Low Doc Personal Loans

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

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Low doc personal loans make it easier for borrowers that have a bad credit history or an irregular income to take out a loan. If you're self-employed, lenders will look at things like your tax returns and BAS statements when considering your loan application. If your credit score isn't great lenders will look at your income instead of your credit history.

Since these loans are considered risky by lenders, they are more likely to charge higher interest rates and fees.

Sunshine Short Term Loans

Sunshine Short Term Loans

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
Security Logo

100% confidential application

Sunshine Short Term Loans

This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.

  • Loan Amount: $2,000
  • Loan Term: 9-14 weeks
  • Turnaround Time: 30 minutes - conditions apply
  • Fees: 20% of loan amount + 4% of loan amount each month
  • Bad credit borrowers OK
  • Quick & easy Approval
Go to site
Promoted

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.
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
9-24 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.
loading

Compare up to 4 providers

How do low doc personal loans work?

Normally during the loan application process lenders need to look at your recent payslips and employment history. This can be tricky if you work for yourself or most of your income comes from investments.

Low doc personal loans can use a different criteria when assessing your application. This can include things like how long you've been working in your business or a letter from your accountant. As these loans are risky for lenders, they may come with higher rates and fees.

What features come with these loans?

Low doc personal loans generally come with the same features as other personal loans as well as flexible eligibility features that can make them an option for people who do not qualify for other forms of credit. Some of the features include the following:

  • Standard application. These loans require less documentation than others, but the application process is usually the same as a regular personal loan. The lender will still need evidence that you're able to repay the loan, whether it be through tax statements or bank statements.
  • Fees and rates. As these loans require less proof of financial stability, lenders may charge higher fees and rates to offset the risk of lending the money.
  • Variable or fixed. Depending on the loan you opt for, you may be able to select a fixed or variable rate option to suit your financial needs.
  • Flexible loan purposes. Low doc personal loans may allow you to borrow money to finance personal or business needs, making them a suitable option to consider for various types of loan requirements.

How to increase your chances of being approved if you're self-employed

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. By applying with a guarantor, you can give a lender a guarantee that the loan will be repaid.
  • Apply with another person. A joint personal loan 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.

Low doc loans for bad credit applicants

Getting a low doc loan can be an option if you have marks on your credit file. Different lenders will have different credit requirements for applicants. For example, some lenders may require two years without defaults, while others may require as much as seven years.

Lenders that do accept bad credit applicants usually personalise their rates in accordance with each applicant's credit score. This means that applicants with good credit histories will be rewarded with lower rates, while applicants with defaults may find that they have to pay more.

Another option for applicants with poor credit histories is to apply for payday or short term loans. However, these loans come with high costs attached and may only be available for lower amounts of funding. If you're unsure about your credit score, you can check it for free with Finder.

Lenders offering low doc personal loan options

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
Bankwest10.99% p.a.$3,000 to $50,000yesNo
  • Financial statements and tax returns for the last two years
Bank of Melbourne12.99% p.a.$2,000 to $50,000yesyes
  • Recent tax information
BankSA12.99% 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
Commonwealth Bank11.50% 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
IMB9.54% 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
Plenti5.43% p.a.$2,001 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.George12.99% p.a.$2,000 to $50,000yesyes
  • Recent tax information
Westpac9.99% p.a.$4,000 to $50,000yesyes
  • Proof of a regular permanent income

*Lenders listed as accepting borrowers with credit defaults may still deny applications based on credit history, depending on the extent of the applicant's bad credit. The advertised interest rate may also not apply to applicants with bad credit. If you suspect that you have bad credit, please contact the lender directly prior to submitting an application.

Woman working on her laptop. low doc loans

How do I compare low doc personal loans?

There are several features by which you can compare low doc personal loans:

  • Interest rate. While low doc loans tend to have higher interest rates than standard personal loans, interest rates will still vary, so keep an eye out for rates that are more competitive.
  • Fees. Some low doc loans may have high fees attached, even if the interest rate appears to be lower than that of a competitor. Therefore, it's a good idea to always check the comparison rate when comparing loans, as this takes into account both the interest and the mandatory fees.
  • Loan term. Low doc loans also tend to have shorter loan terms than standard personal loans. Make sure to find a loan with a term that suits your circumstances.
  • Repayment flexibility. If you're self-employed, you may have fluctuations in your income. Ensure that the loan's repayment terms are able to reflect your typical schedule, so you're not caught short and forced to miss a payment.
  • Fixed or variable. Does the personal loan have a fixed or variable interest rate? Repayments for a fixed rate personal loan won't change over the life of the loan, making it easier to budget. That being said, variable rate personal loans often have longer terms, and possibly lower introductory rates. Which type of rate better suits your income?

Interest rate guide

Weigh up the benefits and drawbacks before applying

  • These personal loans are an option for people who may not be able to apply for traditional personal loans.
  • Less documentation is required to apply for these loans, which makes for a quick and easy application process.
  • Low doc loans tend to have higher rates and fees.
  • You might find fewer features and less flexibility than other personal loans.

Is there anything to consider before you apply?

Before you apply for a low doc personal loan, consider the following:

  • Do you need the loan? The low doc features of these loans may attract borrowers for the wrong reasons. If you do not have a reliable income or stable assets to show as evidence to a lender, you may want to consider your ability to make the repayments. Decide if your financial situation is stable and if any changes could occur that may affect your ability to repay the loan.
  • Have you planned your repayments? Not planning for a loan and how you're going to repay it is a common mistake, but one that can cost you if you miss any payments. Calculate your repayments and work out whether they will be manageable on your budget. This is even more important for low doc loans if you earn an irregular income or have unstable assets.
  • Why are you applying? The purpose of the loan should also be considered. For instance, if you are looking at financing a car, you can consider a secured personal loan as you may be able to get a lower rate. If you want to make improvements to your home, you can consider a home equity loan/line of credit.

Here's how you can apply

To apply for a low doc personal loan, you can click on the "Go to site" button for any of the brands you see on the page above. From there, you will need to provide proof of your identity and also certain financial details. Eligibility requirements differ for each loan, and you can check these by clicking on the name of the loan and reading the review page before applying.

To be eligible, you will generally need to be over the age of 18 and a permanent Australian resident. Lenders will differ on their requirements regarding your credit history.

If you are looking for a low doc home loan, you can compare those here.

What documentation do you need to apply for a low doc personal loan?

The necessary documentation for a low doc personal loan will vary depending on the provider. Typically, you will be required to provide some, or all, of 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. Evidence of your Australian Business Number may also be mandatory by some lenders.
  • GST registration. You may also have to provide evidence that your business is registered for GST. This can be up to 2 years worth of statements, but a minimum of 12 months is often required.
  • Business Activity Statements (BAS). Copies of your BAS that you submit to the ATO may be requested. This is also usually a minimum of 12 months, but can be as much as 2 years worth of statements.
  • Bank statements. Bank statements from your personal or business account may be needed by the lender.
  • Tax returns. At least 2 years of old tax returns are usually required.
  • Security. Depending on the level of documentation that you can supply and your ability to repay the loan, asset security may be requested by the lender as collateral on the loan.

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
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% 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

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

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

Go to site