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Online Loans Australia Bad Credit

Got bad credit? Apply for a loan online with Savvy. 

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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.

Can I get a loan online with bad credit in Australia?

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.

What information will I need to provide for my bad credit loan application?

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:

  • At least 18 years old
  • A permanent Australian resident or citizen
  • Earning a steady income for at least 90 days
  • Active phone number and email address
  • Access to 90 days’ worth of online bank statements
  • No active payday loans

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:

  • Basic personal details such as name, date of birth and contact
  • Address, your residential status and rent/board/mortgage costs
  • Employment status, industry, tenure and who you work with
  • Whether you receive Centrelink benefits
  • Your income after tax and how often you’re paid

Your lender will also request to confirm your identity by providing identification documents. More often than not, they’ll request the following:

  • An Australian passport or driver’s licence
  • Proof of age or Medicare card

If you don’t have one or a mix of the above, most lenders will also allow you to supply any of the following:

  • A birth of citizenship certificate
  • An international driver’s licence or passport
  • Council rates notice or a utility bill

How much will my online loan cost me?

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:

  • Establishment fee: capped at $400.
  • Monthly fees: capped at 48% of your loan amountover 12 months.

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.

Why apply for a small loan with Savvy?

Frequently asked online loan questions

What can I spend my online loan on?

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.

Can I get an online loan if I’m currently unemployed?

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.

Can I get a loan with unpaid defaults?

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.

Can I apply if I’m working for myself?

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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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.

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