Short Term Loans For Bad Credit Same Day

Apply with Savvy and get short-term loans with bad credit.

Apply in less than 10 minutes.

Last updated on July 25th, 2022 at 05:02 pm by Kurtis Eichler

Get same-day approval for short-term loans with bad credit

A little extra cash can make life a lot easier if you find yourself scraping money together to pay an unexpected bill or are simply strapped for funds. If you need a short-term, same-day loan to tide you over, Savvy can help, even if you have bad credit.

By partnering with credible lenders who look beyond your credit score, Savvy can help you get same-day approval on loans from $300. Apply online and have money in your account before you know it.

Can I get a short-term, same-day loan with bad credit?

Yes – our lenders across Australia are more focused on your ability to repay a new loan rather than your credit score. Savvy partners with understanding lenders who’ll consider what you’re currently earning when assessing your short-term loan application, even if your credit is very bad. By applying with Savvy, you can get same-day loans between $300 and $5,000. After you receive instant approval after submitting your short-term loan application, you can be formally approved and funded on the same day in most cases.

These loans come with term options ranging from 16 days to two years depending on how much you borrow. For example, you can take up to one year to repay your loan of $2,000 or less and up to two years for any amount more than that.

Credit checks are conducted largely to get a clear picture of your payment and borrowing history. Lenders will pay close attention to recent defaults on similar financing, which can hinder your chances of approval on a new same-day loan. Getting a free copy of your credit report from a reporting agency can allow you to check your history and spot any mistakes which may be listed on your file.

If you have very bad credit, it may be tempting to search for lenders offering ‘no credit check’ or ‘guaranteed approvals’ on same day loans. However, reputable lenders won’t offer these products in line with responsible lending regulations. Rather than opting for a lender spruiking ‘no credit checks’ or other guarantees, you can apply with us regardless of your credit score

How do I apply and get approved for a short-term cash loan on the same day?

Applying with Savvy is an efficient and straightforward process to help you get approved and funded as quickly as possible. Before you apply for a short-term loan, double-check you satisfy the eligibility criteria. To qualify, you must:

  • Be at least 18 years old
  • Be an Australian citizen or permanent resident
  • Be earning a steady income for the last three months
  • Have a working mobile number and email address

Applying for a loan online with Savvy takes about ten minutes. As part of this process, you’ll be asked to provide your personal information, contact details and a reason for needing a loan via our secure portal. You’ll also need to provide your employment history and what you earn. You must also provide 100 points of identification, which can include:

  • A driver’s licence
  • An Australian or foreign-issued passport
  • A Medicare card
  • A bank statement or utility bill

Once you’ve submitted your application, you’ll receive an instant outcome. From there, lenders will assess your application to ensure you can afford the repayments. You’ll be required to supply access to your online bank statements to verify your income and expenses. To give you peace of mind, your banking information is protected using high-level encryption and the lender will only be able to view your account statements, not change them.

If satisfied, lenders can provide you with formal loan approval in as little as one hour. A loan contract will be emailed to you to digitally sign. Once returned, your payday loan funds will be transferred directly to your bank account. In most cases, your funds will hit your account on the same day. Some lenders may ask for additional information, which could delay the process, but this won’t always be the case.

What can I use my short-term loan for?

Life can occasionally throw you a curveball. If you need money fast, short-term loans can be used to help cover a range of these types of costs including:

  • General living costs: cover those larger-than-expected utility bills or just give yourself some extra cash between pay cycles.
  • Medical costs: take the financial pain out of urgent or routine medical procedures, including cosmetic operations or dental work.
  • Veterinary expenses: has your pooch eaten something it shouldn’t have? A same-day loan can cover medical emergencies involving your pet.
  • Home repairs: use a short-term loan to cover the cost of home upgrades or urgent repairs.
  • Moving costs: relocating or moving house can come with a range of costs which can be covered by a loan.
  • Vehicle expenses: owning a car isn’t always an easy ride. You can pay for urgent repairs or maintenance.
  • Furniture and white goods: get a loan to buy new household items or white goods if you need to freshen up your house or replace appliances.
  • Debt consolidation: you can get finance approval to consolidate some of your debt and make it easier to manage.

Frequently asked short-term loan questions

What costs are involved in short-term loans?

Taking out a short-term loan comes with a few costs including:

  • Establishment fee: Loans up to $2,000 come with a fee capped at 20% of your loan, while those above $2,000 come with a capped fee of $400.
  • Monthly fee: This fee is charged monthly and calculated at 4% of your loan amount if you borrow up to $2,000. If you borrow over this amount, your ongoing fees are capped at 48% annually.

Keep in mind that choosing to repay your loan over a shorter term will save you money on fees.

Can I be approved if I am on Centrelink?

Yes – as long as you’re earning a regular income and can afford your repayments, you can be approved for a loan if you are collecting Centrelink benefits. Several fixed government payments can be factored into your income, including:

  • Aged pension
  • Disability pension
  • Single parent payment
  • Carer’s payment
  • Veteran’s pension

Bridging measures such as JobSeeker, Youth Allowance, Austudy and Abstudy won’t be eligible as they aren’t considered stable, ongoing payments.

Can I get a short-term loan paid over a weekend?

Some lenders are open on Saturdays, meaning you could have your loan approved and paid outside of standard business hours. However, depending on who you bank with and their transfer times, your funds may not hit your account over the weekend. It’s important to apply for your loan earlier in the day and avoid your application process running into a weekend.

Can I be approved for a loan if I’m bankrupt?

Most lenders will be reluctant to approve a loan for someone who’s bankrupt. However, there may be some who are willing to approve an application in these circumstances, although this will come down to your lender’s criteria, how much you want to borrow and your personal situation.