieve, purchase or do something that you might not have been able to do if you didn’t have savings set aside. Whether you’re eyeing up a renovation, need an online loan for an overseas holiday or just want to consolidate your debt, a personal loan is an option for you to consider.

Once you’ve been approved for a personal loan, you then repay the loan amount with fees and interest in instalments over an agreed period of time, usually between one and five years.

Compared to credit cards and home loans, personal loans are just as straightforward as they sound! If you’ve been tossing up the idea of a credit card instead, they might seem like they have their uses but can often be more difficult to manage as there’s no fixed date for repayments so you may catch yourself in a cycle of debt without a light at the end of the tunnel.

You’re able to apply for a personal loan in Australia if you are over 18, are an Australian citizen or permanent resident and have a regular source of income that meets the lender’s eligibility criteria.

Some things you can use a Rapid Loans personal loan for are:

A holiday
Your wedding
Home renovations
Home repairs
New furniture
To help pay bills
Medical procedures

What’s the difference between secured and unsecured personal loans?

The difference between secured and unsecured personal loans is whether or not the loan requires an asset as security.

Secured loans are backed by an asset that the lender uses as security over the term of the loan, so if you don’t make your repayments the lender could repossess and sell the asset to pay towards the loan. The most common assets used as security are any type of vehicle registered in your name such as a car, caravan, boat or motorcycle.

Unsecured loans are a higher risk for lenders. Rapid Loans does not offer unsecured personal loans. Instead, we only provide secured personal loan options in order to offer better rates and loan terms to our customers.

What are acceptable loan purposes?

Some of Rapid Loans’ acceptable loan purposes include:

– Wedding costs.
– Emergency repairs, household repairs or mechanical expenses.
– Renovations like putting in a pool.
– Purchase of electrical goods, white goods and furniture.
– Medical, dental or vet expenses.
– Tax or lawyers bills.
– Rental bond or removalist expenses.
– Funeral expenses.

We’ve got the ticket to your next adventure with a Rapid Loans secured travel loan. The easy online application means if you’re approved, you can cover your flights, accommodation, activities and more so you’ve got the freedom to explore without money worries weighing you down.

If you’ve found yourself with more than one debt, applying for an online loan for debt consolidation can help reduce your stress so you’re able to easily manage multiple loans. A debt consolidation loan works by simply allowing you to take out a new personal loan and use these funds to pay off your existing debt. This leaves you with just one set of repayments over a set term, now that’s a win in our books!

It’s worth noting that you generally can’t use Australian personal loans for making a deposit on a house, or for gambling or illegal activities.

Can I get a personal loan if I’m self-employed?

If you’re self-employed or a small business owner, you may be able to get a personal loan with Rapid Loans if you meet our lending criteria:

Running your own business has plenty of benefits, but it can make it harder to get a personal loan especially as your monthly income is not always predictable. Rapid Loans can accommodate almost any lifestyle, income status, credit history or other circumstance. However, you may just need to provide different documentation like tax returns in place of employee payslips.

So whether you’re a freelancer that gets paid monthly or a tradie that gets paid fortnightly, we’ll have a solution for you. All of our repayment options can be completely personalised to your individual and unique needs as we work to discover what works best for you. Having a workable and manageable repayment frequency that fits your lifestyle and pay cycle means you can comfortably pay off your personal loan within your financial capabilities. Now that’s what we call an easy personal loan!

How fast is a personal loan approved?

If you’re reading this then quick approval loans is something that’s important to you. Many customers like you apply in the morning, chat with our personal loan consultants a few hours later and see an approval that afternoon if they’re eligible.

That’s just how fast a personal loan can be approved with Rapid Loans! I mean, we aren’t called Rapid Loans for nothing.

Generally, banks have the slowest approval speed which is why we’ve streamlined the process so you can easily apply online in minutes and have the money in your bank account within hours of approval.

How much can I borrow on a personal loan?

You can borrow from$2,001 up to $40,000 for a personal loan with Rapid Loans if you meet our lending criteria. Instead of reaching for your credit card, take advantage of all the benefits personal loans have to offer with a fixed loan amount and fixed interest rate over a fixed repayment period.

How long to personal loans take to process?

If you’re taking out a personal loan with Rapid Loans, it doesn’t take long for your application to be processed. The bonus with a quick online personal loan is that there’s no hassle of long wait times or time constraints.

