Small Loans

Apply for your small loan with Savvy today and get approved fast.

Apply in less than 10 minutes.

Last updated on June 28th, 2022 at 02:15 pm by Thomas Perrotta

Looking for a small loan to help you cover your expenses?

Apply with Savvy and get approved for up to $5,000 as soon as today.

When life throws you a curveball, it’s important to know that there are options you can turn to. Whether it’s an unexpected medical bill, urgent car repairs or simply to help you manage your expenses in between pay days, a small loan can help you bridge the gap.

With so many lenders on the market, you might not know where to start. Fortunately, Savvy takes the guesswork out of the application process. We’re partnered with reputable small loan financiers who can help provide you with quick and easy financial solutions, all 100% online. Applying with us will enable you to receive an instant outcome and peace of mind that the funds you need will be available for you to use. Start your application with us today.

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How a small loan can help you manage your debts

Borrow up to $5,000

You can get approved for a small loan as little as $300 up to a maximum of $5,000, making them suitable for a wide variety of needs, big or small.

Flexible repayment terms

Depending on how much you borrow, you can repay your loan over as little as 16 days up to a maximum of two years in line with a term that suits your needs.

100% online applications

You won’t have to leave the comfort of your home when applying for your small loan, with the process taking place online from application submission to signing your contract.

Fixed instalments

The cost of your repayments will be clearly set out in your loan contract, enabling you to accurately and confidently budget around each repayment.

Rapid approval and payment

In most cases, your application can be approved and the funds can hit your bank account on the same day you apply, giving you access to your funds fast.

Capped fees

There won’t be any hidden fees on your loan agreement, nor is there any interest, so you’ll know exactly what your loan will cost before you sign your contract.

Free early repayments

Although these loans have fixed repayments, you won’t be penalised for paying off your agreement ahead of schedule, enabling you to potentially save a considerable amount of money.

Available to bad credit borrowers

It doesn’t matter if you’ve struggled with credit in the past. Small loan financiers can approve applications from borrowers with bad credit.

Why you should apply for your small loan with Savvy

Get an instant approval for your small loan

What are small loans and how do they work?

Small loans, otherwise known as payday loans, are a type of finance designed to be taken out and repaid over a short term. In terms of how these loans work, they can be taken out for as little as $300 up to a maximum of $5,000 and repaid over a term of 16 days to one year (for loans up to $2,000) or two years (for loans above $2,000). You can choose the repayment cycle which best suits your needs, with weekly, fortnightly or monthly repayments available. However, you can repay these as fast and as often as you wish, as lenders don’t charge any early repayment costs for doing so.

Small loans are highly flexible. Like personal loans, your funds can be distributed just about any way you wish. There’s a variety of potential uses for which you might look to a small cash loan, including the following:

Your repayments are fixed based on the amount you borrow and the total amount your fees cost as a result. You’ll make these repayments according to the structure set out in your loan contract until your debt is fully repaid. Once you’ve completed your repayments, the agreement ends and you’ll be lifted from your responsibilities to your lender.

How do I apply for a small loan?

Before you apply for a small personal loan, it’s important to have a clear understanding of yourself as a potential borrower. Are you eligible to be approved for a loan? Are you earning enough to support the repayments on the loan you’re applying for? The key steps to follow through the application process are:

Double-check the eligibility criteria

There’s little point applying for a loan you’re destined to be denied because you don’t meet your lender’s eligibility requirements. Each financier will have different criteria in place when it comes to approving applications, but they’ll largely follow the same broad strokes. The main qualification points you’ll be required to meet to be approved for your loan include:

  • You must be at least 18 years of age
  • You must be an Australian citizen or permanent resident
  • You must be earning a stable income
  • You must be able to provide 90 days’ worth of bank statements
  • You mustn’t have any other payday loans currently outstanding

Apply for an amount within your means

Next, you’ll need to be clear on what sort of loan amount is clearly comfortable for you. While you don’t necessarily have to work out the exact amount you can afford to support each week, fortnight or month, having an idea of what it might be will help inform your application and minimise your chances of applying for more than a lender is willing to approve. For example, if you were earning $500 per week and already balancing other life expenses, a lender won’t approve you for a loan which costs you $300 per week. Above all else, lenders want to ensure that you’ll be able to repay the amount you’ve borrowed.

