Loans as they should be
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Borrow up to $50,000 for a range of loan purposes
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Simple online application
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Loan terms from 12 to 60 months
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No early repayment fees
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Fast finance – funds typically disbursed within 24 hours of approval
Learn more about our student personal loans
Undertaking study is an exciting and momentous time in your life, but it’s also a big investment that comes with a number of financial obligations. We can help you cover a range of the additional costs that come with studying, such as purchasing new technology or paying bond on accommodation close to your campus. A personal loan could mean you can focus on attending classes and completing assessments or unpaid placements.
At Rapid, we offer personal loans for Australian students that are designed to help you focus on your goals. Being fast and flexible, our loans can give you the financial breathing room to succeed, no matter where you are in your academic journey.
We understand that most students won’t have an extensive credit history. That’s why we look at your full financial situation, not just your credit score, so we can help you access funds that suit your needs and budget. You focus on your future and we’ll handle the rest.
What Is a Personal Loan for Students?
Our personal loan for students is a type of secured loan that gives you access to funds to support your education and lifestyle needs. Unlike government-issued student loans, which often only cover tuition (like HECS-HELP), a personal loan can help with broader expenses that come up while you’re studying.
From setting up a home study space or upgrading your laptop, a personal loan for students gives you the flexibility to manage costs your way. Our competitive loans can be tailored to you so you can stay in control from start to finish.
Rapid’s student loans are secured, meaning you can use a registered vehicle as collateral for the loan. Your car remains yours throughout the duration of your loan term and when your loan is paid off, the encumbrance against it is removed.
How Does a Secured Student Loan Work?
Rapid offers secured personal loans, where you use your registered car as collateral. If you’re a student who owns a car – or even if a parent or guardian is willing to act as a co-applicant – you may be eligible for a student loan with less-than-perfect credit or no extensive credit history. Our secured loans work by placing an encumbrance on your vehicle throughout your loan, which is removed when your loan is paid off. This reduces lender risk, meaning you may be able to access better interest rates or a larger loan amount than an unsecured alternative. This approach is perfect for students looking for a reliable way to borrow while keeping control over their financial future.
Am I Eligible for a Student Personal Loan?
To be eligible for a personal student loan with Rapid, you’ll need to meet a few basic requirements:
- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Have a regular income
- Be able to comfortably meet your repayments
We get that not all students have a long credit history – and that’s okay. We look at your full financial picture to help you find the right option while you are studying.
Student Loan Rates & Fees
At Rapid, we keep things transparent. Your interest rate will be based on factors like your income, credit history, and how much you’d like to borrow. These rates are also fixed, so your repayments stay the same each month, making budgeting easy.
The good news? If you choose to pay off your loan sooner, there are no early repayment penalties, and no hidden charges. You can apply online in just minutes to find out if Rapid can help, and what your rates and repayments would look like.
What Supporting Documents and Information Do We Need to Process Your Personal Loan?
To apply for a personal loan for students, you will be asked to upload a few documents during the application process. Preparing these before you start will make the process quick and easy. You will need to provide proof of identity and proof of income with details about your current financial situation.
Our application is 100% online and only takes a few minutes to complete. Once we’ve received all documents, our team will review your application and typically get back to you within one business day.
What Can I Use My Student Loan For?
A personal loan for students allows you to cover a range of expenses while you study. Common expenses include:
- Technology: Laptops, tablets, or other softwares
- Course fees: Tuition fees or course materials not covered by government loans
- Rent, utilities, or transport
We’ve helped thousands of Australians access finance. Whatever your needs, our goal is to make things easier, so you can keep your focus on your future.
1. Apply Online
Get started with our simple online application and be on your way in just a few clicks! Our secure online platform keeps your information safe.
2. We’ll Get In Touch
Your application will be reviewed and one of our friendly loan consultants will be in touch soon! We’re here to help.
3. Receive Funds
We take our commitment to being fast seriously! If you applied in the morning and were approved, your funds could be available the very same day.
