Low Doc Personal Loans

Low doc personal loans can help if you're self-employed, earn an irregular income or have bad credit.

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With a low doc personal loan, you can get a loan even with irregular income or a bad credit history. You'll still need to provide some documentation, but you won't have the usual, tedious paperwork. While these loans are easy to apply for, they also come with higher interest rates as the risk to the lender is higher.

Compare low doc personal loan options

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Ferratum Cash Loans
$1,900
3 to 12 months
Same day - conditions apply
$55
20% of borrowed amount + 4% of borrowed amount each month
$396
Borrow what you need with loans starting from $500 and approval in minutes.
Jacaranda Finance Personal Loan
$10,000
9 to 24 months
Under 1 hour - conditions apply
$35
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.
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What is a low doc personal loan and how does it work?

A low doc personal loan differs from a standard personal loan when it comes to providing documentation. With standard personal loans, you will have to prove to the lender that you can afford to repay the loan. You may find it difficult to meet this criteria for various reasons.

With a low doc personal loan, you'll have less documentation to provide when applying. This can be an advantage if you cannot provide, for instance, several months of payslips, or if your income is irregular. You can also apply if you have limited financial history. Some lenders also accept applications from bad credit borrowers. Even though it's a low doc loan, you'll still have to provide proof that you can repay the loan. This can be through your bank or tax statements.

Apart from the documentation, what you need to keep in mind is that low doc loans can cost more. Interest tends to be higher than standard personal loans, so you'll have higher monthly payments. Your loan term may also be shorter.

Low doc personal loans can be either secured or unsecured. You can use the funds for any personal expense, and make regular payments inclusive of interest.

These loans are generally easy to apply for, and have a shorter application process. This is because less documentation is required.

Which lenders offer low doc personal loans?

Some of the lenders in the list below offer loans to both self-employed applicants and bad credit borrowers. Be sure to check their eligibility criteria to see if you qualify.

LenderInterest rateLoan amountAvailable to self-employed?Available to applicants with existing credit defaults?*What documents are needed?
ANZ10.50% p.a.$5,000 to $50,000yesNo
  • Most recent personal tax return
  • Corresponding ATO Notice of Assessment
  • Both need to be less than 18 months old
Bankwest8.99% p.a.$3,000 to $50,000yesNo
  • Financial statements and tax returns for the last two years
Bank of Melbourne8.89% p.a.$2,000 to $50,000yesyes
  • Recent tax information
BankSA8.89% p.a.$2,000 to $50,000yesyes
  • Recent tax information
bcu8.94% p.a.$5,000 to $75,000yesNo
  • Name of the business
  • Accountant's name and address
  • Personal tax returns and notices of assessment from the last financial year
Bendigo Bank12.79% p.a.From $2,000NoNo
Citibank20.49% p.a.$5,000 to $75,000yesNo
  • Accountant's name and contact number
  • Name of their accounting firm
CommBank11.50% p.a.$4,000 to $50,000yesNo
  • Two years of tax returns or financial statements
  • Most recent ATO Notice of Assessment
CUA11.89% p.a.$5,000 to $60,000NoNo
Gateway Bank9.84% p.a.$3,000 to $30,000yesNo
  • Details regarding your income
IMB8.98% p.a.$2,000 to $30,000yesNo
  • Two years of fully lodged tax returns
  • ATO Notice of Assessment
Latitude Financial7.99% p.a.$3,000 to $70,000yesNo
  • Tax return
ME10.98% p.a.$5,000 to $50,000yesNo
  • Two years of tax returns
  • ATO Notice of Assessment
MoneyMe6.25% p.a.$2,100 to $50,000yesyes
  • Industry
  • Company name
  • Work phone number
NAB6.99% p.a.$5,000 to $55,000yesyes
  • Most recent personal income tax return
  • Most recent ATO Notice of Assessment
Plenti6.39% p.a.$5,000 to $50,000yesNo
  • Proof of your income for the last two years
RACQ9.34% p.a.$3,000 to $60,000yesNo
  • Proof of income
RACV6.49% p.a.$5,000 to $30,000yesNo
  • Proof of income
SocietyOne5.95% p.a.$5,000 to $50,000yesNo
  • Proof of income
St.George8.89% p.a.$2,000 to $50,000yesyes
  • Recent tax information
Westpac8.99% p.a.$4,000 to $50,000yesyes
  • Proof of a regular permanent income

What are the pros and cons of low doc personal loans?

