Facing an unexpected expense like emergency car repairs or a rental bond? If you don’t have the cash on hand, a $1,000 small loan can provide the boost you need, fast. This can help you cover urgent costs and keep things moving when money is tight.
How does a $1,000 loan work?
Small cash loans are designed to provide quick, easy access to amounts up to $5,000. You can use the funds however you like, giving you the flexibility to cover almost any cost.
The application process for a $1,000 loan is simple and straightforward, with lenders approving and funding loans fast.
No security is required, and repayments can be made weekly, fortnightly or monthly over a term as short as 16 days up to one year.
These loans are heavily regulated, with a strict fee structure in place. Loans under $2,001 have:
- No interest
- An establishment fee up to 20% of the loan
- A monthly fee up to 4% of the loan
For a $1,000 loan, this would mean a maximum establishment fee of $200 and a maximum monthly fee of $40 on top of the amount borrowed. Here's how that would look for different loan terms:
| Loan amount | Loan term | Establishment fee | Monthly fee | Total fees | Fortnightly repayment | Total cost |
|---|---|---|---|---|---|---|
|
$1,000
|
2 months
|
$200
|
$40
|
$280
|
$256
|
$1,280
|
|
$1,000
|
4 months
|
$200
|
$40
|
$360
|
$152
|
$1,360
|
|
$1,000
|
8 months
|
$200
|
$40
|
$520
|
$85
|
$1,520
|
|
$1,000
|
12 months
|
$200
|
$40
|
$680
|
$65
|
$1,680
|
What loan term should I choose?
When you borrow $1,000, your term will be limited to between 16 days and one year. This is because these loans are designed to cover short-term needs, not to serve as long-term financial solutions. The limited term helps ensure the loan is paid off within a reasonable timeframe, reducing the risk of borrowers getting trapped in a cycle of debt.
How long you take to repay your loan within that time depends on your individual circumstances.
While taking a full year to repay will cost significantly more overall than paying off the loan in just a few months, it’s important to ensure your repayments are manageable and don’t put too much stress on your day-to-day budget and risk falling into financial hardship.
You can also repay early without any penalties, which can help you save if you are able to make higher repayments.
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 in as little as an hour.
However, there are several factors that can impact this. To give yourself the best chance of same-day approval and funding:
- Apply on a day when lenders are open. This sounds obvious, but lenders can only approve and fund your loan when they’re open. At Savvy, we’re partnered with lenders open on the weekend, meaning you can get your application processed any day of the week.
- Apply early in the day. The earlier you submit your application, the sooner it can be processed, approved and funded. If you leave it too late in the day, you may have to wait until the next working day to receive your funds.
- Provide accurate information and documents. Make sure you have all you documentation in order and ready to submit, which will reduce the likelihood of delays and help you get your funds faster.
Why apply for a small loan with Savvy?
Cash loan eligibility and information
Eligibility
-
Age
You must be at least 18 years old
-
Residency
You must be an Australian citizen, permanent resident or, in some cases, an eligible visa holder with a fixed residential address
-
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
-
Contact
You must have an active phone number, email address and online bank account in your name
Documents
-
Personal information
Your full name, date of birth, address and contact details
-
Banking
Online banking details and secure access to your bank statements
-
Employment details
Your employment status and the name of your employer (if applicable)