Fill out Savvy’s online application form

Once you’ve reviewed this information, you can start the loan application process right here with Savvy. This tells us and our lenders more about you as a borrower to paint a clearer picture of what you might be able to manage. This form will cover the following points:

  • Your name, date of birth and contact information
  • The purpose of your loan
  • Your residential status and how much you pay for rent, board or your mortgage
  • Your employment status, time in your current job and the name of your employer (although employment verification usually isn’t required)
  • Your overall income, pay frequency and how much comes from Centrelink

You’ll also need to have a set of documents handy before submitting your application. These include:

  • ID such as your driver’s licence, passport and Medicare card
  • 90 days’ worth of bank statements
  • Centrelink income statements (if you receive income from Centrelink)

Receive an instant outcome

Once you’ve sent all your information off through the application portal, you can receive an instant outcome from your lender. If this outcome is successful, your lender will conduct further checks on your information to make sure it’s a suitable agreement for you.

Receive formal approval and sign your contract

If they’re happy with all the information you’ve provided, you’ll be sent a loan contract to sign. This confirms all the details of the agreement, such as your loan amount, term, repayments and repayment schedule, as well as the cost of the fees which will apply to your loan. You’ll be able to sign this electronically and return it to your lender. There may be some instances where a lender requires more information from you, so you may need to supply additional documentation before formal approval can be arranged.

Have your funds transferred to your account

Once you return your contract, your lender can transfer your quick loan funds to your account. Your funds will hit your account on the same day you apply in most cases, although this depends on your borrowing profile, lender and the time of day or week you apply (as well as your bank’s transfer processing speed).

How much will my small loan cost?

The cost of your loan will depend on two factors: how much you’re borrowing and the time you’re taking to repay your debt. There are two main fees which apply to small cash loans:

  • Establishment fee: this is a one-off charge which is split evenly across your repayments. It can be charged at a maximum of 20% of your total loan amount for finance up to $2,000 and is capped at a flat $400 for loans above that amount.
  • Monthly fee: this fee is charged on an ongoing basis, being payable each month throughout your term. This is charged at up to 4% of your loan amount each month for loans up to $2,000 and charged at no more than 48% per year for loans greater than $2,000.

It’s important to note that there are many ways you can go about reducing the potential cost of your loan. Perhaps the easiest way to do this is to opt for a shorter loan term. By reducing the number of months on your agreement, you’ll be liable to pay less in ongoing fees. The table below demonstrates how shorter loan terms can lead to a substantial overall saving.

Loan amount Establishment fee Monthly fee Loan term Monthly repayment Overall cost
$3,000
$400
$120
Nine months
$497.78
$4,480
$3,000
$400
$120
12 months
$403.33
$4,840
$3,000
$400
$120
15 months
$346.67
$5,200
$3,000
$400
$120
18 months
$308.89
$5,560

You can achieve the same effect by making additional repayments throughout your loan term, which may be more manageable for you if you don’t wish to commit to a substantial cost increase each month.

Common small loan queries answered

Can I get a small loan with no credit check?

No – all small loans in Australia come with the requirement for your lender to conduct a credit check as per responsible lending guidelines. However, this isn’t designed solely to check your score: lenders are more focused on your ability to repay your loan now and check whether there are any defaults on other recent loans which may put you at risk of defaulting again. As such, reputable lenders don’t offer no credit check loans, but you won’t have to worry about focusing on this even if you have a bad credit score.

Is my internet banking information safe?

Yes – you’ll provide your lender with read-only access to your bank statements via secure, encrypted portals, meaning your information can’t be accessed by malicious third parties or edited by your lender.

Am I able to apply for a loan and get paid on a weekend?

Probably not – while you can receive an instant outcome 24/7, your loan will have to be processed within business hours. However, there are some lenders who are open on Saturdays, so you may be able to receive a weekend payout.

Do any lenders offer guaranteed loan approval?

No – like no credit check loans, there aren’t any reputable lenders who can guarantee approval before assessing your financial information. This comes down to responsible lending laws in Australia: lenders must only approve applications from borrowers who are capable of comfortably managing their repayments. As such, approval can’t be guaranteed.

Can I get approved for a small loan if I’m unemployed?

Yes – provided you’re earning a stable income from other sources, you can be approved for a small loan even if you’re unemployed. Some of the potential sources of income which could count towards your loan include:

  • Investments
  • Superannuation
  • Government pensions, such as:
    • Disability support pension
    • Aged pension
    • Veterans’ Affairs pension
    • Single parent payments
    • Carer payments
Can my repayments be sourced as direct debits?

Yes – you can set up your repayment to your lender as a direct debit. This can be highly useful, as it means you won’t have to remember to manually transfer a set amount each month.

Am I still able to be approved if I’ve never taken out a loan before?

Yes – lenders are focused on your ability to repay loans in the here and now. While they always prefer applicants with a borrowing history they can refer to and assess, if you show that you’re earning enough on a consistent basis to comfortably support your repayments, you can still be approved.