Low Doc Personal Loans

If you need a personal loan, you may feel limited by some of the eligibility requirements. For example, income and assets can be difficult to prove if you are self-employed or your wealth is tied up in investments. Alternatively, you may have defaults on your credit file that prevent you from applying for certain loans. If any one or more of these situations apply to you, opting for a low doc personal loan may be an option to consider.

Sunshine Short Term Loans

Sunshine Short Term Loans

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

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

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Compare low doc personal loan options

How do low doc personal loans work?

Low doc personal loans are sought by people who may not have the documentation required to apply for more traditional personal loans. They can be an option if you can't prove a regular income – for example, if you're self-employed or your income comes from investments. 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.

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

Lender	Interest rate	Loan amount	Available to self-employed?	Available to applicants with existing credit defaults?*	What documents are needed?
ANZ	15.99% p.a.	$5,000 to $50,000			Most recent personal tax return Corresponding ATO Notice of Assessment Both need to be less than 18 months old
Bankwest	11.99% p.a.	$3,000 to $50,000			Financial statements and tax returns for the last two years
Bank of Melbourne	12.99% p.a.	$2,000 to $50,000			Recent tax information
BankSA	12.99% p.a.	$2,000 to $50,000			Recent tax information
bcu	8.94% p.a.	$5,000 to $75,000			Name of the business Accountant's name and address Personal tax returns and notices of assessment from the last financial year
Bendigo Bank	12.79% p.a.	From $2,000
Citibank	20.49% p.a.	$5,000 to $75,000			Accountant's name and contact number Name of their accounting firm
Commonwealth Bank	11.50% p.a.	$4,000 to $50,000			Two years of tax returns or financial statements Most recent ATO Notice of Assessment
CUA	11.89% p.a.	$5,000 to $29,999
Gateway Bank	9.84% p.a.	$3,000 to $30,000			Details regarding your income
IMB	9.54% p.a.	$2,000 to $30,000			Two years of fully lodged tax returns ATO Notice of Assessment
Latitude Financial	7.99% p.a.	$3,000 to $70,000			Tax return
ME	10.98% p.a.	$5,000 to $50,000			Two years of tax returns ATO Notice of Assessment
MoneyMe	8.99% p.a.	$3,001 to $50,000			Industry Company name Work phone number
NAB	9.99% p.a.	$5,000 to $55,000			Most recent personal income tax return Most recent ATO Notice of Assessment
RACQ	9.54% p.a.	$3,000 to $60,000			Proof of income
RACV	6.49% p.a.	$5,000 to $30,000			Proof of income
RateSetter	6.49% p.a.	$2,001 to $45,000			Proof of your income for the last two years
SocietyOne	7.50% p.a.	$10,000 to $50,000			Proof of income
St.George	12.99% p.a.	$2,000 to $50,000			Recent tax information
Westpac	11.99% p.a.	$4,000 to $50,000			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.

Weigh up the benefits and drawbacks before applying

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, then 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, then 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 apply, 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.