Borrow Money

Need to borrow money fast? Apply for a fast and easy cash loan through Savvy today!

$2100
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$500
$50,000


Paid in 60 mins if approved*

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.

Why apply for a small loan with Savvy?

Apply online, 24/7

No matter the time of day or week, you can complete your small loan application with us online.

Instant outcomes and same-day money

You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.

Trusted lender panel

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

Eligibility

  • Age

    You must be at least 18 years of age

  • Residency

    You must be an Australian citizen, permanent resident or an eligible visa holder with a fixed residential address

  • Employment

    You must be employed on a permanent or casual basis

  • 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 info

    Your full name, date of birth, address and contact details

  • Employment details

    Your employment status and the name of your employer (if applicable)

  • Banking

    Online banking details and secure access to your bank statements

Small loans to suit your circumstances

What are my other options for borrowing money in Australia?

  • Personal loans

    Available from most financial institutions, personal loans are a common way to borrow larger amounts than you can with a small loan. With an unsecured personal loan, you can apply for up to $75,000 with some lenders, with lower rates available. However, in almost all cases, the qualification criteria for these loans are stricter than small loans, meaning not everyone may qualify for financing.

  • Bad credit loans

    If credit has been an issue for you when trying to borrow money, a bad credit loan might be an option. They're more expensive than a personal loan, but they’re specifically designed for people with bad credit. This means you won’t be able to borrow as much, but they can still provide you with $8,000 to $12,000 in some cases, which is more than a cash loan.

  • Credit cards

    Credit cards are another common way to borrow money. Once you have one, they’re highly convenient to use for a wide range of purposes. If you can pay off your card within its interest-free periods, this could be a cost-efficient way to access cash. However, they have very steep interest and fees, which will continue to mount up over time if you’re unable to stay on top of them. Credit cards require a level of discipline to use effectively.

  • No Interest Loans (NILs)

    There are organisations around Australia offering NILs to eligible borrowers. These loans are typically available for up to $2,000 for household appliances, medical expenses, car repairs and more and up to $3,000 for things like bonds and rent in advance for new rental properties. These loans are repaid without interest, making them a very affordable option, but the potential uses are more restrictive.

  • Centrelink cash advances

    If you receive Centrelink payments, you may be eligible to receive a cash advance, which will be deducted from your future payments. The amount you can advance will depend on the type of benefit you receive; for instance, as of August 2024, singles on the age or disability support pension or receiving carer payments can apply for as much as $1,587.45. However, the maximum if you’re on JobSeeker or Youth Allowance is $500.

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

Frequently asked questions about how to borrow money

How much money can I borrow?

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
How long does it take to receive my money?

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
Can I borrow money if I receive a non-standard income?

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.

Can I borrow money if 100% of my income is from Centrelink?

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
Will I be able to apply for a loan as a single parent?

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.

Can I still borrow money with bad credit?

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.

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. <strong>Warning:</strong> 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.

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