Bad Credit Payday Loans Instant Decision
Got bad credit? Get instant decisions on payday loans with Savvy.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
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Bad credit no longer has to stand between you and finance approval if you need an urgent loan. By applying with Savvy, you can get an instant decision on your payday loan application.
We partner with a panel of flexible lenders who specialise in rapid turnarounds to get you a loan with flexible repayments and terms as soon as possible. Stop letting your bad credit hold you back and apply with Savvy today.
Can I get an instant decision on a payday loan with bad credit?
Yes – even if you have extremely bad credit, you’ll still receive an instant outcome after applying for a cash payday loan. As part of our rapid approval process, every applicant gets an instant decision on their loan once they submit their application. If your application receives a positive instant outcome, your lender will review it formally before offering final approval and sending you a contract to sign.
Fortunately, having a bad credit score won’t be a major factor in the instant loan approval process. Lenders will look more at your broader borrowing history rather than focus purely on your score. This will include checking your track record on paying other debts and whether you have any active payday loans or defaults. However, a credit check is only done after you receive a positive instant outcome. Your lender will do this as part of the formal approval stage to verify the initial information you’ve provided.
How do bad credit payday loans work?
Payday loans allow you to borrow a small amount of money to cover urgent costs or upcoming purchases. This type of emergency loan also comes with flexible repayment options and fixed fees to make it easier when it comes to budgeting for your repayments.
You can borrow between $2,050 and $5,000, depending on your borrowing power. Lenders will look at what you’re earning, spending, saving and your wider borrowing history to determine the size of the loan you can be approved for. Payday loans have repayment term options of up to two years, with minimums of 16 days available.
Some fees will apply when you take out a cash advance loan. These capped charges are rolled into your loan and lenders will consider them when approving your loan. These charges are as follows:
- A maximum establishment fee of $400
- Monthly fees are capped at 48% of your loan amount annually
Simple things such as choosing to repay your loan over a shorter term or borrowing a smaller amount can reduce the fees you’ll pay. Our table shows how much you cave save when this is applied to a $2,000 loan: Â
| Term limit | Establishment fee | Monthly fee | Monthly repayment | Total cost |
|---|---|---|---|---|
|
Six months |
$400 |
$80 |
$480 |
$2,880 |
|
Nine months |
$400 |
$80 |
$346 |
$3,120 |
|
12 months |
$400 |
$80 |
$280 |
$3,360 |
The turnaround time on a cash advance loan is typically faster than other types of finance. Completing an initial application online is quick and simple, and you could be approved and funded on the same day (in most cases). However, this timeframe is a rough guide and may vary for each applicant.
How do I qualify for a bad credit payday loan and receive an instant decision?
You’ll have to meet some standard payday loan eligibility criteria before you submit your application with Savvy. These include:
- Being over 18 years old
- An Australian resident
- Earning a regular income
- Access to internet banking
- Active methods of contact (phone, email address)
This step also includes providing some personal information, such as the following details:
- Personal details
- Employment status
- Income and living expenses
- Contact number and email address
Lenders will ask for identification documents. In general, you’ll be able to supply the following:
- A driver’s licence (an overseas driver’s licence can be permitted in some circumstances)
- Passport (Australian or foreign-issued)
- Proof of age card
Other forms of identification:
- Medicare or concession card
- Birth certificate
- Citizenship certificate
- A council rates or utility bill
- A tax office notice of assessment
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Frequently asked payday loan questions
Small loans to suit your circumstances
Helpful small loan guides
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
