Loans With No Credit Checks Australia

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Last updated on July 12th, 2022 at 05:22 pm by Kurtis Eichler

Get approved for a loan from $300 with bad credit

Worried about bad credit standing between you and loan approval? If you’re searching for no credit check loans because you think bad credit may hold you back, you don’t need to worry. Savvy is partnered with credible Australian lenders to help you get another shot at loan approval.

Our flexible partners focus on your present, rather than your past, when considering you for approval. Enjoy a fast application process and a quick outcome and apply right here to get a second chance at a loan today.

Can I get a loan with no credit check in Australia?

The short answer is no – responsible lenders don’t offer ‘no credit check’ cash loans or guaranteed approvals. Licensed lenders in Australia have responsible lending obligations, so they’ll always make sure a loan is manageable for you before you’re instantly approved.

If you’re searching for guaranteed approval or ‘no credit check’ loans because you have bad credit, though, the good news is that a poor credit score won’t be a major issue standing in the way of approval with this type of loan. Direct money lenders prefer to review your wider borrowing history, rather than focus solely on your score, when you apply for a payday loan. They’ll do this when considering your application for formal approval after you receive an instant outcome.

To be considered for instant approval, you’ll also need to satisfy several eligibility criteria. These are generally the same from lender to lender and include:

  1. Over 18 years old
  2. Earning a steady wage
  3. A permanent Australian resident or citizen
  4. Working mobile number and email address
  5. Easy access to 90 days’ worth of online bank statements
  6. No active payday loans or similar debts

How much can I borrow with a small loan?

If you need some emergency cash, you can borrow between $300 and $5,000 depending on how much you can afford to repay.

The core reason credible lenders don’t offer ‘no credit check’ loans is that they want to know you can easily manage your repayments. As such, they’ll review your borrowing power to make sure you can comfortably afford the loan you want. Your borrowing power is what your lender deems you able to afford. It’s made up of a variety of factors, including:

  • What you earn and spend
  • Any outstanding loans or other liabilities
  • How much money you have saved
  • Any dependants you have
  • Your wider borrowing history

Along with a credit check, your lender will request read-only access to your online bank statements to verify your income and expenses. If this runs smoothly, you should be able to receive formal loan approval soon after.

How long can I take to repay my small loan?

Depending on how much you borrow, you can take up to two years to repay your fast payday loan. When you apply for a loan, you’ll have the following repayment term options:

  • Loans up to $2,000: Repayment term options ranging from 16 days to one year.
  • Loans above $2,000: Term options ranging from 16 days to two years.

The value of your regular repayments will vary depending on the term you choose. For example, if you choose to repay your $3,000 loan over 15 months instead of 12, your repayments would drop by $57 each month.

On the flip side, while choosing a shorter term will increase your small loan repayments, it’ll save you money on monthly fees. Loans up to $2,000 come with monthly charges calculated at 4%, while larger loans have their monthly fees capped at 48% over 12 months. The table below shows how much you can save on your repayments by taking out a $3,000 loan over a shorter term (with monthly repayments).

Term length Establishment fee Monthly fee Repayments Total cost Total overall saving
18 months
18 x $120
15 months
15 x $120
12 months
12 x $120

Frequently asked small loan questions

How quickly can I get my loan funds?

You should receive your loan on the same day you apply, in most cases. Once you’re formally approved, your loan funds will be released into your bank account and they should hit your account that day. This will depend on when you apply and your bank’s transfer times. Most Australian banks have cut-off times at about 6pm, while lenders are unable to offer 24/7 formal approvals, so by applying earlier in the day or week, there’s less chance of your payment being held up.

Can I be approved on the weekend?

Yes – if you find yourself in need of some emergency cash, some Australian lenders can approve and fund loans on a weekend. While there are lenders who are open on both Saturdays and Sundays, the majority of lenders will only be able to approve applications and release funds during the week as per their business hours. You can still receive an instant outcome outside of business hours, however.

Can I apply if I have unpaid defaults?

Most lenders are unlikely to give your application the tick of approval if you have unpaid defaults, although there may be some who can help you in certain cases.

Can I apply if I’ve been knocked back by other lenders?

Yes – you can still be approved if you’ve been rejected by other lenders, so long as you’re earning enough to support your repayments. However, applying for multiple loans over a short period can damage your credit rating and make it harder to get loan approval.

Can I apply if I’m unemployed?

Yes – you can apply if you’re currently unemployed and receiving some form of steady income. This can be made up of investment income, superannuation withdrawals or Centrelink benefits. If you’re claiming Centrelink benefits as income towards your loan repayments, they need to be fixed and ongoing (such as an aged or disability pension). You won’t be able to factor temporary payments such as JobSeeker towards your loan if they’re your only form of income.