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Small Loans Paid in 1 Hr
Need a small loan to tide you over? Savvy has you covered.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Author
Savvy Editorial TeamFact checked
Author
Savvy Editorial TeamFact checked
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 $2,050 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 $2,050 to $5,000
From as little as $2,050 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 from three months up to a maximum of two years.
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 messy paperwork
Don’t worry about sending through any physical documents: the application process is 100% online from start to finish.
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 fast approval on a small loan, you’ll also be able to access it from your account as soon as it’s transferred.
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.
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.
How to streamline your small loan application
Eligibility
First and foremost, there’s no point in applying if your application is likely to be denied immediately on eligibility grounds. To qualify for a small loan, you’ll have to meet the following criteria:
- 18 years of age or older
- Australian citizen or permanent resident
- Earned a stable income over the past 90 days
Borrow within your means
It’s always important to have an idea of the amount you’re capable of repaying before applying to maximise your chances of success. You can gain a rough estimate of your disposable income by subtracting your expenses from your total monthly income.
As a general rule, your loan repayments shouldn’t exceed a quarter of your disposable income.
Eligibility
Having your documents ready to submit from the outset of the application will help it progress along smoothly. The documents you’ll need to supply as part of the application process are:
- Your passport, driver’s licence, other valid photo ID or a combination of multiple
- 90 days’ worth of bank statements to show your income over that period
- Any Centrelink statements if applicable
- Proof of address via a recent bill
Don’t make multiple applications
While applying for as many small loans as you can in the hope one pays off may seem like it’d help you save time, what it actually can do is make it more difficult to be approved.
Each application will show up on your credit file, so if you’ve been applying unsuccessfully multiple times in quick succession, lenders will be able to see that. Always focus on putting everything into your first application and, if it’s unsuccessful, work out where you can improve for next time.
Have your online banking details ready
Your lender will require your online banking details to gain one-time access to your statements. Having these ready ahead of time, alongside the rest of your documents, will help streamline the process.
If you don’t have an online banking account, or don’t have the details, make sure you find them before submitting your application.
The institution that you bank with will also have an impact on how quickly you’ll receive your funds, as some banks and credit unions may take longer to process money transfers than others.
What our customers say about their finance experience
Savvy is rated 4.8 for customer satisfaction by 309 customers.
Your frequently asked small loan questions answered
A small loan is a type of personal loan that is smaller (micro loan) than traditional personal loans. These may range from $2,050 up to $5,000. Small loans have shorter terms than personal loans – a minimum of 16 days up to 24 months.
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.
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.
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.
There are two main fees on small loans: the application or establishment fee and the monthly service fee. The application fee is capped at $400 and monthly fees cannot exceed 48% of your loan amount annually.
You may choose from as quickly as 3 months up to 24 months.
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.
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. You won't be able to get a small loan in one hour with no credit check.
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.
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.
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.