Small Personal Loans

Need a small loan to tide you over? Savvy has you covered.

Need a small loan to cover the unexpected?

Get the cash you need, fast. Savvy helps with a bit of extra cash when needed.

Sometimes life can throw unexpected bills at us such as medical bills, emergency repairs and home improvements. Credit cards aren’t always the answer, though, so small personal loans can be a stop-gap solution to urgent cash needs. A small loan is a short-term finance option that allows people to borrow small amounts of money, usually from about $300 to $5,000.

Savvy works with you to provide instant small finance to help you through any emergencies, giving you a range of repayment options that won’t break the bank. With outcomes in 60 seconds and funds sent to you on the same day, you can cover any sudden expenses and pay for them at a more manageable speed with an application through Savvy. All of the details are presented upfront, so we give you the power to make an informed decision.

The features and benefits of small personal loans

Same day money

Your application can be turned around and have your money sent to you in as little as one hour to cover your costs fast.

Borrow from $300 to $5,000

From as little as $300 all the way up to $5,000, your instant cash loan can be used to pay for a wide variety of expenses.

Select your repayment term

As part of your small loan, you can also choose repayment terms as short as 16 days up to a maximum of two years.

No messy paperwork

Don’t worry about sending through any physical documents: the application process is 100% online from start to finish.

Diverse income streams

You can apply for your small loan with a range of acceptable incomes: full-time, part-time, casual, self-employed, Centrelink or a combination.

No hidden fees

Because all of your fees are fixed, capped and outlined in your loan agreement, there won’t be any unwelcome surprises for you.

Set repayments

Because of the fixed nature of small loans’ added fees, your instalments will remain consistent throughout your term.

Direct transfer into your account

Not only will you receive your money quickly, you’ll also be able to access it from your bank account as soon as it’s transferred.

Small loans sorted – fast and easy

Need money fast? Don’t stress. Apply online and get approved

How to streamline your small loan application

Follow these simple steps to help you navigate your small loan application

Your frequently asked small loan questions answered

Have a read through the common questions below to find out more about small loans.

What is a small loan?

A small loan is a type of personal loan that is smaller (micro loan) than traditional personal loans. These may range from as little as $300 up to $5,000. Small loans have shorter terms than personal loans – a minimum of three months up to 24 months.

What can I use a small loan for?

You may use a small loan for a variety of purchases, such as urgent replacement of appliances, computers, or electronics; sudden medical bills; emergency travel; temporary cash flow problems; unexpected utility bills; legal or administrative bills; anything that requires urgent payment which you cannot cover under normal circumstances.

Is a small loan like a payday loan?

Yes – while payday loans used to be a separate product that was run and regulated differently (namely that they were designed to be paid by your next payday), changes in government regulation have meant that payday loans and small loans are essentially two names for the same product.

How long does it take to apply?

A quick application on our site will only take a few minutes to fill out, from which point you’re connected to your lender in 60 seconds. You’ll then complete a further form on their site, which will only take a further five to ten minutes.

How are the fees on small loans calculated?

There are two main fees on small loans: the application or establishment fee and the monthly service fee. For loans up to $2,000, these are capped at 20% and 4% of your loan amount, respectively. For loans above $2,000, however, the application fee is capped at $400 and monthly fees cannot exceed 48% of your loan amount annually.

How long do I have to pay a loan back?

You may choose from as quickly as 3 months up to 24 months.

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

Generally, Centrelink benefits will be accepted if they’re considered stable and consistent. This means that income derived from age, disability, veterans’ and carers’ pensions, as well as family tax benefits and parenting and child care payments, can all be accepted when applying for a cash loan.

However, conditional income such as Youth Allowance, Austudy, Abstudy and JobSeeker payments aren’t accepted, as recipients can feasibly become ineligible due to age, job or study status. JobSeeker can be counted to supplement family tax benefits, but otherwise isn’t accepted.

What if I have had bad credit in the past?

Yes – we can help people who have a bad credit history apply and get approved for a small loan. We assess your current financial situation instead of using your credit history as the sole factor for approving or declining a loan: lenders are more concerned about your ability to repay the loan rather than your borrowing history and credit score.

Are online applications secure?

Yes – both our and our lenders’ portals are extremely secure and encrypted to ensure that your information can’t fall into the wrong hands. At Savvy, the importance of privacy is paramount to us.

Should I use a credit card instead of a cash loan?

Credit cards aren’t the best option when it comes to making purchases for amounts greater than what you could repay within one month. This is because, outside of their interest-free periods, credit cards usually charge a very high interest rate up to (or greater than) 25%. Therefore, if you have any debts that can’t be repaid inside the interest-free period, you could end up paying much more for it.

The difference with cash loans is that repayments are consistent and fees are transparent, so you can take your time without having interest stacking up on your debt.