Written by 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?
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.
Cash loan eligibility and information
Common payday loan questions answered
Payday loans allow you to borrow up to $2,000, but you can apply for cash loans up to $5,000 through Savvy. However, this is subject to the lender’s assessment of your income and spending, meaning you may not be approved for the full amount you ask for if your lender doesn’t think you can comfortably afford it.
Payday borrowers can set up a direct debit to repay their loan. You can also choose to specify either weekly, fortnightly, or monthly repayment schedules to match how your income comes in (or whichever is most convenient for you).
Yes – bad credit won’t be a barrier to approval for a payday loan. Lenders are more focused on your ability to repay your loan based on your current income and expenses and can look past a bad credit score if you meet all the other criteria.
For instance, you can be approved if you’ve had a Part 9 Credit Agreement in the past, and it’s now finished. You can also apply for a payday loan if you’ve been discharged from bankruptcy.
No – there are no early repayment fees for a payday loan or for making voluntary extra payments during the term. You can usually do either using BPAY, so if you’re ready to pay off what you borrowed, you can get in touch with your lender. They’ll provide the relevant details for making a final repayment. This can be a great way to reduce the cost of your loan.
Some lenders will base their approval decision on your bank statements and general financial situation without needing to conduct a credit check. However, there may be situations where other lenders will run a check during your application process. Savvy is partnered with a wide range of lenders, including some who don’t conduct credit checks.
Yes – as long as your income is accepted as stable and consistent by your lender and it’s enough to comfortably support your repayments, you can still apply for a loan if you’re unemployed.
Not all Centrelink benefits will be accepted, though; while age, disability support and veterans’ pensions can be counted towards your income, lenders may not accept JobSeeker, Youth Allowance or other payments based on your employment or study status.
If your lender is open on a Saturday or Sunday, you can be approved for a loan on the weekend. Savvy is partnered with lenders who are open on weekends, so you can apply with us today and potentially receive your cash before Monday.
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 |
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.
