Payday Loans No Bank Statements Required Australia

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

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 10:02 am by Kurtis Eichler

Get a payday loan without the messy paperwork

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 $300 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.

Establishment fees are calculated at 20% of your amount if you borrow up to $2,000, while loans above $2,000 attract a flat fee of $400. Monthly fees are calculated at 4% of your borrowing amount and are capped at 48% over the course of a year for amounts above $2,000.

Payday loans come with term options ranging from just 16 days to two years, depending on how much you borrow. Loans up to $2,000 come with repayment terms up to one year, while this extends to two years for loans above $2,000.

Choosing a shorter term and making extra repayments on your quick cash loan can help you save money on fees and speed up its repayment. 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

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 ‘no credit check’ loans. 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.