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Instant Bad Credit Loans Australia

Get instant approval on loans with bad credit. Apply with Savvy 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.

$2100
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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.

Getting a loan can be a real lifesaver when you’re in need of some quick cash to tide you over, but if you’re concerned your bad credit will hinder your chances of instant approval, don’t fret. Savvy can help you get another shot at finance approval whether your credit score is good or bad.

By partnering with responsible lenders, we can help you get a rapid outcome on your loan application. Apply with us today and receive your loan funds before you know it.

Can I get an instant loan with bad credit in Australia?

Yes – you can get an instant outcome on your loan application even if you have a bad credit history. A poor credit history isn’t really an issue when you take out a payday loan in Australia, so, there's no need to fret about it impacting your chances of approval.

While bad credit doesn’t really matter, lenders will still run a credit check as part of your application, meaning there’s no such thing as guaranteed approval or loans with no credit check with reputable lenders. However, they prefer to look at your wider history rather than your score. Some factors lenders consider include whether you have any active loans and your payment record on similar short-term loans. This will paint them a complete picture of your borrowing history.

You’ll receive an instant decision once you’ve submitted your initial application through Savvy. This includes choosing a loan amount, why you need it and some personal information such as your contact details, income and employment status. If you receive instant approval, your lender will run a few checks to confirm the information you’ve provided is correct. In most cases, you can be offered formal loan approval soon after.

Credible same-day lenders won’t give you instant approval straight off the bat because they want to ensure the loan you want won’t cause you significant financial stress. Lenders are obliged under Australia’s strict responsible lending laws to run checks to ensure you can afford the loan you want. As such, guaranteed approval on a bad credit loan in Australia isn’t possible, but you can be formally approved and funded on the same day you apply in most cases.

How much can I borrow with a bad credit loan?

You can apply 24/7 to borrow between $2,050 and $5,000 with a payday loan, even if you have bad credit, if you need cash today. How much you can borrow will come down to your income, expenses and credit history. It’s good to have a rough idea of how much you can afford to repay, as you’re more likely to be approved for a loan if you can show a lender you can comfortably manage the repayments.

Lenders will look at several factors when assessing how much you can afford to borrow. This includes your income, expenses, spending and borrowing history. The higher your income and the fewer expenses you have, the more you may be able to borrow.

Lenders will allow you to factor in a variety of income streams when you’re applying for a loan. Wages, investment income, superannuation payments and fixed Centrelink benefits can all be factored as income towards your loan.

These loans come with repayment options from 16 days up to two years, but the best term for your needs will ultimately depend on your situation and how much money you borrow.

Who qualifies for a loan and what details will I need to provide?

Cash loans come with a range of eligibility criteria all applicants must check they meet before applying. These generally include:

  • At least 18 years old
  • Permanent Australian resident or citizen
  • No current payday loans
  • Earning a regular income
  • Working mobile number and email address
  • Access to 90 days of bank statements

Payday loans are assessed differently from other, more traditional types of finance. Instead of making you complete a mountain of paperwork, payday lenders let you provide your personal details (name, date of birth, income) through an easy-to-use and fuss-free online portal.

On top of these details, you’ll be required to provide some documents to verify your identity. Most direct lenders require you to submit a driver’s licence (or passport) and Medicare card, which can all be uploaded to a secure online portal.

Your bank statements are also assessed to verify your income, spending and whether you have other loan commitments on the go. If you’re formally approved, you’ll also need to provide your bank details so your lender can deposit your loan funds in your account.

Why apply for a small loan with Savvy?

Frequently asked bad credit loan questions

How much do these loans cost?

Where other types of loans accumulate interest, payday lenders only enforce a set of fixed fees. These costs include:

  • Establishment fee: capped at $400.
  • Monthly fee: charged on each repayment and capped at 48% of your loan amount annually.

 

Choosing a shorter loan term or opting for a smaller amount can reduce how much you pay in monthly fees.

I’m a discharged bankrupt. Can I still apply?

You can apply for a fast cash loan if you’ve been discharged from your bankruptcy. Your past won’t stand in your way, so long as you’re earning a consistent income and can demonstrate to a lender you can afford the repayments.

Can I get a loan on the weekend?

Yes – you can apply for a loan over the weekend. Most lenders allow you to apply 24/7 but can only approve and fund you during business hours. Some lenders work on Saturdays, however, making it possible to be approved and funded on the weekend.

Can I use my bad credit loan to consolidate debt?

Yes – you can use a fast cash loan to bundle together debt to make it more manageable. Debt consolidation is a handy way to group overdue payments to also save money. However, you won’t be able to use a cash loan to pay off other payday loans.

Can I repay my bad credit loan early?

Yes – you can make extra repayments or pay off your loan earlier than expected without incurring additional fees as payday lenders don’t charge their customers break or early exit fees. Repaying your loan early can also save you money on monthly fees.

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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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