No Bank Statement Loans

Chasing a quick loan? Apply for fast cash with us today.

Apply in less than 10 minutes.

Last updated on August 19th, 2022 at 10:14 am by Kurtis Eichler

Get a loan without hard copy bank statements

When you need funds quickly, applying for a loan is simple. The 100% online application process means there’s no need to mess around with paperwork or hard copies of bank statements. As such, getting a loan is fast, easy and efficient when you choose Savvy.

We partner with flexible lenders who specialise in rapid online processes, meaning you can get an instant decision on your loan application. Apply with Savvy and get approved with no paper bank statements today.

Can I get a loan with no bank statements?

Yes – you can be approved for a quick loan with no physical bank statements required. However, it isn’t possible to get approved for a loan without any bank statements at all. This is because lenders will need to review your online banking statements to ensure your loan repayments are manageable for you.

During the formal approval part of the application, lenders run a few quick checks to make sure you can afford your loan. This includes reviewing three months’ worth of bank statements to check your incoming and outgoing funds. Your bank details are securely handled with bank-level encryption and lenders will only be able to gain read-only access to your account information.

Whenever you apply for a loan, whether it be through a payday lender or a big bank, you’ll always be asked to provide evidence you can afford to repay it. Licensed lenders run these affordability checks because they want the peace of mind you can afford the loan you want, as per responsible lending obligations in place for financiers across Australia.

If you work for yourself or are casually employed and your wages are a little inconsistent, though, you can still be considered for a loan by some lenders. You’ll just have to show a lender you’re earning enough to cover your proposed loan repayments, as well as potentially supply further information (such as an employment contract if you’re casually employed) to show that you’ll consistently be able to afford your loan.

How much can I borrow with a cash loan?

You can borrow anywhere between $300 and $5,000, as long as you can show you’re able to afford the repayments on your loan. When you apply for a cash advance loan, lenders will assess several factors to ensure you can comfortably manage your repayments, including your income, regular expenses and other debt. These factors will ultimately determine how much you can be approved for.

Lenders will allow you to factor a mixture of incomes towards your quick cash loan. On top of your regular wages, you can also include income from fixed Centrelink benefits such as aged and disability pensions, single parent and carer payments and Family Tax Benefits.

Lenders also run a credit check as part of the formal approval process. This allows them to take a comprehensive look at your borrowing history to see what type of borrower you are. They won’t just focus on your credit score, instead looking at factors such as your repayment history, active loans, defaults and how often you’ve applied for new credit.

What are the eligibility and documentation requirements for small loans?

Applying for a quick online loan with Savvy is easy and will involve meeting some eligibility requirements and submitting some digital documentation. Eligibility criteria change slightly from lender to lender, but they’ll usually include the following:

  1. Age: At least 18 years of age
  2. Income: Earning a steady income for at least three months
  3. Residency: A permanent Australian resident or citizen
  4. Debts: No active short-term loans
  5. Contact details: A working mobile number and email address
  6. Banking: Access to three months’ worth of internet banking statements

To verify your identity, lenders will ask for personal identification. The beauty of applying for a loan nowadays is that the entire process is online, meaning there’s no printing or handling of messy paperwork. Copies of your documents can be safely and securely uploaded to your lender’s online portal. Your lender will usually ask for a mix of the following:

  1. Australian driver’s licence or passport
  2. Proof of age or Medicare card

If you don’t have some of these, other valid forms of ID can include:

  1. Birth or citizenship certificate
  2. Council rates notice or utility bill
  3. International driver’s license or passport
  4. Tax office notice of assessment
  5. Concession holder card or credit card

Frequently asked cash loan questions

Can I get a loan with no bank statements if I’m unemployed?

Yes – you can get a loan with no physical paperwork required if you’re currently out of work, as long as you are earning some form of fixed income to cover your repayments. This can be 100% derived from stable Centrelink benefits such as those mentioned above. However, temporary support measures such as JobSeeker can’t be factored in if it’s your only source of income.

What types of fees come with a cash loan?

Cash loans come with two types of fees:

  • An establishment fee is charged at 20% of your balance if you borrow up to $2,000. Larger loans come with a capped fee of $400.
  • Monthly fees are charged at 4% of your balance every month if you borrow up to $2,000. More significant loan amounts have their fees capped at 48% over 12 months.
What can I use my payday loan for?

You can use your payday loan to cover a range of urgent and non-urgent costs, including:

  • Medical procedures
  • Day-to-day living costs
  • Vehicle repairs
  • Home renovations or repairs
  • Travel and accommodation
  • Child-related expenses
  • Debt consolidation
Can I get an instant cash loan with no credit check?

No – responsible lenders will always run checks of your credit history before giving your application the green light. If you’re worried about bad credit impacting your approval chances, though, you don’t need to stress or look for loans with no credit checks in Australia. Lenders use these checks to look at your broader borrowing history and current ability to repay your loan rather than concentrate on your score.