Payday Loans No Bank Statements Required Australia

Need some quick cash? Apply for a payday loan with Savvy today.

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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.

Some types of loans in Australia involve stacks of paperwork and printing off months’ worth of documents. However, applying for a payday loan with Savvy is fast, convenient and completely digital with no need for paper bank statements or physical forms.

Our online application process allows you to apply and be approved from the comfort of your home, no matter where in Australia you live. Apply with Savvy and get an instant outcome today.

Can I get a payday loan with no bank statements required in Australia?

Yes – you can get a cash loan without physical bank statements. However, payday lenders will review a ‘read-only’ version of your bank statements, which allows them to verify your income and expenses when you apply for a small loan of between $2,050 and $5,000. This allows them to check your income, spending, expenses and whether you’re repaying any outstanding loans, which they’re required to do as part of their responsible lending obligations.

You’ll always have to provide evidence of your financial situation, as lenders aren’t able to approve an application for a borrower who they aren’t fully confident can repay the loan. As such, there’s no such thing as a loan with no bank statements required amongst reputable Australian lenders.

However, even if your income is low or not 100% consistent, you can still be approved for a payday loan. Lenders are focused on your ability to repay the loan you’re applying for, so if they consider your income sufficient to support your repayments, you can receive approval for a loan.

What documentation will I need for my payday loan application?

You will need to provide your lender with digital copies of key documents to be considered for a quick cash loan, which will be required during your initial application. On top of access to your online banking information, these will include:

Identity documents

The first lot of documents you will need to provide are those verifying your identity. No paper documents are required, with these digital copies able to be uploaded to a secure portal. It’s a good idea to have these digital copies saved on a computer or device you’re using to apply to fast-track your instant cash loan application. In most cases, you’ll be required to submit the following identification documents:

  • An Australian passport
  • An Australian driver’s licence
  • A Medicare card

However, if you don’t have some or all of these, some lenders may allow you to submit any of the following:

  • A birth or citizenship certificate
  • A foreign passport or driver’s licence
  • A council rates notice or utility bill
  • A government-issued concession card

Centrelink income statement

If you’re earning a fixed Centrelink benefit, this can be factored into your assessable income when applying for a small loan. Payday lenders allow you to count multiple income streams when applying for a loan. You’ll need to provide a Centrelink income statement as part of the application process to verify how much you earn. Eligible payments include:

  • Aged pension
  • Carer payment
  • Child care subsidy
  • Disability pension
  • Family Tax Benefit Part A or Part B
  • Single parent payment
  • Veterans’ pension

Loan contract

As part of the initial payday loan application, you’ll also be asked to provide some further basic details including your name, how you’re employed and how much you earn after tax. Once you submit this application, a payday lender will give you an instant decision. If they’re happy with the application overall, you can receive formal loan approval very soon after. From there, you’ll receive a digital loan contract to sign electronically and return to your lender, after which your loan funds can be released.

How much will a payday loan cost me?

Unlike other types of finance which accumulate interest, instant cash loans come with fixed fees. You’ll be charged a capped establishment fee and a fixed monthly fee when you take out your loan. How much these will end up costing you combined will come down to the amount you borrow and the length of your loan term. Establishment fees are calculated at a flat fee of $400. Monthly fees are capped at 48% over the course of a year.

Payday loans come with term options ranging from just 16 days to two years, depending on how much you borrow. Choosing a shorter term and making extra repayments can help you save money on fees, speed up repayment and lower the cost of your payday loan. You can see how much you could save by opting for shorter terms on a $5,000 loan than 24 months in the table below:

Term length Set-up fee Monthly fee Monthly repayment Total repaid Total saved
24 months
$400
24 x $200
24 x $425
$10,200
N/A
21 months
$400
21 x $200
21 x $457
$9,600
$600
18 months
$400
18 x $200
18 x $500
$9,000
$1,200
15 months
$400
15 x $200
15 x $560
$8,400
$1,800
12 months
$400
12 x $200
12 x $650
$7,800
$2,400

Why apply for a small loan with Savvy?

Common payday loan questions

What can I use my payday loan for?

You can get a payday loan to cover a range of costs including:

  • Vet bills
  • Medical procedures
  • Child-related expenses
  • Travel (such as accommodation and flights)
  • Moving house
  • Vehicle and home maintenance
  • New furniture or electrical appliances
Can I get a loan with no credit check?

No – responsible lenders don’t offer instant ‘no credit check’ loans with no paperwork. Lenders want to ensure their customers can comfortably afford any finance before granting them approval. If you’re worried about your credit score, though, this isn’t really an issue with these types of loans. Lenders are more interested in whether you can manage your repayments comfortably and consistently.

Can I repay my payday loan early?

Yes – you can repay your loan ahead of time without incurring additional fees. Where other types of finance may charge you hefty fees for finalising your finance ahead of time, these charges aren’t present on payday loans. Instead, repaying your loan early will save you money on fees.

Can I apply if I am bankrupt?

Getting a loan when you’re bankrupt can seem unattainable, with most lenders unwilling to work with you. However, there may be lenders on the market who are willing to give you another shot at finance. In most cases, though, this probably won’t be the case. Your chances of loan approval improve significantly once you’re discharged from your bankruptcy.

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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.