Fast Loans Bad Credit Australia

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Last updated on July 8th, 2022 at 04:59 pm by Kurtis Eichler

Get fast loans with bad credit in Australia

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 $300 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.

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, depending on how much you borrow. You can take between 16 days and one year to repay a loan up to $2,000 and up to two years on larger loans. 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 calculated at 20% for loans up to $2,000. Larger loans come with a flat fee of $400.
  • Monthly fees are calculated at 4% on loans up to $2,000 and capped at 48% across 12 months for larger loans.
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.