The entire process, from application to approval to payment, often takes less than 48 hours. We always aim to be as quick as possible with transferring funds to successful applicants so depending on the time and day of the successful application, the funds may be available on the same day or the next business day.

How can I get a personal loan with a bad credit score?

We believe in second chances so there are a few ways you can get a personal loan with a bad credit score.

You may be eligible for a secured loan, even if you have a bad credit score, as the collateral used offers an extra layer of protection for the lender. Some other actions you can take include:

– Checking your credit score and credit report to assess your creditworthiness.
– Ensuring there are no errors in your credit file that could prevent your application from being approved.
– Avoid applying with multiple lenders at once as this can negatively affect your credit score.
– Trying not to borrow more than you need as this will make the loan more affordable.

Your risk profile is normally determined by your credit score, loan amount, loan purpose, income, age, residency status, dependents, employment background and living arrangements. It’s important to remember that there is no one-size-fits-all approach when it comes to your financial situation, so your credit score is just one of the factors lenders consider.

How do I apply for a personal loan?

While our loan assessment process is thorough and takes your personal circumstances into account, the application is simple.

It can be done completely online so it can be done from your living room while you’re eating pizza in your comfiest pants. That’s right, we see you but it’s a judge-free zone around here which is what makes Rapid Loans so great.

To apply for an instant cash loan, click apply now and follow the prompts.

What do I need to apply for a loan?

To apply for a loan, you’ll need to provide identification and financial documents that allow Rapid Loans to assess whether you can afford the repayments. We’ll want to see:

– Proof of your identity such as a passport or driver’s licence
– Proof of income, expenses or financial situation such as payslips or bank statements.
– Details about your lifestyle such as details of any current debts or loans.

The technology and systems we utilise at Rapid Loans are top-of-the-line in the way of efficiency and security. This means there’s no more rummaging through drawers or hunting through piles of old documents! Throughout the process of collecting and analysing your key and essential documents such as bank statements, you will always have peace of mind and confidence that your personal information is strictly kept confidential.

Do you offer fixed interest rates?

Yes, Rapid Loans offers fixed interest rates for car and personal loans which are outlined in your contract. Choosing whether a fixed or variable rate is best for you depends on a number of factors such as your circumstances, goals, borrower profile, loan product and principal amount.

A variable personal loan charges an interest rate that is subject to change which means your repayments may vary during the life of your loan. The lender also has the right to raise the interest rate at any time which means your regular repayments could increase or decrease, impacting your budgeting either way.

A fixed personal loan locks in an interest rate for the entire term of the loan, meaning your repayments will not change. They offer more stability for the future as you know exactly how much your minimum repayments are each repayment cycle and can take this into account when budgeting. The bonus of a fixed interest rate is that it’s a simple way to protect yourself against the possibility of future interest rate rises, phew!

Do you charge early repayment fees?

No, Rapid Loans does not charge any fees for early payouts or additional repayments on top of the normal repayment schedule.

An early repayment fee or ‘break cost’ is a penalty charged if you pay back more than your fixed regular repayment or pay the whole loan off early. Even if you’re no mathematician, you’re probably aware that the earlier you pay off your debt, the less interest you’ll pay overall. This means that paying the loan back earlier will ultimately save you money.

Lenders often have early repayment fees or penalty charges to put borrowers off ending their agreement earlier than planned. It simply lets lenders recover their losses caused by the interest you will no longer be paying as you’re cutting the loan short. This is one fee you can definitely avoid by choosing a lender who doesn’t charge an early repayment fee, like Rapid Loans.

What is a per annum (p.a.) comparison rate?

A per annum or p.a comparison rate gives you a true understanding of the cost of your loan per year. In addition to the interest rate charged, it adds the cost of fees and charges, repayment frequency, loan term and the loan amount.

When referring to interest rates, Australian lenders are legally required to show customers a comparison rate to help them compare loans from different lenders. The formula for calculating a comparison rate is regulated by the National Credit Code which is used by all Australian financial institutions and mortgage providers.

Based on interest rates alone, you may think two loans cost the same, but the comparison rate could help reveal whether one loan costs more than the other and ultimately help you decide on the loan that’s most suited to your budget and long-term financial goals.