Payday Loans Same Day
Need a payday loan? Get same-day approval with Savvy.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
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When you need a quick loan, enduring a long wait for approval can be frustrating. At Savvy, our rapid loan processes mean you can get approvals and funding as soon as the same day you apply for a payday loan.
Our 100% online approval process is fuss-free. You can apply day or night from wherever you live in Australia using a smartphone or computer, so stop waiting around and apply with Savvy today.
How do I get a payday loan on the same day I apply?
If you need a payday loan today, starting the process is as simple as applying online with Savvy. Firstly, you’ll have to meet a few payday loan eligibility criteria. You’ll have to tick off the following to be considered for an online loan:
- Over the age of 18
- A permanent Australian resident or citizen
- Earning a steady income
- Access to your bank accounts via the internet
- An active mobile number and email address
After you provide all the required documentation, you can send off your application and receive an instant response. If you’re successful, you can be granted formal loan approval very soon after and, in most cases, your funds can be transferred and received as soon as the same day you applied.
Putting together a strong application can help speed up your approval. Lenders will have your affordability front of mind when they review your application, so applying for a smaller loan, earning a higher income, showing frugal spending habits and having a steady savings history can all help your case for faster loan approval. If you’ve had payday loans in the past, showing you’ve paid them off on time and in full without issue can also help your case.
Lenders will run a credit check to review your borrowing history, which will include your payment track record on similar loans and wider finance history. If you’ve got bad credit and are worried about a credit check, don’t fret: this isn’t designed to solely check your score. It helps paint a picture of a borrower’s ability to repay their loan by checking if they have any defaults or outstanding payday loans. Lenders are more focused on your ability to repay in the here and now than your credit score when assessing your file.
How much can I borrow with a same-day payday loan?
Payday loans allow you to borrow between $2,050 and $5,000, but how much you can borrow comes down to a variety of factors, including:
- How much you earn and your regular expenses
- Your employment and its stability
- Your history of repaying similar loans
- Whether you have any savings at bank
Before applying for a loan, it’s a good idea to have a rough idea of your borrowing capacity so you don’t overextend yourself.
You can repay your loan anywhere between 16 days and two years. While paying your loan off over a longer term will reduce the value of your repayments, you’ll save money by repaying over a shorter time frame.
You can also repay your cash advance loan early. Making extra payments on your loan can fast-track its repayment and save you money on fees. Payday lenders don’t charge customers early repayment fees, so you won’t incur additional costs if you decide to repay your loan earlier than planned.
What will my same-day payday loan cost?
There are also several additional charges which apply to your payday loan. These are rolled into your loan amount and come on top of your regular repayments. There are two types of costs: establishment and monthly fees. Establishment fees are a flat charge of $400, while monthly fees are calculated at a capped rate of 48% of your loan amount per year.
Taking a quick online same-day loan out over a shorter term can sometimes save you hundreds of dollars each year on monthly fees. Our easy-to-follow table shows you how much you can save on a loan of $2,500:
| Loan Amount | Loan Term | Establishment Fee | Monthly Fee | Regular Monthly Repayment | Total Cost |
|---|---|---|---|---|---|
|
$2,500 |
12 months |
$400 |
$100 |
$341.67 |
$4,100 |
|
$2,500 |
15 months |
$400 |
$100 |
$293.33 |
$4,400 |
|
$2,500 |
18 months |
$400 |
$100 |
$261.11 |
$4,700 |
|
$2,500 |
24 months |
$400 |
$100 |
$220.83 |
$5,300 |
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Your same-day payday loan questions answered
Small loans to suit your circumstances
Helpful small loan guides
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.
