Apply for 12-month loans up to $5,000 through Savvy today and secure a personalised solution with an instant outcome.
Fact checked
Fact checked
For those looking to space out their repayments to make them more manageable, you may wish to take out a 12-month small loan. Fortunately, we can help you do just that through Savvy. Partnered with reputable lenders, you can gain not only instant outcomes but also formal approval and potential funding as soon as the same day you apply. Dive into the intricacies of longer-term small loans up to as much as $5,000 with confidence through Savvy today.
12-month loans are simply a type of small or cash loan in Australia which is set to be repaid over 12 months. They’re popular among those who are looking for a quick solution for unexpected expenses or a financial gap before your next paycheque. In terms of how it works, you borrow a small amount and pay it back in instalments over your 12-month period. You get to choose how often you make payments, with these either being weekly, fortnightly, or monthly.
The fees charged on your loan ultimately depend on how much you borrow and how long it takes you to pay it back. There are two main fees to consider: the monthly fee, which is capped at 48% of your loan amount over a year, and the establishment fee, capped at $400. It’s important to understand how much these will cost before you sign on the dotted line.
When it comes to 12-month loans through Savvy, you have the flexibility to borrow amounts ranging from $2,050 to $5,000, subject to meeting your lender’s eligibility criteria. This versatile medium loan range can cater to various financial needs, allowing individuals to select an amount aligned with their specific requirements. However, it’s important to note that each applicant's borrowing capacity is influenced by factors like their credit score, income, existing liabilities, savings, and other relevant financial considerations. As a result, your borrowing amount may differ from that of another applicant with a different financial profile.
Ultimately, the size of loan you’re eligible for is dependent on what you can comfortably repay. Your income can be sourced from one or more stable jobs with consistent pay and hours and/or eligible Centrelink payments. For instance, if you're seeking a loan with fortnightly repayments of $600 but only earn $500 per fortnight, you won’t be approved for your loan.
Applying for a 12-month loan through Savvy is a straightforward and user-friendly process. Our online application form will take just a few minutes to complete, allowing you to provide essential information about yourself, your income, employment, and more for assessment. After submitting your application, you'll receive an instant outcome within 60 seconds. If approved, the lender you’re automatically matched with will conduct a formal review of the application, which may require additional documentation.
Upon successful completion of the necessary checks, you can be granted formal approval. Your lender will send you loan documents detailing all terms and conditions, including the repayment schedule, term, fees, and more. After reviewing, signing and returning the documents, the funds can be advanced to your nominated account as soon as the same day. You'll then begin repaying the loan according to the chosen schedule: either weekly, fortnightly, or monthly, depending on your preference.
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
