A bad credit history can feel like an obstacle to instant payday loan approval when you’re in a tight spot. Rather than chase ‘no credit check’ loans, though, put your trust in Savvy. We partner with flexible Australian lenders who put loan approval within reach, no matter your credit score.
Our highly efficient online application process makes it possible to have your cash on the same day you apply, so you can get another shot at finance and apply with Savvy today.
Technically, you can get instant approval on a payday loan before your lender conducts a credit check. However, licenced lenders will need to run a credit check before offering you formal loan approval and funding. Under Australia’s responsible lending laws, financiers must run thorough checks on all applicants to ensure they can afford a loan and won’t offer ‘no credit check’ loans.
If you’re searching for ‘no credit check’ loans because you have a bad credit score, though, don’t worry. The good news is your score doesn’t really matter when you apply for a payday loan. Lenders prefer to use a credit check to review your entire borrowing history, not just your score. As such, they’ll assess factors such as your repayment track record, credit products in your name and any ‘hard’ enquiries you’ve made with other payday lenders.
When it comes to applying for a loan with Savvy, it generally takes about ten minutes to complete the initial application and receive an instant decision. This decision doesn’t represent formal approval, instead letting your lender know that your initial application passed automatic checks and can be formally assessed.
When applying, you’ll need to choose a loan amount (between $300 and $5,000) and provide some basic information about your personal circumstances, employment and income. You’ll also need to double-check you qualify for an urgent payday loan before starting your application, to save you time. The loan eligibility criteria are typically very similar from lender to lender and include:
While these loans involve no physical paperwork, you’re still required to supply some digital documents to get instant approval. It’s best to have these already saved to the smart device or computer you’re applying from to prevent delays in the application.
Lenders will request several forms of identification to verify you are who you say you are. These can be uploaded to a secure portal when you’re completing the initial application. A payday lender will usually require any of the following:
If you don’t have any of these documents, you may be able to supply copies of a mix of the following to prove your identity to some lenders:
You’ll also have to provide some other forms of digital paperwork to receive formal approval on a quick cash loan. This will include a Centrelink income statement if government benefits make up part of your income. There’s no need to provide physical bank statements but you will need to provide read-only access to 90 days’ worth of online bank statements to verify your income and regular expenses.
The cost of your payday loan will come down to how much you borrow and how long you take to repay it. These loans have several fees in place which remain the same over the life of your loan, so you’ll know exactly what you’re paying over your term.
Two types of fees apply when you take out a payday loan:
When you choose a loan amount, you’ll also get the choice of repayment terms. Online cash loans between $300 and $2,000 come with repayment options between 16 days and one year, while larger loans have a maximum repayment term of two years.
A shorter loan term will accrue fewer monthly fees, saving you money. For example, if you borrowed $2,500 over 15 months instead of 18, you’d save $300 in monthly fees.