24/7 Payday Loans
If you’re in need of a short-term loan to cover some unexpected expenses, 24/7 payday loan can help.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
24/7 payday loans – small short-term loans to tide someone over until their next pay (available at any time of day) – have been around for a while. They've changed a little in recent years, but short-term loan finance is still very much an option. Learn about how 24/7 payday loans and lenders work now, and how you can access one.
Can I get a 24/7 payday loan to cover my expenses?
Yes – if you’re in need of a short-term loan to cover some unexpected expenses, the good news is that there are fast and simple loan options available for you – and you can get approval for one 24/7, at any time of the day or night.
It’s important to note that payday loans today aren’t the same as what they used to be. Originally, a payday loan was a very short-term loan intended to be repaid on the very next pay day (often with extremely high interest). With changes in government regulations, however, that type of loan doesn’t really exist anymore. When people use the term “payday loan” nowadays, they’re most likely referring to what’s called an instant cash loan.
Instant cash loans are generally available from smaller, online lenders which allow you to access a small amount of short-term finance and pay it back incrementally over the course of a year or two. They’re generally very easy to get approval for and boast a fast process from application to receiving funds. Savvy makes the instant cash loan application process easier with our 24/7 online application tools which connect you with one of our lenders, allowing you to borrow up to $5,000 as a payday loan quickly and easily.
How do I apply for a 24/7 payday loan?
Nowadays, 24/7 payday lenders mostly operate online. To apply for a loan through Savvy, you can start by completing our online application process – which only takes a few minutes. Once you’ve completed the application, you’ll be referred to one of our lenders, who will review your application electronically using high-speed internet services. From there, you can expect pre-approval within sixty seconds. This is all available 24/7, which means that if you have urgent expenses in the middle of the night or a long weekend, you can log on and make sure that you’ll have the funds available to fix the problem with a fast turnaround .
Once your supporting documentation (such as ID, payslips, and bank statements) has been reviewed and your application verified – which can often take less than an hour – you’ll receive your final contract, and once you’ve signed off on it the money will be on its way. This process all takes place within one business day, ensuring you receive the funds you need quickly.
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Some of the features of 24/7 payday loans
Repayment terms are longer
Payday loans can now have terms up to 24 months. This means you can space repayments out, lowering the amount you need to repay each time, so you don’t need to worry about clearing the whole loan next pay day. However, you can still opt for a term as short as 16 days if you wish to pay it off quickly.
Fees are capped
Payday lenders can’t charge interest on small loans anymore, and the fees are capped. You can’t pay more than $400 for your establishment fee and 48% of your total each year in ongoing monthly costs.
Restrictions on multiple loans
Payday lenders are restricted from loaning to someone who has too many loans already outstanding.
Lender responsibility
It’s now an offense for a lender to offer you an unsuitable loan, or one that you couldn’t realistically pay off. If they do, the government could rule that you don’t have to pay the fees on the loan – so you only pay back the amount you borrowed (making it interest free). It’s in the lender’s interests to make sure they’re not giving you a loan you can’t afford.
Frequently asked questions about 24/7 payday loans
Small loans to suit your circumstances
Helpful small loan guides
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.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
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.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
