Looking for a faster way to get your hands on money right now? Whether you need a loan for vet’s bills, buy a car, borrow for a holiday or even if you just want to cover the cost of Christmas, cash loans can help you bridge the gap. Find your ideal lender through Savvy, get everything done quickly online and get funds in the bank right when you need them with a cash loan.
How can I apply for money when I need it now?
The fastest way to borrow money in Australia is typically by using a fast cash loan. Lenders operate almost exclusively online, so you can apply from a smartphone from anywhere and get a fast decision – usually in just a few minutes.
You can borrow anything between $300 and $5,000 with a cash loan. Most traditional personal loans cover larger amounts and take longer to arrange. Cash loans allow you access to far smaller sums when you just need to get out of a jam quickly, then take care of things with your next paycheque or over a couple or few pay cycles. That means loans for car repairs, unexpected medical bills or even rental bonds are fast to access.
Savvy works by quickly scanning dozens of cash loan lenders based on a few of your details. We’ll find you the best option according to your means, what you need to borrow and how long you’d like to take repaying the loan. The process for applying looks like this:
- You tell us a few quick facts about yourself.
- We instantly compare the best options from a panel of lender partners and connect you to the lender directly.
- You’ll fill out their quick form and upload your documents via their portal.
- The lender will make a decision within minutes.
- They’ll send you an agreement and transfer funds to your bank account, usually within the same day and sometimes within the hour.
Why apply for a small loan with Savvy?
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.
How to speed up your loan approval when you need money now
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Apply early in the day and week
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Have your documents ready
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Only apply for what you need
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Stay in touch
Cash loan eligibility and information
Your frequently asked cash loan questions answered ​
Some, but not all, lenders will conduct credit checks during the cash loan application process. It's important to note, though, that lenders will be more interested in your ability to repay your loan than your credit score itself, especially if you've only had a few minor issues in the past. Some of our lending partners conduct credit checks and some don't.
No – cash loans offer a lot of flexibility, but that doesn’t extend to topping up a loan midterm. It’s a trade-off: these loans are quick to arrange because the structure is very defined, so lenders can’t let you extend your borrowing. To do that, you’d need to pay down your existing loan and then take out another one. The good news is that there are no extra fees for repaying a cash loan early.
All lenders outline various fixed penalties for making a late repayment. They range from $10 to $30 in most cases but can vary. It’s best to only borrow within your means and try to be on time with a cash loan each month or week. The good news is that these products have consumer protection built in. A lender can never charge you more than a total of 200% of the amount you initially borrowed in late fees across the term of any single loan.
Once you’re approved for a cash loan, the lender sends a detailed contract. This lists all the fees and states your obligations clearly under the agreement. Remember that you aren't committed until you’ve read, understood, signed and returned that document (usually electronically). It’s important to be sure you’re happy with all the terms before you decide to proceed. If you have any questions, you can contact your lender via their website or over the phone.
Small loans to suit your circumstances
Cash loan cost table
| Small (SACC) loans | Medium (MACC) loans | |
|---|---|---|
| Minimum loan amount | $100 | $2,001 |
| Maximum loan amount | $2,000 | $5,000 |
| Minimum loan term | 16 days | 16 days |
| Maximum loan term | 12 months | 24 months |
| Repayment schedule | Weekly, fortnightly or monthly | Weekly, fortnightly or monthly |
| Establishment fee | Up to 20% of your loan amount | Up to $400 |
| Interest | N/A | Up to 48.00% p.a. |
| Monthly fee | Up to 4% of your loan amount | Included in the 48.00% p.a. maximum |
| Example loan | $1,500 loan over six months repaid fortnightly
Costs: $1,500 (loan amount) + $300 (establishment fee) + $360 (4% fees over six months) Total cost: $2,160, repayable in instalments of $167 per fortnight | $3,000 loan over 12 months repaid fortnightly
Costs: $3,000 (loan amount) + $400 (establishment fee) + $912 (total interest over 12 months) Total costs: $4,312, repayable in instalments of $166 per fortnight |
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.
