Written by When you apply for a cash loan through Savvy, you can have your application approved and funded as soon as the same day through our marketplace of lenders. These loans are designed to be fast, providing the financial relief you need to cover a wide range of potential expenses.
Whether your rent is overdue, bills are adding up or you just need some extra funds for your household budget, a cash loan through Savvy can help you pay them off immediately and repay your loan at your own speed.
How long can I take to repay my same-day loan?
The time you can take to repay your loan will depend on the amount you borrow. For loans of $2,000 or less, you can take between 16 days and one year to repay them. However, for loans of $2,001 to $5,000, the maximum term is extended to two years.
Lenders will also base the approved loan term on what you can comfortably manage. For example, if you applied for a $1,000 loan and wanted to repay it over one month but only had around $100 to spare each week, your lender would be unlikely to approve you on those terms.
In this situation, they may come back to you to offer alternative terms, such as six months, that they’re more confident won’t put you under financial stress.
How much will my loan cost?
The cost of your cash loan will depend on the amount you borrow, as different fees apply to different amounts. The fees you'll have to pay are:
- Loans up to $2,000: up to 20% establishment fee and 4% monthly fee (percentages of your loan amount)
- Loans from $2,001 to $5,000: up to $400 establishment fee and 48.00% p.a. interest
Other factors determine how much your loan will cost overall, though. These include:
- The loan term you choose (longer terms mean more fees or interest)
- Whether you make additional repayments above the minimum
- Whether your lender charges the maximum fees or interest
It’s important to see how much different loans might cost before you apply. This table demonstrates how the loan amount changes the overall cost of your loan:
| Loan amount | Loan term | Establishment fee | Interest rate | Fortnightly repayment | Total cost |
|---|---|---|---|---|---|
| $2,050 | 12 months | $400 | 48.00% p.a. | $120 | $3,107 |
| $3,000 | 12 months | $400 | 48.00% p.a. | $166 | $4,312 |
| $4,000 | 12 months | $400 | 48.00% p.a. | $215 | $5,580 |
| $5,000 | 12 months | $400 | 48.00% p.a. | $264 | $6,849 |
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.
Tips for boosting your chances of same day loan approval
Cash loan eligibility and information
Frequently asked cash loan questions
Some lenders may approve your application if you’re in a position to comfortably repay both your new loan and your existing one. However, if they decide you can’t comfortably manage both based on your income and expenses, your second application is likely to be declined.
Yes – provided you can comfortably support the repayments of your loan. Our lenders can work with borrowers with 50% or more of their income coming from Centrelink. Because your chances of success are based on your ability to repay your loan, you can still receive same-day approval even if you’re unemployed.
It’s important to note that if you’re in this position, your loan repayments can’t exceed 20% of your income. As such, if your monthly income is $1,500 with more than 50% coming from Centrelink, the most your repayments could be is $300.
No – lenders don’t charge early termination fees on cash loans, so you can pay off your loan well ahead of schedule if you’re able to and not incur any additional charges.
This will help save you on monthly fees or interest. All of this means that you can receive fast funding and, if you’re in a position to do so, repay your loan in full in a matter of weeks.
Yes – small loans are available to borrowers who’ve struggled with their credit in the past. Lenders offering small cash loans are more flexible when it comes to their eligibility criteria than the big banks. They’re more focused on your ability to repay your loan in the here and now than your credit score. If you have bad credit and need cash today, apply for a quick loan through us now!
With a cash loan, you can borrow as much as $5,000 through one of our trusted lending partners. However, everyone’s situation is different, so some of the factors your lender will consider when assessing your application are:
- Your income and expenses: the more disposable income you have available, the more you’ll likely be able to borrow
- Your income sources: lenders will always prefer applicants with stable employment or income
- Your other loans: if you have other loans you’re paying off, this will impact the amount you’re eligible to borrow
- Your history repaying similar loans: if you’ve had recent defaults on similar loans, for instance, you may not be approved at all in some cases
No – not all Centrelink payments will be accepted as income by your lender. Stable, unconditional benefits, such as a disability pension or single parent payments, can be included in your application. However, payments that are subject to your age or employment status, such as JobSeeker or Youth Allowance, may not be.
Some lenders will conduct a credit check during the application process. However, this won’t be the case for all lenders, as some will base their decision on your bank statements and financial situation instead. Some of our lending partners don’t conduct credit checks.
No – cash loan applications are 100% online from start to finish, meaning there’s no physical paperwork to deal with. You’ll be able to provide access to your bank statements through your lender’s secure online processes and sign your contract electronically.
Small loans to suit your circumstances
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 |
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.
