Quick Loans For Bad Credit Same Day

Got bad credit? Get a quick same-day loan with Savvy.

Apply in less than 10 minutes.

Last updated on August 1st, 2022 at 04:33 pm by Kurtis Eichler

Get quick same-day loan approval with bad credit

A bad credit score shouldn’t hold you back if you need a quick or urgent same-day loan. That’s why, if you’re looking for a second chance at finance, Savvy can help you secure a loan, even with a less-than-perfect score.

When you apply with us, you’ll be matched to a partner lender with a loan best suited to your circumstances. Our processes are fast and easy to save you valuable time. Don’t let bad credit stand in your way; apply with Savvy today.

Can I get a quick same-day loan with bad credit?

Yes – you can get a loan paid out as soon as on the same day you apply, even if you have a bad credit score. The reality is that bad credit doesn’t really matter when you apply for a short-term loan, as payday lenders have more flexible lending requirements compared to the big banks and larger lenders.

Any time you apply for a loan, a lender will run a few easy checks to ensure you can afford the proposed repayments. A credit check is part of this process and gives your lender an impression of what type of borrower you are. You won’t find a ‘no credit check loan’ among reputable Australian payday lenders, as responsible lending obligations ensure financiers won’t be able to approve you for a loan you’re unable to comfortably repay.

If you’re searching for ‘no credit check payday loans’ because you have a less-than-stellar credit score, though, there’s no need to worry. When a lender runs a credit check, they tend to look at your broader borrowing track record and current ability to repay your loan rather than concentrate on your score. This includes assessing factors such as your repayment history, defaults, active debt and how often you’ve applied for credit.

If you need your money on the same day you apply, it’s a good idea to do so as soon as possible. Lenders don’t process applications around the clock or outside business hours, so getting your application in earlier in the day or week will improve your chances of a same-day payout. It’s a good idea to remember that many banks can take a few hours to process certain transfers, which may take longer outside of business hours.

How much will I be able to borrow with a quick same-day loan?

You can apply to borrow between $300 and $5,000 with a same-day loan, dependent on how much your lender deems you can afford. Lenders will review factors such as your income, to estimate how much you can comfortably afford.

When you apply for a same-day loan, your lender will ask you to share some details about your income, including how often you get paid and how much you earn after tax. They then review a read-only copy of your internet banking statements over the past 90 days to double-check you can afford a new loan, looking at your income, expenses and recent spending.

It’s a good idea to have a rough idea of your own borrowing power if you need a loan today. Applying to borrow too much money can hold up the approval process on your loan as lenders will often need more proof you can afford your repayments or simply result in a loan rejection.

Wages aren’t the only form of income that can be factored towards your loan, though. You can also include fixed Centrelink benefits, provided that they’re stable, ongoing and reliable. Including these payments in your loan application will likely enable you to borrow more than if you left them out.

How much will my loan cost me?

Taking out a quick loan comes with a few fixed fees attached; however, the real cost of your loan will depend on how much you borrow and how long you take to pay it back.

If you need cash today and want to apply for finance, your loan will come with two standard costs:

  • Establishment fee: This is charged at 20% on loans between $300 and $2,000, while larger loans come with a flat fee of $400.
  • Monthly fees: A rolling fee of 4% is charged every month on loans up to $2,000. More significant amounts have their fees capped at 48% over 12 months.

Opting for a shorter term will save you money on monthly fees. Loans come with repayment terms of up to two years and while choosing a longer term will mean paying more in regular repayments, you’ll end up paying fewer fees. For example, if you chose to repay your $3,000 loan over 12 months instead of 15, your regular repayments would increase by $57 but you’d save $360 on monthly fees.

Got a same-day loan question? We have the answers

How quickly can I repay my loan?

You can repay your loan as soon as 16 days after you’ve been approved and received your funds. Under responsible lending laws, 16 days is the minimum amount of time you can take to repay your loan. Payday lenders also don’t charge early or extra repayment fees, allowing you to focus on paying your loan off faster and saving money on monthly fees.

Can I get a loan if I’m unemployed?

Yes – you can get an cash loan if you’re currently out of work, as long as you’re earning a regular income from another source. For example, if you’re out of work and receiving an ongoing Centrelink payment, this can be factored as income towards your loan. Eligible fixed benefits include:

  • Aged, disability or veterans’ pension
  • Carers payment
  • Child care subsidy
  • Family Tax Benefit Part A or B
  • Single parent payment


JobSeeker payments can be factored in towards your loan in some cases if you use them as a low-income supplement. However, if it’s your sole form of income, it won’t qualify.

How can I spend my loan funds?

The benefit of these types of urgent loans are they can be used to cover a range of different costs, whether for emergency cash or not. Some of the expenses you can cover include:

  • Overdue utility bills and household costs
  • Medical procedures, such as cosmetic and dental operations
  • Vehicle maintenance
  • Home renovations or repairs
  • Travel expenses such as flights and accommodation
  • New furniture or white goods


While lenders are generally fairly lenient on how you spend your loan cash, there are some restrictions. You won’t be able to use your funds to repay another payday loan, for example.

Can I get a loan at the weekend?

Yes – you can apply for a loan at any time of day, including on the weekend, and there are even some lenders who can approve and pay out applications on a Saturday or Sunday. However, it’s important to remember that bank processing times tender to be slower at the weekend.

Should I apply for multiple loans at once?

Applying for several loans at once can damage your credit score and make it hard to get loan approval down the track. If you apply for a loan with Savvy, we give you an instant decision on your initial application so there’s no need to shop around with multiple lenders.