Three-Month Payday Loans

Need a short loan? Apply for a three-month payday loan with Savvy.

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Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Short-term payday loans can be handy when you need money for home or vehicle maintenance, have to pay a few urgent bills or anything in between. When you turn to Savvy, we can help you get a loan for just three months to help you cover a range of costs.

By applying with us, you’ll be connected to one of our lending partners who offer flexible loan repayment options. It’s super easy to apply, so get the process started with Savvy today.

Can I get a payday loan over three months?

Yes – you can get a payday loan with a repayment term of three months. When you apply for a payday loan online, you’ll be given the option of borrowing anywhere from $2,050 to $5,000. You’ll then be given the choice of repaying your loan over a term of just 16 days to two years in length.

Once you’ve chosen your loan amount and selected the reason you need it, you can start the initial application. This doesn’t take long to complete and involves sharing some personal information and employment details, such as how long you’ve had your current job and how much you earn after tax. After these have been supplied, you’ll receive an instant outcome on your quick cash loan application.

If you’re instantly approved, your lender will proceed to the next stage of the process. This involves confirming the information you’ve provided in the initial application through a no-fuss credit check. They’ll also review 90 days of online bank statements to confirm your income, recent spending and regular expenses. If all of these checks go smoothly, you should receive formal loan approval very soon after.

How much will my three-month loan cost me?

These types of finance come with fixed fees, but how much your three-month loan ends up costing you will come down to how much money you intend to borrow.

These short-term loans come with two types of fees: an establishment fee and a monthly fee. The ways these apply to your loan are as follows:

  1. Establishment fee: one-off fee built into your repayments, charged at no more than $400
  2. Monthly fee: charged for each month of your loan and split among your repayments, capped at 48% of your loan sum over 12 months.

The size of your loan will ultimately decide how these apply. Lenders will take into account the size of your loan repayments when considering you for approval to ensure they are manageable on your current income. Read our table to see how these fees apply to loans of different sizes:

Loan size Loan term Set-up cost Monthly fees Monthly repayment Total cost
$2,050
3 months
1 x $400
3 x $82
3 x $898.67
$2,696
$3,000
3 months
1 x $400
3 x $120
3 x $1,253.33
$3,760
$4,000
3 months
1 x $400
3 x $160
3 x $1,626.67
$4,880
$5,000
3 months
1 x $400
3 x $200
3 x $2,000
$6,000

How quickly can I receive my payday loan funds?

In the majority of cases, you should receive your payday loan funds on the same day you’re approved. However, this will depend on when you apply and how fast your bank processes payments.

Direct lenders will release your funds soon after your loan contract is signed and returned. While your money should be available in your account on the same day in most cases, this may ultimately depend on your bank’s transfer speeds. These vary from bank to bank, although most will process payments made before 6pm on the same day. If there is a delay, though, you’ll have the peace of mind that you’ll receive your money very soon after.

Direct lenders won’t approve and fund applications 24/7, so applying early can improve your chances of getting same-day approval. By applying earlier in the day and week, there’s less of a chance of the application process running overnight or into a weekend.

If you do find yourself in need of some emergency cash over the weekend, though, some lenders offer weekend payouts in Australia. You can apply for a loan on the weekend with Savvy and connect with one of our lenders who are open on Saturdays and Sundays.

Why apply for a small loan with Savvy?

Got a three-month payday loan question?

How do I qualify for a three-month payday loan?

Lenders have a series of eligibility criteria you’ll need to satisfy to apply for a loan. These are generally the same across the loan market and include:

  • Age: at least 18 years old
  • Income: earning a steady income sufficient to comfortably support your repayments
  • Residency: a permanent Australian resident or citizen
  • Debt: no active payday loans
  • Contact: active phone number and email address
  • Internet banking: access to 90 days of bank statements
What documents do I need when I apply for my loan?

If you're chasing some cash today, you’ll be required to upload several documents to your lender’s portal to verify your identity. Your lender will generally ask for two of the following:

  • An Australian driver’s licence or passport
  • A Medicare card

 

If you’re unable to supply these, lenders will usually accept a mix of the following:

  • A birth or citizenship certificate
  • A pension card or Medicare card
  • A council rates notice or utility bill
  • An overseas driver’s licence
  • A tax office notice of assessment
  • A proof of age card
Can I apply for a short payday loan if I’m unemployed?

Yes – you can apply for a loan if you’re currently out of work, so long as you’re earning some form of stable income. Investment revenue, superannuation withdrawals and fixed Centrelink benefits all qualify as forms of stable income. Eligible Centrelink benefits include:

  • Aged, disability or veterans’ pension
  • Carers payment
  • Child care subsidy
  • Family Tax Benefit Part A or B
  • Single parent payment
If I have bad credit, can I still apply for a payday loan?

Yes – you can get a payday loan with bad credit. Unlike the big banks or larger lenders, our partner lenders will run a no-hassle credit check to look at your wider borrowing history, rather than purely focusing on your score, when considering you for a loan. This allows them to get a crystal-clear picture of your credit track record.

Can I apply if I’m self-employed?

Yes – you can apply if you work for yourself and earn a stable income. Direct lenders will review your online bank statements to check you’re earning a consistent stream of income when considering you for a loan and may conduct further checks to ensure your business is doing well enough to support you over the next three months.

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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.