$50 to $5,000 paid out today!

Instant Decision Unsecured Loans

Fast 3 to 36 month online loans.


100% No obligation loan quote


Get your cash in 60 minutes once accepted*


We don’t credit check or charge any fees†

November 24, 2020

Instant Decision Unsecured Personal Loans for Bad Credit Australia

Instant decision unsecured loans in Australia— what does it mean? Magicloan brings you all the juicy details.

Bad credit unsecured personal loans with instant decision— What does it mean?

To some people, the above phrase might just be some hodge-podge of words strung together. Let Magicloan explain the details for you to get a good idea of what this credit instrument is, what it means and how it can benefit you. 

To start, an unsecured loan is not backed by any asset by the borrower— like a motorbike or a car, when applying for the loan. Due to the absence of an asset to guarantee the loan, it poses more risk to the lenders, which is why they are generally offered for a smaller amount of $2000 or less.

Personal loans or 247 online loans, on the other hand, pertain to credit instruments that can be used by the borrower to cover for any personal expenses. This means that loans of this kind may be used just as you would cash.

Meanwhile, bad credit loans are offered for borrowers that have accrued a poor credit rating. This type of loan is ideal for the borrower with a rather patchy credit history, especially those who have had bankruptcies, missed payments and defaults in the past.

Lastly, instant decision loans pertain to how lenders get loan applications assessed quickly so they can come up with an outcome fast. However, this does not mean that the loan application gets approved instantly right after submitting it.

Need a loan today? Apply online!
Fast Instant Loans

Does Magicloan offer instant decision unsecured loans for bad credit borrowers?

It’s about time you get to know who we are and what we do. We are Magicloan, a lender-locator provider offering our services in Brisbane!

We would like to point out that we do not really offer any loan as we are not a lender. However, we have partnered with a wide array of lenders that can offer the right credit instruments for you! With our help, there is no need for you to apply to a number of lenders all day only to end up getting rejected. With Magicloan, all you have to do is send a single application. We will then work towards getting you matched with a lender that can offer the kind of loan you need.

In addition, we have a smart online system that makes it possible for us to extend our services no matter where in Australia our customers are applying from. In addition, it is easy for us to get access to the information we need on the digital platform which ensures that the whole application process is going to be paperwork-free 100%.

Bear in mind that our lender partners offer a variety of loan products with equally varied policies and criteria. This means that we cannot offer any guarantee that the loan offered to you is going to be an unsecured personal loan for bad credit borrowers with instant decision.

Understanding personal loans for bad credit borrowers

Same day bad credit loans are credit instruments that are specifically offered to people with poor credit scores.

It is common for creditors to take a look at your credit history and rating to determine whether or not you would be an ideal borrower or not. Lenders will always want to know your creditworthiness before deciding whether or not they will let you borrow money. Your creditworthiness measures your suitability to be allowed credit by lenders. This measures how likely you are going to repay the money that will be lent to you.

This is why when your credit score is poor, getting approved for a loan can be quite challenging. Credit unions, banks and other traditional lending institutions will always put a lot of weight on your credit score when evaluating your application. This is why, when your credit rating is bad, you will most likely get rejected if you apply at traditional credit providers.

There are online lenders that may offer no credit check or bad credit loans, specifically targeted to borrowers that are unable to get access to credit the traditional route. 

Why is my credit score bad?

The score reflected on your credit rating is just a mere reflection of your behavior as a borrower in the past. Depending on the credit bureau generating the report, credit scores can range between 0 and 100 or 0 and 1200. The higher your credit score is, the better.

The credit report that will be generated for you will have all the history detailing your borrowing behavior. The details contained in your credit report are referred to as listings. This means that your credit

When you get more bad credit listings added to your credit report, they will pull your score down. If you’ve had defaults, late payments and bankruptcies in the past, expect that this will lead to you getting a rather disappointing credit score.

