Loan No Credit Check Instant Decision Australia

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Last updated on July 26th, 2022 at 10:09 am by Kurtis Eichler

Get an instant decision on your loan from $300

Searching for ‘no credit check’ loans? While bad credit can make it seem like another shot at finance is impossible, it isn’t when you apply with Savvy. We connect you to an Australian lender who can get you an instant decision on your application, regardless of your credit score.

We partner with understanding lenders who make sure your loan suits your needs, with flexible repayment options. Get yourself out of a pickle and apply with Savvy today.

Can I get an instant decision on a loan with no credit check in Australia?

While you can receive an instant decision on a payday loan before your lender conducts a credit check, you won’t be able to get formal approval and funding until your credit history is reviewed. Credible lenders won’t offer you guaranteed approval because they want to be certain you can manage your loan repayments, as per responsible lending regulations.

However, bad credit isn’t a big issue on these types of loans, so there’s no need to go looking for ’no credit checks’ payday loans. A credit check doesn’t just focus on your score but paints a complete picture of your wider borrowing history for your lender. Through a credit check, lenders will also consider:

  1. Repayment history on similar loans
  2. Current liabilities
  3. Debt agreements or bankruptcy listings
  4. Paid and unpaid defaults
  5. Any formal credit applications you’ve made

While you won’t be able to get guaranteed approval, lenders do offer instant decisions once you complete and submit your initial application for an urgent cash loan. The information you provide in your initial application is automatically assessed, which will inform your lender as to whether they need to conduct a formal review process.

How soon will I receive my loan funds?

You can receive your cash loan funds on the same day you apply in most cases. Payday loans tend to be easier to apply for than other types of finances, allowing for faster turnarounds on approvals to save you time. The entire application process is online, from the moment you apply to when your money is paid out.

While you should receive those funds the same day you apply in most cases, transfer times can vary depending on who you bank with, so it can take a bit longer for money to hit your account depending on what time you’re formally approved and when your bank receives the transfer request. For instance, some institutions may not process certain transfers on weekends, while others do.

Additionally, applying earlier in the day rather than later will ensure your application process doesn’t run into the next day or over a weekend. Most lenders will allow you to apply for loans 24/7 online, but formal approvals and funding are only available during working hours. That’s why it’s a good idea to get your application in as early in the day as possible. That being said, there are a few lenders who are open on weekends, potentially allowing you to get approved and funded on a Saturday or Sunday.

From time to time, lenders may also require additional information or clarification to complete an application, which could impact the speed of approval and funding (although not by much).

How long can I take to repay my loan?

You can take up to two years to pay off your loan, depending on how much you borrow. How long you choose to repay your loan will determine how much you pay in fees. You can apply to borrow between $300 and $5,000 with these loans, with loans up to $2,000 having term options ranging from 16 days to one year and those above $2,000 a maximum term of two years.

Choosing a shorter loan term will increase the value of your repayments, but you’ll save money on monthly fees. For example, if you take out a $2,000 loan over six months instead of nine, you’ll save $240 on monthly charges.

On the flip side, opting for a longer repayment term can suit borrowers who want to make their repayments a little more manageable. The longer you take to repay your loan, the smaller your repayments. For instance, if you borrowed $2,000 over 12 months instead of nine, your repayments would reduce by $66 per month to $280.

Your small loan questions answered

What do small cash loans cost?

Loans come with an establishment fee and a rolling monthly fee. Your set-up fee is calculated at 20% of your loan amount if you borrow up to $2,000, while it’s capped at $400 on larger loans. Monthly fees are calculated at a fixed rate of 4% on loans up to $2,000 and are capped at 48% over the course of a year.

What documents will I need to provide to get a loan?

In most cases, you’ll only be required to provide digital copies of your driver’s licence or passport and Medicare card when you apply for a loan. Lenders use these to verify your identity. If you’re receiving government benefits, you’ll need to submit a Centrelink income statement. You will also need to provide ‘read-only’ access to your online bank statements so your lender can verify your income and expenses.

Can I use my loan to pay for day-to-day costs?

Yes – loans can be used to cover general costs such as petrol, groceries and utility bills. They can also be used to purchase new appliances or furniture, cover urgent medical procedures or pay for travel or gifts over the Easter weekend.

Can I get a small loan if I’m unemployed?

Yes – you can get a loan if you’re unemployed so long as you’re earning some form of consistent income. Fixed Centrelink benefits, investment revenue and superannuation payments can all be counted towards your borrowing power. JobSeeker won’t count if it’s your sole form of income. However, you can use it to supplement a low income.

Can I get a small loan if I’m in a Part IX Debt Agreement?

Being under a formal arrangement to repay existing debts will make it harder to get a loan, as most lenders won’t consider applications from those under active debt agreements or bankruptcy. However, there may be some direct money lenders willing to consider your application.

Can I apply if I have just changed jobs?

Yes – you can be considered for a loan so long as you’ve been earning a steady income for the last three months. Lenders generally prefer if you’ve worked for a decent amount of time with the same employer before you apply for a loan, though.