Got bad credit? Apply for a loan online with Savvy.
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Fact checked
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. Apply is easy no matter if you need a cash loan and live in Sydney, Adelaide or Perth. 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 eligibility 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. 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.
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
