Small Loans Up To $5,000

Before you apply for a small personal loan, it’s important to have a clear understanding of yourself as a potential borrower. Are you eligible to be approved for a loan? Are you earning enough to support the repayments on the loan you’re applying for? The key steps to follow through the application process are:

Double-check the eligibility criteria

There’s little point applying for a loan you’re destined to be denied because you don’t meet your lender’s eligibility requirements. Each financier will have different criteria in place when it comes to approving applications, but they’ll largely follow the same broad strokes. The main qualification points you’ll be required to meet to be approved for your loan include:

• You must be at least 18 years of age
• You must be an Australian citizen or permanent resident
• You must be earning a stable income
• You must be able to provide 90 days’ worth of bank statements
• You mustn’t have any other payday loans currently outstanding

Apply for an amount within your means

Next, you’ll need to be clear on what sort of loan amount is clearly comfortable for you. While you don’t necessarily have to work out the exact amount you can afford to support each week, fortnight or month, having an idea of what it might be will help inform your application and minimise your chances of applying for more than a lender is willing to approve. For example, if you were earning $500 per week and already balancing other life expenses, a lender won’t approve you for a loan which costs you $300 per week. Above all else, lenders want to ensure that you’ll be able to repay the amount you’ve borrowed.

Fill out Savvy’s online application form

Once you’ve reviewed this information, you can start the loan application process right here with Savvy. This tells us and our lenders more about you as a borrower to paint a clearer picture of what you might be able to manage. This form will cover the following points:

• Your name, date of birth and contact information
• The purpose of your loan
• Your residential status and how much you pay for rent, board or your mortgage
• Your employment status, time in your current job and the name of your employer (although employment verification usually isn’t required)
• Your overall income, pay frequency and how much comes from Centrelink

You’ll also need to have a set of documents handy before submitting your application. These include:

• ID such as your driver’s licence, passport and Medicare card
• 90 days’ worth of bank statements
• Centrelink income statements (if you receive income from Centrelink)

Receive an instant outcome

Once you’ve sent all your information off through the application portal, you can receive an instant outcome from your lender. If this outcome is successful, your lender will conduct further checks on your information to make sure it’s a suitable agreement for you.

Receive formal approval and sign your contract

If they’re happy with all the information you’ve provided, you’ll be sent a loan contract to sign. This confirms all the details of the agreement, such as your loan amount, term, repayments and repayment schedule, as well as the cost of the fees which will apply to your loan. You’ll be able to sign this electronically and return it to your lender. There may be some instances where a lender requires more information from you, so you may need to supply additional documentation before formal approval can be arranged.

Have your funds transferred to your account

Once you return your contract, your lender can transfer your quick loan funds to your account. Your funds will hit your account on the same day you apply in most cases, although this depends on your borrowing profile, lender and the time of day or week you apply (as well as your bank’s transfer processing speed).