Written by In Australia, we're lucky to have plenty of different options when it comes to borrowing money. One of the fastest and most convenient options is a cash loan, which you can apply for through Savvy.
If you need to borrow money now, submit your online application through us and receive an instant outcome from a member of our marketplace of partnered lenders. Get started today!
How can I borrow money when I need it?
The quickest and easiest way to borrow money is by taking out a cash loan. These small loans allow you to borrow up to $5,000 and are designed to be approved and funded quickly.
Savvy’s easy online loan application takes only minutes to complete and can be done online at any time of the day. Simply complete and submit our form and you’ll be connected to a trusted lender in a matter of moments.
What are my other options for borrowing money in Australia?
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 how to borrow money
There are several factors affecting your borrowing power as a customer. These include:
- How much you’re earning and your money available after expenses are deducted
- Your income and job stability (if applicable)
- Whether you have any other loans outstanding
- Your recent history repaying and managing other cash loans
Cash loans can be approved and funded as soon as the same day you apply, with formal approval sometimes possible as fast as one hour after. However, different variables can impact how quickly you receive your cash:
- How early in the day or week you apply
- How complex your profile is
- How quickly you respond to your lender’s correspondence
- Your lender’s processes and how busy they are
- Your bank’s processing time
Yes – lenders offering cash loans are more flexible than banks when it comes to accepting diverse incomes. Whether you work multiple jobs, receive one or more government benefits or a combination of these, you can still be approved for a loan if you can show you’re in a position to repay it.
Yes – provided your Centrelink income is stable and ongoing and accepted by your lender, you can be approved for a loan if these benefits are enough to support your repayments. Some of the Centrelink benefits that can be accepted as income include:
- Age pension
- Disability support pension
- Veterans’ pension
- Carer payments
- Single parent payments
Yes – single parents can be approved for small cash loans. As long as you meet the other qualification requirements set in place by your lender and are earning enough to support it, you can take out a loan.
Yes – cash lenders are more interested in the current state of your finances than in your past financial history, so a bad credit rating won’t get in the way of approval. As long as you meet criteria related to your income and finances, you can be approved.
Small loans to suit your circumstances
Cash loan cost table
| Small (SACC) loans | Medium (MACC) loans | |
|---|---|---|
| Minimum loan amount | Small (SACC) loans $100 | Medium (MACC) loans $2,001 |
| Maximum loan amount | Small (SACC) loans $2,000 | Medium (MACC) loans $5,000 |
| Minimum loan term | Small (SACC) loans 16 days | Medium (MACC) loans 16 days |
| Maximum loan term | Small (SACC) loans 12 months | Medium (MACC) loans 24 months |
| Repayment schedule | Small (SACC) loans Weekly, fortnightly or monthly | Medium (MACC) loans Weekly, fortnightly or monthly |
| Establishment fee | Small (SACC) loans Up to 20% of your loan amount | Medium (MACC) loans Up to $400 |
| Interest | Small (SACC) loans N/A | Medium (MACC) loans Up to 48.00% p.a. |
| Monthly fee | Small (SACC) loans Up to 4% of your loan amount | Medium (MACC) loans Included in the 48.00% p.a. maximum |
| Example loan | Small (SACC) loans $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 | Medium (MACC) loans $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.
