Cash Loans in 60 Minutes
Need a cash loan fast? Apply with Savvy today.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
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The application process for most traditional forms of finance in Australia can sometimes be a long and drawn-out one. However, when you need cash very quickly today, there are loan options available to help you get approved for the funds you’re looking for in as little as 60 minutes.
Fortunately, you can apply for a cash loan right here with Savvy and have your application processed and approved fast. We’re partnered with reputable and flexible lenders to offer you a speedy process from start to finish, so you can get started on your application now and receive approval before you know it.
Can I get my cash loan approved in 60 minutes?
Yes – you can receive fast approval on your cash loan as soon as 60 minutes after you apply. By applying through Savvy, which you can do 24/7, we can immediately connect you with your lender who will, if you receive a positive instant outcome on the spot, conduct a set of quick checks before offering formal approval and sending your loan contract to you soon after. However, there are several factors which could impact the speed of your loan approval. These include:
- Your lender requiring further documentation
- The time you apply for your loan (applications outside of business hours can’t be formally processed until the coming business day)
- The complexity of your application (some financial situations will require more assessment than others)
It’s important to note that you typically won’t receive your loan funds in your account within 60 minutes. In most cases, your cash will hit your nominated account on the same day you apply. While your lender could transfer the money within one hour, different banks have different transfer times which could result in a further delay to your funds hitting your account. However, even if you don’t receive the funds in your account within that time, you can be confident and assured that your money isn’t far away and will be available for you to use if you need it desperately.
How do I apply for a cash loan?
The step-by-step process of applying for a loan in Australia with Savvy is simple to follow from start to finish. Familiarise yourself with this process before you start so you can be sure you’ll have all the information you need and maximise the speed of your application when you need money very quickly.
Fill out your initial application
Savvy’s online application form should only take you around ten minutes to complete. This will enable you to tell us about yourself and the loan you’re after so we can connect you with a suitable lender from our panel. Some of the information you’ll need to provide at this step includes:
- The amount you need and why you need it
- Your contact details
- Your address and living situation
- Your employment details and income
- Whether Centrelink benefits make up at least 50% of your total income
You often won’t be required to verify your employment as part of the loan process. Once you’ve filled this out, you’ll be connected to your lender where you can complete the remainder of your application. You’ll be required to supply ID such as your driver’s licence, passport and Medicare card, as well as grant read-only access to 90 days’ worth of bank statements.
Receive an instant outcome
After you’ve completed these forms, you can receive an instant outcome. If this is an instant approval, your lender will commence formal assessment of your application, which will involve verifying your information to confirm that it’s true and accurate.
Wait for formal approval
Once your lender is happy with all of the information you’ve provided as part of your application and is confident you’ll be able to take on a loan comfortably, you’ll receive formal approval as soon as one hour after you apply and be sent a loan contract to sign.
Sign your contract and receive your funds
The contract will confirm all the details of your agreement, such as your loan amount, term, repayments, fees and any other conditions of your loan. You’ll be able to sign this electronically and return it, after which your funds can be sent to your nominated account. As mentioned, this will be the same day you apply in most cases.
How much will my cash loan cost overall?
There are two main fees which apply to cash loans in Australia: an establishment fee and an ongoing monthly fee. Establishment fees are capped at $400 and are built into loan repayments, rather than being payable as one lump sum at the beginning. Ongoing fees are also capped annually, not able to exceed 48% of your loan amount over 12 months. Because of the structure of these fees, the cost of your loan will be determined by two major factors:
The size of your loan
The larger your loan, the more you’ll pay in fees. For instance, while a $2,500 loan would come with $100 monthly fees, a $3,000 loan would charge $120 per month. When applied to a 12-month term, this equates to a difference in cost of $740. If you have any savings you might be able to put towards your desired cost rather than having your cash loan cover 100% of it, doing so could save you important money in the long term.
The length of your loan term
Because monthly fees are ongoing, the length of your term will also impact the overall cost of your loan. The table below demonstrates how you can save on a $1,000 loan with a shorter term.
| Loan term | Establishment fee | Ongoing fees | Monthly repayment | Total cost |
|---|---|---|---|---|
|
12 months |
$200 |
$40 |
$140 |
$1,680 |
|
Ten months |
$200 |
$40 |
$160 |
$1,600 |
|
Eight months |
$200 |
$40 |
$190 |
$1,520 |
|
Six months |
$200 |
$40 |
$240 |
$1,440 |
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.
Common 60-minute cash loan questions answered
Small loans to suit your circumstances
Helpful small loan guides
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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
