Micro Loans
Get a micro loan to help with unexpected expenses.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
What is a micro loan?
Micro loans are a type of personal finance for small amounts under $5,000. You can opt to borrow as little as $2,050 up to a limit of $5,000.
These small loans are paid back over a shorter period than a car loan or a personal loan, ranging from a 16 days up to two years. Micro loans help people who are having difficulties such as raising enough money to pay for a rental bond, crucial home and/or car repair, and other unexpected but urgent expenses such as medical bills or last-minute emergency travel.
Eligibility
- Most people over the age of 18 who live in Australia as a citizen or permanent resident are welcome to apply for a micro loan.
- You must also have a bank account and provide evidence you’ve had income coming into it for at least 90 days prior to applying.
- You’ll also need a working email address or phone number so we can contact you and verify your identity.
Can people with bad credit apply for a small loan?
Yes, people with bad credit or average credit scores can apply for micro loans, pending they clear the eligibility criteria stated above. As responsible lenders, we must check every applicant’s credit score and history to help us figure out if a micro loan is suitable for your situation. Responsible lenders won't off you guaranteed approval on bad credit loans in Australia.
However, we also realise that a credit history can follow people around for up to seven years and behaviour that occurred back then doesn’t necessarily mean it will happen today. We also look at employment records, payslips, bank statements, and other supporting evidence when deciding. In addition to helping people with bad credit get the loans they need; we also consider people on Centrelink benefits for micro loans.
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.
How to apply for a micro loan
Check your eligibility
You’ll need to be over 18; an Australian permanent resident or citizen; have an active bank account with income for over 90 days; your email address and mobile phone number so we can contact you.
Do you have your documentation?
We accept all government issued ID and require 100 points to proceed to the next stage. Adding payslips, employment information, and Centrelink documents can help improve chances of approval.
Apply online
Use our streamlined and secure online application portal to apply for your small loan using your smartphone, tablet, or PC.
Decision
In most cases, you’ll know if you’re approved within minutes. We make getting a micro loan fast and easy.
Read the fine print
Once you are approved, you will be notified and presented with the fine print of your small loan application.
Questions about micro loans 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.
