Loans as they should be
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Borrow up to $45,000 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 important time in your life, but it can also come with a range of additional expenses.
At Rapid, we offer secured personal loan products that may help eligible students cover a range of study-related expenses, with flexible options for loan amount, loan term and repayment frequency. You may be able to use a personal loan to cover costs such as purchasing new technology or paying a rental bond for accommodation close to your campus.
Rapid Loans offers secured personal loan products with flexible loan amounts, loan terms and repayment frequencies, subject to our lending criteria and approval. We assess every application individually, taking into account your financial circumstances and our lending criteria.
What Is a Personal Loan for Students?
Rapid Loans does not offer government student loans. We offer secured personal loan products that eligible students may use to finance a range of education-related and personal expenses.
Unlike government assistance programs such as HECS-HELP, a personal loan may be used for a broader range of eligible expenses, subject to our lending criteria and approval.
From setting up a home study space to upgrading your tech, a personal loan for students may be used to help cover a range of education-related expenses. We offer personal loan products with flexible options for loan amount, loan term and repayment frequency, subject to approval.
Rapid’s student personal loans are secured, meaning an eligible registered vehicle is generally required as security. Your vehicle remains yours throughout the loan term and, once your loan has been repaid, the encumbrance is removed.
How Does a Secured Student Loan Work?
Rapid offers secured personal loans that require an eligible registered vehicle as security. If you’re a student who owns a vehicle—or if a parent or guardian is willing to act as a co-applicant—you may be eligible to apply, subject to our lending criteria and approval.
An encumbrance is placed over the vehicle while the loan remains outstanding and is removed once the loan has been repaid.
This option may suit students who own an eligible registered vehicle or have a co-applicant who can provide one as security.
Am I Eligible for a Student Personal Loan?
To be eligible to apply for a Rapid Loans personal loan, you’ll generally need to:
- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Have a regular income
- Be able to meet your repayment obligations
We assess every application against our lending criteria and responsible lending obligations.
Student Loan Rates & Fees
Your interest rate will be based on factors such as your income, credit history, approved loan product and loan amount. Our personal loans have fixed interest rates, so your scheduled repayments won’t change because of interest rate movements.
If you choose to repay your loan early, there are no early repayment fees. All applicable fees and charges will be disclosed before you enter into your loan contract.
You can apply online to have your application assessed and, if approved, we’ll provide details of your interest rate, repayments and loan agreement.
What Supporting Documents and Information Do We Need to Process Your Personal Loan?
To apply for a personal loan for students, you’ll be asked to upload a few documents during the application process. Preparing these before you start can help avoid delays.
You’ll generally need to provide proof of identity, proof of income and information about your current financial circumstances.
Our application is 100% online and many applicants find that it only takes a few minutes to complete. Once we’ve received all required information, we aim to review your application as quickly as possible.
All applications are subject to our lending criteria and approval. Terms and conditions, fees and charges apply.
What Can I Use My Student Loan For?
Our secured personal loan products may be used for a range of eligible education-related and personal expenses, subject to our lending criteria. Common examples include:
- Technology packages such as laptops, tablets or software
- Course fees or course materials not covered by government assistance
- Eligible living expenses associated with study, such as rental bond
Rapid Loans has helped thousands of Australians access finance through a straightforward online application process.
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?
Designed for Simplicity
Our auto and personal loan products are designed to make borrowing simple, with flexible options for loan amount, loan term and repayment frequency.
Fast Online Application
Our online application takes just minutes, and our secure online portal makes it easy to upload your supporting documents quickly and conveniently.
Real People, Ready to Help
Our dedicated Customer Service team is here to help. From application through to settlement, we’re committed to making every interaction easy to understand and supportive.
50,000 Customers and Counting
We’ve helped more than 50,000 customers access finance. Our experienced team understands that life isn’t always straightforward and is here to support you throughout the process.
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Student personal loan questions
Who can apply for a student loan?
To apply for a Rapid Loans personal loan as a student, you’ll generally need to be enrolled in an accredited Australian educational institution, be at least 18 years old, be an Australian citizen or permanent resident, have a regular source of income and meet our lending criteria. An eligible registered vehicle is generally required as security.
At Rapid Loans, we assess every application individually against our lending criteria and responsible lending obligations. Repayments are available weekly, fortnightly or monthly, depending on your approved loan agreement.
Can I apply for a student personal loan from Rapid Loans if I have a bad credit history?
Having a less-than-perfect credit history doesn’t automatically prevent you from applying for a loan. At Rapid Loans, every application is assessed individually against our lending criteria and responsible lending obligations.
In addition to your credit history, we’ll consider a range of factors, including your income, financial commitments and overall financial circumstances when assessing your application.
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 appropriate for your circumstances. Having access to funds to cover these expenses that often comes with being a student.
Rapid Loans personal loans may be used for a range of eligible education-related and personal expenses, subject to our lending criteria and approval.
How do student loans work?
Rapid Loans offers secured personal loans that may be used by eligible students. 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. If your application is approved and your loan settles, the borrower will receive the loan funds and will be responsible for making regular repayments until the loan is fully repaid.
At Rapid Loans, when you apply for a Student Loan, you are applying for one of our secured personal loan products that generally requires an eligible registered vehicle as security.
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 meet your repayment obligations. All applications are subject to our lending criteria and approval.
Can I use this loan to pay for textbooks or rent?
Rapid Loans personal loans may be used for a range of eligible education-related and personal expenses, subject to our lending criteria. This may include textbooks, technology, rental bond and other study-related expenses.
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 may include payslips, bank statements or other financial information, depending on your circumstances. We require this documentation so we can assess your application against our lending criteria and responsible lending obligations.
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