What is the easiest bank to get approved for a personal loan?

If you need cash fast and your credit score isn’t perfect, finding the easiest bank to get approved for a personal loan can feel like searching for a needle in a haystack. You’re not alone. Thousands of Australians apply for personal loans every week, and many get turned down-not because they don’t need the money, but because they don’t know which lenders actually approve people like them.

There’s no single ‘easiest’ bank, but some are far more forgiving

There’s no one-size-fits-all answer to this question. What’s easy for someone with a 700 credit score might be impossible for someone with a 520. But if you’re looking for the most realistic shot at approval-especially if you’ve had past credit issues, irregular income, or limited credit history-some lenders stand out.

In Australia, neobanks and specialist lenders have quietly become the go-to options for people who’ve been rejected by traditional banks. Think of them as the friendly neighbours who’ll let you borrow a cup of sugar even if your house is a bit messy. Traditional banks like Commonwealth Bank, Westpac, and ANZ still dominate headlines, but their approval algorithms are rigid. They want clean credit histories, stable jobs, and high incomes. If you don’t tick every box, you’re often declined before you even finish the application.

Who actually approves people with bad or no credit?

Here’s who’s more likely to say yes:

• MoneyMe - They look at your income and spending habits, not just your credit score. Even if you’ve had a default or two in the last 12 months, they may still approve you for a loan up to $50,000. Their approval rate for applicants with credit scores below 600 is around 35%, which is unusually high for this market.
• Judo Bank - Focused on small business owners and self-employed people, Judo also offers personal loans to those with non-traditional income. They don’t require payslips. Bank statements showing consistent deposits over 6 months are enough.
• Ampli - A digital lender that uses cash flow analysis instead of credit scoring. If you’ve got a steady income-even from gig work like Uber or Airtasker-you can qualify. Their minimum credit score requirement is 500, and they approve about 40% of applicants with scores under 550.
• Latitude Financial - They’ve been around for decades and specialize in lending to people with less-than-perfect credit. Their loans come with higher interest rates, but their approval process is straightforward. Many applicants hear back within 2 hours.

These lenders don’t ignore your credit history-they just don’t let it be the only factor. They look at your bank account: Are you consistently depositing income? Do you pay bills on time? Do you have rent or utility payments coming out every month? These signals matter more than a single credit score number.

What banks should you avoid if you’re struggling to get approved?

Big banks like Commonwealth Bank, NAB, and ANZ still use old-school credit scoring models. They rely heavily on credit bureaus like Equifax and Experian. If your score is under 600, your application might get auto-declined by their system before a human even sees it.

Even if you have a good income, a recent late payment, a discharged bankruptcy, or even a few too many credit inquiries in the last 6 months can trigger an automatic rejection. These banks are designed to minimize risk, not help people rebuild. If you’ve been turned down by them before, don’t waste time reapplying. You’ll just get another hard inquiry on your credit report-and that makes things harder next time.

What documents actually matter for approval?

Forget the long list of paperwork banks used to demand. Today, the easiest lenders ask for very little:

• Proof of income: 3 months of bank statements showing regular deposits (payslips aren’t always needed)
• Photo ID: Driver’s license or passport
• Proof of address: A recent utility bill or rates notice
• Details of your regular expenses: Rent, groceries, phone bills-anything that shows you’re managing your money

Some lenders, like Ampli, don’t even ask for your credit score. They run a soft check (which doesn’t hurt your score) and then analyze your actual cash flow. If you’ve got $1,500 coming in each week and only $1,200 going out, they’ll see you can afford a loan repayment-even if your credit report says otherwise.

How fast can you get the money?

Speed matters when you’re in a tight spot. Here’s what to expect:

• MoneyMe - Approval in under 10 minutes. Funds in your account within 1 hour if approved before 3pm AEST.
• Ampli - Approval within 2 hours. Funds by end of business day.
• Latitude Financial - Approval within 2 hours. Funds within 24 hours.
• Traditional banks - 3 to 5 business days, sometimes longer.

If you need cash today or tomorrow, traditional banks are not your option. The fastest approvals come from digital lenders who automate the decision process.

What’s the catch? Higher interest rates

Yes, the easier it is to get approved, the more you’ll pay in interest. That’s the trade-off.

For example, if you have a credit score under 550 and get approved for a $10,000 loan over 3 years:

• Traditional bank: 12% p.a. (but you won’t get approved)
• Latitude Financial: 21% p.a.
• MoneyMe: 23% p.a.
• Ampli: 25% p.a.

That means your monthly payment could be $300-$350 instead of $250. But here’s the thing: if you’ve been rejected everywhere else, paying a little more to get out of debt is often worth it. And if you make your payments on time for 6-12 months, you can often refinance into a lower rate later.

What to do before you apply

Don’t just start applying everywhere. That’s how your credit score gets damaged.

1. Check your credit report for free via Equifax or Experian. Look for errors or old defaults you thought were gone.
2. Calculate your debt-to-income ratio. If your monthly debts (rent, credit cards, car payments) are more than 40% of your income, lenders will see you as risky.
3. Save a few weeks’ worth of living expenses. Even $500 in your account shows stability.
4. Apply to only one lender at a time. Wait at least 30 days before applying to another.

Applying to multiple lenders in a short time looks desperate-and it hurts your score. One well-chosen application is better than five rushed ones.

What if you’re still denied?

If you’ve applied to the lenders above and still got rejected, it’s not the end. It might mean you need to fix your finances first.

Try this: Get a secured credit card (like the Bankwest Breeze or Citi Secured Mastercard). Use it for small purchases and pay it off in full every month. In 6-12 months, your credit score will improve enough to qualify for better loan rates.

Or ask a family member to be a co-signer. This gives lenders extra confidence, and you might get approved with a lower interest rate.

Another option: Use a credit union. In Australia, credit unions like Heritage Bank or Great Southern Bank are often more flexible than big banks. They know their members personally and may be willing to work with you.

Bottom line: The easiest bank to get approved for is the one that sees your whole story

The easiest bank isn’t the biggest or the most famous. It’s the one that looks beyond your credit score and asks: Can this person manage money, even if they’ve made mistakes?

MoneyMe, Ampli, Latitude, and Judo Bank are winning because they’re built for real people-not perfect credit reports. If you’ve been turned down before, don’t give up. Just change where you apply.

Start with one lender. Get your documents ready. Apply once. And if you’re approved, pay on time. That’s how you rebuild your financial future-one payment at a time.