Get to your big goals sooner

While both personal loans and credit cards can be used for personal expenses, there are differences to be aware of. Secured loans can sometimes offer lower rates than credit cards, meaning the amount you pay overall will be less. Another difference can be the repayment schedule, as a personal loan will have a set repayment schedule and end date as agreed upon in your contract rather than a monthly minimum and line of credit available through most credit cards.

Yes. Our personal loans are tailored to suit your circumstances. We offer terms from 12 to 60 months. You can choose the term that suits you, taking into consideration factors such as how much you’re borrowing and how much you can afford to repay each week, fortnight or month. 

Absolutely. We offer personal loans for debt consolidation, to help you get back on track with your finances. This can be used to cover debts from other lenders such as credit cards or personal  loans, and makes them into one single repayment. Making this change can reduce the overall interest you are paying across all debts, making your finances easier to manage with simple re-occurring repayments with a clear end date in sight. A debt consolidation loan can be a powerful step towards regaining financial control. 

A personal loan gives you the finances you need, fast and with a clear repayment plan and end date, unlike a revolving line of credit. Having structured repayments gives you the opportunity to budget your cash so you know exactly how much money needs to go out and when.

At Rapid Loans, a Personal Loan is a secured personal loan product that uses a registered vehicle as security.

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:

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

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.

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.

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.

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 that satisfies our lending criteria. However, you may just need to provide different documentation like tax returns in place of employee payslips.

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

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.

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.

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.

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.

We’ve designed our application process to be 100% online so anyone can do it from the comfort of their own home. Simply click Apply Now on our website and follow the prompts. You will be required to provide some information and supporting documentation, and our experienced team will review your application and get in contact with you.

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

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.

Our online application is designed to be straightforward. With question prompts, it can take only a few minutes to submit your application. Our experienced team works efficiently to review applications and get in contact with customers. If approved, you could see funds transferred into your account as quickly as the same business day.

You can borrow from $2,001 up to $45,000 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.

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.