Got bad credit? Apply for a fast loan today.
Fact checked
Fact checked
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 $2,050 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.
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
