Mini Loans
Apply for a mini loan today and get the money you need fast.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
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Whether you’re looking to replace your white goods or just pay off some urgent bills, mini loans can be used to pay for a raft of costs. Fortunately, Savvy can help you if you’re in the market for one of these small loans.
Savvy will connect you to one of our trusted lenders, who can help you get approval and funding on a mini loan from just $2,050. By applying with us, you’ll benefit from flexible repayment options and an easy and quick application process without messy physical documents, so get the ball rolling today.
What is a mini loan and how much can I borrow?
A mini loan is a type of small loan available through payday lenders. You can apply to borrow between $2,050 and $5,000, depending on what you can afford to repay. How much you can afford with a cash loan will be calculated by lenders by assessing several variables, which can include:
- What you regularly earn and spend
- Any outstanding loan debts
- Your credit and repayment history
- Length of time and stability in your job
Wages aren’t the only form of income you can count towards your loan. Most lenders will allow you to factor in a mixture of income streams, such as Centrelink benefits, investment revenue and superannuation drawdowns when assessing how much you can borrow.
If you want to include Centrelink benefits as part of your overall income and need a loan today, it’s important to remember that only fixed and ongoing payments are eligible, such as a disability pension or ongoing carer or single parent payments. Temporary bridging measures such as JobSeeker, Youth Allowance, Austudy or ABSTUDY can’t be counted as your sole form of income, as there’s a chance these may change during your repayment term.
How can I apply for a mini loan?
You can apply online for a small cash advance loan with Savvy today without the need for physical documents. An initial loan application only takes a few minutes to complete and, in most cases, you can be approved on the same day you apply.
Be sure to check you tick all the appropriate boxes before you apply. All Australian payday lenders have a set of eligibility requirements applicants must meet, which generally include:
- An Australian resident
- At least 18 years old
- Earning a stable income
- Access to 90 days of bank statements
- Active mobile number and email
The next step is to choose your loan amount and tell your lender why you need it. You can choose between several urgent and not-so-urgent spending options, such as medical bills, home renovations or vehicle costs. Once those have been selected, you can move on to the application.
You’ll need to share your information with your lender, such as some basic personal and employment details. They’ll want to know how regularly you work, how much you earn and what you spend on regular living expenses such as rent, board or your mortgage. You’ll have to supply some digital documents to verify your identity, which will usually include:
- An Australian driver’s licence or passport
- Medicare card
Once your application is done and dusted, you’ll receive an instant decision from a lender. If you’re approved, they’ll go about confirming the details you’ve provided by conducting a quick credit and income check. If these go as planned, you should receive formal loan approval not long after.
How long do I have to repay my mini loan?
You can take as long as two years to repay your loan, with minimum terms of just 16 days available. You get the choice of scheduling weekly, fortnightly or monthly repayments, whichever best suits your pay cycle.
You can make extra payments to pay your loan faster without the hassle of incurring additional fees. Online payday loan financiers don’t charge early repayment or exit fees if you choose to repay your loan ahead of time.
These loans come with a set-up fee and a rolling monthly fee. The establishment fee is capped at $400, while ongoing monthly fees are charged at a rate no greater than 48% of your loan amount over 12 months. While choosing a shorter term will increase your repayments, you’ll save money on monthly fees, as this table demonstrates on a $1,000 loan:
| Loan term | Set-up fee | Monthly fee | Fortnightly repayment | Total loan cost | Total saving |
|---|---|---|---|---|---|
|
12 months |
1 x $200 |
12 x $40 |
26 x $64.62 |
$1,680 |
N/A |
|
Nine months |
1 x $200 |
9 x $40 |
20 x $78 |
$1,560 |
$120 |
|
Six months |
1 x $200 |
6 x $40 |
13 x $110.77 |
$1,440 |
$240 |
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.
Answers to common mini loan questions
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.
