Loans That Approve Everyone

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Last updated on July 26th, 2022 at 09:16 am by Kurtis Eichler

Get approval on loans from $300 to $5,000

If you’re chasing a quick loan, the process should be easy and hassle-free. While reputable lenders won’t guarantee that they approve everyone, getting your hands on a payday loan with Savvy is simpler than other types of finance.

By applying online with us, you can be approved and receive your money as soon as the same day you apply. Let Savvy help you get fast approval and apply with us today.

Do lenders offer loans that approve everyone?

Reputable lenders don’t approve everyone who applies for a small loan, with all applications undergoing a few quick checks. If you’re looking for loans where everyone is approved because you have bad credit, though, this won’t be a barrier to getting approval.

Savvy partners with flexible short-term lenders in Australia who focus more on what you can currently afford to repay, rather than your score itself, when assessing your application. They’ll still run a credit check as part of their responsible lending obligations, but this focuses on your wider loan history.

Lenders will be looking at your payment track record on similar loans and whether you have any outstanding defaults. If you’ve taken out online payday loans in the past and kept on top of your payments, this can help you gain approval on a bad credit loan.

Aside from your borrowing history, approval for a loan will come down to factors such as your income, spending and employment status. Lenders will review your bank statements to verify your income, which can come from multiple sources. Most lenders will allow your assessable income to be made up of a mix of wages, fixed Centrelink payments, investments and superannuation.

How do I qualify for a small loan?

Everyone who applies for an instant cash payday loan will need to satisfy a few eligibility requirements, which are standard among payday lenders. Once you double-check you meet the conditions, you can start your loan application. These requirements include:

  • Age: You’ll have to be over the age of 18 to apply for a loan online. Lenders will ask for some personal identification documents such as a driver’s licence or proof of age card to confirm your age.
  • Income: A consistent income is needed to apply for a loan. Lenders can accept a diverse range of employment statuses and income sources when assessing your loan, including money earned on investments.
  • Residence: You’ll need to be a permanent Australian resident or citizen with a local address to apply. There may be lending options available to you if you’re a temporary resident on a relevant visa.
  • Contact details: A working mobile phone number and email address is a must. Lenders may need to phone you during the application process, and you’ll need a working email address to receive your digital loan contracts if you’re approved.
  • Online access: During the application process, your lender will run a few checks to verify some of the details you’ve provided. They’ll request access to a ‘read-only’ copy of your online bank statements to confirm your income and expenses, so your bank accounts will need to be accessible via the internet.

What will my same-day payday loan cost?

There are a few fixed ongoing costs associated with taking out an online loan, as lenders don’t charge interest. These costs apply to everyone who is approved and vary depending on the size of your loan and how long you take to repay it. These costs include:

  • Establishment fee: charged at 20% of your amount for loans up to $2,000 and capped at $400 for loans of more than $2,000.
  • Monthly fee: charged at 4% of your loan amount per month on finance up to $2,000 and capped at 48% annually for loans above $2,000.

Payday loans up to $2,000 come with the option to take between 16 days and 12 months to repay, while those above $2,000 have an extended maximum term of two years. Opting to repay your loan over a shorter term can potentially save you hundreds of dollars each year on fees. For example, if you chose to repay your $3,000 loan over nine months rather than 12, you’d save $360 overall. 403.33 vs

It’s important to note that while choosing a shorter term will save you money on fees, the value of your repayments will be higher. In the above example, the nine-month term would cost you $497.78 per month compared to $403.33 over 12 months.

Common questions about small loans

How long does it take to get approved?

You may be formally approved as soon as the same day you apply, and as fast as one hour in some cases, but this will come down to several variables. Applying earlier in the day, being well prepared before starting your application and not applying for more than you can afford may help speed up approval of your application and avoid potential delays. However, lenders may still request further documentation as part of your application.

Can I get a small loan if I am a discharged bankrupt?

Yes – you can apply for a quick loan if your bankruptcy has been discharged. As long as you’re earning a regular form of income to cover the loan, you can apply and your past bankruptcy won’t be a factor.

Do I need any physical paperwork to apply?

No – the entire application process is online, so there’s no need to fill out physical forms. To have your application accepted, lenders require everyone to provide 100 points of identification to verify your identity, but these documents can all be uploaded to a secure portal. Everyone who has their application accepted and approved will receive their formal loan agreement via email, which you can sign digitally and return to your lender.

What documents do I need to apply?
People on Centrelink can apply for a loan, so long as their government benefit is fixed and ongoing. Several payments can be factored as income, including: 
  • Aged pension  
  • Carers payment  
  • Child care subsidy  
  • Disability pension  
  • Family Tax Benefit Part A and B 
  • Single parent payment  
  • Veteran’s pension 
JobSeeker, Youth Allowance, Austudy and ABSTUDY recipients won’t be able to have their payments counted as their sole form of income, as they’re temporary bridging measures and can cease at any moment. However, JobSeeker can be included as a low-income supplement in some cases.
Can I use small loans to pay for car repairs?

Yes – small loans are very versatile and can be used to pay for maintenance or servicing on your car. Other uses include home repairs, medical procedures and even to help you cover Easter expenses.