Written by Has an unexpected expense reared its ugly head? Maybe you need to cover a rental bond, pay a utility bill, or cover a study fee. It’s times like these where a small cash boost may be necessary, That's where a cash loan can come in handy.
How does a $1,000 loan work?
Cash loans are designed to provide quick and relatively simple approvals and take advantage of the internet, technology, and rapid money transfers.
They come with a straightforward structure of fees and repayment options are designed for convenience. Repayments can be set for any period between 16 days and one year and borrowers can also request weekly, monthly, or fortnightly repayment terms to match their income frequency. There’s no requirement for the borrower to supply any type of security for their loan either.
Smaller cash loans become more expensive the longer they run and the more you borrow, so it’s essential to plan applications carefully and repay as quickly as you can comfortably afford. Here are some examples of how loan lengths and borrowed amounts affect costs:
| Loan amount | Loan term | Establishment fee | Monthly fee | Total fees | Fortnightly repayment | Total cost |
|---|---|---|---|---|---|---|
|
$1,000 |
Two months |
$200 |
$40 |
$280 |
$256 |
$1,280 |
|
$1,000 |
Four months |
$200 |
$40 |
$360 |
$152 |
$1,360 |
|
$1,000 |
Eight months |
$200 |
$40 |
$520 |
$85 |
$1,520 |
|
$1,000 |
12 months |
$200 |
$40 |
$680 |
$65 |
$1,680 |
What loan term should I choose?
The loan term that best suits you depends on your individual circumstances. However, as seen in the table, the longer the term, the higher the total cost, but the lower your repayments. That’s why it’s important to strike the right balance between saving money overall and not putting too much stress on your budget.
Ideally, you should aim to repay the loan in the shortest amount of time possible while sticking to what you can afford and not putting yourself in financial hardship. Your lender will only approve an amount and loan term that they are comfortable you’ll be able to repay.
How long will it take to receive my $1,000 cash loan funds?
You can receive your cash as soon as the same day as you apply, sometimes within a few hours. However, there are several factors that can impact this. To give yourself the best chance of same-day approval and funding, be mindful of the following:
- Apply on a day when lenders are open! This sounds obvious, though lenders can only approve and fund your loan when they’re open. We’re partnered with lenders open on the weekend, so they can process applications at these times too.
- Apply early in the day. The earlier you submit your application, the sooner it can be processed, approved and funded. Aim to be an early bird and complete the required forms in the morning as near to business opening times as possible.
- Provide accurate information and documents ASAP. Giving the lender everything they need as soon as it’s requested will reduce the likelihood of delays.
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
Cash loan FAQs answered
Yes – cash loan lenders focus on whether you have regular income, rather than where that income comes from. Therefore, if you are unemployed and receiving a regular, ongoing Centrelink benefit, you may still qualify for a loan.
Cash loan providers are primarily looking to see what existing borrowing you have. They also check to see you’ve not had problems paying off similar small loans before or have some recent defaults on your file. They aren’t really looking at your actual credit score, so borrowers can still apply for a loan with bad credit.
You may be able to take out a cash loan while under a Part IX debt agreement. However, you’ll need to meet all your lender’s eligibility criteria. Also, borrowers who have been declared bankrupt will need to have been discharged before they can apply for a loan.
Applicants need to be permanent residents or citizens and over eighteen. You’ll need ID (driver’s licence, passport, or similar), proof of address (like a utility bill), payslips or Centrelink Income Statements, your Medicare card, and online banking. You can grant lenders read-only access to your bank statements like that.
Some lenders will consider cash loan applications from non-residents when they hold a qualifying temporary visa, but your loan term will need to end at least a couple of months before the visa expires.
Yes – you make additional repayments on your loan, at no extra cost, and repay your cash loan early. In fact, it will save you money across the loan term by reducing total monthly fees. This will also indicate your reliability with your lender.
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 |
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.
