Payday Advance
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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 $2,050 and $5,000. From there, you can repay your loans over as little as 16 days up to two years and choose whether to make your repayments on a weekly, fortnightly or monthly schedule, enabling 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 capped at $400 regardless of the loan size, which is built into your repayments.
- Ongoing fees: these fees are charged each month of your loan term and are capped at 48% of your loan amount per year.
The two main influences on the cost of your loan are its size and 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 |
$129.23 |
$3,360 |
N/A |
|
Ten months |
$145.45 |
$3,200 |
$160 |
|
Eight months |
$168.89 |
$3,040 |
$320 |
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.
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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.
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.
