Low doc personal loans

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See which lenders will give you the best low doc personal loan. Instant online results.

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This is a totally free process and will not affect your credit rating.

Low doc personal loans
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Simple & quick, we narrow down the lenders you're eligible for.

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Personalised rates

See multiple lender rates you actually qualify for, all at once.

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Checkout with confidence

After easily comparing, select the lender who best suits you.

MONEY HAS BEEN FEATURED ON:

Our mission

Money.com.au (Money) is on a mission to enable Australian consumers to enjoy an online shopping experience for financial products, starting with personal loans.

We believe that by providing you with fair & transparent choice, we will achieve our mission, and help more Australians get better deals (more for your money).

Putting you first means:

  • We only show you loans you qualify for, ranked by the lowest repayment

  • We show you “apples with apples” loan comparisons (by simplifying & standardising information)

  • We do not accept paid endorsements or promote lenders based on commission.

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Compare personal loan rates

In the table below, the repayments are based on a $30,000 loan repaid over 5 years for an individual with excellent credit. To get your personalised rate for different amounts and terms, click 'Get your rate'.

Loan Terms
Interest Rates
(APR)
Comparison Rates
(APR)
Upfront Fees
Ongoing Fees
(pw)
Repayments
(pw)
Total
Cost
18 - 84 months 4.95% - 17.95% 4.95% - 17.95% $0 $0 $130 $33,800 Get your rate
6 - 84 months 6.39% - 17.89% 6.39% - 20.41% $0 $0 $135 $35,100 Get your rate
24 - 60 months 6.99% - 19.99% 6.99% - 21.56% From $0 $0 $137 $35,620 Get your rate
36 - 84 months 6.99% - 19.95% 7.55% - 20.89% From $475 $0 $139 $36,140 Get your rate

Representative example 1: Based on a loan with Now Finance for an amount of $30,000 over 5 years a borrower with an excellent credit history can expect to repay a total of $33,800. This represents a comparison rate of 4.95% p.a. and includes all interest and fees (there are no fees with Now Finance for a borrower with excellent credit) included in your loan repayments over the life of your loan. Interest rates vary subject to a full credit assessment.

Representative example 2: Based on a loan with a poor credit history with Wisr for a loan amount of $30,000 over 5 years a borrower can expect to repay a total of $49,435. This represents a comparison rate of 20.89% p.a. and includes all interest and fees (Fee breakdown - upfront fees of $525 and no ongoing fees) included in your loan repayments over the life of your loan. Interest rates vary subject to a full credit assessment.

Warning: For Personal Loans, the comparison rate is based on a $30,000 unsecured loan over 5 years; This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Key features of a low doc personal loan:

  • Borrow from $2,000 to $100,000

  • Fixed or variable interest rates

  • Repayments to suit your budget

  • Terms from 1 to 7 years (most common is 3 years)

  • Secured & unsecured options

Who is eligible for a low doc personal loan?

  • Australian Permanent Residents (& some visa holders)

  • Must be over the age of 18

  • Earn a minimum of $25,000 a year

Learn more about self-employed personal loans

What is a low-doc personal loan?

A low-doc personal loan can provide access to finance if you’re self-employed, don’t have the documents required to apply for a secured personal loan, or can’t prove your income to a lender through the standard application process.

A low-doc personal loan is similar to a standard personal loan with one key difference. They’re designed for borrowers who may not be able to produce all the usual documentation to prove their income, such as:

  • Self-employed people

  • Business owners

  • People who have all their wealth and income tied up in investments

  • People who have inconsistent income, such as seasonal workers

Low-doc loans may be an option if you don’t have all the normal proof of income required by lenders, like payslips from an employer or recent tax returns.

On the other hand, because low-doc borrowers can secure finance with limited documentation, lenders often charge higher interest rates and fees to justify the increased risk in lending money. These loans may also have fewer features and less flexibility than other personal loans.

Money Tip: Weighing up your options by comparing multiple personal loan offers from more than one lender is a simple way to ensure you’re getting the best deal for your personal circumstances.

Compare low doc personal loans

When comparing low-doc personal loans, you’ll want to look closely at:

  • Interest rates

  • Fees

  • Loan term

  • Features

As a business owner or freelancer your income may be inconsistent so look for features such as redraw facilities and lines of credit. These allow you to make additional repayments when you can to reduce interest charges, then withdraw them when you need the money to smooth your cash flow.

