Get instant approval on loans with bad credit. Apply with Savvy today.
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.
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.
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.
Cash loans come with a range of eligibility criteria all applicants must check they meet before applying. These generally include:
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.
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.