Apply with Savvy today and get instant approval on payday loans.
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If you’re in need of very quick funds but feel like your credit score is holding you back, think again. By partnering with some of Australia’s leading lenders, Savvy can help you get instant approval on payday loans from $2,050 to help put your mind at ease.
Our partnered lenders can give you a second chance at approval and help you get a loan to cover those urgent costs, so give your budget some breathing space and apply with Savvy today.
Yes – you can receive an instant outcome on your payday loan even if you have a less-than-perfect borrowing history. You won’t have to worry about searching for ‘no credit check’ loans, which aren’t offered by reputable lenders, when you apply with Savvy. Our partnered lenders focus on your ability to comfortably manage your repayments, rather than your credit score. They can look past difficulties you’ve had in the past when assessing your application and consider your current financial situation above all else.
Even though credit scores aren’t a major factor, lenders still run credit checks as part of their obligation under Australia’s responsible lending laws. These checks aren’t specifically designed to check your credit score, instead providing lenders with information about any active loans or defaults in your name. They’re also necessary for assuring a lender you can adequately afford your loan.
Savvy's efficient online process guarantees you’ll get an instant outcome on your application before having it formally assessed by one of our lenders. The time it takes for you to receive your funds can vary from case to case, with some online payday loan applications taking longer to process than others depending on your financial and personal circumstances. In most cases, formal approval and funding can be granted as soon as the same day you apply, although your bank or financial institution’s processing speed could impact this.
Applying online is a very quick process with Savvy, only taking about ten minutes to complete the online form. To start your application, you must select how much money you want to borrow and why you need it. A payday loan can be used to cover a wide range of urgent expenses, including:
From there, you’ll be asked to provide your personal information such as your full name, contact details, date of birth and address. When you fill in your residential status and address, you’ll be asked to declare your rent, mortgage or board costs.
If you’re currently employed, you’ll be required to confirm your employment status, industry, the length of time in your current job and the name of your employer. You’ll then have to provide your income after tax and pay frequency, as well as confirm whether government benefits make up half or more of your income.
Your lender will require 100 points of identification to verify your identity. This can be made up of any of the following:
On top of this, your lender will request access to your online bank statements to verify your income and expenses. This information is encrypted and your lender will only be able to see a ‘read-only’ version of your statements to ensure that they’re 100% safe.
Once this has all been supplied and submitted, you’re guaranteed to receive an instant outcome on your application. If successful, your lender will assess your application further and can offer formal loan approval soon after if they’re happy with your application. Your direct lender will ask you to sign and return a digital loan contract so your funds can be released into a nominated bank account. On occasion, lenders do sometimes require more information from an application which can delay the process slightly, but this won’t always be the case.
If you're instantly approved for a payday loan with bad credit in Australia, it will attract several charges, including an establishment fee and an ongoing monthly fee. Loans come with a capped $400 establishment fee, while monthly fees are also capped at 48% of your loan amount annually.
These charges will be spelled out in your loan contract, making it easy for you to incorporate them when you are budgeting your repayments and ensuring there aren’t any hidden fees. Lenders don’t charge break or early discharge fees if you decide to repay your loan earlier than planned.
The longer you take to pay off your loan, the more you’ll pay in fees. As such, choosing to repay your payday loan over a shorter period will save you money on fees. The below table demonstrates how a shorter term can make a big difference to the overall cost of your $2,000 loan.
| Loan Amount | Term | Establishment Fee | Monthly Fee | Monthly Repayment | Total Cost |
|---|---|---|---|---|---|
|
$2,000 |
12 months |
$400 |
$80 |
$280 |
$3,360 |
|
$2,000 |
Nine months |
$400 |
$80 |
$346.67 |
$3,120 |
|
$2,000 |
Six months |
$400 |
$80 |
$480 |
$2,280 |
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.
