Payday Loans For Bad Credit Instant Approval Australia

Apply with Savvy today and get instant approval on payday loans.

Apply in less than 10 minutes.

Last updated on July 25th, 2022 at 05:10 pm by Kurtis Eichler

Get instant approval on cash loans with Savvy

If you’re in need of very quick funds but feel like your credit score is holding you back, think again. By partnering with some of Australia’s leading lenders, Savvy can help you get instant approval on payday loans from $300 to help put your mind at ease.

Our partnered lenders can give you a second chance at approval and help you get a loan to cover those urgent costs, so give your budget some breathing space and apply with Savvy today.

Can I get instant approval on a payday loan with bad credit in Australia?

Yes – you can receive an instant outcome on your payday loan even if you have a less-than-perfect borrowing history. You won’t have to worry about searching for ‘no credit check’ loans, which aren’t offered by reputable lenders, when you apply with Savvy. Our partnered lenders focus on your ability to comfortably manage your repayments, rather than your credit score. They can look past difficulties you’ve had in the past when assessing your application and consider your current financial situation above all else.

Even though credit scores aren’t a major factor, lenders still run credit checks as part of their obligation under Australia’s responsible lending laws. These checks aren’t specifically designed to check your credit score, instead providing lenders with information about any active loans or defaults in your name. They’re also necessary for assuring a lender you can adequately afford your loan.

Savvy’s efficient online process guarantees you’ll get an instant outcome on your application before having it formally assessed by one of our lenders. The time it takes for you to receive your funds can vary from case to case, with some online payday loan applications taking longer to process than others depending on your financial and personal circumstances. In most cases, formal approval and funding can be granted as soon as the same day you apply, although your bank or financial institution’s processing speed could impact this.

How do I apply for an instant cash loan with no paperwork?

Applying online is a very quick process with Savvy, only taking about ten minutes to complete the online form. To start your application, you must select how much money you want to borrow and why you need it. A payday loan can be used to cover a wide range of urgent expenses, including:

  • Vehicle repairs
  • Veterinary costs
  • New white goods or furniture
  • Debt consolidation
  • Medical expenses
  • Home renovations or repairs

From there, you’ll be asked to provide your personal information such as your full name, contact details, date of birth and address. When you fill in your residential status and address, you’ll be asked to declare your rent, mortgage or board costs.

If you’re currently employed, you’ll be required to confirm your employment status, industry, the length of time in your current job and the name of your employer. You’ll then have to provide your income after tax and pay frequency, as well as confirm whether government benefits make up half or more of your income.

Your lender will require 100 points of identification to verify your identity. This can be made up of any of the following:

  • A driver’s licence
  • An Australian or foreign passport
  • A Medicare card
  • A utility or credit card bill
  • A birth certificate
  • A government-issued proof of age card

On top of this, your lender will request access to your online bank statements to verify your income and expenses. This information is encrypted and your lender will only be able to see a ‘read-only’ version of your statements to ensure that they’re 100% safe.

Once this has all been supplied and submitted, you’re guaranteed to receive an instant outcome on your application. If successful, your lender will assess your application further and can offer formal loan approval soon after if they’re happy with your application. Your direct lender will ask you to sign and return a digital loan contract so your funds can be released into a nominated bank account. On occasion, lenders do sometimes require more information from an application which can delay the process slightly, but this won’t always be the case.

How much do bad credit payday loans cost?

Payday loans attract several charges, including an establishment fee and an ongoing monthly fee. Loans up to $2,000 come with a capped 20% establishment fee, while loans over $2,000 charge a maximum of $400. Monthly fees on a $2,000 loan are capped at 4%, while they’re capped at 48% annually if you borrow more than $2,000.

These charges will be spelled out in your loan contract, making it easy for you to incorporate them when you are budgeting your repayments and ensuring there aren’t any hidden fees. Lenders don’t charge break or early discharge fees if you decide to repay your loan earlier than planned.

The longer you take to pay off your loan, the more you’ll pay in fees. As such, choosing to repay your payday loan over a shorter period will save you money on fees. The below table demonstrates how a shorter term can make a big difference to the overall cost of your $2,000 loan.


Loan Amount Term Establishment Fee Monthly Fee Monthly Repayment Total Cost
12 months
Nine months
Six months

Frequently asked bad credit payday loan questions

Can I be approved with unpaid defaults?

Yes – you can still get a payday loan if you have defaults on your credit file. However, having outstanding defaults on your file can reduce your likelihood of being approved. Recent unpaid defaults on other payday loans are highly likely to result in an unsuccessful loan application.

Can I get a payday loan if I am a disability pensioner?

Yes – you can be approved for a loan if you’re collecting a disability pension. Lenders allow you to claim fixed Centrelink benefits as an income stream, with other eligible support measures including:

  • Aged pension
  • Veteran’s pension
  • Carer payment
  • Single parent payment
  • Family Tax Benefit Part A and B
Can I be approved if I am bankrupt?

While most lenders will be hesitant to approve a bankrupt loan applicant, there may be some which could approve you in certain circumstances. This will ultimately come down to your individual situation, your lender’s conditions and how much you want to borrow, however.

Can I have multiple payday loans at once?

Lenders will be reluctant to approve you if you already have an active payday loan. It’s a good idea to wait until your current loan is repaid before applying for another.