Bad Credit Loans Instant Approval

Find out your finance options if you’ve got bad credit and need a loan with instant approval.

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.

$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.

When you’ve got bad credit, loans shouldn’t seem like they’re out of reach. Online bad credit loans are often approved instantly because products work according to simple qualification criteria. Not only that, but online lenders also offer streamlined digital systems. That all means you can apply and qualify for a bad credit loan quickly and get funded the same day in many cases. 

How do bad credit loans with instant approval work?

Bad credit loans with instant approval use a quick process and allow you to get approved on the same day. That’s only possible because qualifying is pretty black and white. Lenders primarily consider whether or not you can comfortably repay your loan; it’s not so much about past credit problems or older defaults and late payments on your report.

Borrowers will need to supply ID and proof of address. In addition, you’ll need to be a citizen or resident of Australia and provide third-party access to bank statements that cover the last 90 days. Lenders will also want to see your recent payslips.

Lenders quickly assess your application, and once you get approved for a bad credit loan, they’ll send you a contract that details the costs and your responsibilities for repayment. Read that carefully, and the loan provider will transfer funds to your bank account. That can happen as quickly as the same day.

Why choose Savvy to find bad credit loans with instant approval?

Savvy is the quickest and simplest place to find a range of bad credit lenders and products. We provide a digital service that identifies lenders who match your borrower profile, so we can direct you to relevant providers in seconds. Savvy instantly scans a lender panel to source solutions. In fact, finding and applying with the right loan provider is fast, 100% online, and the entire process is easy to navigate.

Even if you’ve got bad credit and need instant approval, how cash loans work varies little from lender to lender – and remember, past problems don’t automatically exclude borrowers when it comes to cash loans. Finding the right one is about identifying providers with qualification requirements that match your circumstances, which is exactly what Savvy does. That can be problematic if you just look around the web yourself. Making repeated applications will damage your credit rating even further because lenders leave an impression on your report each time you apply, which other loan providers can see. Get too many of those and you’re less likely to qualify. As such, Savvy helps you find success on the first application.

How much can I borrow with a bad credit loan and how much will it cost?

You’ll be considered for instant approval on bad credit cash loans for anything between $300 and $5,000, subject to your specific situation. Some lenders may offer less than you apply for, depending on their assessment.

Application fees for cash loans are capped at $400, while lenders charge repayment fees every time you make a payment, totalling no more than 48% of your loan amount per year. You don’t need to provide a deposit or security for your borrowing.

That means that the cost of your loan will depend on two things – how much you borrow and how long you take to repay your loan. You can take between sixteen days and two years to repay. Here’s how the length and size of your loan can influence the total cost:

Loan $2,500 $3,000 $4,000
Term
3 months
6 months
12 months
Establishment fee
$400
$400
$400
Repayment fee/month
$100
$120
$160
Monthly
$1,066.67
$770
$526.67
Total to repay
$3,200
$4,620
$6,320

Why apply for a small loan with Savvy?

Frequently asked questions about bad credit loan approvals

Can I apply for a bad credit loan with instant approval during a Part 9 debt agreement?

It’s unlikely that you’ll qualify for a bad credit loan if you’re currently under a Part 9 debt agreement. However, if you’ve paid down a recent agreement, some lenders will still consider your application.

Does a bad credit lender need to contact my employer before instant approval?

In some cases, your lender might wish to speak with your employer in order to verify details in your application. Loan providers operate according to a strict code of confidentiality, so they’ll never disclose information about your loan application.

Can I apply to top up a bad credit loan and get instant approval?

No – a cash loan needs to be repaid in full before you can borrow additional funds. Luckily, there are no early repayment fees with a cash loan, so you can end your current agreement early and then get another loan if you’re in a position to do so. However, it’s essential to plan and budget for a cash loan carefully. Don’t borrow more than you need but consider all the expenses you’ll need to cover before you sign up for a loan.

Will a bad credit lender consider Centrelink income?

Yes – lenders will consider applications for a cash loan when you’re on Centrelink as long as your payments don’t exceed 50% of your total income.

Can I apply for a bad credit cash loan and get an instant approval if I don’t have internet banking?

Unfortunately, no. Online lenders use digital ‘approval engines’ to assess loan applications, and they require read-only access to bank statements, which means you need to have online banking. If you need a bad credit loan with instant approval, it’s well worth getting in touch with your bank. Setting up online banking is free, and you just need a smartphone, a laptop, or even a tablet with an internet connection to get it set up.

What happens if I have trouble making repayments on a bad credit loan?

Lenders understand that borrowers sometimes have problems with cash flow. The best thing to do is get in touch with your lender immediately if you think you’ll have trouble making a repayment. The sooner you let the loan provider know, the better. Cash loan lenders may be able to rearrange your payment within a limited time frame, but you’ll likely need to pay a late payment penalty if you find yourself unable to stick to the schedule in the longer term.

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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.