When you apply for a cash loan through Savvy, you can have your application approved and funded as soon as the same day through our marketplace of lenders. These loans are designed to be fast, providing the financial relief you need to cover a wide range of potential expenses.
Whether your rent is overdue, bills are adding up or you just need some extra funds for your household budget, a cash loan through Savvy can help you pay them off immediately and repay your loan at your own speed.
How long can I take to repay my same-day loan?
The time you can take to repay your loan will depend on the amount you borrow. For loans of $2,000 or less, you can take between 16 days and one year to repay them. However, for loans of $2,001 to $5,000, the maximum term is extended to two years.
Lenders will also base the approved loan term on what you can comfortably manage. For example, if you applied for a $1,000 loan and wanted to repay it over one month but only had around $100 to spare each week, your lender would be unlikely to approve you on those terms.
In this situation, they may come back to you to offer alternative terms, such as six months, that they’re more confident won’t put you under financial stress.
How much will my loan cost?
The cost of your cash loan will depend on the amount you borrow, as different fees apply to different amounts. The fees you'll have to pay are:
- Loans up to $2,000: up to 20% establishment fee and 4% monthly fee (percentages of your loan amount)
- Loans from $2,001 to $5,000: up to $400 establishment fee and 48.00% p.a. interest
Other factors determine how much your loan will cost overall, though. These include:
- The loan term you choose (longer terms mean more fees or interest)
- Whether you make additional repayments above the minimum
- Whether your lender charges the maximum fees or interest
It’s important to see how much different loans might cost before you apply. This table demonstrates how the loan amount changes the overall cost of your loan:
| Loan amount | Loan term | Establishment fee | Interest rate | Fortnightly repayment | Total cost |
|---|---|---|---|---|---|
| $2,050 | 12 months | $400 | 48.00% p.a. | $120 | $3,107 |
| $3,000 | 12 months | $400 | 48.00% p.a. | $166 | $4,312 |
| $4,000 | 12 months | $400 | 48.00% p.a. | $215 | $5,580 |
| $5,000 | 12 months | $400 | 48.00% p.a. | $264 | $6,849 |
Why apply for a small loan with Savvy?
Tips for boosting your chances of same day loan approval
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Apply early in the day and week
Give your lender as much time as possible during business hours to assess your application to avoid it dragging out overnight or into the weekend.
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Have all your information handy
Getting your documents ready before you apply, especially your ID and bank statements, means you won’t have to waste any time sourcing them during the process.
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Respond to your lender quickly
If your lender gets in touch with you to ask for more information or to send through the final contract, get back to them as soon as you can to avoid delays.
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 |
