Easy Approval Payday Loans

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Last updated on July 26th, 2022 at 09:43 am by Kurtis Eichler

Get easy approval on payday loans in Australia

Life can be unpredictable and, from time to time, bills you didn’t expect can pop up and leave you scratching around for cash. By choosing Savvy, though, we can help you get easy approval on payday loans so you can cover your urgent costs.

We partner with a panel of flexible lenders who specialise in fast approvals and turnarounds, so you can get a decision on your application sooner rather than later. Apply with Savvy and find out just how easy it is to get payday loan approval today.

Can I get easy approval on a payday loan?

Applying for a payday loan and getting approved is easier with a payday lender than with other types of finance. Lenders require fewer documents and will only need to run a few quick checks for you to potentially get formal approval. As such, the application process is fuss-free and doesn’t take too long to complete online.

Another factor which makes these loans easier to get approved for is that bad credit isn’t really an issue when it comes to getting approved. Lenders tend to focus more on your current finances and wider borrowing history than your credit score itself, so you can get approved with very bad credit.

Borrowing within your means, submitting a strong application and demonstrating good financial habits can help make approval easier if you need cash today. Because payday lenders focus on your current finances, they’ll want to see whether you can comfortably afford the repayments. As a result, borrowing a small amount or having some savings behind you may work in your favour.

It’s also important to make sure you tick all the boxes before you apply for a loan. Lenders will require you to meet some standard eligibility requirements, including:

  1. Aged over 18
  2. A permanent Australian resident or citizen
  3. Earning a regular income (can be from a mix of sources including wages, investment and fixed Centrelink payments)
  4. Access to 90 days’ worth of bank statements online
  5. An active mobile number and email
  6. No outstanding payday loans

On top of this, you’ll also be required to provide your driver’s licence, passport or Medicare card (or a combination) to verify your identity.

How soon can I get my payday loan funds?

More often than not, it’s easy to get approved and funded and receive the funds in your account as fast as the same day you apply. This may not be the same for every applicant, with approval ultimately coming down to your unique financial circumstances.

As part of the initial application stage, you’ll be asked to provide some basic details (income, contact and employment). Every applicant is guaranteed an instant outcome and if you receive instant initial approval, your lender will run a few checks to verify the information you’ve provided. On the odd occasion, lenders may require some additional details or documents before rubber-stamping your application. This could delay formal approval but shouldn’t hold up the application process by much.

Your lender will release your funds very soon after if you receive formal loan approval. Once you sign and return your loan contract, your money can be paid out and, in most cases, you should receive it in your account on the same day. This will depend on when you apply and your bank’s transfer and cut-off times, as some institutions take longer than others to process money.

Ensuring you get your loan application in early may allow you to fast-track your approval. The sooner you apply, the less of a risk that your application will drag over into the next day or a weekend. Most lenders only operate on weekdays meaning while you can apply for a payday loan 24/7, you may not get your loan approved and paid out if you apply outside of operating hours.

What can I use my payday loan for?

Handy and versatile, this type of short-term lending is incredibly useful for covering a range of costs. When you apply for your loan, you’ll be asked to pick your desired loan amount and why you need it. You can choose from a long list of potential uses, including:

Medical expenses

Suffered a sporting injury or got some overdue dental work needing to be done? You can use a loan to pay for a range of medical procedures, including cosmetic operations and other hospital treatments.

Veterinary bills

There’s never a dull moment when you own a pet and if something goes wrong, it can potentially cost you an arm and a leg. Whether you’ve got a dog, cat, bird or another furry friend that requires a visit to the vet, you can cover the costs with a loan.

Child expenses

Whether it’s childcare costs, school fees or clothing, raising children can be an expensive task. You can get a payday loan to cover some of these costs if you find yourself short on the funds you need.

Vehicle expenses

They get you from A to B safely, but running a car can be costly. Expenses such as car registration, insurance and day-to-day running costs can add up. You can use a payday loan to cover these and take the bumps out of your budget.

Commonly asked payday loan questions

What are my repayment options on a payday loan?

You get the option to repay your loan over between 16 days and two years, depending on how much you borrow. You get up to one year to repay a loan up to $2,000, while loans above this amount come with repayment terms up to two years. You’ll also get the option to choose between weekly, fortnightly or monthly repayments on your loan.

Can I apply if I’m self-employed?

Yes – you can be approved as a self-employed worker. If your income isn’t necessarily consistent, lenders may require you to meet additional criteria to approve your application for a direct cash loan.

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

Reputable lenders don’t offer guarantees or ‘no credit check’ loans. Every application undergoes a few quick checks, including a credit check, to ensure the borrower can comfortably afford their loan repayments. They’re obliged to run these checks as part of their responsible lending requirements. If you have a bad credit score, though, it won’t be an issue on these types of payday cash loans, as lenders prefer to look at your payment track record on similar debts and whether you have any active loans. Therefore, you don’t need to search for guaranteed loans or those with no credit check.

What costs are involved on a payday loan?

Your loan will come with an establishment fee and a monthly rolling charge. The establishment fee is calculated at 20% of your loan amount and is capped at $400 for loans above $2,000. The monthly fee is charged at 4% on your borrowing amount and capped at 48% annually for loans above $2,000.

Can I have multiple payday loans at once?

If you’re repaying a payday loan, it’s highly unlikely a lender will approve you for another loan. Lenders focus on your affordability when you apply for a loan and they’ll be reluctant to approve you if you’re having trouble paying off another payday loan.