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What is a bad credit loan?

A bad credit loan is an amount of money lent to someone with a poor credit rating. This allows people to borrow funds without the automatic judgment and denial that often comes from many financial institutes. We know how frustrating those repeated rejections can be, which is why we welcome all applicants and work with lenders who provide cash loans on bad credit.

Lenders that offer loans for bad credit ratings understand that a person’s financial history shouldn’t always be held against them. Past mistakes aren’t necessarily a fair representation of an individual’s current ability to repay debts.

With that said, bad credit loans usually come with a slightly higher interest rate to balance out the inherent risk of lending to someone with defaults and other blemishes on their report. They provide a helpful way to get money when most banks would deny your application, but they should only be considered if your circumstances really require it.

Cigno makes applying for cash loans on bad credit quick and simple. We have a high approval rate, a short 24/7 application process, and fast responses. We give everyone a fair go.

What does it mean to have bad credit?

A bad credit history is typically the result of defaults on loans. A default is when an outstanding bill hasn’t been paid within 60 days. Defaults that have since been paid can impact your credit rating (not just defaults that remain unpaid).

If you have a Part IX Debt Agreement, are currently in a state of bankruptcy or have previously declared bankruptcy, this can also appear as a mark on your credit history.

Too many lender enquiries can damage your credit profile further, which is why a few loan applications getting rejected can spiral out of control. Some banks won’t even consider lending you money if you have a certain number of recent credit enquiries.

At Cigno, we believe everyone deserves a second chance. That’s why we won’t turn you away, no matter what your credit history looks like.

Types of Bad Credit Loans

When you need cash now, bad credit shouldn’t get in your way. At Cigno, we believe in second chances – you’re more than just a statistical credit history. Whether you’ve had bankruptcies, defaults or debt agreements in the past, we’ll still welcome your application and do everything we can to get your loan approved.

If you need a loan with bad credit, apply with the friendly financial experts at Cigno today.

Bad Credit Loans with No Credit Check

The most common reason for needing no-check loans is bad credit. Your credit record can be tarnished by a wide range of incidents including overdue bills, missing repayments on other loans, declaring bankruptcy, and more.

But such things shouldn’t preclude you from borrowing money today. That’s why we specialise in helping people find bad credit loans with no credit check. This allows you to move forward with your financial future – rather than being bogged down by your past mistakes.

If you’re looking for loans with bad credit and no credit check, Cigno is ready to assist you.

Bad Credit Loans While on Centrelink

Worried that you’ll be excluded from cash loans due to bad credit and Centrelink payments? Don’t lose hope – we might be able to help. Our team has experience in sourcing cash loans for Centrelink customers with bad credit, helping them cover emergency expenses between payments.

When you’re unemployed, retired or dealing with a disability, expenses can often creep up on you at the worst times. Bad-credit loans for Centrelink customers can help you cover costs that can’t wait until your next payment comes in.

Small Loans for Bad Credit

When you need small cash loans, bad credit can cause issues. It can be frustrating to have banks turn you away instantly when you just need to borrow a few hundred dollars. And repeated applications and rejections can further damage your credit history, making it even more difficult to access small loans for bad credit.

When comparing small loans for bad credit online, you may need to avoid institutions that typically conduct credit history checks. At Cigno, our financial experts are skilled at finding small loans for people with bad credit, which is why our approval rate is so high.

Bad Credit Loan Repayments

We strive to make your repayments as predictable and painless as possible. Depending on your circumstances and preferences, we can:

  • Align your repayments with your pay cycle
  • Match repayments to your financial capacity
  • Send a repayment reminder on payday
  • Organise a direct debit from your account on payday
  • Keep you informed of any additional costs (we have no hidden fees or agendas).

Once you’ve paid off your current bad credit loan with us, you’ll be able to apply for another loan right away. With your information already on file, doing so will be even easier and quicker.

Over time, by paying back your loans without going into arrears, you can improve your credit history and make it easier to borrow money in the future.

Apply for a Bad Credit Loan Today


When you apply for a loan with bad credit, we won’t judge. We’ll just ask you for the same information we ask every applicant:

  • Some personal details
  • Bank statements.

And that’s all. We only ask for the info we need, and we keep all your data safe and secure. That’s how we make it easier to apply for a loan online with bad credit.


When you make your loan application with bad credit, we’ll provide you with all the relevant information about fees and interest. You can read about these in advance on our Costs page.

Bad Credit FAQs

How do I check my credit rating?

There are several websites that can provide your credit score for free within minutes. These include Finder, GetCreditScore, Credit Simple, WisrCredit, and Credit Savvy. If a provider asks for any money or credit card details, don’t trust them.

How do you get a bad credit rating?

The key events that can negatively impact your credit rating are:

  • Overdue payments with utility providers (e.g. unpaid electricity or internet bills), defaulted loans, and late repayments with credit card companies
  • Prior debts that have escalated to a third-party debt collector or have been “charged off” (i.e. the lender has given up on getting the money back)
  • Filing for bankruptcy.

How can I get an emergency loan with bad credit?

Apply with Cigno today – many of our lenders are willing to lend up to $1,000 to applicants with poor credit history.

Can I get a loan without a credit check?

Yes. Some lenders will consider your application based on your bank statements without needing to check your credit history.

Can I refinance a loan with bad credit?

It is possible, but it may be difficult to refinance to a loan with a lower interest rate than your current loan. This is because bad credit loans typically come with a higher interest rate to account for the higher risk.

I’m on Centrelink. Can I still apply for a bad credit loan?

Yes. Some lenders consider Centrelink payments to be a source of income, which means they are more likely to approve your application.

I’m self-employed. Can I still apply for a bad credit loan?

Yes. Many of our lenders only need a copy of your recent bank statements to review your application. This means your income as a self-employed person will be considered.

I have been declared bankrupt. Can I still apply for a bad credit loan?

Yes. Your prior bankruptcy won’t impact the review process with lenders who don’t perform a credit history check.