Short-Term Loans No Credit Check No Paperwork

Past credit problems? Apply with Savvy and get a short-term loan.

Apply in less than 10 minutes.

Last updated on August 19th, 2022 at 09:59 am by Kurtis Eichler

Get a short-term loan without the messy paperwork

If your credit rating is looking a little worse for wear and you need an urgent short-term loan, don’t go chasing ‘no credit check’ deals. Savvy can help you get a loan with no fuss and no messy paperwork by connecting you to a reputable lender willing to look beyond your credit score.

Our 100% online application process means you can focus on getting a second chance at finance instead of filling out endless forms. Don’t let bad credit stand in your way any longer: apply with Savvy now.

Can I get a short-term loan with no credit check?

You won’t be able to get a short-term loan without a quick check of your credit history in Australia; ‘no credit check’ loans don’t exist among reputable lenders. If you’re worried that your bad credit may hold you back, though, don’t be. Even a very bad credit score is unlikely to prevent your loan application from being approved, so a credit check is nothing to fear.

Credit checks don’t just check your credit score, but provide your lender with a complete picture of your borrowing history. These types of checks display things like credit enquiries, credit card limits, payment history and any past-due accounts in your name. This allows your lender to better understand your situation, including what you can afford to borrow.

As part of their responsible lending obligations, lenders have a duty of care to potential borrowers to ensure a short-term loan won’t land them in financial hot water. That’s why credible lenders won’t offer ‘no credit check’ loans.

Am I able to get approved for a short-term loan with no paperwork?

While there’s no need for physical paperwork when applying for a fast and easy loan, you’ll still need to submit some digital documents to get an instant outcome on your application.

Lenders will request some personal identification to verify your identity as part of your initial application. Digital copies of these can be safely uploaded to a secure portal. You’ll usually be asked to provide at least one of the following:

  1. A driver’s licence
  2. A passport
  3. A government-issued proof of age card

As part of this initial application, you’ll be asked to provide personal details such as your name, date of birth, residential status, employment status and how much money you earn after tax.

Lenders will run a check of your income and expenses to verify this information. As part of this, you’ll be asked to provide read-only access to your internet banking statements from the past 90 days so your lender can review them.

If you’re offered formal loan approval, your lender will email you a digital copy of your loan agreement to sign and return. This can be completed electronically and, once they receive it, your funds can be released soon after.

How long can I take to repay my short-term loan?

Short-term loans in Australia allow you to borrow between $300 and $5,000 and you can choose between term options ranging from 16 days to two years, depending on the size of your loan. Loans up to $2,000 come with borrowing terms of up to 12 months, while loans above $2,000 have term limits of two years. Consequently, your repayment term will play a part in how much you’ll pay over the life of your loan.

Choosing a shorter repayment term will help you save money on your monthly fees. Short-term loans come with a fixed establishment fee and a rolling monthly fee. The establishment fee is calculated at 20% of your loan amount (capped at $400 for loans of more than $2,000) while monthly fees are calculated at 4% (capped at 48% per year for loans of more than $2,000). For instance, if you borrowed $2,500, repaying over nine months instead of 12 would save you $300 in monthly fees.

It’s important to remember that the value of your regular repayments will be higher the shorter your term is. Borrowing $3,000 over nine months instead of 12 would increase your repayments by about $94 to $497 per month.

Frequently asked short-term loan questions

How do I make repayments on my payday loan?

Eligibility requirements are pretty standard across direct lenders but can vary slightly. To apply for a loan, you’ll generally have to:

  • Be over 18 years old
  • Be an Australian permanent resident or citizen
  • Be free of outstanding payday loans
  • Be earning a regular income for the past 90 days (must show on your online banking statements)
  • Have a working mobile number and email address
  • Have access to internet banking

However, some lenders may require you to meet additional criteria before approving your application, such as if you’re recently self-employed.

How quickly will I receive my short-term loan funds?

You can receive your quick loan funds as soon as the same day you apply for your loan, depending on the time of your application and your bank’s processing speeds. After you sign and return your loan contract, lenders can then release your funds and, in most cases, you should receive them that day. However, transfer and cut-off times vary from bank to bank, so the speed at which one person receives their funds may differ from another.

Can I apply if I have unpaid defaults?

Getting a loan with outstanding defaults on your credit file will make it tougher to get approval. However, there may be some lenders on the market who can approve your application even if you have unpaid defaults on your file.

Can I use a short-term loan to repay my other loans?

No – you won’t be able to use one loan to repay another, particularly if it’s another payday cash loan. It’s unlikely a lender will approve you if you already have a similar loan outstanding, however. That being said, you’re able to use your loan to consolidate debt accumulated through unpaid bills or fines.

Can I be approved if I’m unemployed and on a pension?

Yes – you can be approved for a fast and easy cash loan if you’re unemployed and collecting a government pension. Aged, disability or veteran’s pensions are all fixed government benefits and can be counted as a form of income towards your cash loan. If you’re unemployed, temporary payments such as JobSeeker, Austudy, ABSTUDY and Youth Allowance won’t be eligible as sole sources of income.