Really Bad Credit Loans Up To $10,000

Is your credit score a disaster? With really bad credit loans you may still be able to access the credit you need through a number of understanding lenders. Borrow from as little as $300 up to $10,000. Read on to find out more.

Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

Really bad credit loans explained

As you would expect, bad credit loans are a type of personal loan available for borrowers with well below average credit scores.

In order to offer these loans, lenders have changed their perspective. To assess these applications, lenders don’t just focus on your credit history. They’ll thoroughly examine your income and expenses too. As a result, they might be able to get an idea of what’s affordable for you.

Lenders can then weigh this information up with your credit history to determine your outcome.

Really bad credit loans may be offered for amounts up to $10,000 and with repayment terms ranging from 12 to 24 months. As a result, they may provide a manageable option if you find yourself needing to cover an urgent expense.

Credit scores: inclusions and calculations?

Credit scores are calculated based on the listings in your credit report. As a general guide, this will include the amount of money you’ve borrowed, the total number of credit applications and your repayment history. Obviously, the higher your score, the better.

In terms of inclusions, your credit report lists your personal details (e.g. name, date of birth, address) as well as any of the following:

  • The credit contracts you’ve held
  • Repayment history
  • Any defaults
  • Credit applications
  • Bankruptcy and debt agreements.

However, these listings will only stay on your report for a certain period. Over time, they will disappear and be replaced by new credit listings.

For more details, check out the information on the Australian Government’s Moneysmart website. It may be able to answer any further questions that you have.

Really bad credit loans: what do credit scores mean

Now that you know what goes into a credit score, we can look at the numbers. In Australia, credit scores range from zero to 1000 or 1,200 depending on the credit bureau. Equifax and Experian are the two major credit reporting bureaus.

In addition to this, credit scores are typically broken down into five categories: low, fair, average, very good and excellent.

Check out the table below to see how each credit bureau will categorise your credit score.

Very good726-832700-799

Improving your credit score

Rather than relying on really bad credit loans, why not try to improve your credit score? If you weren’t aware, it is possible and there are a number of things you can do to get the ball rolling.

However, be aware that there’s no quick fix. Your credit history is just that, a history. As a result, it will take a while to remove those bad credit listings that have accumulated on your credit report.

As a guide, tips to improve your credit score include:

  • Rely on credit only when you need it.
  • Find the best deal: shop around to find the most affordable repayments. That way, there’s less chance that you’ll miss a repayment.
  • Pay your bills on time.
  • Pay off outstanding debts and keep credit card balances low
  • Monitor your credit report to ensure all listings are accurate and there are no errors.

Bad credit loans Centrelink

Do you need a bad credit loan but receive Centrelink benefit payments? There may be some lenders who are willing to offer loans for Centrelink customers.

However, one thing to keep in mind is that not all lenders will treat Centrelink payments the same. While some will consider them to be a legitimate source of income, others will not. Moreover, even certain payment types may be viewed differently from lender to lender.

As a result, approval may depend on the lender you are dealing with.

Bad credit loans guaranteed approval $5,000

Due to Australian regulations, there’s no such thing as bad credit loans guaranteed approval. In order to comply with their responsible lending obligations, lenders will assess all applications they receive.

As a result, no application comes with guaranteed approval. Lenders will make inquiries into your finances, credit history and loan objectives to determine if you are suitable for credit.

If you meet all the required criteria then you will be offered a loan.

As a word of warning, if you do come across lenders offering guaranteed approval, avoid them. Assessments are necessary to ensure you don’t end up with a loan you cannot afford to repay. As a result, ensure you only deal with responsible and licenced lenders.

Payday loans for bad credit instant approval

Payday loans are small loans of up to $2,000 designed to help you manage those pesky minor expenses that crop up from time to time. Usually, they’re assessed fast so you have an outcome before you know it.

As a result, you can pay for those expenses now and you’re only locked into a short term repayment schedule (i.e. up to 12 months).

Need a loan to help you get by until payday? Have an expense that just can’t wait? A small, payday loan could be an option for you.

Really bad credit loans woman red shirt happy white headphones

How can I get a large loan with bad credit?

Large personal loans can range from $5,000 to $10,000. Moreover, you’ll get your choice of repayment terms ranging from 13 to 24 months. Finally, all large loans are secured personal loans, meaning you must provide an asset as security.

If you’re hunting a large loan then a simple way to get the ball rolling is to apply with Monzi. We work with a number of lenders potentially able to offer large loans. Best of all, they’re often willing to consider bad credit applicants too.

