Quick Cash Payday Loans

Chasing some quick cash? Get a payday loan with Savvy today. 

Apply in less than 10 minutes.

Last updated on July 15th, 2022 at 04:56 pm by Kurtis Eichler

Get a quick cash payday loan today

Do you need to get your car back on the road or pay off some expensive power or phone bills? If you’re in need of some quick, easy cash to get you through a tight spot, you can turn to Savvy. We’ve helped many Australians in need of urgent funds get approval on their payday loan application through our understanding lending partners.

Every stage of the application process is online, letting you get instant outcomes when you apply and allowing for fast depositing of your loan funds if you’re approved. Kick off your application and apply with Savvy today.

How quickly can I get a cash payday loan?

Typically, funds should hit your bank account on the same day you apply for your payday loan. If you tick all the lender’s boxes and get a formal offer for a loan, they should release your money once you sign and return your digital loan contract.

However, this will depend on when you apply online and how fast your bank processes payments. As lenders aren’t open to process applications 24/7, it’s a good idea to apply early in the day or week. This improves your chances of a same-day payday loan approval and payout and will help avoid your loan process dragging out across multiple days.

Transfer speeds also vary depending on who you bank with, with some institutions taking longer than others to process payments. In most cases, if your lender releases your funds during your bank’s business hours, they should be in your account that day. If there’s a delay, though, you have the peace of mind that your money will be in your account very soon.

How soon you get your loan funds can also depend on your financial situation. If your application is a little trickier, it could hold up the approval process as lenders may need more time to assess you or require further documents or information.

How do I apply for a quick cash payday loan?

Applying for payday loan cash with Savvy is fast and easy, as the entire application process is online. Before you get the ball rolling on your loan application, it’s important to check you’re eligible to apply for a loan. The eligibility criteria are generally the same from lender to lender and can be found on your lender’s website. These include:

Requirement Details
Age
Over 18 years old
Residency
Permanent resident or citizen of Australia
Income
Earning a steady income for at least the past 90 days
Debts
No active short-term loans
Contact
An active phone number and email address
Banking
Access to 90 days’ worth of online statements via internet banking

Once you’ve ticked all the boxes, you can move onto completing your application. As part of your initial application, you’ll need to supply some basic information, such as your full name, age, employment situation and income after tax.

You’ll need to provide some identification so your lender can verify your identity. Lenders will usually request your driver’s licence or passport information, as well as potentially a government-issued proof of age or Medicare card. Once these are supplied, you can submit your cash payday loan application and receive an instant outcome.

If you receive instant approval, your lender will need to confirm the information you’ve provided to give your application the formal seal of approval. This includes running a quick credit check and reviewing your online bank statements to gauge your financial circumstances.

After these checks are complete, your lender should be in a position to offer you formal approval on a fast cash loan, which can take place as soon as one hour after you apply. You’ll be sent a contract to sign and return which confirms the terms of your agreement, such as the size, length and cost of your loan, after which the funds can be sent to your account.

How much will my cash payday loan cost?

Online payday loans come with several fees. However, what your loan ends up costing you will depend on several factors, such as your loan size and term. These loans come with an establishment fee and a monthly fee, which are both rolled into your loan repayments. The way these are calculated are:

$300 to $2,000 $2,001 to $5,000
Establishment fee
Calculated at 20% of your loan amount
A flat fee of $400
Monthly fee
Calculated at 4% of your loan amount
Fees are capped at 48% over 12 months

While it’ll increase the value of your repayments, choosing a shorter loan term will save you money on monthly fees. For example, if you took out a $2,000 loan over nine months instead of 12, your repayments would rise by $67 per month but you would save $240 in monthly fees overall.

Answers to your quick cash payday loan questions

Can I get an instant cash loan on the weekend?

While many lenders only approve and fund loans during the week, as per their business hours, there are some who’ll be able to pay out your loan on a weekend. However, it’s important to remember that bank transfer times are generally slower on Saturdays and Sundays, so your funds could be held up from reaching your account in some cases.

Can I get a fast cash loan if I’m unemployed?

Yes – as long as you’re earning some form of steady income, being unemployed isn’t an issue if you want a loan. You can use income through fixed Centrelink benefits (such as aged or disability pension or single parent payments), investments or superannuation towards your loan. Temporary Centrelink benefits, such as JobSeeker or Youth Allowance, won’t qualify on their own.

Can I get a cash loan with fast approval and no credit check?

‘No credit check’ loans aren’t offered among responsible lenders. Reputable financiers will ensure every applicant undergoes a credit check as part of their responsible lending obligations. If you’re worried about a credit check because you have bad credit, though, your score is unlikely to be an issue on these loans; lenders are more interested in your ability to repay your debt in the here and now.

I’m a discharged bankrupt. Can I still apply?

Yes – if you’re a discharged bankrupt, you can be considered for a loan. A lender will ensure you’re earning enough to cover your regular repayments as part of the application process.

Can I repay my payday loan on my next pay day?

Yes – so long as your next pay day is at least 16 days from when you took out your loan. Licenced lenders can’t offer shorter loan terms than this as part of their responsible lending guidelines.