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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 comparison rate is designed to help you compare the overall cost of different loans. It takes into account not only the interest rate, but also 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, the comparison rate can give you a better indication of the overall cost of a loan. However, your actual comparison rate may vary depending on your loan amount, loan term and individual circumstances.

No. Rapid allows extra or early repayments without penalty, giving you the freedom to pay off your loan sooner if you choose to, saving on interest.

Yes, personal and car loans from Rapid Loans have a fixed interest rate outlined in your contract. This will vary depending on a number of factors such as borrower profile, loan product and principal amount.

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.

We aim to review applications quickly, and if approved, funds can be disbursed as quickly as the next business day. To ensure there are no delays from our end, please ensure you fill out the application form with all documents required.

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.