Need quick cash? Apply for a short-term loan today.
Fact checked
Fact checked
It can be tough covering regular expenses when your bank balance is a little low, so if money’s tight, Savvy can work with you to get a short-term cash loan ahead of your next payday.
By partnering with flexible lenders, we can help you get approved and funded for a loan up to $5,000, with flexible repayment options. Give your budget a boost and apply with Savvy today.
Getting a short-term loan is as simple as applying with Savvy, which is quick and easy to do online. In most cases, you can get approved and funded for a loan on the same day you apply.
Before you apply, you’ll need to select how much money you want to borrow (between $2,050 and $5,000) and the reason why you need it. It’s also a good idea to double-check you meet the eligibility criteria, which will generally include:
Once you’ve ticked all these boxes, you can get your initial application underway. This generally takes about ten minutes to complete and you’ll receive an outcome instantly once you lodge it. As part of the application, you’ll need to provide your lender with the following information:
You’ll also be asked to provide your driver’s licence or passport information and a Medicare card to verify your identity.
If you receive instant approval, your lender will go about confirming the information you’ve provided. They’ll run a quick credit check and access a ‘read-only’ copy of your online bank statements to verify your income and spending. If these go well, you should receive loan approval soon after these checks are done.
Your loan contract will be sent for you to sign and return so your lender can release your payday advance funds. In most cases, you’ll receive your funds on the same day, although this will depend on the time you applied and your bank’s transfer times. Applying earlier in the day or week will reduce the chance of your payment being delayed overnight or over a weekend, while different banks have different transfer processes (meaning it may take longer to arrive in your account depending on when you apply).
Short-term cash loans and advances come with repayment terms of 16 days up to two years. The value of your regular repayments will be determined by how long you choose to repay your loan. For example, if you chose to borrow $2,000 over nine months instead of 12, your fortnightly repayments would increase by over $25 because you’ll be repaying more to wrap up your loan sooner.
Your term length and how much you borrow will also directly dictate how much you pay in monthly fees. Short-term loans come with a fixed establishment fee and ongoing monthly fees which vary depending on your loan size:
Borrow up to $2,000
Borrow more than $2,000
While repaying your loan over a shorter term will increase the cost of your repayments, it’ll also substantially reduce your fees. For instance, using a $3,000 loan, reducing your term from 12 months to nine would save you $360 in monthly fees.
Making extra payments throughout your loan term will also hasten repayment of your debt and save you money on fees. Payday lenders don’t charge early repayment fees, meaning you won’t incur extra costs if you do wrap your loan sooner than anticipated.
Yes – you can still apply for a loan if you have a less-than-rosy credit score. Having bad credit is unlikely to substantially impact your chances of getting approved for a short-term loan. Direct lenders assess cash advance applications a little differently compared to the big banks, so if you have bad credit, there’s no need to sweat a quick check.
Instead of focusing solely on your score, they prefer to look at the bigger picture and get an idea of your wider borrowing history, particularly on similar short-term loans. Some of the factors they’ll consider include your repayment history on similar loans, your credit card limits and any recent defaults.
If you’re worried about your credit history, it can be tempting to search for ‘no credit check’ loans. However, reputable lenders don’t offer finance without this step of the assessment process, as they want to be sure you can afford any finance you apply for. Australian direct lenders are obliged under responsible lending laws to run thorough checks to ensure applicants can easily manage their cash advance loan repayments. As such, reputable lenders won’t allow you to get a ‘no credit check loan’.
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.
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.
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