When you have a poor credit rating, expect that this will lead to some difficulties in getting access to credit. Since you may not be able to access loans via the traditional route, there may be a need for you to search for online lenders that offer unsecured loans for bad credit borrowers that offer instant decisions.

Can my credit score be improved?

When you have a bad credit score, lenders will look at you as a risky borrower. This is why most would rather reject your application because they feel that you are most likely to default on your loan.

Fortunately, your credit score isn’t going to stay poor forever.

Whilst bad credit listings can significantly pull your credit rating down, exemplary borrowing habits are going to positively impact your credit score as well. There are a number of ways that you can pull your credit score up. Among these are:

  • On-time repayments
  • Minimising new credit applications
  • On-time bills and rent payments
  • Paying off credit card debts in full every month.

Note that you can secure a copy of your credit report for free once a year.

Unsecured vs. secured bad credit instant decision personal loans

Unsecured loans are those not guaranteed by any assets owned by the borrower. This particular loan does not offer the lenders with the option to repossess anything in the event that a buyer is unable to make the repayments. This is why they are offered for significantly smaller figures. On top of that, they tend to come with higher interest rates and borrowing fees.

Meanwhile, secured loans are guaranteed by an asset owned by the borrower. This could be a caravan, a boat or a car. In the event that the borrower is unable to repay the loan, the lender will have the option to repossess the asset, sell it and use the proceeds to recoup some of the money they have lost in the process.

Attaching a guarantee in the form of an asset to a loan often helps improve the chances of securing a lender’s approval. Take note, however, that in Australia. Securing a loan of $2000 or less is illegal. 

Poor Credit Loans

Poor Credit? You’re not alone. Many people with poor or bad credit find it difficult to get a loan, which is why we offer bad credit loans as an option for you.

If your financial history has resulted loan rejections from traditional lenders because of how much risk they see associated with lending money based on your inability to pay back debts, then our company can help out by giving more secure options that will work towards ensuring success rather than failure like other methods.

We understand that poor credit can be a barrier to getting the financing you need. Fortunately, our Poor Credit Loans are designed with affordability in mind and they’re easy enough for anyone who has been turned down by other lenders before because of their score. We offer competitive rates on short-term cash advances up to $5k, long-term financial solutions such as car purchases or RV rentals at an affordable monthly payment plan fee.

Can I sign up for a bad credit unsecured loan?


Our lender partners offer a wide array of bad credit unsecured small loans.

Do note that when you have a poor credit rating, lenders will have the impression that you are a high risk borrower. This means that you have a high possibility of defaulting on a loan. since there will be no asset for the lenders to repossess, the fees and rates attached to loans for bad credit borrowers are also going to be considerably higher.

At the end of the day, the fees and rates involved for taking out a loan will be solely the lender’s discretion.

What if I fail to get my unsecured loan paid back?

With unsecured loans, lenders will not have any asset that can be repossessed if you fail to repay the loan. However, there are options available for you should you be in a situation where it’s tough for you to pay back the loan.

If you have an unsecured loan that you can no longer afford to pay back, the lender may get your account handed over to debt collectors. These debt collectors will then get in touch with you in order to:

  • Provide details concerning your unpaid loan account
  • Ask for payment or inform you of the consequences in the event that you cannot repay
  • Offer alternative options in repaying the loan

More importantly, remember that defaulting on your loan can have a negative effect on your credit score.

Urgent Personal Loans

When can I expect an outcome?

Remember that the instant decision attached to unsecured bad credit personal loans can be somewhat misleading. This is because the instant decision attached to these types of loans does not necessarily mean getting a decision automatically right after you get your application form submitted. Every lender in Australia is legally required to carry out a certain level of evaluation before letting their customers know about the outcome. The assessment process can definitely not be done instantly— it takes time.

