Bad Credit Loans Instant Approval
Find out your finance options if you’ve got bad credit and need a loan with instant approval.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
When you’ve got bad credit, loans shouldn’t seem like they’re out of reach. Online bad credit loans are often approved instantly because products work according to simple qualification criteria. Not only that, but online lenders also offer streamlined digital systems. That all means you can apply and qualify for a bad credit loan quickly and get funded the same day in many cases.
How do bad credit loans with instant approval work?
Bad credit loans with instant approval use a quick process and allow you to get approved on the same day. That’s only possible because qualifying is pretty black and white. Lenders primarily consider whether or not you can comfortably repay your loan; it’s not so much about past credit problems or older defaults and late payments on your report.
Borrowers will need to supply ID and proof of address. In addition, you’ll need to be a citizen or resident of Australia and provide third-party access to bank statements that cover the last 90 days. Lenders will also want to see your recent payslips.
Lenders quickly assess your application, and once you get approved for a bad credit loan, they’ll send you a contract that details the costs and your responsibilities for repayment. Read that carefully, and the loan provider will transfer funds to your bank account. That can happen as quickly as the same day.
Why choose Savvy to find bad credit loans with instant approval?
Savvy is the quickest and simplest place to find a range of bad credit lenders and products. We provide a digital service that identifies lenders who match your borrower profile, so we can direct you to relevant providers in seconds. Savvy instantly scans a lender panel to source solutions. In fact, finding and applying with the right loan provider is fast, 100% online, and the entire process is easy to navigate.
Even if you’ve got bad credit and need instant approval, how cash loans work varies little from lender to lender – and remember, past problems don’t automatically exclude borrowers when it comes to cash loans. Finding the right one is about identifying providers with qualification requirements that match your circumstances, which is exactly what Savvy does. That can be problematic if you just look around the web yourself. Making repeated applications will damage your credit rating even further because lenders leave an impression on your report each time you apply, which other loan providers can see. Get too many of those and you’re less likely to qualify. As such, Savvy helps you find success on the first application.
How much can I borrow with a bad credit loan and how much will it cost?
You’ll be considered for instant approval on bad credit cash loans for anything between $300 and $5,000, subject to your specific situation. Some lenders may offer less than you apply for, depending on their assessment.
Application fees for cash loans are capped at $400, while lenders charge repayment fees every time you make a payment, totalling no more than 48% of your loan amount per year. You don’t need to provide a deposit or security for your borrowing.
That means that the cost of your loan will depend on two things – how much you borrow and how long you take to repay your loan. You can take between sixteen days and two years to repay. Here’s how the length and size of your loan can influence the total cost:
| Loan | $2,500 | $3,000 | $4,000 |
|---|---|---|---|
|
Term |
3 months |
6 months |
12 months |
|
Establishment fee |
$400 |
$400 |
$400 |
|
Repayment fee/month |
$100 |
$120 |
$160 |
|
Monthly |
$1,066.67 |
$770 |
$526.67 |
|
Total to repay |
$3,200 |
$4,620 |
$6,320 |
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Frequently asked questions about bad credit loan approvals
Small loans to suit your circumstances
Helpful small loan guides
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.
