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Personal Loans for Bad Credit: Top Picks for June
Struggling with a low credit score? Here are the best personal loans to consider this June, tailored for those with bad credit.
Quick Picks
Best overall: ING Personal Loan.
Best for flexibility: Liberty Financial Personal Loan.
Best value: Plenti Personal Loan.
Loans That Welcome Bad Credit
When your credit score is less than stellar, the search for a suitable personal loan can feel daunting. Traditional top 10 lists often overlook those with bad credit, focusing instead on loans with the lowest rates typically reserved for those with excellent credit. Here, we highlight loans that don't shy away from applicants with bad credit, offering flexibility and competitive terms.
Liberty Financial Personal Loan
Liberty Financial offers a unique edge with its flexible lending criteria, making it accessible for those who might be turned away by traditional banks. The ability to secure a personal loan from as low as 5.67% p.a. is a significant draw, especially for those seeking higher amounts up to $80,000. However, rates are personalized, which means riskier profiles could see higher costs.
Plenti Personal Loan
Plenti's offering is notable for its low starting rate of 6.17% p.a. and the lack of ongoing fees, which is ideal for budget-conscious borrowers. The fintech's rapid approval process is a plus, but be aware of the establishment fee that can vary between 0-6%. Compared to Liberty, Plenti lacks a branch network but compensates with a fully digital experience.
Commonwealth Bank Personal Loan
Harmoney stands out with its market-leading low rates starting at 5.76% p.a. for unsecured loans. The entirely online process simplifies applications, and checking your rate doesn't impact your credit score. However, the maximum loan cap of $70,000 might be limiting for those needing larger amounts.
While these loans provide some relief, it's essential to consider the limitations and potential costs involved. If you're looking for a more traditional bank experience, our next section covers options from major banks that still cater to those with less-than-perfect credit.
Big Banks Offering a Helping Hand
Major banks typically have stricter credit requirements, but some offer products for those with bad credit. These loans often come with higher rates but bring the reliability and security of established institutions.
NAB Personal Loan
NAB offers a tight rate band from 7.50% to 12.99% p.a., providing predictability that many borrowers appreciate. The waived $250 application fee until July 2026 is a welcome bonus, but the $15 monthly account fee could add up over time. This loan works well when you value big-bank stability and a guaranteed rate cap.
Westpac Personal Loan
Westpac's personal loans are appealing with flexible terms of 1-7 years and no early exit fees on unsecured variable loans. However, the establishment and monthly account fees can be a deterrent. The discounted rates for electric car loans are a unique feature if you're in the market for an EV.
ANZ Personal Loan
ANZ offers both fixed and variable rate options, providing flexibility to tailor your loan to your financial strategy. The maximum loan amount of $75,000 is higher than some competitors, but the higher minimum rate compared to fintechs might be a drawback for those with tighter budgets.
ING Personal Loan
ING offers a digital-first approach with competitive fixed rates starting at 6.19% p.a. and no early repayment fees. The convenience of a fully online application process is a plus, but the lack of a branch network may not suit everyone. You'd pick this if you're comfortable with a digital-only experience.
If traditional banks don't meet your needs, our final suggestion offers an interesting balance between fintech innovation and bank-like reliability.
The Balanced Choice
This option bridges the gap between cutting-edge digital lenders and the established security of big banks, offering a unique blend of benefits.
Harmoney Personal Loan
Harmoney combines fintech agility with ASX-listed transparency, offering unsecured loans from 5.76% p.a. and secured options from 5.66% p.a. This makes it a compelling choice for those who prioritize transparency and competitive rates without sacrificing speed or convenience.
Finding a personal loan with bad credit can be challenging, but options exist that cater to various needs and preferences. From fintechs like Plenti and Harmoney to traditional banks like NAB and Westpac, these picks offer a range of benefits tailored to those with less-than-perfect credit scores. Always compare rates, fees, and terms carefully to find the best fit for your financial situation.
Rates and terms shown are representative. Your actual rate depends on your credit profile and circumstances. This is not financial advice — always read the lender's terms before applying.