Nick BendelNick BendelJun 26, 2018(1 min read)

No. Lenders will only give you an instant approval loan if they believe you have the capacity to repay the loan.

Different lenders have different assessment criteria, but you’ll generally have to meet certain benchmarks regarding your income, spending, employment and identity.

Your application for an instant approval loan might be rejected if:

  • You have a bad credit history
  • You don’t earn enough money
  • You spend too much money
  • Your employment status is not secure
  • You’re not an Australian citizen or resident
  • You’re not at least 18

Related FAQ's

What are instant approval loans?

Instant approval loans are payday loans that have a very short assessment process. Please note that the name is a bit misleading, because no assessment can ever be instantaneous and approval can never be guaranteed.

Taking out an instant approval loan involves a four-step process:

  1. You fill in the payday loan application
  2. Your application is assessed
  3. Your application is approved
  4. The lender transfers the funds to your bank account

With some payday lenders, the process is so quick that it may be completed within an hour. However, even if the payment is made that quickly, it might then take two business days for the money to arrive in your bank account.

Do I need security for instant approval loans?

As a general rule, you don’t need to provide security to get an instant approval loan. However, in return for giving you a quick loan and not asking for any collateral, the lender will almost certainly charge you high fees.

With instant approval loans, the lender can charge an establishment fee of up to 20 per cent (which would be $300 on a $1,500 loan) and a monthly fee of up to 4 per cent ($60 on a $1,500 loan).

Can I get a $1,500 payday loan with bad credit?

Yes, it may be possible to get a $1,500 payday loan with bad credit. Some payday lenders give loans to people with bad credit histories if they believe the borrower has the capacity to repay the loan.

Under Australia’s responsible lending rules, lenders aren’t allowed to approve $1,500 payday loans if they don’t believe the borrower can make the repayments.

Is it hard to get a no credit check loan?

Not many lenders offer no credit check loans – but if you find one that does, the application process is quite easy. Here’s how it works:

  • Find an online lender that offers no credit check loans
  • Decide how much you want to borrow, and for how long
  • Provide information about your identity, income and employment

In the best-case scenario, it might take less than an hour for the lender to assess your application, approve it and then transfer the funds.

How do $1,500 payday loans work?

A $1,500 payday loan is a loan that is likely to have a fast approval process and charge high fees. Depending on your circumstances, you might be able to receive the money within an hour.

However, if you want the lender to give you the money almost instantly, and without conducting an in-depth credit assessment, you’ll have to pay for the privilege. The lender can charge you a one-off establishment fee of up to 20 per cent (which would be $300 for a $1,500 payday loan) and a monthly account-keeping fee of up to 4 per cent (or $60). Payday lenders can only charge fees – not interest.

How do I get a $500 payday loan?

The most common way to get a $500 payday loan is over the internet, although some lenders also take in-store applications. The application process may take as little as five minutes and, in some cases, your loan may be assessed and approved within the hour.

When you apply for a $500 payday loan, you will probably have to provide:

  • Name and address
  • Proof of identification
  • Income
  • Employment details

How do you get a $1,200 payday loan?

Most payday lenders take applications for $1,200 payday loans over the internet, although some lenders also allow you to apply in-store.

The application process varies from lender to lender, but you will probably have to provide your:

  • Name
  • Address
  • Income
  • Employment details
  • Driver’s licence number