Bad Credit Loans

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Bad Credit Loan

Bad credit loans are non-conforming loans that normally fail to meet the standard lending criteria of a bank or a mainstream lender. 

There could be many reasons such as – 

  • Adverse history on the credit file

  • Bankruptcy

  • The security of the loan is unusual.

Typical reasons for non-conforming loans with poor credit

  • Court judgments

  • Late payments on existing loans

  • Bankruptcy history

  • Ex-bankruptcy

  • Bad credits

  • Paid or unpaid defaults

  • High tax debts

  • Arrears on bills. 

How much can I borrow in a Bad Credit Loan?

  • Borrow up to 95% LVR inc LMI of the property valuation if you have paid defaults over 2 yrs.

  • Borrow up to 90% LVR inc LMI of the property valuation if you have larger defaults, judgements, par IX agreement, discharge bankruptcy, court orders, and credit defaults. This type of loan is mostly done through non-banks.

Is it likely that I will get my loan BCL approved?

  • There are many non-bank lenders will accept bad credits loans. 

  • Banks often would not like to see defaults over $500.

  • When LVR is 80% and under, you won't be penalised on interest rate as much. 

1. Do you offer personal poor credit financing?

Yes, SC Brokers offers personal for people with bad credit loans in the past. As long as the loan is affordable and suitable for you, we'll give your application a fair go, even if you have been refused credit by other lenders.

2. How long will the loan application online take?

Everyone is different, but the application generally takes between 5 and 10 minutes to complete online. We need to take a record of your contact details, employment, income, and expenses and then for you to submit a digital copy of your bank statements via our secure partner. No paper docs need to be sent to us (in most cases) as the loan application is 100% online.

3. Can a loan with SC Brokers help repair my credit rating?

Yes, we can. If you have a bad credit history, you can build up a good payment history with us that can be used to either get a better loan with us or with another credit provider.

4. Will SC Brokers do credit checks on my application?

Yes, but not all applications get credit checks performed. We only run credit checks after our initial review, if we believe the application has a chance of being successful.

What are the key advantages of the Bad Credit Loan?

  1. Poor credit loans offer several advantages, making them a valuable option for individuals with a low credit score or history. First, they are easily accessible, as many high-risk loan providers do not rely on credit checks to determine eligibility. This means that individuals who have faced financial difficulties in the past, such as bankruptcy or default, can still be approved for a loan.

  2. In addition, bad credit loans offer flexibility that is tailored to the borrower's individual circumstances. For example, they may come with a range of terms and conditions, including flexible repayment plans that allow the borrower to make smaller, more manageable payments over a longer period of time.

  3. Another benefit of subprime loans is that they can help individuals to rebuild their credit. By making regular, on-time payments, they can demonstrate to lenders that they are responsible borrowers, which may lead to better interest rates and terms in the future.

  4. Bad credit financings are easier and faster to obtain than other forms of credit. Many providers offer online applications and fast approval processes, allowing borrowers to receive their funds quickly and without a lengthy application process.

  5. Despite higher interest rates compared to traditional lenders, bad credit loans can still be more affordable than other forms of credit, such as payday loans or credit cards, which often carry much higher interest rates and fees. This makes them a more accessible and affordable option for individuals who may struggle to obtain credit elsewhere.

SC Brokers has helped thousands of Australians secure their loans and save thousands on interest rates. 

To find out more, click Apply Now.


The amount of loan that you are able to borrow depends on your personal circumstance and the lending policies that vary between different lenders.

Banks/lenders have their own target market. A finance broker expert can assist you in deciding which bank/lender products best suits you.
Most lenders would prefer 20% deposit to complete the purchase.

However, if you could satisfy the lender's mortgage insurance (LMI), then you may be able to borrow as much as 98% LVR including LMI.
Major banks would generally waive the LMI for loans up to 95% LVR for medical practitioners.
At SC Brokers, we have banks/lenders that can waive the LMI for the above professionals for loans up to 90% LVR.
Banks in general would not allow for a second valuation to be done on the property.

SC Brokers have extensive knowledge and experience in providing finance for off-the-plan properties, whether it is an apartment, townhouse or house & land package. We ensure sufficient work is carried out at an early stage for the valuer to know better about the project to provide a better result.
At SC Brokers, we have one of the largest lender panel for you to choose from.

Our multi award-winning team will ensure that your receive the best service possible.
In Australia, most of the building contract has insurance attached to it. For example, in QLD, the QBCC will cover up to $200k for the loss.
If, in the unlikely event the builder has gone into trouble, please contact your finance broker asap to extend the construction period for the loan and send us the new building contract for valuation. Your loan, in general, will not require a re-assessment to confirm the borrowing capacity.
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