The instant decision attached to these types of loans simply means that the lenders offering the loan will get their assessment carried out as fast as they possibly can to come up with an equally quick outcome. After your loan application has been sent out to our lender partners, note that it will be entirely out of our hands. We will not have any influence on how fast or not it will get processed by the lenders. At the end of the day, that will be their sole discretion.

When talking about instant decision in loans, it simply has to do with the fast assessment time that the lenders offer. These loans get assessed and processed so quick they can feel as if the whole process has been done instantly.

Magicloan does not and cannot offer any guarantee that you will get an outcome for the application you sent to us. How soon or not it will take for the lenders to decide whether or not to offer you a loan will be out of our hands. The speed and the prerogative to offer you a loan will be entirely up to the individual lenders within our network.

Generally, most borrowers might get an outcome for their application within an hour of sending the form. Others, on the other hand, may have to wait until the next working day to get results.

Can I take out a personal loan without an income?

No. Loan applicants will be required by lenders to at least be getting some sort of income regularly in order to qualify for any kind of small loan.

If lenders will find that you’re currently not earning any sort of income at all, then they are likely going to reject the loan application, they need assurance that you will have the means to pay the money back if they are going to offer you a loan. Without a regular income, there’s no way you may be able to do that.

In addition, creditors will also take a look at the last 3 months of your banking records to determine whether or not you are a suitable borrower or not. They will not just confirm how much income you are earning but they will also check your spending habits and your overall banking history.

It is not only irresponsible for lenders to offer a loan contract to a borrower that cannot prove that he has sufficient income to afford the loan, but it is illegal too. When you borrow money you can’t afford to pay back in the first place, you’ll be in such a high risk of going into debt. Before long, you‘ll likely find yourself getting deeper and deeper into a financial hellhole where you’ll likely constantly take out a new loan just to pay for the existing ones.

Can I sign up for instant decision unsecured personal loans for bad credit borrowers?

Possibly, but there is no guarantee that you will get one.

Credit enquiries can be part of the procedures that a lender carries out when deciding whether to offer a loan or not. Since Magicloan is unable to guarantee the specific type of lender you will end up getting paired with, we are also unable to offer any guarantee that you will get a personal loan offer minus the credit assessment.

As a borrower, expect that lenders may carry out the following:

  • The lender will choose not to secure a copy of your credit records.  This is when you get a loan without the credit enquiry.
  • The details of loans you have taken out on your credit record.  Your credit record should reflect all the details of loans you have taken out and have been approved for.
  • Your banking history will be uncovered. Most lenders will be interested in getting to know what your banking activities were like for at least the last 3 months.
  • How much you’re earning regularly. Lenders will usually require you to show proof of income before they can decide whether to offer you a loan or not.

How can I sign up for instant decision unsecured personal loans for bad credit borrowers?

Applying for a loan at Magicloan is easy. Just follow the following simple steps: 

Step 1

On the Magicloan website, scroll up and locate the loan slider right at the top of the page.  Input the specific loan amount you need and select your preferred repayment term as well. You should get estimates on how much your likely loan repayments are going to be whether it is monthly, weekly or fortnightly. Note that these are estimates alone and the actual offer from the lenders may be entirely different.

Step 2

Once you have submitted the form, our system will start working. Do see to it that all the pertinent information needed in the form are properly and accurately filled out. It doesn’t matter if this is your first time applying for a loan. There are instructions on the form, to ensure that you are indeed doing things right.

Step 3

You can now just sit back and wait as we do our magic and we use our automated system to try and find the right lender to match with you.

Note that the lenders we send your details to will first assess your application. If they are able to offer a loan, then they will contact you directly.

Can you offer a $5000 loan with guaranteed approval?

At Magicloan, we are unable to offer any guarantee that your loan application will be approved. It doesn’t matter how much you are applying for too. There is just no such thing as a guaranteed approval loans in Australia.

Besides, lenders that offer guaranteed approval bad credit loans are actually being irresponsible. Read on as we detail the reasons.

