Bad Credit Personal Loans

Bad Credit Personal Loans | We Work Harder to Say Yes More Often

A rejection from your bank isn’t the final word. Thousands of Australians with bad credit personal loans on their mind get turned away by mainstream lenders every year, not because they can’t afford to repay a loan, but because their credit file doesn’t fit a rigid bank template.

Yes Loans is a Perth-based finance broker, and our job is to find the lender that fits your situation. We access a panel of specialist lenders that most borrowers can’t reach on their own, including lenders who work specifically with impaired credit profiles. We work harder to say yes more often.

Get a free quote today. Apply online in minutes.

credit score

What Is a Bad Credit Personal Loan?

A bad credit personal loan is a personal loan available to borrowers whose credit history includes defaults, missed repayments, court judgements, or a low credit score. It works like any other personal loan: you borrow a fixed amount, repay it over an agreed term in weekly, fortnightly, or monthly instalments, plus interest and fees.

The key difference is who’s lending. Most banks apply strict credit score thresholds. Specialist lenders assess your full picture instead, including your current income, employment stability, and repayment behaviour in recent months.

Bad Credit

What Counts as Bad Credit in Australia?

Your credit score in Australia sits on a scale from 0 to 1,200 (Equifax). Scores below 459 are generally rated as “below average” or poor. But a number alone doesn’t tell the full story. Lenders also look at:

  • Defaults listed on your credit file
  • Missed repayments on previous loans or credit cards
  • Court judgements or writs
  • Multiple recent credit enquiries (which can signal financial stress)
  • Bankruptcy or Part IX debt agreements
If any of these apply to you, a specialist lender accessed through a broker is often a better path than applying direct to a bank.

Why a Broker Gives You a Better Shot at Approval

Most people with a bad credit history apply direct to one lender, get knocked back, then try another. Each application generates a hard enquiry on your credit file. Enough of those in a short window and your score drops further, making the next approval even harder.

Yes Loans works differently.

You submit one application. Our brokers review your profile and match you to the lender on our panel most likely to say yes to your specific situation. One enquiry. The right lender.

Our Specialist Lender Panel

Our panel includes lenders who work specifically with non-prime borrowers, including Pepper Money, Money3, Sovereign Credit, Latitude Financial, and Angle Finance. These aren’t lenders you can easily access walking into a bank branch. They assess applications differently, weigh your current circumstances more heavily, and offer products built for borrowers who’ve had credit challengesSecured personal loans tend to come with lower interest rates because the lender holds an asset as a safety net. If you have a suitable asset and want to reduce your rate, it’s worth discussing with your broker whether a secured structure makes sense for your situation. Either way, we’ll help you understand what you’re signing up for before you commit.

One Application, Multiple Options

When you apply with Yes Loans, our brokers do the legwork. We compare options across our panel, explain the differences, and present what’s available to you, with full comparison rate disclosure before you commit to anything.
Yes Loans Broker
Applying Direct
Lender access

Specialist panel including non-prime lenders

One lender at a time
$15,000

Single enquiry

Multiple hard enquiries

Profile matching

Matched to the right lender for your situation

Generic eligibility criteria
Broker support

Yes, a broker advocates for your application

None

Talk to a broker today. Call (08) 9472 3000 or apply online.

What Can You Use a Bad Credit Personal Loan For?

Personal loans for bad credit aren’t restricted to one purpose. Our clients use them for a wide range of needs, including:

1

Debt consolidation

rolling multiple repayments into one, often at a lower rate
2

Car repairs or replacement

keeping transport running when you need it most
3

Medical or dental expenses

covering costs that can’t wait
4

Home improvements

repairs and upgrades that protect the value of your property planned expenses that a lump sum covers well
5

Weddings and events

planned expenses that a lump sum covers well

6

Emergency costs

repairs and upgrades that protect the value of your property planned expenses that a lump sum covers well

If you’re looking to consolidate existing debt, our debt consolidation loans page covers how that works in detail. For property-related projects, take a look at home improvement loans as well.

