Quick Loans No Credit Checks Same Day

Need a quick cash loan today? Apply with Savvy now.

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Last updated on August 1st, 2022 at 05:12 pm by Thomas Perrotta

Quick cash loans approved from $300 to $5,000

If you’re looking for a cash loan but have bad credit, you won’t need to stress. While no credit check finance isn’t offered by reputable lenders, you can get approved for a quick loan as soon as the same day you apply when you submit your application through Savvy.

We help borrowers who have struggled with their credit score in the past get approved by connecting them with our flexible and understanding lenders. If you need a loan urgently but have bad credit, apply with Savvy today.

Can I get a loan with no credit checks?

Because of the responsible lending obligations placed on lenders across Australia, there isn’t really such a thing as a ‘no credit check loan’ amongst reputable financiers. These obligations dictate that lenders mustn’t approve applications for borrowers who they aren’t fully confident can repay their loan comfortably and without being at risk of default. However, even though all loans will come with a credit check, having a bad credit score isn’t an obstacle to approval.

When lenders conduct credit checks, they aren’t solely designed to find out your credit score. Lenders are far more interested and focused on your ability to repay your loan right now, so assessing your credit history and recent financial history helps paint a picture of you as a potential borrower. This check is also designed to show whether you have any other ongoing loan commitments or recent defaults which may suggest you could be at risk of doing so again.

Am I able to get my quick loan approved and paid on the same day?

Yes – the cash loan process is fast and simple with Savvy, so you can have your application approved in as little as 60 minutes and see the funds hit your account as soon as the same day in most cases. This makes them very useful in the case of an emergency, as you can be confident that, once formally approved, the funds will be available for you to use very shortly after.

There are several factors which may affect the time it takes to be approved or have the funds hit your account, so it’s important to bear these in mind when applying. These can include:

  • The time at which you apply: lenders can only formally process applications within business hours, so applying on a weekend or late at night could result in the application process stretching out over two or more days. To maximise your chances of same-day approval, you should apply early in the morning.
  • Your profile and documents: in some cases, depending on your profile as a borrower, a lender may ask for further documentation or information before approving your application. This may only be further income or employment verification but doing so could lead to a small delay in the approval process. You should always make sure you upload all the correct documents to minimise back-and-forths between you and your lender before formal approval.
  • Your bank’s processing speed: even if your application is approved and paid very quickly, your loan funds may take a while to hit your account. This can come down to your bank or financial institution’s processing speeds, which can vary significantly. As such, some may find that it takes longer for the funds to reach their accounts because of the institution they’re holding the account with.

What can I use my loan for?

One of the major benefits of quick cash loans lies in their versatility. They can be used for a wide range of potential purposes, making them suitable for just about any need falling between $300 and $5,000 and allowing you to space out your repayments over a more manageable term in the process. Some of the most common uses for cash loans include:

  • Consolidating multiple existing debts into one payment, such as mounting bills
  • Paying for urgent car repairs so you can get back on the road for work and taking the kids to school
  • Helping to cover expensive medical emergencies when you don’t have the cash at hand
  • Covering the cost of a bond when moving to a new rental home
  • Paying for flights and accommodation to visit family interstate or overseas in the event of an emergency (or simply for a holiday)
  • Buying Christmas or birthday presents for a loved one when you find yourself short on the money you need to spoil them
  • Purchasing new furniture for your home or covering immediate repairs such as a busted pipe
  • If you’re a Centrelink customer and need a loan urgently between pay dates

Common queries about quick same-day loans

Can I get my loan approved if I’m bankrupt?

There may be some lenders on the market who can consider and approve certain applications for borrowers who are currently bankrupt. However, in general, financiers are unlikely to approve loans for bankrupt applicants. The same applies to those under a Part IX debt agreement. Your chances of approval improve substantially once you’re discharged from your bankruptcy or agreement.

What are the fees on cash loans?

There are two main fixed fees which are charged on payday loans in Australia. These are:

  • Establishment fee: a one-off charge of up to 20% of your loan amount (capped at $400 for loans above $2,000) which is distributed evenly across your repayments
  • Monthly fee: a recurring charge of up to 4% of your loan amount (capped at 48% per year for loans above $2,000) which applies to every repayment
How long can I take to repay my loan?

The amount of time you’re able to take to repay your loan depends, in part, on the size of the loan you’re after. Loans of between $300 and $2,000 can be taken out and repaid over as little as 16 days up to 12 months, while loans of more than $2,000 can be repaid over as long as two years. The time taken to repay your loan will also have an impact on its cost. For example, a $2,000 loan repaid over 12 months compared to 15 would cost $240 less in ongoing fees.

Am I eligible to take out a loan if 100% of my income comes from Centrelink?

Yes – payday loans for Centrelink customers in Australia who are unemployed and derive all of their income from government benefits are still obtainable through reputable lenders. As long as you’re receiving a stable payment which is enough to comfortably cover your loan instalments on top of your other expenses, you can be approved. Some of the eligible benefits which can be counted as part (or all) of your income include:

  • Aged pension
  • Disability pension
  • Veterans’ pension
  • Single parent payments
  • Carer payments
  • Family Tax Benefits