Unexpected expenses can happen any time – including the weekend. If money’s tight but you’ve got urgent costs to cover on a Saturday, Sunday or public holiday, having fast access to funds is crucial.
A weekend loan can help you help you manage those emergencies outside regular business hours. With amounts up to $5,000 available from a range of flexible lenders, you can apply quickly and receive funds the same day.
How do weekend loans work?
A weekend loan is simply a small cash loan that allows you to access funds on the weekend. It’s no different from any other cash loan in terms of how it works, but it can give you the boost you need when other lenders may be closed for business.
These loans can be used for covering urgent expenses such as car repairs, sudden medical bills, emergency travel, and other payments that fall on a Saturday or Sunday. They can also help fund last-minute activities such as getaways, concerts, and more.
Savvy is partnered with a range of lenders that are open for business outside of the standard Monday to Friday hours and can transfer funds on the weekend, provided you satisfy their lending criteria.
How quickly can I receive my cash loan funds on the weekend?
Cash loans can be paid into your bank account as quickly as the same day once you’re approved, and sometimes within the hour, but this depends on when you apply.
You can submit your application 24 hours a day, seven days a week. However, they can only be formally approved, processed and funded within your lender’s business hours, so you’re more likely to get your money sooner when applying at 9:00am compared to 9:00pm.
It isn’t just about timing, though. Some of the other factors that can impact how quickly you can receive your funds include:
- The complexity of your profile and whether your lender needs to take more time to assess your application.
- Whether your lender asks for more documentation to verify your income or other things about you.
- How quickly you respond to your lender’s requests and whether you supply the right documentation or information.
- How long it takes your bank to process the payment (this may be slower in the evenings, for example).
How much can I borrow with a cash loan?
You can apply for up to $5,000 with a cash loan, with repayment terms up to two years for loans between $2,001 and $5,000 and up to 12 months for loans up to $2,000. However, lenders will assess your borrowing power to determine how much you can comfortably afford to repay.
They’ll look at a number of different factors, which can shape the size of the loan you’re approved for, including:
- How much you’re earning
- Stability of income/employment
- Your regular expenses
- Whether you have any recent defaults or other outstanding loans
While it pays to be earning a steady wage when applying for a loan, it’s not the only form of income direct lenders will accept. For example, certain Centrelink benefits can be used when applying for a loan, potentially boosting your borrowing power.
Why apply for a small loan with Savvy?
How much do weekend loans cost?
Weekend loan case study: hot water goes cold
Laura has just bought her own apartment. She manages her finances carefully, staying on top of her mortgage repayments and living expenses. However, after the costs of buying and moving, her budget is tight and she can’t afford to have anything go wrong. All is well until her hot water heater breaks one Saturday morning. Looking at her bank balance, she simply doesn’t have the money on hand to cover the urgent repairs.
She applies for a $1,500 cash loan on the weekend and is matched with a lender who is open on Saturday. After providing the requested information, she’s approved and receives the transferred funds into her bank account by the afternoon. She’s able to pay for a plumber to come out that evening and her hot water is fixed fast.
Including fees, Laura’s fortnightly repayments will be $97, and the total repayable cost of the small loan will be $2,520.
| Loan amount | Loan term | Establishment fee | Monthly fee/ interest | Fortnightly repayment | Total cost |
|---|---|---|---|---|---|
| $1,500 | 12 months | $300 | $60 | $97 | $2,520 |
Weekend loan case study: last-minute overseas trip
After an unexpected death in the family, David needs to travel to the UK for the funeral. It’s a trying time; not only has he lost a loved one, but he also doesn’t have the savings to pay for the flights and accommodation at such short notice.
In need of a quick solution, he applies for a cash loan and receives funds into his account before the end of the weekend. This enables him to book a flight and join his family abroad without added financial stress.
In total, David’s $4,000, 12-month loan will cost him $5,567 including the principal, establishment fee and interest repayments.
| Loan amount | Loan term | Establishment fee | Monthly fee / interest | Fortnightly repayment | Total cost |
|---|---|---|---|---|---|
| $4,000 | 12 months | $400 | 48.00% p.a. | $215 | $5,567 |
Tips for maximising your chances of loan approval on the weekend
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Find the right lender
Not all lenders operate on weekends, so it’s important to apply with one that does. Savvy can connect you with lenders that process loans over the weekend, so you won’t be left waiting.
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Apply early in the day
Submitting your application earlier increases the chances it will be reviewed and approved on the same day.
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Make sure your information is accurate
Double-check all details before submitting your application to avoid delays caused by errors or missing information.
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Have your documentation ready to go
Have your bank statements, ID and any other required documents handy to upload quickly when requested.
How to apply for a weekend loan with Savvy
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Apply online
Tell us about yourself, the loan you’re after and your financial situation.
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Receive an instant outcome
Get matched with one of our partnered lenders in seconds.
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Provide your documents
Your lender will ask for bank statements to formally assess your profile.
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Receive your funds
Once approved, you can receive your funds in as little as an hour – even on a weekend.