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Fast Loans Bad Credit Australia

Got bad credit? Apply for a fast loan today.

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.

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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.

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.

Can I get a fast loan with bad credit in Australia?

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. 

How do I qualify for a fast loan in Australia?

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:

  • Age: at least 18 years old.
  • Income: earning a steady income for the 90 days prior to applying. This can be a mix of wages, fixed Centrelink benefits, investment revenue and superannuation withdrawals.
  • Residency: a permanent Australian resident or citizen with a local residential and mailing address.
  • Contact: a working mobile phone number and easily accessible email address.
  • Debt: no outstanding short-term loans, such as payday loans. It’s unlikely you’ll be considered for a new loan if you’re still repaying others.
  • Online banking: easy access to your bank accounts via internet banking. This will be handy when your lender requests a ‘read-only’ copy of your online banking statements to verify your income and spending.

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.

What can I use my loan for?

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 $2,050 and $5,000) and why you need it. Some of the valid reasons include:

  • General living expenses
  • Medical or dental bills
  • Veterinary expenses
  • Home renovations and repairs
  • Vehicle expenses, such as repairs or rego
  • Travel costs such as flights or fuel
  • Moving house
  • New white goods or furniture

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.

Why apply for a small loan with Savvy?

Got a fast loan question? We have the answers

What are my repayment options on a fast loan?

You’ll get up to two years to repay your quick loan, with terms as short as 16 days available. You also get the choice of scheduling weekly, fortnightly or monthly repayments.

Can I get approved for a loan without a credit check?

No – licenced lenders must run credit checks as part of their obligation as responsible lenders, so if you’re searching for a ‘no credit check’ loan because you have bad credit, you won’t find one among reputable financiers. These lenders won’t offer ‘no credit check’ loans because they want to be 100% sure you can afford the loan you want before giving you the green light. However, as mentioned, you can get approved for a loan even if you have a very bad score.

Can I be approved if I am bankrupt?

You’re unlikely to be able to get a loan when you’re currently bankrupt, as most lenders won’t be able to lend to you as per their eligibility requirements. However, there may be some on the market willing to give you another chance.

Can I apply for a loan if I have no credit history?

Yes – you can take out a payday loan if your credit history is a clean slate. If you’ve never applied for credit before and have no track record, lenders will run a quick check of your income and expenses when considering you for instant loan approval.

What fees apply to these types of loans?

These loans come with two types of fees: an establishment fee and a monthly fee. Both of these vary depending on how much you’re approved to borrow.

  • Your establishment fee is set at a flat rate of $400.
  • Monthly fees are capped at 48% of your loan amount across 12 months.
Can I apply if I’m collecting JobSeeker?

You may be able to apply for a loan and count JobSeeker towards your income if you’re using it as a low-income supplement. However, it won’t count if it’s your sole form of income, as it’s a short-term government benefit meant to assist you while you look for work and therefore isn’t able to be relied upon in the same way as an aged or disability pension.

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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.

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