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Apply with Savvy for a small loan and get cash in hand today.
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Savvy Editorial TeamFact checked
Author
Savvy Editorial TeamFact checked
Got yourself in a tricky financial situation and need some extra cash in hand? When you choose Savvy, we help you with quick approval and fast payout on a small cash loan.
You can find a loan deal among our online lending partners that best suits your circumstances. The application process is easy, straightforward and 100% online from start to finish, so you can apply with Savvy and get your cash before you know it.
A cash in hand loan is a type of small loan that you can apply for through payday lenders. You can borrow between $2,050 and $5,000 and you get the choice of repayment options of up to two years, depending on the size of your loan. For many years, lenders offered over-the-counter cash in hand loans to borrowers. However, most lenders have now moved to digital platforms which allow you to get your loan funds deposited straight into your bank account.
Getting a quick cash loan online is as easy as applying with Savvy. It only takes about ten minutes to complete your application and receive an instant decision. You’ll be asked to share some personal details with your lender as part of the application, including:
If your automatic instant decision is positive, your lender will go about confirming the details you provided in the initial application through a credit check and formal review of your bank statements. You don’t need hard copies of your bank statements to apply, as your lender will request read-only access to 90 days of internet banking statements to review your income, recent spending and regular expenses.
You should be able to get a formal loan offer once these checks are done if your lender is happy with everything in your application. In some cases, they may require additional information to complete your statement but it generally doesn’t hold up the process by much. Once you sign your contract and return it, you can have your funds sent to you soon after.
Whether it’s covering the cost of an urgent operation, fixing your car or paying off some overdue bills, lenders enable you to use small cash loans to cover a wide range of expenses.
When you apply for a quick cash loan, you’ll be asked to select a reason why you need a loan. You can choose from a variety of valid uses, such as:
You won’t be able to use your loan funds to repay similar short-term cash loans or payday loans, however, or use your money to gamble.
Yes – bad credit isn’t a barrier to getting loan approval. Payday lenders take a different approach than the big banks when assessing loan applications. It’s easier to get approved with these types of loans compared to other types of finance, even if your credit rating is very bad and you need a fast loan.
When running credit checks, lenders prefer to concentrate on your wider borrowing history rather than focus on your credit score. This paints them a complete picture of your credit track record and gives them an indication of what type of borrower you are.
Some forms of bad credit are more likely to impact your chances than others. Lenders are less likely to fixate on a few late payment listings on your credit card from a year or two ago, but they’ll care if you have unpaid defaults, have filed for bankruptcy or recently applied for a stack of loans. That’s why lenders opt to drill down into your history rather than judge you on your score.
It’s important to remember that these credit checks are in your best interest. Credible lenders in Australia don’t offer ‘no credit check loans’ because they want the peace of mind you can afford to repay any money you borrow, which serves as part of their responsible lending obligations.
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.
Lenders will only factor wages deposited into your account by an employer or other consistent income source. If you’re a worker earning cash-in-hand wages and needing a loan, this income won’t count towards a same-day loan.
Your lender will have a series of eligibility requirements you’ll need to meet to qualify for a loan. These include:
In most cases, you should receive your money on the same day you apply; however, this will ultimately depend on several factors, including when you apply and your bank’s cut-off times and payment transfer speeds. Applying earlier in the day or week will increase your chance of same-day approval as lenders only process applications during standard business hours, meaning late-night processing isn’t available. Many banks have payment cut-off times, such as 6pm or on weekends, so the earlier you apply, the better your chances of a payment being made before the cut-off.
Yes – so long as your government benefits aren’t temporary (like JobSeeker). Fixed Centrelink benefits such as the aged pension and single parent payments are generally accepted as sole forms of income by most lenders. Other accepted payments include:
A range of factors can impact your ability to keep on top of your loan payments, including a divorce, a death or a job loss. It’s best to contact your lender as soon as your circumstances change. They can take steps to help you get back on track, including temporarily reducing or restructuring your repayments. Entering into a short-term arrangement is better for your credit score than defaulting on your loan entirely.
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.
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