Past credit problems? Apply with Savvy and get a short-term loan.
Fact checked
Fact checked
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.
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.
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:
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.
Short-term loans in Australia allow you to borrow between $2,050 and $5,000 and you can choose between term options ranging from 16 days to two years. 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 $400 establishment fee and a rolling monthly fee (with the total monthly costs equalling no more than 48% of your loan amount over a 12-month period). 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.
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
