Payday Loans Online No Credit Check Instant Approval

Savvy makes instant online approval on payday loans possible. 

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 09:03 am by Kurtis Eichler

Get instant approval on a payday loan online

If your credit rating has seen better days and you want a payday loan, you may think ‘no credit check loans’ are your only option, but these aren’t offered by reputable lenders. Fortunately, Savvy can help you get fast approval on loans from $300, even with bad credit.

Our flexible partnered lenders focus on what you can currently afford, rather than your credit score. If you’re looking for another shot at finance, apply for a payday loan with us today.

Can I get instant approval online for a payday loan with no credit check?

No – you won’t be able to get approval on a payday loan with no credit check when you apply through a reputable lender. Lenders are obliged to run credit checks on all applications as part of their responsible lending requirements. However, it’s important to note that a bad credit score isn’t pivotal when you’re applying for a payday loan. If you’re searching for ‘no credit check’ loans because you’re worried about not getting approved, you needn’t stress.

Our lending partners will still run a credit check, but your score doesn’t have a great deal of impact on your chances of approval compared to other types of finance, even if it’s very bad. This check is designed more to give a lender a clearer picture of your wider borrowing history and see if there are any outstanding loans or recent defaults which may hinder your ability to repay a loan.

You can be granted instant approval once you’ve submitted an initial application online. This is more of a pre-approval ahead of your application undergoing some standard formal checks of your borrowing history and financials by your lender.

How can I speed up my approval on an online payday loan?

Keeping your documents close by, applying early and having a strong application can help speed up approval when you apply for your payday loan online. By having all the documentation you need saved on your computer or phone when commencing your application, you can potentially avoid delays caused by your lender asking for missing documents. However, you’re guaranteed to receive an instant outcome once you submit your initial application, with formal approval depending on a check of your details, documents and credit history.

While the majority of lenders allow you to apply online 24/7, they don’t operate around the clock, so it’s unlikely you’ll be able to get approved or your money paid out on a weekend. Applying early in the day and week during business hours will reduce the likelihood of the process dragging over into the next day or over a weekend. For instance, applying on a Monday morning will give you a better chance of same-day approval compared to Friday night.

However, perhaps the best way to maximise the speed of your application is by putting together a strong application. Showing your lender that you’re applying comfortably within your means will create fewer doubts in their mind about you being able to afford the repayments on your loan. Earning a stable income, having some savings and keeping on top of any other loans, such as your mortgage or car repayments, may also help.

How much can I borrow with an online payday loan?

You can borrow between $300 and $5,000 with a quick payday cash loan, although the amount you’re approved for is conditional on your borrowing power. Several factors come into play when determining this: earning a higher income, having fewer expenses and paying off active debts can all boost the amount you’re able to borrow. Short-term lenders will check this as part of your application, but it’s worth having a rough idea of your financial limits to avoid overreaching.

However, even if you’re capable of borrowing a large sum, applying for a smaller amount can boost your chances of approval. You may want to consider putting some of the savings you have available towards your purchase, payment or investment, which lowers your lender’s risk and reduces your overall fees. For example, if you borrowed $1,600 instead of $2,000, you’d save almost $200 on loan costs throughout your agreement.

Your payday loan questions answered

Can I have multiple payday loans at once?

No – reputable lenders are very unlikely to approve you for a new payday loan if you’re still paying off another. Payday loans are meant to provide short-term financial relief and applying for multiple can impact your credit score.

What fees are charged on my payday loan?

You’ll be charged an establishment fee and ongoing monthly fees if you take out a payday loan. Establishment fees are charged at 20% of your loan amount if you borrow up to $2,000 and a flat sum of $400 if your loan is greater than $2,000. Loans up to $2,000 come with a monthly fee of 4%, while loans over $2,000 have these fees capped at 48% annually. For example, the monthly fees charged at these various amounts would be as follows:

  • $1,000 loan – $40
  • $2,500 loan – $100
  • $4,000 loan – $160
  • $5,000 loan – $200
How long do I have to repay my payday loan?

Our lenders offer fixed repayments at flexible terms ranging from 16 days to two years, depending on how much you borrow. Loans up to $2,000 come with term options of up to one year, while larger loans give you the choice to repay over up to two years.

Can I apply for a payday loan if I’m a pensioner?

Yes – you can get an urgent cash loan if you’re collecting a government pension. A government-issued aged, disability or veteran pension can make up either a portion or all of your income when you apply.

Will I be charged fees for repaying my loan early?

No – you’re guaranteed to be able to repay your loan early at no extra cost. Payday lenders don’t charge break fees when a customer repays their loan before the end of their term. Repaying your loan sooner than planned, or even choosing a shorter term, can save you money on fees. For example, you’d save roughly $400 in monthly fees if you paid your $2,500 loan off over eight months instead of 12. However, the value of your regular repayments will be higher the shorter your term is.

Who is eligible for a payday loan?

To qualify for a payday loan, you must meet a few conditions. These include:

  • Aged over 18 years old
  • A permanent Australian resident or citizen
  • Earning a consistent income
  • Have an active mobile phone and email address
  • Access to their bank accounts online

If you’re a temporary resident or in Australia on a relevant visa, there may be lenders who can approve your application. Sole traders and those earning inconsistent incomes can still apply, but lenders may need to see further documentation to verify their income.