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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.
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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.
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.
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:
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:
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.
Lender | Interest rate | Loan amount | Available to self-employed? | Available to applicants with existing credit defaults?* | What documents are needed? |
---|---|---|---|---|---|
ANZ | 12.99% p.a. | $5,000 to $50,000 | ![]() | ![]() |
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Bankwest | 10.99% p.a. | $3,000 to $50,000 | ![]() | ![]() |
|
Bank of Melbourne | 12.99% p.a. | $2,000 to $50,000 | ![]() | ![]() |
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BankSA | 12.99% p.a. | $2,000 to $50,000 | ![]() | ![]() |
|
bcu | 8.94% p.a. | $5,000 to $75,000 | ![]() | ![]() |
|
Bendigo Bank | 12.79% p.a. | From $2,000 | ![]() | ![]() | |
Citibank | 20.49% p.a. | $5,000 to $75,000 | ![]() | ![]() |
|
Commonwealth Bank | 11.50% p.a. | $4,000 to $50,000 | ![]() | ![]() |
|
CUA | 11.89% p.a. | $5,000 to $60,000 | ![]() | ![]() | |
Gateway Bank | 9.84% p.a. | $3,000 to $30,000 | ![]() | ![]() |
|
IMB | 9.54% p.a. | $2,000 to $30,000 | ![]() | ![]() |
|
Latitude Financial | 7.99% p.a. | $3,000 to $70,000 | ![]() | ![]() |
|
ME | 10.98% p.a. | $5,000 to $50,000 | ![]() | ![]() |
|
MoneyMe | 6.25% p.a. | $2,100 to $50,000 | ![]() | ![]() |
|
NAB | 9.99% p.a. | $5,000 to $55,000 | ![]() | ![]() |
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Plenti | 6.39% p.a. | $2,001 to $50,000 | ![]() | ![]() |
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RACQ | 9.34% p.a. | $3,000 to $60,000 | ![]() | ![]() |
|
RACV | 6.49% p.a. | $5,000 to $30,000 | ![]() | ![]() |
|
SocietyOne | 6.99% p.a. | $5,000 to $50,000 | ![]() | ![]() |
|
St.George | 12.99% p.a. | $2,000 to $50,000 | ![]() | ![]() |
|
Westpac | 11.99% p.a. | $4,000 to $50,000 | ![]() | ![]() |
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*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.
There are several features by which you can compare low doc personal loans:
Before you apply for a low doc personal loan, consider the following:
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.
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:
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i want the APPLY payday loan
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
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)?
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
I want personal loan.can you give
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
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?
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
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.
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
If you have regular work but have only been working for 2 months how do you get a loan?
Hey Marie,
Thank you for reaching out to us.
You may check our New Employee Personal Loans page to compare a range of lenders that may consider you for a loan. You can use our table to see a side-by-side comparison and once you have chosen a particular lender, you may then click on the “Go to site” button to 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 the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.
I hope this helps.
Best,
Maria
I need a personal loans required
Hi Rupesh,
Thanks for reaching out.
Please note that finder.com.au is a financial comparison and information website that helps users make better decisions.
Unfortunately, the loan products that we feature on our website are only available to Australian residents. You may want to check out some of the local lenders in your country for your borrowing needs.
Cheers,
Anndy
Hi I would like a personal loan of $50k, I am a casual worker but earn around 60k per year, would a low doc loan be the easiest way?
Hi Justin,
Thank you for getting in touch.
At the moment, we do have any lenders available to compare that offer low doc loans, but you can review the criteria/requirements and discuss your eligibility or options for a loan with a lender featured on this page, some of them offer loans up to $50K.
Cheers,
May
I am self-emplyed with an income of about $60K pa, and I am after a personal loan of about $30K. For various reasons, I am having trouble securing a loan from the bank, so I am looking for a low doc personal loan. On your site on this page, it says ‘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.’ but I cannot see any GTS options above? Can you please confirm that I am not being silly and it isnt right under my nose? Or do you not have any low doc personal loan providers to recommend?
Thanks
Hi Finn,
Unfortunately we don’t have any lenders currently available to compare. You can find a range of alternative finance providers offering larger loans on this page, but the maximum loan amounts are usually up to $15,000. You might find some other providers by searching on Google.
Sorry I couldn’t be of more assistance.
Elizabeth
I am a disabled pensioner and I need to borrow $2000 for legal fees. I’m in the middle of a messy divorce, the soon to be ex has emptied all the bank accounts. I’ve now found she had a delinquent credit card debt of $3000 in my name. I can’t sell the house and she is denying me access to my car, boat, van, all my tools and personal effects. How can I get a loan ?
Hi Greg,
Thanks for your question.
If you are a pensioner, some of the lenders and banks on this page may consider you for a loan. Once you have selected a lender or bank, please do click on its name to see your loan options as well as the eligibility criteria to apply.
Cheers,
Anndy