Bad Credit Payday Loans Instant Decision

Got bad credit? Get instant decisions on payday loans with Savvy.

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Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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:  

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?

Frequently asked payday loan questions

Can I have multiple payday loans at once?

Responsible lenders almost always won’t let you take out a new payday loan until you’ve finished repaying your existing one. Lenders want to know you can repay the loan you apply for, so they’ll be hesitant to approve you if you have money still owing on another loan.

Can I get a payday loan with no credit check and guaranteed approval?

You won't be able to get a quick same-day loan with no credit check among reputable lenders. As part of their responsible lending obligations, licenced lenders run credit checks on all applicants to ensure they can afford the finance they need, and they won’t be able to provide straight-up guaranteed approval to customers. However, you don’t need to seek these options out because, as discussed, your credit score won’t have a major impact on this type of finance.

Can I apply if I have unpaid defaults?

While most lenders see unpaid defaults as a dealbreaker when you apply for a loan, there may be some lenders who could be able to help you get approved.

Can I get a loan if I’m a single mother receiving Centrelink?

Yes – you can get a loan if you’re a single parent on Centrelink benefits. There are several fixed Australian government payments which can be factored as forms of income, including:

  • Single parent payment
  • Carer payment
  • Family Tax Benefit Part A and B
  • Child care subsidy
What can I use my payday loan for?

Payday loans are handy because they can be used to pay off unexpected bills or for general day-to-day spending. However, you can also use them for the following:

  • Medical procedures (including cosmetic or emergency operations)
  • Veterinary costs
  • Rental bonds and rent arrears
  • New furniture or electrical appliances
  • Easter or Christmas expenses
  • Vehicle repairs
Can I get a loan over the weekend?

You’ll be able to apply online for an emergency loan over a weekend or outside of business hours with most lenders but it’s unlikely you’ll be approved until the working week resumes. However, some online payday lenders trade on Saturdays, so you may be able to get your loan approved and funded.

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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.