While approval isn’t certain, Monzi makes it easy and convenient to find lenders online. Apply today and you might be able to access the cash loans you need.

Can I get a loan with a 450 credit score?

Yes. While a credit score 450 may be low, that doesn’t mean you will be unable to access credit. As we’ve already discussed, online lenders are now much more willing to consider bad credit applicants.

They’ll look at your financial situation as well as your credit score in order to determine your suitability for credit. After all, simply looking at your credit history doesn’t tell the whole story. If you’ve managed to get yourself into a comfortable financial position then this should be important too.

In fact, a credit score of 450 is by no means a poor score in the grand scheme of things.

How can I get really bad credit loans without a credit check?

Some lenders may offer no credit check loans. However, it will come down to the assessment policy of the lender that you apply with.

Typically, lenders use credit checks to assess your reliability as a borrower. From this they can determine your creditworthiness. However, they may not be necessary in all cases.

Lenders may instead simply look only at your financial situation (e.g. your budget) to assess whether or not you have the capacity to make your repayments. In this case, you would be offered a no credit check loan.

However, as discussed, these won’t be offered by most lenders. In any case, with most lenders, a credit check isn’t the end of the road. While you may have bad credit, they’ll look at other factors too in order to determine your outcome.

Bad credit loans for unemployed

If you’re unemployed and have got really bad credit then finding a lender may be tricky. After all, that’s a risky combination. However, it may be possible to access loans for unemployed in some situations.

In order to give yourself a chance of approval, you will need to prove that you are earning some form of income. This won’t be a wage but may be Centrelink benefits or rent payments.

Please, however, first consider all other options before applying for credit. Borrowing money can be expensive and may not solve your financial issues.

What would repayments be on $10,000 loans?

Your repayment term and interest rate determines what your repayments will be. Typically, with a large personal loan, you’ll have the choice of terms ranging from 13 to 24 months.

Obviously, the shorter your term, the larger your regular repayments will be. By the same token, a longer repayment term will mean your regular repayments are smaller.

Ultimately, it’s about finding the balance that works best for your circumstances. Above all else, ensure your repayments are affordable. If your regular repayments are not affordable, you may put yourself at risk of spiralling into debt.

You may be eligible for large personal loans of up to $30,000 if you meet certain criteria.

Financial hardship loans bad credit Australia

If you suffer a major change in circumstances (e.g. lose your job or fall ill) that leaves you unable to afford your repayments then you will need to apply for financial hardship through your lender.

Lenders are experienced in dealing with these situations and will be able to guide you through the process. Typically, you will need to supply a few necessary details as part of your application. This can include proof of termination or medical evidence as well as an estimate of what repayments would be affordable.

Your lender may alter your repayments if your application is approved. Otherwise, your existing repayments will remain in place.

Comparing bad credit loans

Trying to decide between two or more loans? Comparing personal loans doesn’t have to be difficult.

Just consider the following:

  • The interest rate and fees: these determine the additional charges you will pay on top of your principal. Look for a lower rate and fewer fees.
  • Comparison: the comparison rate combines your interest rates and fees together to give you an idea of total loan cost. Quite simply, it is the easiest way to compare loans.
  • How much can you borrow: personal loans may range from $300 to $10,000, however, some lenders may only offer small loans. As a result, ensure the lender offers the loan amount you require.
  • Repayment terms: are there a range of terms on offer?
  • The lender: compare lender reviews to select the one that treats their users the best.

I need a $30,000 loan with bad credit

Typically, most personal loan lenders will only offer cash amounts up to $10,000. However, there may be some that are prepared to offer $30,000 loans to people with bad credit.

If this is something you are looking for, do your research and you may be able to find one such lender online.

Alternatively, more traditional credit providers (e.g. banks) may be able to help. They are typically more willing to offer large personal loans. As a result, do your research and compare loans to find the one that works best for you.

Really bad credit loans and Monzi’s lender-finder service

At Monzi, we know a number of lenders who may be willing to consider bad credit applicants. While nothing is certain, they’ll take the time to assess your application like any other.

Apply today and we can potentially pair you with an available lender offering bad credit loans up to $10,000 with repayment periods ranging from 12 to 24 months.

There’s no paperwork required and our service is 100% online. In short, applying with Monzi might be the simple and convenient way to find lenders online.

Scroll up and use Monzi’s loan slider to begin your application now.

Factor In


Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


12 months (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. The minimum and maximum loan term is 12 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000


13 months (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.