Can I get a guaranteed payday loan in Australia, no matter what?
No – there’s no such thing as guaranteed approval for payday loans in Australia. You’ll need to qualify and prove you can afford to manage your repayments. That doesn’t mean you can’t get access to fast, convenient short-term borrowing when you need it most, though.
Many people who are searching for guaranteed approval may be doing so because their credit score isn’t the best, but it’s important to know that bad credit won’t stand in the way of your loan approval. Lenders offering these loans are more focused on your ability to repay in the here and now than your score.
How do I apply for a payday loan and am I guaranteed to qualify?
Like approval, qualification for your loan isn’t guaranteed. Whether your application is successful will depend on meeting the lender’s qualification requirements, but you can almost guarantee a quick application process by filling out all information and providing the relevant documents promptly.
To begin, you’ll just need to tell Savvy a little bit about yourself – like where you live, how you earn your income and what you spend – as well as what you need to borrow and why. We’ll then submit your application to our marketplace of trusted lenders, where it’ll be matched with the best loan provider for your situation.
Once we’ve done that, you’ll receive an instant outcome from your lender and, if approved, you can continue your application directly with them. You’ll need to supply your bank statements as a minimum, but some lenders may ask for more documents or information.
From there, your lender can approve your application and transfer funds within one business day, with many offering to turn these around within just a few hours. If you’re looking to maximise the speed of your application, apply earlier in the day or week to give yourself the best chance of receiving your funds fast.
What are the benefits of applying for a payday loan?
Payday loans through online lenders offer a few distinct advantages for borrowers. Firstly, they operate within strict responsible lending guidelines, so they can assess payday loan applications very quickly. While you won’t qualify if your loan isn’t affordable, it means that things are black and white. That allows lenders to automate many parts of the process and turn around decisions in minutes.
Lenders check your bank statements to make sure you can afford to repay the loan without difficulty. In some cases, they may also conduct a credit check to more thoroughly assess your finances and make sure you don’t have too much existing credit.
Secondly, payday lenders offer entirely digital application portals. That means you can fill out any online forms and upload ID and documentation via the web, further speeding up the process. When it comes to settling your loan, lenders transfer money directly to your bank account, making it a speedy process.
Finally, these loans are open to a wide range of people. Whether you’re on a low income, have bad credit or otherwise don’t qualify with the banks, the flexible criteria may allow you to be approved as long as you meet the minimum requirements.
Why apply for a small loan with Savvy?
Cash loan eligibility and information
Eligibility
-
Age
You must be at least 18 years of age
-
Residency
You must be an Australian citizen, permanent resident or an eligible visa holder with a fixed residential address
-
Employment
You must be employed on a permanent or casual basis
-
Income
You must have a consistent income deposited into your bank account for at least the last 90 days
-
Finances
You must be managing your existing financial commitments comfortably
-
Contact
You must have an active phone number, email address and online bank account in your name
Documents
-
Personal info
Your full name, date of birth, address and contact details
-
Employment details
Your employment status and the name of your employer (if applicable)
-
Banking
Online banking details and secure access to your bank statements
Small loans to suit your circumstances
Cash loan cost table
| Small (SACC) loans | Medium (MACC) loans | |
|---|---|---|
| Minimum loan amount | $100 | $2,001 |
| Maximum loan amount | $2,000 | $5,000 |
| Minimum loan term | 16 days | 16 days |
| Maximum loan term | 12 months | 24 months |
| Repayment schedule | Weekly, fortnightly or monthly | Weekly, fortnightly or monthly |
| Establishment fee | Up to 20% of your loan amount | Up to $400 |
| Interest | N/A | Up to 48.00% p.a. |
| Monthly fee | Up to 4% of your loan amount | Included in the 48.00% p.a. maximum |
| Example loan | $1,500 loan over six months repaid fortnightly
Costs: $1,500 (loan amount) + $300 (establishment fee) + $360 (4% fees over six months) Total cost: $2,160, repayable in instalments of $167 per fortnight |
$3,000 loan over 12 months repaid fortnightly
Costs: $3,000 (loan amount) + $400 (establishment fee) + $912 (total interest over 12 months) Total costs: $4,312, repayable in instalments of $166 per fortnight |
