Consolidation Loans For Bad Credit | Loans for up to $10,000

Streamline your repayments with debt consolidation

Managing multiple loans or credit cards can prove to be quite the juggling act. Remembering all the different dates for loan repayments can seem almost impossible, and failure to pay up on time can result in hefty fees and charges. Debt consolidation can reduce your multiple repayments into just one, helping to minimise the stress and clutter in your life.

What is a debt consolidation loan?

A debt consolidation loan is designed to combine all of your existing debts into just one regular repayment. This can save the stress of worrying about multiple loans and their corresponding payments. With Nifty Loans, applying for a fast cash loan couldn’t be easier with our simple application process. It’s 100% online and paperwork free.

Can I get a consolidation loan with bad credit?

A consolidation loan with bad credit is a form of personal loan for people with poor credit. If you have lots of smaller loans and forget to pay them on time, this can negatively impact your credit score. A debt consolidation loan can not only help make your payments easier to manage, but it can also help improve your credit score – provided you make your repayments on time.

We look at your current finances holistically. While we do conduct credit checks as a part of our commitment to responsible lending, this is not the only thing we consider. If you have bad credit, you can rest assured that we will put more focus on other factors when assessing your application.

What are the benefits of debt consolidation?

Consolidating multiple debts into one easy-to-remember loan can take away the stress of multiple payments. It can also save you from paying multiple lenders with different interest rates. You’ll just have to focus on one simple repayment with a fixed interest rate.

Here are the numerous benefits associated with consolidation loans:

  1. The debtor might have more affordable repayment terms with a clear structure
  2. They can work out cheaper than multiple credit agreements
  3. This affordability usually results in an increase in cash flow (when the loan is over a longer term)
  4. Your credit score can often be positively affected once the multiple debts are settled
  5. Multiple agreements usually mean multiple interest rates. Consolidation loans can eliminate excess interest payments
  6. Monthly repayments are usually fixed over the span of the agreement
What bills could I consolidate with a consolidation loan?

There are several bills you can look at consolidating. Some examples of these bills are:

  • Credit cards
  • Personal loans
  • Car loans
  • Furniture or equipment loans
  • Medical bills
  • Student loans

Before consolidating your bills, you should always compare the interest rate or fees that are associated with your current credit accounts. This is to ensure that the loan you are applying for is affordable for your budget.

Is a consolidation loan right for me?

Our team takes a realistic look at your finances to ensure a consolidation loan is affordable and manageable for you. We do not want to cause you any further financial stress, so we take this process very seriously.

We will do our best to match you with a loan product suited to your individual situation; however, sometimes this is not always possible. The Nifty team is all about responsible lending, so we’ll never lend you an amount that you can’t afford to comfortably repay. If you’d like to get in touch, you can send us a message and we will get back to you as soon as possible.

Am I eligible for a consolidation loan?

At Nifty, we like to make things straightforward and hassle-free. So, here’s what you’ll need to say ‘yes’ to if before you apply for a consolidation loan with us:

  • You must be at least 18 years old
  • You must be an Australian citizen or Permanent Resident
  • You must have a regular income deposited into your own personal bank account for the last three months
  • You must have internet banking set up
  • You must have an active mobile number and email address
What documents do I need?

When you’ll apply, we’ll require the following information:

  • Personal information (name, D.O.B etc.)
  • 100 points of identification
  • Internet banking details
  • Your myGov details (if you receive Centrelink benefits)
  • Employment details and employer contact info
  • Proof that you are an Australian citizen or Permanent Resident

Consolidation Loan FAQs

Below are some of the most frequently asked questions we get about our quick debt consolidation loans.

Why do you need my online banking details?

Our team requires your online banking details in order to access read-only copies of your bank statements. This gives us a better idea as to whether or not you will be able to repay the loan. There is no need to worry; Nifty uses the latest in safe banking technology to ensure your information is always encrypted. That means we will never be able to see your personal details or passwords.

Can I get a debt consolidation loan if I’m receiving Centrelink?

We consider most forms of Centrelink as regular income. Every applicant is subject to assessment. The reason we assess your income is to ensure that a personal loan will be manageable for you.

Are there any hidden fees and charges?

We will never hide any fees, charges or interest rates associated with your loan. If your loan application is successful, we encourage you to read your loan agreement carefully. The interest rate as well as any fees and charges will be clearly stated in this agreement. Our team is here to assist you. So, if you are unsure, simply send us a message and we will do our best to clear up any confusion.

No fuss, no paperwork. Just nifty loans.

Personal Loan Details

Loan Amounts $5,000 – $15,000
Loan Terms 9 – 24 months
Starting Interest Rate (APR) 11.42% (Excellent Credit)
Starting Comparison Rate 14.49% (Excellent Credit)
Ceiling Interest Rate (APR) 21.24% (Average Credit)
Ceiling Comparison Rate 45.56% (Average Credit)
Type of rate Fixed Rate
Repayment options Weekly, Fortnightly, Monthly
Monthly Fee $0
Early repayment fee $0
Average turnaround 60 minutes*
Loan Options Unsecured & secured options

Credit criteria and terms and conditions apply. Representative example: based on a loan of $10,000 over 36 months a borrower with an excellent credit history can expect to pay a total of $12,389.76. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Interest rates vary subject to a full credit assessment. This represents a comparison rate of 14.49% p.a. and includes all interest and fees included in your loan repayments over the life of your loan. For our personal loan product the APR starts from a minimum of 11.42% (14.49% comparison rate) with a maximum of 21.24% (45.56% comparison rate). The minimum loan term is 9 months and the maximum loan term is 24 months. For more details and examples visit our rates and fees page.