Written by No matter how well we plan, life is unpredictable. If something unexpected happens, getting back on track can be costly, whether that’s a car breakdown, a leaking roof or an injured pet. Taking out a small loan can put you back in control – fast. Here at Savvy, we can make it quick and easy to get a small cash loan up to $5,000 in an emergency. With a range of lenders and a simple online application process, you can be approved in as little as 60 seconds. Get started with your emergency loan now!
How can I use an emergency cash loan?
If you don’t have enough in your account and can’t wait until payday, an emergency cash loan can get you the money you need ASAP. This can help you cover essential expenses such as:
- Car repairs: get your vehicle back on the road quickly if it breaks down.
- Veterinary costs: pay for emergency care for your pet when they require urgent medical attention.
- Home repairs: fix things like major plumbing problems and dangerous electrical faults before they develop into even bigger problems.
- Rent: keep up with your housing costs to avoid late fees or the threat of eviction.
- Bills: cover important gas, electricity and water bills to keep the lights on and your home comfortable.
Let’s look at how it works in practice:
Example scenario: Jane relies on her car to commute to work and take her children to school. When the car unexpectedly broke down, getting it repaired quickly was essential. Unfortunately, the repair cost was $2,500 – an amount Jane didn't have on  . In need of a fast, easy option to get her car back on the road, she turned to Savvy for a cash loan. After completing the online form, she was connected with a lender and within a few hours, the funds were in her bank account. As a result, Jane was able to pay for the car repairs on the same day and get back to her daily  , repaying the loan in manageable instalments over a comfortable period of time.
How quickly can I get an emergency loan in Australia?
You can typically get your funds the same day you apply and sometimes as soon as an hour. However, how long this takes depends on a variety of factors:Â
- When you apply: applying earlier in the day or week may increase your chances of same-day approval. Lenders won’t be able to formally process applications 24/7, so getting your application in early will help avoid it becoming a multi-day process.
- How much you apply for:borrowing within your means can help you get approved sooner, as applying for more than you can reasonably afford can delay the process or lead to your application being rejected.Â
- Your bank: whether you receive your funds on the same day you’re approved may also come down to your bank’s transfer speeds, which can vary depending on when a payment is made. For example, transfer times tend to be faster earlier in the day and slower overnight or on weekends.
- Defaults on similar debts:lenders may run a quick check of your borrowing history which gives them an idea of your repayment track record, credit products in your name and any default listings. Defaults on similar short-term loans increase the likelihood that you may not be able to get the loan you’re applying for.
- Your speed of response: from time to time, lenders require more information or clarification to complete your application. It’s important to be prepared to respond to your lender with any details or documentation they may require so you don’t hold up the application process too much.
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.
Cash loan eligibility and information
Emergency loan frequently asked questions​
Yes – you can get instant approval for an emergency cash loan if you are unemployed with minimal hassle. As long as you’re earning some form of steady income, which may include some Centrelink benefits, lenders will consider you for a small cash loan. For example, aged pension, disability pension, veteran’s pension, carer’s payment, single parent payment and family tax benefits are widely accepted. However, bridging Centrelink benefits, such as JobSeeker and Youth Allowance, can’t be counted towards your fast cash loan.
Yes – you can settle your emergency cash loan ahead of schedule. These loans don’t come with penalties for early repayment and clearing your debt sooner means you'll incur fewer monthly fees, contributing to significant savings over the loan period.
You can apply for a cash loan online at any time, but be aware that lenders will not typically process payments outside of their working hours, including the weekend. On top of this, banks have their own transfer speeds and cut-off times, meaning payments may not be processed until the next business day.
All reputable and responsible lenders check your credit report. Most loan providers mainly look to see your existing borrowing, and you won’t get penalised so much for past late payments – unlike with a personal loan, for instance. Many borrowers get a loan with a bad credit history. Lenders mostly base decisions on whether or not the loan is affordable for you. If you’re already paying back a couple of loans, they’ll probably recommend you repay those before you take on more borrowing.
Small loans to suit your circumstances
Helpful guides on small loans
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.
