Bad Credit Loans

We do loans for people with bad credit!

We understand that you are looking for a small loan you might have bad credit. At Spotter a bad credit rating won’t eliminate you from taking out a loan.

  • 100% online application

  • Fast approval decisions

  • Bad credit can be accepted

A Spotter Loan can be approved even if you have bad credit

We understand that you are looking for a short term/pay day loan because your credit rating might not be 100%. We can loan to you even if you have:

  • A low credit rating;
  • Outstanding defaults;
  • Multiple defaults

We can even advise you on steps you can take to help improve your bad credit rating. Although, we look into your credit rating, there are other factors we will take into account such as:

  • Your income; and
  • Your expenditure; and
  • Your bank statements for the past 90 days; and
  • How large the defaults are on your credit file.

We will make an assessment on a case by case basis on whether or not you can afford the repayment and may not necessarily take your credit history into account. So, if you are worried about bad credit and need car loans or personal loans, talk to us to find out how we can help.

How fast can I get approved?

Once we have all the necessary information, we aim to approve loans within the hour and cash can be sent same day to you. We have managed to help customers in Melbourne and across Australia get the loans they need.

What You Need to Know About Bad Credit Ratings & Getting Loans?

There are several things that impact your credit rating when applying for a loan, you are probably aware of some of them but there are others you might not know about.

For example, if you have defaults or adverse events on your file, those events significantly impact your credit score. However, just making an inquiry, even if you don’t take out a loan, can impact your credit file, especially if that loan inquiry is to an alternative lender. If you are making a lot of inquiries with lenders your score will likely be affected as a lot of lenders automatically perform a credit check.

At Spotter Loans, we tend to request your credit file as one of the later steps in the process only once you have been assessed as a good prospect for a loan. We also take the view that some things that effect your credit file might not reflect your likelihood of paying back a loan. We look at credit files on a case by case basis and don’t just look at the overall score. This means even if typically, it might seem like you have bad credit ratings for car loans or personal loans, we won’t let that be the main factor in approving a loan for you.

Do I need to fill in any forms?

In the majority of cases you will not be required to fill in any paperwork or print or scan/fax back any documents to us, the whole process can be done electronically via online systems. Even your bank statements can be sent to us in minutes using a third-party processor.

What’s the next step?

For those in Melbourne or anywhere else in Australia that require car loans or personal loans, don’t hesitate to contact us today! Click on the apply now button to kickstart your online application.

Find out what our customers are saying

Here’s what a loan might look like

Here’s what a small loan might look like…

You’re after a loan for $1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments.

Small Loan Example

Loan Amount
13 X $110.77 = $1,440.00
RepaymentsPer FortnightTotal Payments
Loan length: 26 weeks

In the above example You’ll pay:

  • Loan Amount Financed: $1,000
  • Establishment Fee: $200 (set by NCCP at 20% of the loan amount)
  • Monthly Permitted Fee: $40 per month charged on the anniversary of the loan
  • Amount of Credit of the Loan: $1,240
  • Total Amount of Interest Payable: NIL
  • Direct Debit Fees: $25.74 ($0.99 per transaction)
  • Total amount of repayments: $1,440.00
  • Nominal Percentage Rate (Interest) per annum: 0% as defined by NCCP

Comparison Rate: 160.0571% as defined by NCCP

Here’s what a medium loan might look like…

You’re after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.

Medium Loan Example

Loan Amount
104 X $43.19 = $4,490.88
RepaymentsPer WeekTotal Payments
Loan length: 104 weeks

In the above example You’ll pay:

  • Loan Amount Financed: $2,500
  • Establishment fee: $400 (Set by NCCP)
  • Amount of Credit of the Loan: $2,900
  • Total Amount of Interest Payable: $1,590.86
  • Repayments: 103 x $43.19 + $42.31 (a final payment)
  • Total amount of repayments: $4,490.88
  • Nominal Percentage Rate (Interest) per annum: 48% as defined by NCCP

Comparison Rate: 65.5138% as defined by NCCP

WARNING: This comparison rate is accurate and applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

See our full Fee Statement for fee details.

“These examples are provided for illustrative purposes only. They do not represent an offer from Rate Detective Pty Ltd. A Spotter Loan is subject to the completion of an application, which is subject to responsible lending checks that take your personal needs and financial circumstances into account.”

For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.