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Emergency Loans

Name: Emergency Loans
Creator: Savvy
Published: 2020-12-16T13:21:16+10:30

Finances don’t always go to plan, but when things go wrong, Savvy can find your ideal emergency loan in no time.

Written by , updated on September 12th, 2023

$2100

$500

$50,000

Paid in 60 mins if approved*

Written by , updated on September 12th, 2023

Emergency loans are fast

No matter how well we plan, life is unpredictable. One of the few things you can bank on is that accidents, mishaps, and breakages will occur. Generally, getting back on track costs money, whether that’s a car breakdown, a leaking roof, or an injured pet. The good news is many Australian providers offer small loans that put you firmly back in control – fast. You can borrow anything from $2,050 to $5,000 and get flexible terms between 16 days and two years. Applications are fast and 100% online.

Loans via Savvy are easy

When there’s a drama, the last thing you need is delays or more complications. Savvy can’t prevent emergencies, but we can make the financial impact a little easier to handle. That’s because we treat all borrowers as individuals. When you come to us, we’ll look at your situation and needs, then connect you with the provider from our extensive list of partners that best suits your requirements. No more repeated, drawn-out applications – just fast, efficient options for dealing with life’s emergencies.

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.

Got a question? Check Savvy’s emergency loan faqs

What kind of emergency can I use a loan for?

Emergency loans are ideal for dealing with unexpected events like car breakdowns and leaky pipes, but that’s not the only thing you can use one for. Not all emergencies are disasters, and many Australians use a loan to grab nicer, short-term opportunities too. That laptop on sale for a limited time, discounted holidays, a rental bond – you can use an emergency loan to pay for something if the chance doesn’t fit with your pay cycle.

Do I have to use an emergency loan to pay for a single expense?

You can use an emergency loan to pay for several things all at once, which makes them great for when everything goes wrong all in the same week! Loans aren’t secured against a purchase, so you’re free to use them to cover a few different expenses. Lenders check to see how many loans you’ve got going, so it’s a good idea when you decide to apply for an emergency loan to sit down and work out exactly what you need to navigate the period the loan will be active. If you’re expecting a rough couple of months, make sure you borrow enough to cover that.

Will I qualify for a loan?

If you’re eighteen or over, can afford the loan, a resident or citizen of Australia, and you can demonstrate a regular form of income – you’re likely to get considered for an emergency loan. Lenders check your bank account to make sure your income is ongoing, so they’ll need access to 90 days’ worth.

What are the fees for an emergency loan?

Fees for all small loans are capped and fixed, so it’s easier to budget. You’ll pay a maximum of $400 in setup fees and up to 48% of your loan amount each year.

How do I repay the loan?

Emergency loans are a pretty flexible way to borrow. You can choose to borrow over a short period (the minimum is just 16 days) or opt to extend repayments to two years. You’re free to set up payments to match your income pattern too – many Aussies choose to repay fortnightly or weekly, but you can arrange to pay monthly if that’s how you get paid.

Will the lender run a credit check?

All reputable and responsible lenders check your credit report. Most loan providers mainly look to see your existing borrowing, and you won’t get penalised so much for past late payments – unlike with a personal loan, for instance. Many borrowers get a loan with a bad credit history. Lenders mostly base decisions on whether or not the loan is affordable for you. If you’re already paying back a couple of loans, they’ll probably recommend you repay those before you take on more borrowing.

Can I make extra repayments?

There are no early repayment fees, and you can arrange to make extra repayments if your situation changes or you’d rather get your borrowing paid off. You can apply to repay an emergency loan as quickly as sixteen days after approval, but because it costs nothing to repay earlier, it’s probably best to err on the side of caution and use a longer repayment period than you need. That way, when your cash flow situation improves, you can pay off your borrowing. The establishment fee doesn’t increase based on the loan term, so it’s the same for a one-month loan and a three-month agreement. The only additional cost with a longer loan is in the monthly, weekly, or fortnightly repayments – and that’s not a factor if you decide to repay early.

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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.