We’ve all been there – you’re looking forward to a relaxing weekend, then disaster strikes. Your car’s radiator blows up and you need it fixed before Monday or your roof’s sprung a leak and you need it fixed now, but you don’t quite have the cash to pay for a mechanic or handyman to sort it out. When you need money fast, a cash loan can help you out.
You can apply for up to $5,000 this weekend right here through Savvy. We’re partnered with a variety of trusted lending partners who can approve and fund your application as soon as the same day. Best of all, you can apply from wherever you are; as long as you have an internet connection, you’ll be able to apply with us!
what is a weekend loan?
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. You can also use one to help fund last-minute activities such as getaways, concert tickets, adventures, and more.
Savvy is partnered with a range of lenders who 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?
Cash loans can be paid into your bank account as soon as the same day once you’re approved, and sometimes within a matter of hours, 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, which comes with repayment terms up to two years. However, lenders will assess your borrowing power to determine how much you can comfortably afford to repay. When they do, they 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 stable Centrelink benefits can be factored in as well, potentially boosting your borrowing power.
Cash loan cost: Example #1
Laura owns her own apartment and runs a tight budget to cover mortgage repayments and living expenses. She’s doing ok, though can’t afford to have anything go wrong. All is well until her hot water heater blows up! Looking at her finances, she simply doesn’t have the money on hand to cover this necessity.
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 info, she’s approved and receives the transferred funds into her bank account by the afternoon. She’s able to pay for the replacement and is back in action!
Let’s consider costs. For $1,500 repaid over 12 months, Laura is charged a $300 establishment fee, along with a $60 fee each month.
This means her total repayable cost will be: $1,500 + $300 + $720 = $2,520
Her fortnightly repayments will be $97.
| Loan amount | Loan term | Establishment fee | Monthly fee/ interest | Fortnightly repayment | Total cost |
|---|---|---|---|---|---|
|
$1,500 |
12 months |
$300 |
$60 |
$97 |
$2,520 |
Cash loan cost: Example #2
Our second customer, David, is desperate to take a trip back to the UK for a family funeral. It’s a trying time; not only has he lost a loved one, but he doesn’t quite have the savings to pay for the flights and accommodation.
As time is of the essence, he applies for a cash loan and receives funds into his account before the end of the weekend. He’s able to book a flight and join his family in their time of need.
In total, David’s $4,000, 12-month loan will cost him $5,567 including the principal, establishment fee and interest repayments.
These are: $4,000 + $400 + $1,167 interest.
| 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 |
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.
How to apply for a weekend loan?
Figure out your needs
How much do you need for the weekend? Have a think about your budget for the weekend and only borrow an amount you’re comfortable with. Borrowing more will attract more interest over time.
Check the eligibility criteria
You must be over 18, have an active mobile number or email address, have had a regular income for over three months deposited into your bank account, and have internet or app-based banking set up.
Documentation and payslips
We’ll need to know your personal information, backed up by 100 points of government ID (drivers’ licence, passport, etc.) You’ll also need your internet banking information, your reason for applying, employer details and/or your MyGov details if you are receiving Centrelink or pension payments.
Apply online
Use our secure and simple online application gateway to begin the process. You’ll get an answer about approval within minutes.
Get cash into your account
If you’re approved, you’ll get cash transferred into your account before the weekend starts!
Small loans to suit your circumstances
Frequently asked questions on weekend cash loans
No – the establishment fee will be incorporated into your repayments. To reduce the upfront financial burden, this fee isn’t charged immediately, but rather split across payments for the life of the loan. This gives peace of mind to borrowers who may not have funds on hand to pay it.
Yes – fixed Centrelink payments can be used towards your loan, even if they’re your sole form of income. Temporary bridging measures such as JobSeeker and Youth Allowance can’t be factored towards your loan if they form part or all of your earnings (although JobSeeker can be counted as a low income supplement in some cases). Eligible payments include:
- Government pensions (age, disability support and veterans’)
- Carer payments
- Single parent payments
- Childcare subsidies
- Family Tax Benefit Part A and B
Yes – although you can apply at any time of day or night, it’s important to be mindful of minor or major time differences when submitting your application. For instance, if a lender on the East Coast closes at 8:00pm, that means it’ll be 6:00pm in Perth (or 5:00pm during daylight savings).
The best way around this is to apply as early in the day as possible, especially if you’re submitting your application on the weekend. This will increase your chances of same-day approval compared to a late-night submission.
It’s technically possible to be approved for multiple loans at once, but lenders won’t rubber-stamp your new loan application unless they’re convinced you can repay an additional loan. Those already paying off one or more payday loans are seen as a greater risk of defaulting. If you’re in a position to do so, repaying your debts on time and in full can help you get approved for future cash loans.
It’s also not a good idea to apply for multiple loans in quick succession if you can avoid it, as this could harm your credit score and chances of being approved.
Helpful guides on small loans
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.
