We’ve all found ourselves in a sticky situation before. Imagine your car breaks down on the freeway, but it’s still two weeks until payday. You have to fix it, but there’s just not enough money to cover all your other expenses, let alone a mechanic! If you’re in need of quick funds but worry your credit history might trip you up, a cash loan could be the answer you’re looking for!
At Savvy, we help by matching borrowers of all credit types with lenders who are willing to give them a chance. Our partnered loan providers consider a range of other factors when you need to apply for a loan, so even though we and our panel of lenders don’t offer loans with no credit checks, we may still be able to help you out if you have bad credit.
*NOTE: Savvy and its lending partners do not offer loan approval without a credit check. All our partners follow responsible lending obligations
Is it possible to get a loan with no credit check?
No, it isn’t possible to get approved for a loan without a credit check from a reputable lender. All applications, including cash loans, are subject to a credit check by your lender prior to approval, which is in line with Australian responsible lending regulations. As such, no credit check loans aren't available in Australia.
However, this isn’t as big a worry as you might think. The upside of cash loan lenders is they’re more flexible and consider other factors besides credit score. Most are more concerned with your ability to repay the loan. This means that if you have regular income from your job or accepted government benefits, you can still be approved, even if your credit score isn’t the best.
Can I get approved even if I’ve defaulted in the past?
In short, yes. Lenders won’t approve you if you have an existing loan, though will still consider your application if you have paid out your prior loan, albeit with some defaults.
Yes, you can still be approved for finance even with past defaults, though it will depend on the nature of the default and when it occurred. For example, if defaults were minor – a missed phone or utility bill – then lenders may be less concerned. Also, historical defaults should be less of an issue than recent ones.
Loan assessors will more likely take issue with recent defaults on similar loans to the one you’re seeking. Fundamentally, cash loan lenders are more focused on your ability to repay than your past credit history.
Who are cash loans good for?
Cash loans have proven useful for people with a range of personal circumstances. For example, low-income earners, single parents, individuals with past credit issues, discharged bankrupts, or people on regular government benefits all may find cash loans to be one of the few forms of credit available to them.
What are the costs of this kind of loan?
Fees and charges for cash loans differ depending on a few factors: loan duration and loan amount. Amounts $2,000 and under have a set establishment fee and a flat monthly fee, instead of interest. Each repayment is the same amount, across the chosen duration of the loan. Below, each borrowed amount has a 20% establishment fee and 4% monthly fee and a loan duration of 12 months.
| Loan amount | Loan term | Establishment fee (20%) | Monthly fee | Fortnightly repayment | Total cost |
| $500 | 12 months | $100 | $20 | $33 | $840 |
| $1,000 | 12 months | $200 | $40 | $65 | $1,680 |
| $1,500 | 12 months | $300 | $60 | $97 | $2,520 |
| $2,000 | 12 months | $400 | $80 | $130 | $3,360 |
For amounts $2,001 and over the establishment fee is a flat $400, while interest is charged at 48% per annum. Here we see the total cost varies significantly depending on the loan term. The longer the term, the greater total cost, though lower monthly repayment.
| Loan amount | Loan term | Establishment fee | Interest rate | Monthly repayment | Total cost |
| $2,500 | Six months | $400 | 48.00% p.a. | $554 | $3,320 |
| $2,500 | 12 months | $400 | 48.00% p.a. | $309 | $3,709 |
| $2,500 | 18 months | $400 | 48.00% p.a. | $230 | $4,124 |
| $2,500 | 24 months | $400 | 48.00% p.a. | $191 | $4,565 |
Why apply for a small loan with Savvy?
How to navigate your short term loan application
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Do you need a short term loan?
This is the first question to ask is whether a short term loan is right for you. Urgent needs might be unexpected travel expenses, unexpected bills, medical expenses, or out-of-the-blue bonds.
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Are you eligible?
All applicants must be over the age of 18, be an Australian citizen or permanent resident, received income in the last 90 days from any source, and have an active email address and mobile phone number. If you tick all those boxes, you can apply.
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Choose your amount and terms
How much do you need to cover your short fall? This is the first question the online form or your consultant will ask. You can also choose a term length from a couple of weeks to a year. Remember: longer terms mean paying more back in interest.
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Apply online
Apply online using our secure application system. Want to talk to a consultant? Call us and we’ll help you through the process.
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Get your funds
In some cases, we will call, email, or text you to gain more information to help get approval. Once approved, await transfer of the funds into your account within the day – or sooner. Conditions may apply.
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 |
