Having a less-than-perfect credit score shouldn’t make it harder to get a loan. At Savvy, we believe you should get a second chance. That’s why we’re partnered with leading Australian lenders to help those with bad credit ratings get the approval they’re looking for on small loans.
By choosing us, you’ll benefit from rapid turnarounds on applications and instant outcomes to save you time. Put your bad credit worries behind you and apply with Savvy today.
Yes – bad credit won’t be an issue if you want a fast loan and, in most cases, you should be able to get your funds on the same day you apply. Payday lenders run a series of checks once you’ve received instant approval, including a credit check. This looks at your wider borrowing history, rather than just your score, and gives your lender a more complete picture of your profile as a borrower. Some of the factors they’ll look at include your payment history, defaults, credit products in your name and any hard enquiries you’ve made with other lenders.
Your lender can usually release your quick loan funds not long after you’re formally approved and have signed your contract. Most of the time, you’ll receive your money on the same day, but this will depend on the time you apply. Applying earlier in the day and week may improve your chances of getting your funds released that day and avoid the process dragging out overnight or over a weekend. Also, different institutions have different transfer processing speeds, so you may find your bank takes longer to process the payment.
You’ll need to satisfy some basic requirements to apply for a quick loan online. Your lender’s eligibility criteria will be found on their website and it pays to double-check this before you apply. They will generally include the following conditions:
You can still apply if you’re a sole trader or freelancer and your income is a little inconsistent. If this is the case, short-term lenders in Australia may require you to meet further criteria.
During your initial application, you’ll be asked to provide personal documents to prove your identity, information which can be uploaded to a secure portal. You’ll generally be asked for your driver’s licence or passport information, as well as that of your Medicare card.
Online payday loans can be used for a raft of reasons, whether it’s paying a doctor’s bill or taking your car in for a much-needed service. When you apply for a loan, you’ll need to tell your lender how much you need to borrow (between $300 and $5,000) and why you need it. Some of the valid reasons include:
You can also get finance to cover the cost of seasonal festivities, including getting a loan for Easter or Christmas. Using your loan funds on online gambling or to repay other loans isn’t allowed. If you want to improve your chances of approval, it’s a good idea to pay off any short-term loans before you apply for a new one.