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?
Cash loan eligibility and information
Eligibility
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Age
You must be at least 18 years of age
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Residency
You must be an Australian citizen, permanent resident or an eligible visa holder with a fixed residential address
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Employment
You must be employed on a permanent or casual basis
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Income
You must have a consistent income deposited into your bank account for at least the last 90 days
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Finances
You must be managing your existing financial commitments comfortably
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Contact
You must have an active phone number, email address and online bank account in your name
Documents
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Personal info
Your full name, date of birth, address and contact details
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Employment details
Your employment status and the name of your employer (if applicable)
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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?
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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.
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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.
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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.
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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.
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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 |
