Instant Bad Credit Loans Australia

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

Apply in less than 10 minutes.

Last updated on August 19th, 2022 at 09:44 am by Kurtis Eichler

Instant outcomes on loans for bad credit borrowers

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 $300 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 for up to two years depending on how much money you borrow. You can choose between terms of 16 days and one year to repay loans up to $2,000. Loans greater than $2,000 come with repayment terms of up to two years.

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:

  1. At least 18 years old
  2. Permanent Australian resident or citizen
  3. No current payday loans
  4. Earning a regular income
  5. Working mobile number and email address
  6. 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.

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: Calculated at 20% of your loan amount and capped at $400 for amounts above $2,000.
  • Monthly fee: Calculated at 4% on loan amounts up to $2,000. Loans above $2,000 have their fees capped at 48% 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.