Bad Credit Payday Loans Instant Decision

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

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 09:21 am by Kurtis Eichler

Get instant decisions on payday loans with bad credit

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 $300 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, but this is relative to how much you borrow. Loans up to $2,000 come with repayment options between 16 days and 12 months, while you can take up to two years to repay your loan if you borrow more than $2,000.

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 will vary depending on how much you borrow.

Loans up to $2,000

  • An establishment fee calculated at up to 20% of your loan amount
  • A monthly fee calculated at up to 4% of your loan amount

Loans above $2,000

  • A maximum establishment fee of $400
  • Monthly fees are capped at 48% 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
Nine Months
12 Months

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 including 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:

Photo Identification:

  • 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

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?

‘No credit check’ loans do not exist 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.