Eligibility

What You Need to Apply

A less-than-perfect credit history won’t automatically rule you out. Our brokers assess your current financial position alongside your credit file. Stable income and a few months of clean repayment behaviour carry real weight with specialist lenders, even if your past has some marks on it.

The eligibility bar isn’t as high as a bank’s. To apply for a bad credit personal loan through Yes Loans, you generally need to:

Residency status And Age restriction

Be an Australian citizen or permanent resident, Be 18 years or older

Proof of income

You have a regular source of income (PAYG, self-employed, or other)

Bank Account

An active Australian bank account

ID Proof

Provide valid photo ID

Understanding Rates and Costs

Bad credit personal loans carry higher interest rates than standard personal loans. That’s honest, and we’ll always tell you upfront. Specialist lenders charge more because they’re taking on greater risk. What matters is whether the repayments work for your budget and whether the loan genuinely improves your situation.

Our brokers walk you through the full cost of any loan before you agree to it: the interest rate, the comparison rate, all fees, and your total repayment across the term. No surprises.

Use our personal loan calculator to get a rough sense of repayments before you call.

Comparison rate disclosure

All comparison rates are calculated on a $30,000 secured loan over 5 years. Warning: comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate.

How to Apply

Getting started takes less than 10 minutes.
01
Submit your application online
Fill in the form on this page. Tell us what you need the loan for, how much you’re looking to borrow, and a bit about your income.
02
A broker reviews your profile
One of our brokers looks at your situation and identifies the lender on our panel best placed to approve your application.
03
We present your options
You’ll get a clear breakdown of what’s available, including rates, fees, and repayments, before you commit to anything.
04
Approval and settlement
Once you’re happy, we handle the paperwork and get funds moving.
loan application success
We help clients across Australia, not just Perth. You can apply online from anywhere.

Frequently Asked Questions About Bad Credit Personal Loans

Can I get a personal loan with bad credit in Australia?
Yes. Mainstream banks may decline your application, but specialist lenders work specifically with borrowers who have defaults, missed payments, or low credit scores. A broker like Yes Loans matches you to the right specialist lender based on your actual situation, not just a credit score threshold.
There’s no fixed minimum when you apply through a broker. Specialist lenders look at your full financial picture, including your income, employment, and recent repayment behaviour. Some lenders on our panel consider applicants with scores well below what any bank would accept.
They can be either. Unsecured personal loans for bad credit don’t require an asset as security, but they often carry higher rates. Secured loans, where you offer a vehicle or other asset as collateral, can improve your approval chances and sometimes reduce your rate. Our brokers will explain both options based on your situation.
Applying through Yes Loans generates a single credit enquiry, not multiple. If you applied direct to several lenders in a short period, each enquiry would appear on your file and could drag your score lower. Going through a broker protects your file while still giving you access to multiple lenders.
Yes, Centrelink income is considered by several lenders on our panel. You’ll need to show that your total income covers the repayments comfortably. Our brokers can advise which lenders accept Centrelink as a primary or supplementary income source.
Timeframes vary by lender and application complexity. Some specialist lenders can provide conditional approval within 24-48 hours. Our brokers will give you a realistic timeline once they’ve assessed your profile and matched you to a lender.
Payday loans are short-term, high-fee products that can trap borrowers in a cycle of debt. Bad credit personal loans through specialist lenders are structured term loans with fixed repayments, clear fees, and proper credit assessment. Yes Loans doesn’t offer payday loans. We match you to responsible lenders who assess your ability to repay.

Apply for a Bad Credit Personal Loan Today

Getting turned down is not the end of the story. Yes Loans accesses specialist lenders others can’t, and our brokers take the hard work out of getting finance when your credit history isn’t perfect. Whether you need a personal loan for bad credit for debt consolidation, unexpected costs, or something you’ve been planning for a while, chat to one of our brokers and find out what’s possible.

You can also explore our car loans options if transport finance is part of the picture.

Call us on (08) 9472 3000 or apply online today.

Yes Loans (Rohanna Pty Ltd as trustee for The Skippers Unit Trust) | Australian Credit Licence 392426 | 263 Albany Highway, Victoria Park WA 6100

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