Payday Advance

Get your payday advance approved up to $5,000 today with Savvy.

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Last updated on August 1st, 2022 at 05:14 pm by Thomas Perrotta

Get instant approval on your payday advance application

Untimely expenses can occasionally pop up between pay days at a time when you’re just short of the funds you’re looking for. Fortunately, though, there are options available to you designed to help you cover those costs, which is where a payday advance can come in handy.

You can apply for your loan 100% online right here with Savvy. We’re partnered with lenders who can approve your application quickly and enable you to access the funds you need when you need them. Get your application started with us today.

How does a payday advance work?

A payday advance is simply another name for a cash or small loan. This is a type of loan designed to be approved and paid quickly to help borrowers cover small costs between $300 and $5,000. From there, you can repay your loans over as little as 16 days up to two years in some cases (maximum of one year for loans of $2,000 or less). You can choose whether to make your repayments on a weekly, fortnightly or monthly schedule in most cases, which enables you to space out your repayments over a period which suits you.

They’re different from other loans in Australia in that they come without interest, instead charging a set of fixed and capped fees. Without any hidden costs, you can clearly work out how much your loan will cost you over the course of your repayments. The main fees on these loans are:

  • Establishment fee: a charge calculated at up to 20% of your total loan amount and split evenly amongst your repayments. This is capped at $400 for loans above $2,000, meaning you’ll never pay more than this overall.
  • Ongoing fees: these fees are charged each month of your loan term and are set at a maximum of 4% of your total loan amount. This is capped at 48% per year for loans above $2,000.

The two main influences on the cost of your loan are its size and its repayment term. It’s important to bear this in mind when applying for your loan, as you could save hundreds of dollars (if not more in some situations) by opting for a shorter term. The table below demonstrates how much of an impact different term lengths can have on the cost of your $2,000 loan repaid fortnightly (with a $400 establishment fee and $80 monthly fees):

Loan term Repayments Total cost Total saving
12 months
Ten months
Eight months

How can I get a payday advance?

You can apply for your small payday advance loan in Australia right here with Savvy. With a range of reputable lenders counted amongst our partners, you can have your application approved and funded before you know it.

First and foremost, you’ll have to share a bit about yourself so your lender can gain a better picture of your profile. Some of the information you’ll need to provide includes:

  • Your contact information
  • Why you need money now
  • Whether you rent, board or own property and how much it costs to do so
  • Your income after tax
  • Your employment and how long you’ve been working there

You’ll also have to provide your lender with identifying documents to prove that you are who you say you are, which most commonly come in the form of your driver’s licence and Medicare card, as well as access to 90 days’ worth of bank statements (which are safe and read-only).

From there, you can submit your application and receive an instant outcome. If approved, your lender will commence the formal assessment process soon after to determine whether you’re a suitable candidate to take out the loan you’re applying for. They’ll assess your credit file and bank statements along with your other information and, if they’re happy with everything, will offer formal loan approval soon after.

All that’s left to do on your end from there is sign the loan contract which confirms all the key details of your agreement and return it to them, after which they can transfer your money to you.

How quickly can I receive my payday advance funds?

In most cases, you’ll receive the money in your account on the same day you apply. However, there are several factors which will ultimately determine how soon the funds reach you. These include:

  • Whether your lender needs more information: in some cases, a lender may ask for additional information or documentation before offering formal approval. This may delay the overall process slightly.
  • The time of your application: submitting your application outside of business hours will mean that, while you can receive an instant outcome, your lender won’t be able to formally process and approve you.
  • Your bank’s processing time: even if your application is approved and funded quickly, the time it takes to hit your account may ultimately come down to your bank’s transfer times. Some banks may take longer than others and there may be times when processing is slower, such as for loans with weekend payouts.
  • Your profile: if you have bad credit, your lender will want to see that things such as defaults and bankruptcy won’t get in the way of your repayments. If these are active and show up on your file, they may take more time to review your application.

More payday advance queries answered

Can I get a payday cash advance with no credit check?

No – all lenders are required to do their due diligence when assessing applications and making sure the borrower is in a position to take on the commitment of a loan. Because of this, there’s no such thing as a lender which approves everyone, guaranteed loan approval or fast finance with no credit check among reputable lenders. However, having bad credit doesn’t have to be an obstacle to loan approval, as our lending partners are more interested in your ability to manage your loan repayments than your score.

Am I able to make early repayments on my payday advance loan?

Yes – payday advances come with free early repayments, meaning you can pay above and beyond the minimum required amount if you wish to. In doing so, you can potentially save a significant amount on your loan by shortening your term.

What can I use a payday advance loan for?

Payday cash advances are highly flexible in terms of the ways they can be used. Some of the most common uses for these loans include:

  • Paying for emergency medical expenses
  • Covering the cost of repairing your car
  • Helping you invest in your startup business
  • Paying for flights and accommodation for your next trip
  • Funding important home repairs or improvements
Does it matter where I live when applying for a loan?

No – regardless of whether you’re looking for a loan on the Gold Coast or Perth, you can apply. Because the process is 100% online, it doesn’t matter whether you’re in a big city or a small country town.