Pros

  • You can still get a personal loan even if you're not eligible for a standard personal loan. Even if you have no or a bad credit history, you may still be able to apply.
  • These loans are quick and easy to apply for, as less documentation is needed.

Cons

  • Low doc personal loans can be more expensive than standard personal loans. This is because the interest rate may be higher.
  • Your loan term may also be shorter, and the loan may be less flexible than standard personal loans.

How can I compare low doc personal loans?

Before you apply, it's important to compare your options. That way, you can find a loan that's cheap and suitable for your circumstances. Here's what you need to consider:

  • How much does the loan cost? Compare interest rates across a number of loans to find the most affordable loan. Apart from interest, you should also consider fees and the comparison rate. A loan could have low interest but high fees, which will increase the cost of your loan. Check the comparison rate, which includes interest and fees. This will give you an idea of how much the loan actually costs.
  • Can I afford the loan? Low doc loans come with higher interest rates, making this loan comparatively expensive. The question is, can you afford the higher repayments? Check if your repayments fit comfortably within your budget.
  • How much can I borrow? Each lender will have maximum and minimum lending amounts. Does the lender offer the amount you want to borrow?
  • What's the loan term? The loan term is how long you have to repay the loan. Loan terms will affect your repayments. Shorter terms will mean higher monthly repayments in the short run. With a long term, you'll have smaller monthly repayments but the loan could cost you more on the whole. This is because you'll be paying interest for the entire time, the cost of which can add up.
  • Does the loan require security? A low doc loan can be either secured or unsecured. Typically, borrowing amounts for unsecured loans are lower than for secured loans. For secured loans, you should check what type of security the lender requires. There may be some conditions, for example, the age of your car.
  • What documents are required? You should check what kind of documentation the lender requires and whether you can provide it.
  • Am I eligible? Do you meet the lender's minimum requirements to qualify for the loan? Your application could be rejected if you don't.
  • What's the repayment schedule and is it flexible? Can the repayment schedule be tailored to suit your cash flow? Can you make free additional repayments to pay off the loan early, or will you face a penalty?

How can I increase my chances of getting approved if I'm self-employed?

While there is no guarantee you'll be approved for a loan, there are a few things you can do to bolster your application. These include:

  • Applying with a guarantor. When you apply with a guarantor, the lender has a guarantee that the loan will be repaid. Apart from increasing your chances of approval, you may also receive a lower rate. You can read more about guarantor personal loans here.
  • Applying with another person. A joint personal loan application is not the same as a guarantor personal loan. With a joint application, you and the person you're applying with are equally responsible for the loan. You will both need to meet the lender's criteria, but it may spread the risk and help with your application.
  • Provide security. A secured loan is less risky for the lender. This is because it can repossess the asset if you default. You can provide security, like your car, to improve your chances and get a discount on your interest rate.
  • Apply for a small amount. Don't apply for a large sum. The larger the loan, the bigger the risk for the lender. Applying for a smaller amount may help you get across the line.

Can I get a low doc personal loan if I have bad credit?

Some lenders offer low doc loans for bad credit applicants. These loans usually have personalised interest rates. This means that your credit score will determine how much interest you're charged. A good score means lower interest, while a bad score means higher interest. Bad credit low doc loans tend to cost more, so you need to look into whether these loans are affordable.

If you're unsure about your credit score, you can check it for free on Finder.

What should I avoid with low doc personal loans?

  • Getting into debt you cannot afford. Check the cost of the loan and make sure you can afford it. You should be able to comfortably include your repayments in your budget. You should also avoid borrowing more than you need.
  • Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score, making it harder for you to get a loan in the future. Select a single loan that you're eligible for and that suits your needs, and apply with that lender.
  • Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don't repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. For secured loans, your asset could be repossessed if you default.

What documents will I need to apply for a low doc personal loan?

This will vary from lender to lender. You may be asked for the following:

  • Income declaration. A declaration of your income signed by an accountant will usually be required. In some cases, this may be all that you have to provide.
  • ABN/ACN. Your Australian Business Number or Company Number may be required.
  • GST registration. You may also have to provide evidence that your business is registered for GST. You may be asked for a minimum of 12 months or 2 years of statements.
  • Business Activity Statements (BAS). Copies of your BAS that you submit to the ATO may be requested. It can be 12 months' or as much as 2 years' worth of statements.
  • Bank statements. Bank statements from your personal or business account may be needed.
  • Tax returns. At least 2 years of old tax returns are usually required.

How can I apply for a low doc personal loan?

🤔 Work out how much you need to borrow and what you can afford. You can use a personal loan calculator to help you.

🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use the comparison table above.

✅ Select a lender. Click "Go to site" to be directed to the lender's page, or "More info" if you want to read about the lender.

🖨️ Organise and prepare the required documentation. This will make the application process easier.

📱 Apply. Most lenders have their applications online.

More guides on Finder

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Ask an Expert

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46 Responses

    Default Gravatar
    MENGOctober 23, 2018

    i want the APPLY payday loan

      Avatarfinder Customer Care
      JohnOctober 23, 2018Staff

      Hi Meng,

      Thank you for reaching out.

      We have a list of lenders offering payday loans. You can use our comparison table to help you find the lender that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Cheers,
      Reggie

    Default Gravatar
    MichelleMay 1, 2018

    I plan to quit my job and go travellling for 4 months – I will have some savings to do so, however would look to borrow between $7-9k to do the remaining of my travel. I would obviously unemployed for this time, however plan to commence work again as soon as i am home again. I have a strong credit history and have always worked full time with a very good salary. What is my best option for a personal loan (preferably one that i dont need to make repayments whilst i am travelling and can repay back quickly once i return)?

      Avatarfinder Customer Care
      JeniMay 3, 2018Staff

      Hi Michelle,

      Thank you for getting in touch with finder.

      While we are not allowed to provide specific recommendations, let me give you general information to help you make a better choice.

      We can’t recommend personal loans but your eligibility will depend on your current work situation, i.e. if you are currently employed, then you will list that on their application as well as how long you have worked there and your type of employment (full time, part time etc). You can tell the lender the loan is for travel but your eligibility will depend on their current capacity to repay it. Make sure that you have sufficient funds to repay the loan while you are away.

      In the event that you would choose to apply as self-employed, lenders usually require any or all of the following documentation. Keep in mind that applying for a low doc loan may mean you won’t need some of these documents:

      – Tax returns
      – Financial statements
      – Notice of Assessment
      – Recent bank statements
      – Company-specific information.
      – Personal identification.

      Lastly, there’s no one way to make sure you’re approved for a loan, but here are a few options to keep in mind if you’re looking for financing while receiving an irregular income:

      – Consider a guarantor.
      – Apply with another person.
      – Have at least two years of tax returns.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

    Default Gravatar
    DilipJanuary 7, 2018

    I want personal loan.can you give

      Default Gravatar
      ArnoldJanuary 9, 2018

      Hi Dilip,

      Thanks for your inquiry

      There are a number of loan options available for you. You may compare your loan options from our list of personal loans. On the page, is a comparison table you can use to see which lender suits you. Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this information helps

      Cheers,
      Arnold

    Default Gravatar
    BrianDecember 27, 2017

    I have a car already but want to use it as security on a personal loan.I have never had defaults but have a low credit score due to a high number of home refinance applications over 12 months ago.I ended up selling the house.I now have regular income and can show pay slips and bank statements and am seeking $25K.Is there a lender that will not give a heavy weight to my Credit File?

      Avatarfinder Customer Care
      RenchDecember 27, 2017Staff

      Hi Brian,

      Thanks for reaching out to us.

      Generally, it would be difficult to get approved for a personal loan if you have a poor credit score. In most cases, lenders require good to excellent credit. There are quite a few that will accept applications from people with bad credit however this can cost higher interest rates and poorer terms. Thus, it is advisable to improve your credit before you borrow.

      To help you, you may check out this Finder page about personal loans for bad credit. On this page, you will find a comparison table with the list of lenders that offers personal loans for bad credit.

      Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Best regards,
      Rench

    Default Gravatar
    NapoleonDecember 24, 2017

    I am looking for a loan $20,000-$30,000. I am self employed for one year. Slight inconsistency with tax returns. Small pay lots of bills. Can someone help me get across the line with the best possible outcome STAT.

      Default Gravatar
      ArnoldDecember 28, 2017

      Hi Napoleon,

      Thanks for your inquiry

      Actually, you are already on the right page to view your options. Please do understand that we can’t assure that you’ll be approved for a loan but there a few things you’ll need to keep in mind when applying for a loan on irregular income.

      Guarantor Loans.
      – By applying with a guarantor you can give a lender a guarantee that the loan will be repaid.

      Apply with another person.
      – A joint application is different to a guarantor – you and the person you’re applying with are equally responsible for the loan. You both need to meet the criteria but it can also help to bolster your application.

      Have at least two years of tax returns.
      – This is a standard requirement for lenders, so ensure you have this when you are comparing.

      Hope this information helps

      Cheers,
      Arnold

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