Rapid Loans

Rapid Loans: online personal and car loans since 2003

Rapid Loans is an Australian lender specialising in secured personal and car loans, operating in the online credit market since 2003. The company states it has provided finance to more than 50,000 Australian customers and presents itself as a player with over twenty years of experience in the sector.

Finance products

Rapid Loans' catalogue is organised into two main families. On the one hand, vehicle loans, which cover new and used cars, boats, motorcycles, jet skis and motorhomes, and include specific variants such as electric cars, classic cars, secured loans, fixed rate and refinancing. On the other, personal loans, aimed at purposes such as weddings, medical expenses, dental, cosmetic surgery, debt consolidation, travel, home renovations and studies.

Secured personal loan amounts range from AUD 2,001 to AUD 45,000, while secured car loans range from AUD 5,000 to AUD 45,000. Available terms vary between 12 and 60 months. The company does not provide finance when Centrelink payments are the only source of income.

Application and disbursement process

The application is made online and, according to the company, requires only three basic elements: the requested amount, identity documents (such as a driver's licence) and proof of income (such as payslips). Once the application is reviewed, a loan consultant contacts the applicant. If approved, funds may be available the same day or the next business day, depending on the time and day of the application.

Financial terms

Rapid Loans applies fixed interest rates on both car and personal loans, detailed in the contract if approved. Published rates start from 12.95% and the comparison rate from 16.27%. The minimum APR is 12.95% and the maximum is 22%. The establishment fee is AUD 400 for the MACC product and up to AUD 1,545 for personal and car loans. A monthly administration fee of AUD 25 applies for terms over 24 months, and a default fee of AUD 28. There is no early termination fee or fee for additional payments ahead of the regular schedule.

The company provides a representative example: for a "Silver" risk profile, a secured personal or car loan of AUD 30,000 over 5 years has a total repayment of AUD 55,231.80, with a comparison rate of 27.55% and an APR of 18.75%.

Customer service and financial assistance

Rapid Loans has a customer service team that supports the applicant from application through to loan settlement. The company has specific channels for customers experiencing repayment difficulties, as well as a dispute resolution procedure. It also offers a secure online portal for uploading supporting documentation.

Presence and structure

The company operates from an office on Gold Coast Highway, Miami, Queensland. Rapid Loans Pty Ltd is registered with ACN 103 660 546 and holds Australian Credit Licence 388847.

Location and contact

1924 Gold Coast Highway, Miami QLD 4227 · Phone: 1300 727 431 · Email: customerservice@rapidloans.com.au