Why go with Rapid for your loan?
Loans Tailored to You
Our auto and personal loan products were created with our customers in mind. We live in the real world too, so we created flexible loan solutions to suit most circumstances.
Quick and Easy Process
Our online application takes just minutes and our secure online portal allows you to upload your essential documents quickly and conveniently.
Personalised Service
Like everything at Rapid, we make sure dealing with our professional customer service representatives is straightforward and simple. We’re here for you!
Trusted Lender
We’ve funded loans for over 50,000 happy customers to make life happen. Our people are experienced, professional and understand that life isn’t always straightforward.
Explore Our Other Loan Types
Dental Loans
For when you want to smile big.
Travel Loans
For your next dream holiday
Personal Loans
For when you want to start living
Used Car Loans
For when its time for that new car smell
Student personal loan questions
Who can apply for a student loan?
Anyone who is enrolled in an accredited Australian educational institution can apply for a student loan. This includes full-time and part-time students, as well as students studying online or through distance education. Students must be over 18 years of age, an Australian citizen or permanent resident, and meet the eligibility criteria set by the lender. This typically includes having a regular income or employment, as well as a good credit history. However, some lenders may offer loans to students with bad credit or no credit history, depending on their individual circumstances.
At Rapid Loans, we understand that every student’s financial situation is unique. That’s why we offer personalised loan solutions to help you meet your specific needs. Our loan terms and repayment options can be customised to fit your budget and schedule, so you can focus on your studies without worrying about financial stress.
Can I apply for a student personal loan from Rapid Loans if I have a bad credit history?
At Rapid Loans we understand that some students may have a bad credit history, which can make it difficult to obtain credit. However, at Rapid Loans we look at every application individually and make an assessment when we have all of your information. We look at a range of factors when assessing loan applications, including your income, employment status, credit history, and overall financial situation. Even if you have a bad credit history, you may still be able to secure a loan if you can demonstrate that you have the capacity to repay the loan.
We believe that everyone deserves access to financial assistance when they need it most. While we do take credit history into consideration when evaluating loan applications, we also look at other factors to determine whether or not the applicant is eligible for a student loan.
What can a student loan be used for?
Student loans can be used to cover a range of education-related expenses, including course fees, textbooks and equipment. The specific expenses that can be covered by a student loan will depend on the lender and the type of loan. Some loans may be restricted to certain types of expenses, while others may offer more flexibility. It is important to carefully review the terms and conditions of any student loan, to ensure that the loan is suitable for your needs. Having access to funds to cover these expenses can help reduce the financial stress that often comes with being a student.
How do student loans work?
At Rapid Loans, loans for students typically work by providing a lump sum of money to cover education-related expenses. The borrower then repays the loan over a set period of time, with interest and fees. The terms and conditions of student loans vary but typically include details on the loan amount, interest rate, repayment term, and any fees or charges. The application process for a student personal loan at Rapid Loans can involve providing documentation such as proof of income and enrolment in an educational institution. Once approved, the borrower will receive the loan funds and will be responsible for making regular repayments until the loan is fully repaid.
At Rapid Loans, a student loan is effectively a personal loan. Of course, we know you are using the loan for your expenses as a student but the way the loan works is the same as our personal loans. We offer secured personal loans at Rapid Loans, so that means when you take a student loan with us, we’ll need a security from you such as a car.
Can part-time students apply?
Yes, part-time and full-time students can apply for a student loan if they are eligible. To be eligible for a student loan, you must be at least 18 years of age, an Australian citizen or permanent resident, and be able to manage repayments.
Can I use this loan to pay for textbooks or rent?
Yes! You can use a student loan for anything related to your education. This includes anything from textbooks and rent, to transport and technology.
What income do I need to show?
When you apply for a student loan, you will need to upload evidence of your income and financial position. This typically includes bank statements and payslips, so our team can gain a thorough understanding of your financial situation.