Need cash fast? Apply for a payday loan with Savvy today.
Finding yourself short of cash when you’re between pay cycles can be incredibly frustrating, especially if the bills keep arriving thick and fast. Savvy can lend a hand if you need payday loan cash to give yourself some breathing space.
Getting a cash loan is as simple as applying from your smartphone or computer. Every step of our process is online, from the moment you apply to the moment you’re approved and paid out. Don’t wait around for your next pay day: apply with Savvy today.
Depending on what you can comfortably afford, you can be instantly approved to borrow between $2,050 and $5,000 with a quick cash loan. Lenders will take into account several factors when considering you for approval, including what you earn and spend. This is known as your borrowing power and allows lenders to assess your current situation when considering you for loan approval. Some of the variables which impact your borrowing capacity include:
Lenders will enable you to factor in a range of income streams, such as investment income, superannuation withdrawals or fixed and ongoing Centrelink payments. These can be declared when you submit your initial application and the only requirement is that they must be consistent, stable and unconditional forms of income.
You should receive your loan funds on the same day you apply in most cases, which is handy if you need cash today. Once you’re offered formal approval and sign and return your loan contract, your lender can release your funds to your nominated bank account. Several factors will determine whether your cash hits your account on the same day, though, including how fast your bank processes payments and the timing of your application.
Transfer and cut-off times vary from bank to bank, but typically payments are quicker during business hours and slower overnight and over the weekend. In some cases, it can take up to three days to receive a payment which is sent from another financial institution.
If you're chasing a very quick cash loan, applying earlier in the day or week will reduce the chance of payment being held up overnight or over a Saturday or Sunday. Because payday lenders aren’t open 24/7 to process applications, starting your application early means there is less risk of approval being delayed.
The cost of your cash advance or loan will come down to how much money you borrow and how long you choose to take to repay it, as it comes with a few fixed fees which are determined by your loan’s size and term.
An establishment fee is charged as a flat fee of $400, which is rolled into your loan repayments. Lenders will take into account these fees when they’re considering you for approval on a loan amount. In terms of monthly fees, they’re capped at 48% of your loan amount over 12 months.
You can take between 16 days and two years to repay your payday loan. Your loan term will impact the value of your repayments and how much you pay in fees. For example, while taking out a $2,500 loan over 12 months instead of 15 would increase your repayments by $41 each month, you’d save $300 overall on monthly fees.
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.