The 2009 National Consumer Credit Protection Act has clearly indicated that creditors operating in the country must follow responsible lending practices. This act intends to protect Australians against getting caught up in lending products that are way beyond their capacity to repay.

Lenders need to take the necessary steps in ensuring that responsible lending obligations are met every time they assess loan applications.

  1.   Check into the current financial situation of the borrower and consider their objectives and needs.
  2.   Take the necessary steps in verifying the information you have gathered.
  3.   Carry out the necessary assessment on whether or not the loan contract they are about to offer is indeed suitable for the borrower or not.

With this in mind, every lender that offers loans with guaranteed approval may not be properly assessing your application. This means that they may not be practicing responsible lending.

Instant decision unsecured online personal loans for bad credit borrowers

These days, almost everything is digitally available. From music to food to films, everything can be accessed online. Getting access to loans shouldn’t be any different.

At Magicloan, we have designed our business model to make it easily accessible for consumers to get access to credit online with the least stress and hassle possible. More importantly, we get things done fast! It doesn’t matter where in Australia you are, we’re here to help.

Our online model allows for a 100% online, paperwork-free application process. We can even potentially get your application an outcome within 1 hour from submitting it to us.

*Note that the 1 hour outcome is only possible for applications submitted within our regular working hours. This is not, however, guaranteed.

Need any help?

Got any questions about Magicloan and the services we offer? Check out the FAQs section as we probably have all the answers to the questions you have in mind.

You can also reach us out directly by email at hello@magicloan.com.au. Magicloan guarantees that we will respond as soon as we can and you’ll be directly communicating with a real human too.

Please note that messages we receive beyond our working hours may not get a response immediately but you can trust that you will hear back from us on the next working day.  Be assured that answering your queries as best and as fast as we can is always our priority.

Apply today!

Send in your application online and get done in minutes! Just scroll up to access the loan slider at the top of the page and get started!

Don’t miss out on the latest about Magicloan. Connect with us via our social media platforms to keep yourself updated.

MagicLoan.com.au (Credit Representative Number - 535991) which is an Introducer Appointed Representative of Marketplace Finance Pty Ltd (Credit Representative Number: 487316).  

MagicLoan is not a lender and does not make credit decisions. MagicLoan matches customer applications with lenders in our network based on the information provided, in exchange for a commission paid by the lender for advertising services provided. There is no guarantee that you will be accepted by a lender or that you will be offered terms suitable for your financial needs. Not all lenders will be able to provide amounts up to $5000. The time required to process and transfer the loan varies by the lender. This website does not directly endorse any particular product or service. Any information on this site should serve as opinion only. As a condition of extending credit, some lenders you may be matched with may run a credit check from a credit reference agency. Late or missed payments may be subject to increased fees and/or interest rates.

1. Subject to application being approved by the lender. Not all lenders are able to provide up to $5000

2. Subject to lenders requirements and approval. The time that it takes for the cash to be received in your account will depend on your bank’s policies and procedures. 

Consumer Advisory: MagicLoan is a loan matching service. This site will submit the information you provide to a direct lender. Upon loan approval, a direct lender may require further information from you which will be collected after we transfer you to their website or they may contact you via phone or email.

All applications will be subject to credit checks and affordability assessments in line with responsible lending. Loan terms, conditions and policies vary by lender and applicant qualifications. Late or missed loan payments may be subject to increased fees and interest rates. Not all lending partners offer up to $5,000 loans, and not all applicants will be approved for their requested loan amounts. Loan repayment periods vary by lender also. Lenders may use collection services for non-payment of loans.

Not all borrowers will qualify for a loan, the operator of this website does not engage in any direct consumer lending, we simply provide a FREE loan matching service to the public. To operate this service we receive a commission from the lender we refer you to.

Auto Decisioning allows lenders to make a decision on your loan application without the need for human interaction, for more information please contact your lender or see their privacy policy.