Written by 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:Â provide some basic information about your situation, including the purpose of the loan and income details.
- Instant decision:Â receive an indicative answer in 60 seconds from a member of our network of trusted lenders.
- Further review:Â upon pre-approval, your lender will formally assess your application and request additional details, namely bank statements as part of this process.
- Formal approval:Â if all checks are clear, you'll receive your loan agreement outlining terms and repayment schedule.
- Receive your funds:Â 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:Â some applications require more in-depth review due to issues relating to your specific circumstances or financial situations.
- Lender assessment:Â each lender has its own evaluation process and timeframe, meaning not all lenders are necessarily as fast as one another.
- Submission timing:Â 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?
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
Frequently asked questions about accessing pay early
Yes – early repayment of your small loan is permitted. Unlike some traditional loans, there are no penalties associated with repaying your loan early. This can lead to reduced total interest paid if the loan is settled before the scheduled maturity date.
The main costs associated with your loan comprise an establishment fee, capped at $400, and interest, which cannot exceed 48% p.a. The overall amount you will pay is determined by various factors, including:
- Size of the loan
- Duration of the loan (ranging from 16 days to two years)
- Repayment frequency (weekly, fortnightly, or monthly)
- Any extra payments made
- Accrual of contingent fees, such as charges for late repayment or dishonoured payments
No – all lenders are required to assess your application to determine whether the loan is affordable for you before offering approval as part of their responsible lending obligations. This means no reputable lender will offer guaranteed approval on their cash loans. You should avoid loans that are advertised as having guaranteed approval, as these lenders may not be trustworthy.
No – establishment fees are built into your repayments, meaning you don’t have to pay yours at the beginning of your loan term.
If your lender operates on the weekend, you may be able to receive loan approval and funding on a Saturday or Sunday. Savvy is partnered with flexible lenders who may be able to approve and pay your loan out on the weekend.
No – your lender won’t contact or notify your employer if you decide to take out a cash loan. While they may seek out information about your employment to check whether you’re in a position to repay your loan, they won’t reach out to them during this process.
Yes – cash loans are designed to cater to a wide range of applicants, including those who’ve struggled with credit in the past. Bad credit isn’t a barrier to entry, as lenders are more focused on your ability to repay the loan based on your current financial situation.
As long as your Centrelink income is stable and ongoing, such as age, disability or veterans’ pension, and enough to support your loan payments, you can potentially be approved for a cash loan. Of course, you’ll need to ensure you meet all the other eligibility criteria in place as well.
A potential alternative to a cash loan for accessing your pay early is applying for a Centrelink cash advance (provided you’re eligible to do so). This allows you to advance a small amount, repaying it out of future benefits.
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.
