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Last updated on April 20th, 2022 at 12:55 pm by Thomas Perrotta

Compare low doc personal loans

If you’re self-employed and don’t quite have the documents you need to qualify for a standard personal loan, it’s important to know you still have options when it comes to financing. Consider your low doc personal loan options right here from Savvy’s panel of flexible lenders today.

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site-logos Wisr Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 8.20%
fixed up to 17.95% p.a.
9.04% 
fixed up to 18.87% p.a. based on $30,000 over 5 years
3 to 7
Years
$5,000 to
$64,000
$611.17
over 60 months
Go to site

Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.

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site-logos Plenti Unsecured Personal Loan (Excellent Credit)
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 7.39%
fixed up to 8.79% p.a.
7.39% 
fixed up to 9.91% p.a. based on $10,000 over 3 years
3 to 5
Years
$5,000 to
$50,000
$599.57
over 60 months
Go to site

Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.

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site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 5.85%
fixed up to 20.99% p.a.
6.48% 
fixed up to 23.83% p.a. based on $30,000 over 5 years
1 to 7
Years
$2,000 to
$75,000
$577.89
over 60 months
Go to site

Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.

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site-logos Harmoney Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 5.35%
fixed up to 19.09% p.a.
6.14% 
fixed up to 19.99% p.a. based on $30,000 over 5 years
3 to 7
Years
$2,000 to
$70,000
$570.96
over 60 months
Go to site

Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.

More details

Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the 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.

The features and benefits of low doc personal loans

Available to self-employed workers

These loans are great for self-employed workers who don’t quite have the funds to cover their expenses but don’t have the last two years’ worth of tax returns.

Alternative documentation requirements

You can utilise documents such as BAS, bank and profit and loss statements, ABN and GST registration and an income declaration instead of your returns.

Borrow up to $10,000

You can apply for any amount between $2,000 and $10,000, making them versatile for both smaller and more substantial expenses that need to be covered.

Diverse eligible income streams

On top of your income from your business, you can have other income streams such as casual and Centrelink earnings included in your overall income.

Use them how you like

Whether you want to consolidate outstanding debts, cover medical costs for your family or pet or even go towards your wedding , you can use your funds to do so.

Bad credit accepted

A bad credit score won’t get in the way of approval, either, with our flexible partners accommodating your situation and able to approve you for a second-chance loan.

Why Australians choose Savvy to help find low doc personal loans

Low doc personal loans explained

What are low doc personal loans?

When applying for finance, you need to submit documents to prove that you can financially afford to repay the debt. Sometimes people do not have, or are not able to provide the necessary documentation required for a standard personal loan. A low doc personal loan accepts alternative documents when assessing eligibility.

Low doc doesn’t mean that you can get finance without convincing the lender that you can afford it. It simply means they will accept alternative documents and verification of your financial history.

Who are low doc loans for?

Lenders commonly use low doc personal loans for self employed people. This is because business owners and those who are self employed may have difficulty proving their income amount as they typically do not receive payslips or group certificates.

Will I need to prove my income?

Under the National Consumer Credit Protection Act 2009 (NCCP), lenders must assess if the product is going to be unsuitable for you. This includes verifying your income to ensure you are able to afford the debt. Under a low doc basis, a lender will ask for alternative documents to satisfy affordability requirements.

Documentation requirements vary across lenders, but there is a range of documents that may be used. Some documents that may be accepted are:

  • Business Activity Statements (BAS) for the past 12 months
  • Bank statements
  • Details regarding your ABN registration
  • Evidence of GST registration for at least 12 months
  • A letter from your accountant verifying your income
  • Potentially Profit and loss statements from accounting system
  • Your current balance sheet for accounting system
  • Australian driver’s license or passport to prove your identity

What are the benefits of a low doc personal loan?

Without accepting alternative forms of documentation when assessing an application, people with limited financial documentation may need to resort to more expensive finance options such as payday lending that have higher fees in comparison. By providing a low doc alternative to regular personal loans, self-employed people, and anyone with limited financial documents are able to access more affordable finance for larger amounts.

Top tips for getting approved for a low doc personal loan

Ensure your credit history is in good standing

A high credit score increases your chances of being approved as it shows the lender that you are committed to paying your bills and debts consistently on time.

Use a guarantor

Having a guarantor on your application could be the factor that gets you across the line. The guarantor is not required to help you make repayments, but it ensures the loan will be repaid if you default.

Consider a joint personal loan

If you are unable to get approval on your own, consider applying with another person. Keep in mind that both people are responsible for the loan, so this is suited to a spouse or business partner.

Low doc frequently asked questions

Can I switch from a low doc to a full doc product?

After a period of time, If you have the appropriate documents required for a full doc loan, it is possible to refinance. Refinancing may be able to provide more flexibility and a better interest rate.

Is my credit history assessed?

Yes. The lender will undertake a credit check to make sure you’re likely to repay the debt.

What is the difference between secured and unsecured?

A secured loan is backed by a valuable asset — such as a house, car or boat — to be used as collateral. In the event that you default on the debt, the lender will take the asset to recoup the money that was lent out. Unsecured simply means there is no asset used as security.

Can I apply with my partner?

Yes – this is known as a joint personal loan. Signing up in this manner can help you increase your chances of approval, as well as potentially your borrowing power. However, even if one applicant has the documents required for a standard loan and the other doesn’t, it’ll still be a low doc personal loan.

Will a bad credit score affect my borrowing capacity?

Yes – if you have bad credit and are looking to apply for a low doc personal loan, your lender is likely to place greater restrictions on your borrowing. However, bad credit borrowing generally comes with the same restrictions of up to around $10,000.

Should I choose low doc or a small personal loan?

Small personal loans are another option available to borrowers who don’t meet the conventional eligibility criteria. These are more restrictive in terms of borrowing amount, offering amounts from $300 to $5,000 and charged fixed, capped fees in place of interest. You may wish to take out a small personal loan if you need the money within a matter of hours or only need a small amount, while low doc personal loans are more suitable for more substantial expenses.