Cash Payday Loan

Need cash fast? Apply for a payday loan with Savvy today.

Apply in less than 10 minutes.

Last updated on July 8th, 2022 at 04:47 pm by Kurtis Eichler

Get your cash payday loan approved 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.

How much can I borrow with a cash payday loan?

Depending on what you can comfortably afford, you can be instantly approved to borrow between $300 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:

  • Regular income and living expenses
  • Any savings you have in the bank
  • Your wider credit history
  • Whether you have any defaults or past/current payday loans

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.

How fast will I receive my payday loan funds?

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.

Additionally, 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.

How much will my cash payday loan cost?

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 calculated at 20% of your loan amount if your loan is up to $2,000, while larger loans come with a flat fee of $400. This cost is charged when you take out your cash advance loan and rolled into your borrowing amount. 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 charged on loans up to $2,000 charge at up to 4% of your amount. For loans up to $5,000, your fees are capped at 48% over 12 months.

Borrowing up to $2,000 allows you to take between 16 days and one year to repay your payday loan, while larger loans have maximum term limits of two years. 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.

Frequently asked cash payday loan questions

How do I qualify for a cash payday loan?

All lenders have a set of eligibility criteria which you’ll need to satisfy before you apply and receive an instant outcome. These include:

  • Over 18 years old
  • Earning a regular income for at least three months
  • Australian permanent resident or citizen
  • No existing payday loans
  • Working mobile number and email address
  • Easy access to 90 days’ worth of bank statements online


You will also need to provide several documents to verify your identity. Lenders will usually request a driver’s licence or passport and a Medicare card.

Can I apply for a cash loan if I have bad credit?

Yes – bad credit doesn’t tend to matter with short-term cash loans. Lenders prefer to take a complete look at your borrowing history (such as credit card limits, defaults and repayment history) rather than just focus on your bad credit score.

How often can I repay my cash payday loan?

You’ll get the option of weekly, fortnightly or monthly repayment options on your cash loan. This allows you to schedule your repayments around when you’re paid, making it more manageable for you overall.

Can I use a cash payday loan to consolidate debt?

Yes – you can borrow money to consolidate debt such as overdue bills or other outstanding expenses. Bundling these expenses together can make them easier to manage and repay. However, you can’t use your payday loan funds to repay existing short-term finance directly.

Can I get a cash payday loan if 100% of my income comes from Centrelink benefits?

Yes – you can still apply for a payday loan if fixed government benefits make up all of your income. If you want a loan and you’re unemployed, temporary measures such as JobSeeker or Youth Allowance can’t be factored in on their own. However, eligible benefits include:

  • Aged, disability or veterans’ pensions
  • Carer and single parent payments
  • Child care subsidies
  • Family Tax Benefit Part A or B
Can I get a cash payday loan if I’m on a student visa?

Lenders generally require loan applicants to be permanent Australian residents, so it’s unlikely you’ll get approved for finance if you’re a student in the country on a temporary visa.