Rapid Loans Review

Rapid Loans is a leading financial institution in Australia, providing quick and convenient lending solutions to meet a variety of financial needs. With a strong commitment to customer satisfaction, Rapid Loans offers a streamlined application process, competitive interest rates, and flexible repayment options.

Best for

Borrowers with a poor credit history: Rapid Loans are ready to consider your entire financial picture and explore ways to assist you, despite past credit challenges.

Discharged from bankruptcy: If you've faced bankruptcy in the past or have recently been discharged, this is the opportunity to turn the page with Rapid Loans.

Draw backs

Limited Flexibility in Interest Rates: Rapid Loans’ interest rates may not provide the flexibility that individuals with excellent credit scores could potentially leverage to secure even lower interest rates from other lenders.

Possible Higher Rates for Lower Credit Scores :Borrowers with credit scores below the minimum requirement might find themselves with higher interest rates or potentially being denied altogether.

Rapid Loans Overview

Since 2003, Rapid Loans has been offering a range of loans, from car loans to personal loans, and even small business loans. They offer personalised repayment plans tailored to fit your budget and lifestyle, making it easier for you to manage your finances. However, because Rapid Loans is willing to work with different risk profiles, their interest rates are not as competitive as other lenders in the market.

For a short-term personal loan, you can borrow anywhere from $2,000 to $40,000 over 18 to 60 months. If you need an auto loan, you can borrow from $5,000 to $40,000. Small business loans are also available from $10,000 to $50,000. With Rapid Loans' fixed interest rate, you can rest assured knowing that your repayments will remain the same for the duration of the loan.

How to apply for a Rapid Loans car loan

To make a Rapid Loans loan application, one of the most important things to consider is ensuring that you have an asset (such as a vehicle) to secure your loan against. This is a requirement for all Rapid Loans loans. Additionally, it's important to keep in mind that inconsistent income and unsecured lending will likely result in an automatic decline. If your credit score is at least 300 and you have an annual income of $24,000 or more, then you meet the minimum criteria required to apply. Raid Loans' fees do vary depending on the loan type and term. This means you'll need to factor this in when calculating your total loan repayment amount. A good idea is to use an online finance calculator to help you work out the total cost.

See if you qualify for a Rapid Loans loan in minutes

Find my rates
Fixed rates from:

9.75% (22.95% comparison rate*)

Loan amounts:

$5,000 - $50,000

Loan terms:

18 to 60 months

Loan types:

Secured personal loans only

Min. credit score:


Min. income:

$30,000 per annum (gross)



  • Establishment Fee: $400 (MACC) and $495 (LACC and car loan)
  • Monthly Administration Fee: $25 per month (for loans $8,000 or higher)
  • Dishonour Fee: $28
  • Early Termination Fee: $0
  • Brokerage fee: up to $1,320

*Last updated 15/04/24

Big no-no's (automatic declines)

Inconsistent Income - Rapid Loans will not approve an application for lenders with a poor credit history, or if their income is inconsistent.

Unsecured lending - Rapid Loans does not offer unsecured loans, so you'll need to provide security to get your loan approved.

Driva tip: Rapid Loans welcomes individuals who might be in the early stages of building their credit history or those who are seeking to recover from past financial challenges. Driva's careful process of conducting policy checks before sharing information with Rapid Loans ensures that your loan application is well-prepared for a likely approval. This way, your credit file remains minimally affected while you explore the possibilities that Rapid Loans has to offer.

Rapid Loans - Frequently Asked Questions