Bad Credit Cash Loans

In a jam? Get unstuck with an online cash loan from Savvy.

Apply in less than 10 minutes.

Last updated on May 4th, 2022 at 02:52 pm by Bill Tsouvalas

Need a small personal loan? Have bad credit?

Bad credit cash loans

If you’ve had bad credit in the past and have been working hard to correct your financial situation, we can still come up short in emergencies. Savvy helps people with bad credit find a personal loan that suits their needs to help them through tough times. We can help you approved for small personal loans that suit your budget ranging from $500 up to $25,000. Our friendly consultants help you through the process so you get what you need – fast. Once approved, you can have your funds to you within 24 hours.

Get approved with Savvy

Sometimes bills crop up that we don’t expect – an at-fault car accident may require you to pay an excess; you may need to fix a broken appliance; your computer which you rely on for work may need repair or replacement; you need emergency medical treatment; or perhaps a larger than expected utility bill comes in. Some cases we may need to travel immediately to visit sick or in-distress loved ones. No matter the reason, Savvy works with you to find instant cash loans for people with bad credit with reasonable repayment schedules and interest rates.

The bad credit cash loan specialist

How to get approved for a bad credit cash loan

Your bad credit cash loan questions answered

What is a bad credit cash loan?

A bad credit cash loan is a type of personal loan that is smaller than traditional personal loans and is for customers who may have bad credit. These may range from as little as $500 up to $5,000 with loan terms of 3 months up to two years. These cash loans have higher interest rates than other cash loans, as lenders deem people with bad credit higher risks.

Am I eligible for a bad credit cash loan?

The eligibility criteria are as follows:

  • Must be over 18
  • Must be an Australian citizen or permanent resident
  • Must have an active email address or mobile phone
  • Must have received income to a bank account within 90 days of application
I have been released from a bankruptcy or Part IX Debt Agreement. Can I apply?

You must be discharged from a bankruptcy or Part IX Debt Agreement for a minimum of 12 months to be eligible and show six months of responsible banking and financial practices.

Is this like one of those payday loans with big interest rates?

No. A payday loan requires borrowers to pay back the loan when they get their next pay packet. This is done via direct debit. Payday loans are also regulated by the government. Small loans carry a 20% mandatory establishment fee and a monthly fee of 4% for sums up to $2,000. Our small cash loans are regulated in the same way, with interest rates based on market rates and your risk profile.

Do I need to pay back the loan quickly?

No, you do not have to pay the loan back within a matter of weeks. You may choose from as quickly as 3 months up to 24 months.

What is an unsecured loan?

Unsecured loans are loans that do not require collateral, e.g., an amount to be borrowed against an item or asset. Secured loans take an asset such as a car or appliance as collateral, in the case of non-payment. Bad credit cash loans may require borrowers to put up some kind of security to apply.

I receive Centrelink, can I apply for a bad credit cash loan?

Yes, Centrelink benefits recipients are eligible to apply. However, we cannot guarantee approval in all cases. Please discuss your options with your consultant.

I am on Centrelink benefits, can I apply for a small loan?

Yes; we can arrange small loans for benefits recipients. Conditions may apply.

How long does it take to apply?

It only takes a few minutes to apply for a small loan using our secure online forms 24×7; or you can talk to one of our consultants over the phone.

Explaining bad credit cash loans

Pitfalls to avoid with bad credit loans

Bad credit cash loans are a particular type of credit – similar to personal loans but not quite the same. However there are some things to avoid when considering a bad credit cash loan. You should be cautious when applying for a loan – it isn’t a loan for “just because,” it should be for emergencies. That’s because repayments can prove higher than usual personal loans due to shorter terms usually from a few weeks up to a year. You should use a personal loan repayments calculator to figure out how much you will owe. Fees can also be higher due to the nature of the loan.

Do you have bad credit? How to check

A lot of us confuse poor finances with bad credit – if you can’t afford emergency purchases in a lump sum, it doesn’t necessarily mean you have bad credit. Bad credit shows up as defaults, debt agreements, or bankruptcies on your credit file. However excessive credit applications without approval can also make your credit history appear “bad” to some lenders. The best approach is to obtain your credit history to see where you’re at. You can also talk to a broker who can approach multiple lenders on your behalf – you’ll be surprised what kind of loans they can find.

Why paying via credit card can cause more trouble

Many of us have credit cards – about 16 million of us according to current statistics. However, the temptation to put on emergency bills or urgent purchases on the credit card is high. If you already have one, you don’t have to apply for a credit card like you do a loan. However credit card interest rates are high (sometimes as much as 24% p.a.) and indefinite; you can pay off a credit card in as long time frame as your minimum payments allow. A loan has a “cap” on interest charges, as you must pay back the balance within a given timeframe.

Why are bad credit interest rates the way they are?

In banking and finance, every decision by lenders is based on risk. How much risk can a lender take on by lending to someone with bad credit? Bad credit is a track record of not paying back on time or in full. That means the risk to the lender is higher. To absorb the risk of lending to someone with bad credit, they increase interest rates. This is not to “punish” bad credit borrowers, but to cover the cost of default. The upshot to paying back loans over time is that your credit will eventually improve..