When you’re looking to access your pay early, a cash loan through Savvy offers quick access to money to help cover unexpected expenses or essential obligations. Whether it's a car repair, a medical bill or simply catching up on bills, we can help you handle life's curveballs with confidence.
How to apply for a cash loan to access your pay early
- Apply online: provide some basic information about your situation, including the purpose of the loan and income details.
- Instant decision: receive an indicative answer in 60 seconds from a member of our network of trusted lenders.
- Further review: upon pre-approval, your lender will formally assess your application and request additional details, namely bank statements as part of this process.
- Formal approval: if all checks are clear, you'll receive your loan agreement outlining terms and repayment schedule.
- Receive your funds: sign and return the agreement, and your funds can be deposited directly into your chosen account.
How much of my pay can I access early with a small loan?
When applying for your small loan to access your pay early through Savvy, you have the opportunity to apply for up to $5,000, provided you meet the eligibility criteria set by your lender. This flexible range works for diverse financial needs, enabling you to choose an amount that best suits your specific requirements.
As everyone's financial situation is unique, borrowing capacities may vary based on individual circumstances. Factors such as credit score, income, existing debts, savings and other pertinent financial considerations play a crucial role. It's important to note that a stable income, from one or more jobs with consistent pay and hours and/or eligible Centrelink payments, is a key requirement.
How long will it take for me to receive early access to my pay?
Same-day approval and funding are possible when it comes to your small application. However, it's important to keep in mind that the process might take a bit longer depending on certain factors. Your loan approval hinges on your application meeting all the criteria set by your matched lender, with some of the main factors including the following:
- Application complexity: some applications require more in-depth review due to issues relating to your specific circumstances or financial situations.
- Lender assessment: each lender has its own evaluation process and timeframe, meaning not all lenders are necessarily as fast as one another.
- Submission timing: applications received late in the day or on weekends may be processed on the next business day.
What are my other options for accessing my pay early?
The main alternative to a cash loan is using a specialist pay advance app, of which there are a few in Australia. These function differently from a standard small loan, as they essentially enable you to advance a portion of your expected pay and repay it once you receive your payslip.
It’s important to understand the differences between the two types of finance:
| Pay advance apps | Small loans (up to $2,000) | Small loans ($2,001 to $5,000) | |
|---|---|---|---|
| Loan amount | Up to 25% of your payslip* | Up to $2,000 | From $2,001 to $5,000 |
| Repayment schedule | After your next payslip | 16 days to one year | 16 days to two years |
| Fees | 5% of advanced amount* | 20% establishment fee** 4% monthly fee** |
$400 establishment fee** 48% p.a. interest rate** |
*Representative of common pay advance app terms. Not all companies may offer the same terms.
**Representative of the maximum permissible costs charged on cash loans. Some lenders may charge less than these amounts.
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 |
