Last updated on July 25th, 2022 at 05:08 pm by Kurtis Eichler
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Got bad credit? Apply for a loan online with Savvy.
Last updated on July 25th, 2022 at 05:08 pm by Kurtis Eichler
Need a loan but bad credit holding you back? You can find a suitable loan for your needs right here with Savvy, with a range of Australian online lending partners who can help you out even if you have a less-than-perfect credit score.
Our fast-tracked online processes allow you to apply from your computer or smart device and give you an instant decision on your application, so don’t let your past hold you back; apply with Savvy today.
Yes – bad credit won’t be an obstacle if you need to apply for a cash loan online, making it a suitable option if you’re looking for urgent funds. Savvy’s Australian lending partners assess applications a little differently than the big banks and the larger lenders, making it easier for those with less-than-perfect credit scores to get a loan.
Lenders will run a quick credit check as part of the formal stage of your application; however, your score isn’t the main focus of this review. Rather, lenders prefer to look at your wider borrowing history and your current ability to repay the loan you’re applying for.
Responsible lending laws bind licenced direct lenders in Australia. As such, they’re obliged to run these proper checks before approving your payday loan application. They assess your financial status and borrowing power to find out whether you can comfortably afford your loan repayments. Once they’re happy with your application, you can be approved and funded as soon as the same day you apply.
Your borrowing power is the amount a lender determines you’re reasonably able to borrow and repay. When your lender calculates this, they look at various factors such as your income, expenses, outstanding debts and whether you have any dependents.
When you apply for a quick loan, you’ll be required to share some information with your lender to help them determine your suitability for a loan. Before you get your same-day loan application underway, you’ll need to ensure you’re eligible to apply. Payday loan eligibility criteria are similar between most lenders and are easily found on their websites. The criteria will generally include:
Once you’ve satisfied all the requirements, you can go ahead and start your initial cash loan application. As part of the stage, you’ll be asked to share some basic details. These will include:
Your lender will also request to confirm your identity by providing identification documents. More often than not, they’ll request the following:
If you don’t have one or a mix of the above, most lenders will also allow you to supply any of the following:
These types of small loans come with a few fixed fees, but how much they’ll cost you at the end of the day will come down to the size of your loan and how long you choose to pay it off.
Loans come with two fees:
When you apply for a loan, you’ll get the option of repayment terms ranging from 16 days up to two years, depending on how much you borrow. Loans up to $2,000 come with a maximum repayment term of one year, while larger loan amounts allow you to take up to two years.
The longer you take to repay your loan, the more you’ll pay in fees. Likewise, choosing a shorter term may make your repayment values larger; however, you’ll save money on monthly fees as you’re paying your loan off sooner. For example, if you chose to repay a $3,000 loan over 12 months instead of 16, you’d save $480 in monthly fees overall (albeit increase your monthly repayments by over $70).
As your fees are rolled into your loan amount, these fixed charges can eat into how much a lender is willing to loan you. Lenders factor these fees into their calculations when considering your application, so it’s a good idea to keep these in mind when applying for your loan.
Whether your home needs some emergency repairs or your need to get your car back on the road, you can use a fast online loan for a variety of urgent and non-urgent spending. You can use your loan to cover a range of expenses including medical expenses, child-related costs, day-to-day spending and vet bills. You can even get a loan for Valentine’s Day if you find yourself short on the funds you need for gifts, travel or dinner plans.
Yes – you can get an instant cash loan if you aren’t working at the moment. A range of income streams can be factored towards your loan amount, including fixed Centrelink benefits, such as the aged pension or child care subsidies, investment revenue or superannuation withdrawals.
Most lenders are unlikely to approve you for a loan if you have multiple unpaid defaults on your credit file. However, there may be some lenders on the market willing to work with you under these circumstances.
Yes – you can still apply for a loan if you’re working as a freelancer or a tradesperson and your earnings are stable enough to support consistent loan repayments. Your lender may request additional details on your income before granting you approval on your application, however.
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