Payday Loans Same Day

Need a payday loan? Get same-day approval with Savvy.

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 09:10 am by Kurtis Eichler

Same-day payday loans from $300

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 $300 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, depending on how much you borrow with a same-day payday loan. Loans up to $2,000 come with terms up to one year, while those above $2,000 allow you to repay over 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 calculated at 20% on loans up to $2,000 while those above $2,000 attract a flat fee of $400. Monthly fees are calculated at a capped rate of 4% on loans up to $2,000. If you borrow more than $2,000, your fees won’t eclipse 48% of your amount over 12 months.

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
12 months
15 months
18 months
24 months

Your same-day payday loan questions answered

What can I spend my same-day payday loan on?

Small payday loans are incredibly versatile and can be used to cover a range of costs. You can use a loan to pay for:

  • Living expenses such as groceries, fuel or utility bills
  • Veterinary or medical costs
  • Home renovations or repairs
  • Car maintenance
  • Debt consolidation
  • Travel costs such as flights and accommodation
  • Furniture or new appliances


While quick loans are very flexible, there are a few restrictions. You cannot use your loan funds towards gambling or paying off another payday loan.

Can I take out a payday loan while repaying another?

It’s highly unlikely a lender will approve you for a new payday loan if you’re already repaying another. Having too many small same-day loans can negatively impact your credit score and your approval chances on other financing options in the future.

Can I apply for a loan if I have unpaid defaults?

While it is much harder to get payday loan approval if you have defaults on your credit file, there may be some lenders who can help you with same-day cash advance loans by considering when the defaults were listed and your broader borrowing history.

What documents do I need to apply?

Lenders require you to submit 100 points of identification to verify your identity. Eligible documents include:

  • A driver’s licence
  • A Medicare card
  • An Australian or foreign-issued passport
  • A birth or citizenship certificate
  • Mortgage documents
  • A utility bill (under six months old)
  • Bank statement
  • Proof of age or Centrelink pensioner concession card
Can I get approved on the same day if I receive 100% of my income from Centrelink?

Yes – you can be approved for a loan if Centrelink payments are your sole form of income. However, you must be collecting a fixed benefit, so temporary payments such as Youth Allowance, JobSeeker, Austudy and ABSTUDY are ineligible on their own. Some of the eligible ongoing payments include:

  • Aged, veteran’s or disability pension
  • Child care subsidy
  • Carers payment
  • Family Tax Benefit Part A or B
  • Single parent payment