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:
- 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.
- 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?
Cash loan eligibility and information
Eligibility
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Age
You must be at least 18 years of age
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Residency
You must be an Australian citizen, permanent resident or an eligible visa holder with a fixed residential address
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Employment
You must be employed on a permanent or casual basis
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Income
You must have a consistent income deposited into your bank account for at least the last 90 days
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Finances
You must be managing your existing financial commitments comfortably
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Contact
You must have an active phone number, email address and online bank account in your name
Documents
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Personal info
Your full name, date of birth, address and contact details
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Employment details
Your employment status and the name of your employer (if applicable)
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Banking
Online banking details and secure access to your bank statements
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 |
