Payday Loans

The unexpected comes in all shapes and sizes. That's why Savvy partners with one of the widest ranges of lenders in Australia. It's easy to find suitable payday loans on the site, for amounts between just $2,050 and up to $5,000. Whether they need car registration, to pay for costly repairs to their home, or travel to the grand final with mates – payday loans are the go-to solution for thousands of Aussies who don’t let their finances slow them down, and Savvy has the best choice of deals on the web.

There’s no reason to pass on that dream holiday or miss that big night out – and cash flow shouldn’t stop you living life to the full. Payday loans are designed to provide a flexible finance option when you want to pay for something that doesn’t quite fit your wage schedule or current bank balance. Payday loans between $2,050 and $5,000 get capped establishment fees of $400, and you can repay over sixteen days to two years. This type of borrowing is hugely customisable. That means you can set repayment dates to match the way you earn money. Choose to pay your payday loan off weekly, fortnightly, or monthly over a pre-agreed period – and even choose the day of the week or month, so it works around your paycheque. With the option of direct debit in place, it's easy to set and forget a payday loan.

Payday loans are suitable for just about any expense you can think of. They don't get tied to property or a possession like secured loans, so you're pretty much free to cover a broad range of expenses and purchases. Many Australians use payday loans to cover the cost of gifts and holidays, pay a rental bond, or take the dog to the vet. You can use one to pay a larger than normal utility bill or even take a holiday. Payday loans are intended to be a shorter-term form of borrowing. You can opt to arrange a very short repayment period (as low as sixteen days) which makes these loans ideal when you don’t want a temporary cash flow issue to stop you in your tracks. Repaying your own way means you don't need to take on long-term debt when you just want to bridge a gap.

Payday loans work in a different way to personal loans and car loans. Rather than lenders charging via an annual percentage rate (APR), they use set fees. Payday loan establishment fees can't exceed $400. For example, if you took out a $4,000 loan, you would pay an establishment fee of $400 and monthly fees of about $160.

Lenders will differ, but you'll generally get charged a fee for late or missed payments. Payday loans get very strictly monitored by the Australian Securities and Investments Commission, and there are limits on how much lenders can charge over the course of a loan.

You can apply 24/7 for a payday loan, even if you're unemployed. Most lenders will want to see that more than half of your income comes from a job; however, savvy partners with lenders who offer Centrelink cash loans, as well as options for students. Approvals rely more on regular income, rather than where that income comes from. As long as you're borrowing responsibly, you'll get considered. You can apply for a payday loan on age pension too.

Past credit problems show up to lenders on your credit score for several years, but that isn't the end of the story. You might read ‘no credit check this' and ‘no credit check that' on the web, but in reality, all good lenders reference your credit report when you apply for a loan. The good news is that borrowers also get assessed on their current and regular income. Savvy deals with loan providers that will consider applications for bad credit cash loans and assess your circumstances on merit. As long as you're not experiencing financial hardship right now, problems you had in the past won't necessarily define your chances.

Lenders look at several different factors when you apply. Primarily, responsible loan providers look to make sure you can afford repayments. If you've got a regular form of income – and have done so for a few months – lenders will consider your application. It's essential your income gets paid into your bank account, not in cash. Loan providers will also check you don't already have more than one short-term loan agreement running. If you meet residency criteria too – you'll likely not experience too many issues. Payday loans are offered to residents and citizens of Australia, and you'll need to be eighteen or over to apply too.

It's quicker to apply online with Savvy. All you'll need is an internet connection to get started – and that goes for shopping around lenders through to receiving your funds. You can upload documents, grant access to bank statements digitally, and fill out all the forms from your tablet, phone, or computer. Don't worry if you haven't got a document to hand – you can save and resume an application whenever you need.

When you need to cover something you hadn't planned – speed and convenience matter. Different lenders guarantee varying times, but all will transfer your cash directly to your bank account – and fast. Some payday loan providers will get money to you the same day, so it's best to start that application as soon as you can if you're in a hurry. Make sure to check out each loan provider's recommendations before you apply – especially if it's an emergency.

The biggest strength of a payday loan is its flexibility. It’s shorter-term borrowing and you can use it to fund many things. That’s because your loan is unsecured – so not tied to a specific purchase or asset. Lenders often use secured loans if you’re buying a more expensive, valuable item like a car. Secured loans get structured in a different way to cash loans, and lenders calculate costs as an annual percentage rate (APR). Loan providers are often willing to offer lower rates for secured car loans, caravan, or boat finance, for instance. That’s because your vehicle provides security for the lender and the loan is lower-risk – so they charge less. Payday loans work well for shorter-term borrowing when there's no significant purchase involved.