Fees aren’t included in the advertised rate for a loan, which is designed to make the loan offer more appealing than it is, and is true to its name: an advertisement. The true cost of a loan is found by looking at the comparison rate, which expresses all charges (interest plus fees) as a simple percentage.

The four types of fees you should be aware of when comparing lenders for a personal loan include:

  • Upfront costs - establishment fees and application fees

  • Ongoing fees - annual fees and monthly fees

  • Late payment fees - charged if you miss a payment

  • Extra repayment fees - charged if you make early repayments to reduce the amount of interest payable on the principal amount.

If you do not find any available offers to compare, you can work with a personal finance broker to assist in finding you a suitable deal and completing your application.

Brokers operate all across Australia — whether you need a low doc personal loan in Perth, Sydney, Newcastle, Brisbane, Adelaide, Canberra, or Melbourne, you'll be able to find one who can help you assess a range of suitable options specific to your financial circumstances.

Best self-employed personal loan rates

The best self-employed personal loan rates you’ll see advertised are typically available to borrowers with the best profile, not the majority of applicants. Lenders advertise their lowest rates because they’re appealing and, if you qualify, represent their best deal.

If you are using our smart form, the advertised rate and comparison rate will be clearly displayed on your personalised results screen, which you can use to quickly compare and select the deal you think is best.

Money.com.au aims to clear up the confusion around rates and approval, so we can provide the best consumer experience possible. We only show you real, personalised rates from lenders who can give you approval on the loan.

No hidden fees, no inflated rates, no stress, and no impact on your credit score.

How to qualify and apply icon

How to qualify and apply for a loan if you are self-employed

The majority of personal loan lenders offer low-doc personal loans or self-employed loans. You can apply for a personal loan in Australia if you are:

  • Over the age of 18; and

  • An Australian citizen or permanent resident; and

  • Employed or have a regular source of income over $25,000 per year

Applying for a low-doc personal loan may not require the standard documentation for approval, but you’ll still need to demonstrate to your lender that you can repay your loan amount. If you use our smart form and find a lender you want to apply with, you will be directed to the lender’s website and you may be asked to provide:

  • Two years of tax returns and/or notices of tax assessment from the Australian Taxation Office.

  • Any recent financial statements that show your business’s profits and losses.

  • Company Information if you are a business owner. That includes your ABN and business address.

  • Personal ID, such as a passport or Australian driver licence.

  • Proof of any other income you have — i.e. rental property or investment income.

  • Recent bank statements for both your personal and business accounts.

As a general rule, the more information you can provide a lender, the stronger your application will be. If you’re only able to provide limited documentation you may still be able to secure a loan, but it could have a higher interest rate.

Summary icon

Summary

A low-doc personal loan may be ideal for self-employed people, business owners, seasonal workers and others who can’t provide the normal documentation required by lenders. However, because these loans are considered higher risk by lenders they may have:

  • High interest rates

  • High fees

  • Low maximum loan limits

  • Limited features

Pay close attention to the loan’s interest rate and fees, and take time to shop around and find the best deal.

Low doc personal loans in Australia:

  • Range from $2,000 to $100,000

  • Can be secured or unsecured

  • Have terms from 1 to 7 years

  • Used for many different purposes

  • Do not require a deposit

  • Can have fixed or variable interest rates

How much money do you need ?

Here are the most popular questions self-employed people are asking about personal loans:

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

You may be able to get a low-doc personal loan if you have bad credit, however each lender’s credit policies will apply.

Can I get a low-doc personal loan if I’m self-employed?

Yes, low-doc personal loans are specifically designed for those who aren’t able to provide the usual income verification documents such as self-employed people. In fact, low-doc loans are sometimes called self-employed loans. Keep in mind that you will still have to provide a minimum level of documentation for low-doc loans, which might include recent tax returns and personal ID.

Is it possible to get an unsecured low-doc personal loan?

Yes, it may be possible to get an unsecured low-doc personal loan. However, since banks view these as riskier they may assess your application closely and apply strict credit criteria.

Do low-doc personal loans have higher interest rates?

Generally, low-doc personal loans have higher interest rates than normal personal loans. This is because lenders deem them riskier than normal personal loans and charge higher rates to cover the increased risk of default.

Low-doc personal loan amounts

Low-doc personal loans are commonly available for amounts between $2,000 and $50,000, but a few select lenders off as much as $75,000. The larger the loan amount is, the more strict lenders will be when assessing your application so it’s best not to borrow more than you need.

If you aren't able to access the finance you need, you can always look to refinance a personal loan once you're able to provide the additional documents required for a standard loan.