Loans ASAP No Credit Check

Apply with Savvy and get instant approval on finance from $300.

Apply in less than 10 minutes.

Last updated on July 25th, 2022 at 04:59 pm by Kurtis Eichler

Get approval for cash loans from $300 to $5,000

Instant cash loans can be a handy way of covering unexpected and expensive costs that crop up as part of the hustle and bustle of everyday life. If you’ve struggled in the past and are looking for a ‘no credit check’ loan, which aren’t offered by reputable lenders, there are still options available to you.

At Savvy, we’re partnered with trusted financiers willing to look past your score and enable you to access the funds you need fast with rapid online application processes. Apply ASAP and get instant approval on your loan today.

Can I get approved for a cash loan ASAP with no credit check?

Responsible lenders will always assess the credit histories of all applicants via a standard credit check. However, while credit checks are a necessary part of the loan process, being approved for an instant cash loan ASAP won’t hinge on a bad credit score. Direct lenders run credit checks because they provide an indication of your payment track record, borrowing history and number of ‘hard’ enquiries. However, they’ll be more interested in assessing your current financial situation than your credit score itself. They’ll want to ensure you’re earning enough to comfortably manage your repayments, which is often the most important thing.

It’s a good idea to steer clear of lenders who spruik ‘no credit check’ loans, as these deals often come with inflexible loan terms and high costs. Credit checks are required as part of the government’s responsible lending regulations.

How fast can I get approved for my cash loan and how do I apply?

You’ll receive an instant outcome on your cash loan application when you apply online with Savvy and, in most cases, you can have formal loan approval in as little as one hour.

Before you start an online application, it’s important you double-check you meet the eligibility criteria. To apply for a loan, you must:

  • Be 18 years of age or older
  • Be a permanent Australian resident or citizen
  • Use internet banking
  • Have more than three months of steady income
  • Have a working mobile phone number or email address.
  • Not meeting all of these criteria will typically result in a swift rejection.

It should take about ten minutes to fill out our online application form. This is where you tell us a bit about yourself. You’ll need to provide:

  • Personal information
  • Contact details and address
  • Employment details
  • Your income

You’ll also need to provide 100 points of identification to back up your personal details. This can include:

  • A driver’s licence
  • An Australian or foreign-issued passport
  • A Medicare card
  • A utility bill or bank statement
  • A birth certificate

Your lender will need access to your online bank statements to verify your income. This information is secured with high-level encryption and your lender will only get a ‘read only’ version of your accounts. Once you’ve completed this, you’ll receive an instant outcome, which comes in handy if you need an urgent cash loan.

If everything’s looking good, you can be offered formal loan approval within the hour. Once you return your signed contract, your lender can transfer your funds. In most cases, you’ll receive your cash in hand on the same day, although this depends on circumstances such as the speed of your bank’s transfer processing. While assessing your application, your lender may also get in contact if they require any further information or documentation.

How much can I borrow with a small loan and what will it cost overall?

You can be approved for loans ranging from $300 to $5,000, depending on your financial and personal circumstances as well as the direct cash lenders you apply to. If you borrow $2,000, you can repay it over anywhere from 16 days to one year. If your loan is between $2,001 and $5,000, you can take up to two years to repay it. You can choose to pay this off weekly, fortnightly or monthly, whichever best falls into line with your pay cycle.

These loans come with several fees which are laid out by your lender and in your loan contract. They make these easy to understand so these costs can be seamlessly worked into your budget when you’re estimating what you can afford.

Small loans up to $2,000 come with a capped 20% establishment fee, while those above $2,000 cap it at $400. They also charge a monthly fee capped at 4% on loans up to $2,000, meaning you’d be charged a monthly fee of $80 if you took out a loan of $2,000. If you borrow more than $2,000, your monthly fees will be capped at 48% over the course of a year.

Additionally, the cost of your loan directly correlates to the period over which you choose to pay it off. While opting for a longer term can help reduce the size of your repayments, a shorter term can save you money on fees because they have less time to compound. For instance, a $1,500 loan would come with $60 monthly fees, meaning opting for a six-month term instead of nine would save you $180.

Frequently asked small loan questions

What can I use this type of loan for?

Cash loans can be used to cover a range of urgent expenses or unbudgeted costs. You can use your loan for furniture or white goods, medical expenses, rental bonds, vehicle repairs, veterinary bills, home renovations and travel expenses.

Can I be approved if I’m collecting government benefits?

Yes – you can be approved for a quick cash loan if you’re collecting an eligible government benefit. Government payments which can count as part (or all) of your income include:

  • Age pension
  • Family Tax Benefit Part A and B
  • Parenting payment
  • Disability support pension
  • Carer payment

 

If you’re collecting JobSeeker or Youth Allowance because you’re either unemployed or studying, these payments won’t be accepted on their own. These are seen as temporary benefits meant to support you through unemployment or higher education and are subject to change at any time. JobSeeker can be accepted as a low-income supplement in some cases, however.

Can I repay my small loan early?

Yes – you can pay your loan off earlier than planned to save money. Paying your loan off early will save you money as shortening your term reduces the fees you are paying on your loan. Cash loan providers don’t charge early repayment fees, meaning there’s no cost associated with wrapping up your loan sooner.

Can I apply for a loan if I am bankrupt?

Most lenders won’t accept an application from an applicant who is currently bankrupt, but there may be some options available to you. Ultimately, though, this depends on each lender’s criteria, the loan you’re applying for and your personal circumstances.