Guaranteed Approval Payday Loans Same Day

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

Get same-day payday loan approvals with Savvy 

Life has a habit of being unpredictable and sometimes bills you don’t expect can pop up. You may be searching the web for same-day payday loans with guaranteed approval, which aren’t available through reputable lenders.

However, by partnering with a panel of leading financiers, Savvy can help you get same-day approvals on payday loans to cover those unforeseen expenses, even if you have bad credit. Our lending partners focus on what you can afford now, rather than your credit history.

Get an instant outcome and apply with Savvy today.

Can I get guaranteed approval on same-day payday loans?

Guaranteed instant approvals or ‘no credit check’ loans aren’t offered by credible lenders. Under Australian government lending laws, lenders are obliged to run credit checks on all applicants to ensure they can afford a loan and that it won’t cause financial stress. Because of this, no lender can offer automatic approval on any type of loan.

However, applying with Savvy is a better option for getting an urgent cash loan if you find yourself seeking out these lenders. Our partnered lenders will run a check of your credit history, but they focus more on what you’re currently earning and your capacity to repay, rather than your score or your past. Lenders will ask to verify your income to ensure you can comfortably afford your loan repayments.

How do I apply for a same-day payday loan?

You can apply for very quick funds online with Savvy. No matter what, you’ll receive an instant outcome once you submit your application. Depending on your circumstances, you can receive your loan funds on the same day you apply, with no need to wait around until the next day for money.

Run your eyes over the eligibility criteria before you start your loan application. To qualify, you must:

  • Be at least 18 years old
  • Be a permanent Australian resident or citizen
  • Be earning a regular income for the past 90 days
  • Have an active mobile phone number and email address

Online applications take just ten minutes to complete. You’ll be asked to provide your personal details, contact information and a bit about your job and how much you regularly earn.

You’ll also be asked to provide 100 points of identification to verify your identity. These can be uploaded to our secure portal. Documents which can be used include:

  • A driver’s licence
  • An Australian or foreign-issued passport
  • A Medicare card
  • A utility bill or bank statement
  • A birth certificate.

You’ll be asked to provide access to your online bank statements so your lender can verify income and expenses. Your details are encrypted and lenders will only be able to see a ‘read-only’ version of your account, ensuring their safety. Once you lodge all of this information alongside your application, you’ll receive an instant outcome.

Your application will be assessed and, if satisfied, you’ll be offered formal cash loan approval. Your lender will email a loan contract for you to sign. Once this is returned, your funds can be deposited into your nominated account. In most cases, you’ll receive this money the same day you apply, but this depends both on the applicant and the lender. In some cases, bank transfer times may mean you receive your money the next day. There may also be cases where you’re required to supply more documentation before being formally approved, but this won’t always be the case.

What type of costs are associated with these loans?

Payday loans come with an establishment fee and a monthly fee. It’s important to keep these costs in mind when you’re choosing how long you take to pay off your loan. The shorter your term, the lower your ongoing costs will be and the more money you’ll save.

When you take out a loan, you’ll be charged an establishment fee which is rolled into your borrowing amount. For loans under $2,000, this fee is calculated at 20% but those on loans over $2,000 are capped at $400.

Loans up to $2,000 attract a monthly fee of 4% which is calculated on the amount you borrow. If you borrow more than this, your monthly fees are capped at 48% annually.

Licenced payday lenders don’t charge early repayment or break fees if you pay your loan off earlier than planned. You may, however, be charged a fee if you make a late payment or miss a due date. The value of these fees will vary from lender to lender.

Commonly asked same-day payday loan questions

How do I ensure I get my payday loan funds on the same day?

Applying early and having your documents at hand can help you get funded very quickly. If you start your loan application earlier in the day, you’ll have a greater chance of being approved and paid by the end of the same day. It’s also a good idea to have your important documents saved on your phone or computer so they can be easily uploaded.

What types of expenses can I use my loan for?

Payday loans can be used to cover a wide range of costs. These include expenses relating to medical procedures, vehicle repairs, holidays, general living or urgent veterinary procedures. You can even use your loan to cover rent arrears or a bond on a property you are leasing.

Can I get approved for a payday loan on the same day if I’m unemployed?

Yes – you don’t have to be working to qualify for a payday loan. Some lenders can offer loans for people on Centrelink, where the focus is more on what you’re earning rather than where it comes from. However, you’ll have to be earning a fixed and ongoing government benefit. Eligible benefits include:

  • Aged and disability pensions
  • Carer payments
  • Single parent payments
  • Child care subsidy
  • Family Tax Benefit Part A and B
  • Veteran’s Affairs pension
Do I need to pay a deposit on my loan?

No – you won’t need to pay a deposit to take out a same-day payday loan. If you’re purchasing a product and have some money saved, though, you can pay a lump sum towards your chosen purpose to reduce the size of your loan and save on fees as a result

Can I apply if I’m on a temporary visa?

There are some lenders available who may be able to approve applicants who are living in Australia on a temporary visa. You’ll have to meet additional criteria to be approved, such as ensuring your loan term is at least a few months shorter than the length of your visa. Overall, it’s much more difficult to get approved as a temporary resident.