A cash advance loan is a small loan designed to help you cover a wide range of immediate expenses. The main benefits of these loans are that they can be processed and approved quickly and offer an option to those who may not qualify for a loan with traditional lenders.
In terms of how they work, you can borrow up to $5,000 and take anywhere between 16 days and one year (for loans of $2,000 or less) or two years (for loans of $2,001 to $5,000) to repay your debt. These repayments can be
weekly, fortnightly or monthly and are paid with fees, interest or both (depending on the size of your loan and
lender).
How much can I borrow with a cash advance?
As mentioned, the maximum amount you can borrow is $5,000, but some lenders may allow you to borrow as little as $300 or less. However, the amount you’re approved for will vary depending on a range of factors, including:
- Your income and expenses (the higher your disposable income, the more you’ll be able to borrow)
- Where you receive your income from (employment, Centrelink or both)
- Whether you have any savings
- Whether you have any recent defaults for similar loans
- The term you choose (for instance, even if you may not be approved for a one-month loan, you may be able to borrow the same amount over six months)
Getting started with cash advance loans
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Why are you applying for a cash advance?
This is the first question to ask before making a cash advance loan application. Is the item or purchase you need urgent? Can you defer the payment until payday or a more suitable time? If you absolutely cannot live without whatever you need, a cash advance may be a fast option.
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Are you eligible?
All applicants must be over the age of 18, an Australian citizen or permanent resident (or eligible visa holder), be receiving income from one or more sources and have an active email address and mobile phone number. You also can’t be bankrupt. If you tick all those boxes, you may be able to apply.
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Can you afford the repayments?
Savvy partners with responsible lenders who make every effort to ensure your finances can handle the repayments of a cash advance loan. However, you should check if you can afford the repayments of a cash advance loan before applying. If the potential repayments are higher than your available cash, you may not be approved.
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Apply and get approved
Once you’ve decided to apply, you can complete the process online through Savvy. Fill out our simple application form in a matter of minutes with information about you, your loan and what you’re using it for and you can receive an instant outcome in 60 seconds from one of our lenders.
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Have you read all the terms and conditions?
If you’ve been approved for a cash advance loan, your lender will send a loan contract. The onus is on you to read it through and figure out if the terms and conditions are suitable for you. If you don’t feel comfortable with some of the terms, reach out to your lender. If you’re happy with the loan, you’re ready to sign the contract and receive your funds as soon as today!
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 -
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 -
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
Tips for keeping on top of your cash advance loan repayments
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Good interest rates
Before you apply for your loan, it’s important to have a very clear understanding of your financial situation. Draw up a budget with your income against your regular expenses, such as shopping, rent and any other loans, so you can work out the most comfortable terms for your cash advance.
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Make additional repayments
As mentioned above, making additional repayments could save you a significant amount across the entirety of your agreement. However, doing so will also help you ensure you always stay one step ahead of your debt. Always make sure to only pay what you’re comfortable with when it comes to extra payments.
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Cut down on non-essential expenses
Freeing up extra funds where you can will help put you in a better position to tackle your loan payments more aggressively. For example, if you have entertainment or other subscriptions that aren’t really being used, it’s a good time to assess whether they’re worthwhile to boost your budget.
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Use a direct debit
Setting up a direct debit to your lender, rather than doing so manually each week, fortnight or month, saves you from having to remember to do so. Direct debits deduct your payment automatically on each instalment, so all you’ll have to do is make sure you have enough in your account.
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 |
