Guaranteed Bad Credit Loans Australia
Need a small loan to tide you over but have a bad credit score? Savvy has you covered.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
Past approval struggles got you looking at ‘guaranteed’ or ‘no credit check’ loans? These don’t exist among reputable lenders, but by turning to Savvy, you can still get financing approval with bad credit.
By partnering with understanding Australian lenders, we can help you get approved for a small loan even if your credit rating is looking a little worse for wear. Apply with us today and get the funds you need fast.
Can I get a guaranteed loan in Australia with bad credit?
No – reputable lenders in Australia can’t offer guaranteed loans for bad credit borrowers. However, it’s important to note that your credit score won’t be a major issue with these types of loans, even if it’s very bad. Short-term lenders in Australia consider a range of other factors when looking at your application, including your earnings and borrowing history. Their main focus when assessing applications is whether you’ll be able to afford your loan.
These checks serve as part of licenced lenders’ responsible lending obligations, which aim to protect the credit licensees and the borrower. They can’t approve applications for borrowers who are unable to show that they can afford to support their repayments. As such, ‘no credit check’ loans also don’t exist among credible lenders.
How can I get a loan with bad credit?
As mentioned, lenders aren’t as focused on your score when assessing your application, which sets them apart from other types of finance like personal and car loans. So, you won't have to go hunting for instant approval on online loans with no credit checks. All loan applicants will have to meet some standard eligibility criteria, even if they have very bad credit. Review these conditions before you submit your application.
Over 18 years old
Your age can be verified when you supply identification documents during the application process, such as a driver’s licence or passport.
Permanent Australian resident
You can either be permanently residing in Australia or be a citizen to apply for a payday loan. There may be lenders willing to consider you if you’re a temporary resident holding an accepted visa.
Regular income
You’ll need to have been earning some form of stable and consistent income for at least three months to qualify. This can come from a mix of sources, including wages, investments, Centrelink benefits or superannuation. Lenders accept all types of job statuses, with casuals and part-timers able to apply. If you’re a sole trader and your earnings are less stable, you can still apply but you may have to meet more criteria to be approved.
Active contact details
An active mobile phone number and email address are a must. On the odd occasion, your lender may need to phone you to double-check aspects of your application, so a working mobile phone number is vital. Likewise, lenders will send your digital loan contract to your email so you’ll need an address that’s easy to access.
Online banking access
You’ll need to have online access to your bank accounts. Lenders will request a secure copy of your login details so they can review a ‘read only’ version of your bank statements to verify your income and expenses. At least 90 days’ worth of statements will be required. .
How much do bad credit loans cost?
Bad credit payday loans come with several fixed fees which are rolled into your borrowing amount. Lenders lay out these fees in your loan contract so you can easily factor them into your budget. These charges include:
- An establishment fee of no more than $400.
- An ongoing monthly fee, which is capped at 48% annually.
The shorter your term, the more you’ll save on fees. Loans come with term options for 16 days up to two years, with shorter terms resulting in lower overall costs. You can follow our simple table to see how much you can save at different term lengths, from three months up to 18.
| Loan amount | Term length | Establishment fee | Monthly fee | Monthly regular repayment | Total loan cost |
|---|---|---|---|---|---|
|
$2,500 |
Three months |
$400 |
$100 |
$1,066 |
$3,200 |
|
$2,500 |
Six months |
$400 |
$100 |
$583 |
$3,500 |
|
$2,500 |
Nine months |
$400 |
$100 |
$422 |
$3,800 |
|
$2,500 |
12 months |
$400 |
$100 |
$341 |
$4,100 |
|
$2,500 |
15 months |
$400 |
$100 |
$293 |
$4,400 |
|
$2,500 |
18 months |
$400 |
$100 |
$261 |
$4,700 |
Why apply for a small loan with Savvy?
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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.
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.
