Payday Loans No Bank Statements Required Australia
Need some quick cash? Apply for a payday loan with Savvy today.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
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Some types of loans in Australia involve stacks of paperwork and printing off months’ worth of documents. However, applying for a payday loan with Savvy is fast, convenient and completely digital with no need for paper bank statements or physical forms.
Our online application process allows you to apply and be approved from the comfort of your home, no matter where in Australia you live. Apply with Savvy and get an instant outcome today.
Can I get a payday loan with no bank statements required in Australia?
Yes – you can get a cash loan without physical bank statements. However, payday lenders will review a ‘read-only’ version of your bank statements, which allows them to verify your income and expenses when you apply for a small loan of between $2,050 and $5,000. This allows them to check your income, spending, expenses and whether you’re repaying any outstanding loans, which they’re required to do as part of their responsible lending obligations.
You’ll always have to provide evidence of your financial situation, as lenders aren’t able to approve an application for a borrower who they aren’t fully confident can repay the loan. As such, there’s no such thing as a loan with no bank statements required amongst reputable Australian lenders.
However, even if your income is low or not 100% consistent, you can still be approved for a payday loan. Lenders are focused on your ability to repay the loan you’re applying for, so if they consider your income sufficient to support your repayments, you can receive approval for a loan.
What documentation will I need for my payday loan application?
You will need to provide your lender with digital copies of key documents to be considered for a quick cash loan, which will be required during your initial application. On top of access to your online banking information, these will include:
Identity documents
The first lot of documents you will need to provide are those verifying your identity. No paper documents are required, with these digital copies able to be uploaded to a secure portal. It’s a good idea to have these digital copies saved on a computer or device you’re using to apply to fast-track your instant cash loan application. In most cases, you’ll be required to submit the following identification documents:
- An Australian passport
- An Australian driver’s licence
- A Medicare card
However, if you don’t have some or all of these, some lenders may allow you to submit any of the following:
- A birth or citizenship certificate
- A foreign passport or driver’s licence
- A council rates notice or utility bill
- A government-issued concession card
Centrelink income statement
If you’re earning a fixed Centrelink benefit, this can be factored into your assessable income when applying for a small loan. Payday lenders allow you to count multiple income streams when applying for a loan. You’ll need to provide a Centrelink income statement as part of the application process to verify how much you earn. Eligible payments include:
- Aged pension
- Carer payment
- Child care subsidy
- Disability pension
- Family Tax Benefit Part A or Part B
- Single parent payment
- Veterans’ pension
Loan contract
As part of the initial payday loan application, you’ll also be asked to provide some further basic details including your name, how you’re employed and how much you earn after tax. Once you submit this application, a payday lender will give you an instant decision. If they’re happy with the application overall, you can receive formal loan approval very soon after. From there, you’ll receive a digital loan contract to sign electronically and return to your lender, after which your loan funds can be released.
How much will a payday loan cost me?
Unlike other types of finance which accumulate interest, instant cash loans come with fixed fees. You’ll be charged a capped establishment fee and a fixed monthly fee when you take out your loan. How much these will end up costing you combined will come down to the amount you borrow and the length of your loan term. Establishment fees are calculated at a flat fee of $400. Monthly fees are capped at 48% over the course of a year.
Payday loans come with term options ranging from just 16 days to two years, depending on how much you borrow. Choosing a shorter term and making extra repayments can help you save money on fees, speed up repayment and lower the cost of your payday loan. You can see how much you could save by opting for shorter terms on a $5,000 loan than 24 months in the table below:
| Term length | Set-up fee | Monthly fee | Monthly repayment | Total repaid | Total saved |
|---|---|---|---|---|---|
|
24 months |
$400 |
24 x $200 |
24 x $425 |
$10,200 |
N/A |
|
21 months |
$400 |
21 x $200 |
21 x $457 |
$9,600 |
$600 |
|
18 months |
$400 |
18 x $200 |
18 x $500 |
$9,000 |
$1,200 |
|
15 months |
$400 |
15 x $200 |
15 x $560 |
$8,400 |
$1,800 |
|
12 months |
$400 |
12 x $200 |
12 x $650 |
$7,800 |
$2,400 |
Why apply for a small loan with Savvy?
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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.
