Written by A cash advance loan is a small loan designed to help you cover a wide range of immediate expenses. The main benefits of these loans are that they can be processed and approved quickly and offer an option to those who may not qualify for a loan with traditional lenders.
In terms of how they work, you can borrow up to $5,000 and take anywhere between 16 days and one year (for loans of $2,000 or less) or two years (for loans of $2,001 to $5,000) to repay your debt. These repayments can be weekly, fortnightly or monthly and are paid with fees, interest or both (depending on the size of your loan and lender).
How much can I borrow with a cash advance?
As mentioned, the maximum amount you can borrow is $5,000, but some lenders may allow you to borrow as little as $300 or less. However, the amount you’re approved for will vary depending on a range of factors, including:
- Your income and expenses (the higher your disposable income, the more you’ll be able to borrow)
- Where you receive your income from (employment, Centrelink or both)
- Whether you have any savings
- Whether you have any recent defaults for similar loans
- The term you choose (for instance, even if you may not be approved for a one-month loan, you may be able to borrow the same amount over six months)
Getting started with cash advance loans
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Why are you applying for a cash advance?
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Are you eligible?
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Can you afford the repayments?
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Apply and get approved
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Have you read all the terms and conditions?
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
Tips for keeping on top of your cash advance loan repayments
Cash advance loans frequently asked questions
Yes – lenders offering cash advance loans are willing to look at your credit score and instead assess you on your ability to repay it. We’re partnered with flexible lenders who understand credit issues can happen, so there are still options available if you have bad credit.
You should avoid applying for multiple loans at once or in quick succession wherever you can avoid it. Doing so can hurt your prospects of approval, as they show up on your credit file and may put lenders off, as they may see it as desperate and an increased risk. You should apply only once you’re ready and have a definite budget.
Yes – provided you satisfy the qualification criteria related to your age, residency, income and anything else, you can apply for a cash advance as a single parent.
Yes – Centrelink income can be accepted as part of a cash advance application. However, you’ll need to ensure your payments are eligible. Lenders will accept stable Centrelink income, such as age, disability and veterans’ pensions, single parent and carer payments and Family Tax Benefits. Examples of payments that may not be accepted include JobSeeker, Youth Allowance and ABSTUDY, as these are conditional on your employment and/or age.
Filling out our online application form takes only a few minutes, after which you’ll receive an outcome in just 60 seconds. From there, depending on your profile and the time of day you apply, you could be formally approved as soon as one hour later, though some lenders will take longer than others. In many cases, you can receive your money as soon as the same day.
Yes – if your lender is open on weekends, they’ll be able to process your application on a Saturday or Sunday. Applications can only be processed during business hours. Savvy is partnered with lenders who operate on weekends, potentially enabling you to access the cash you need before Monday.
No – no reputable lender in Australia will offer loans with guaranteed approval. This is because all lenders are required to follow responsible lending obligations, meaning they have to assess each application to determine whether the applicant is in a position to take on the loan they’re asking for. This prevents people from being approved for loans they can’t afford and experiencing financial stress as a result.
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 |
Small loans to suit your circumstances
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.
