$1,000 Payday Loans

On the hunt for a $1,000 payday loan? Find out your options with Savvy today.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on December 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
|
|
|
|
|
$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on December 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

When unexpected expenses arise, $1,000 payday loans can provide a timely financial boost to help you navigate through challenging situations. While Savvy doesn't offer $1,000 payday loans directly, it's important to understand your options and make informed decisions about your finances. Accessing quick cash can be crucial, so find out more about your options with Savvy today!

How can I get a $1,000 payday loan?

While Savvy doesn't offer $1,000 payday loans through any of our trusted lending partners, several options are available for those seeking quick cash in Australia. These include:

  • Credit card cash advance: utilising your credit card for a cash advance, such as withdrawing cash or sending it to another card, can be a quick way to access funds. However, it's essential to be aware of the potentially high interest rates and fees associated with these advances. Promptly repaying your outstanding balance is crucial to avoid accumulating excessive charges.
  • Bank overdraft facility: some bank accounts offer personal overdrafts, allowing you to access funds beyond your current balance. While this can be helpful in a pinch, it's important to note that overdrafts incur interest and fees, which can be significant. Settling your outstanding debt as soon as possible is crucial to minimising these additional expenses.
  • Centrelink advance payment: if you’re a Centrelink recipient, you may be eligible for an advance payment. This option is applicable to various payments, including JobSeeker, Youth Allowance, Age Pension, and Disability Support Payment. The amount being advanced is added to your next payment and subsequently deducted from future instalments gradually.
  • No Interest Loans (NILs): some individuals may also be eligible for a NIL. These loans permit you to borrow up to $2,000 for essential expenses like household items or up to $3,000 for rent and bonds. Before applying for a NIL, it's important to ensure you meet the eligibility criteria.

Carefully consider your options, assess your financial situation, and choose the solution that best aligns with your individual needs and circumstances. Each option has varying terms and conditions, so it's crucial to understand the implications before proceeding.

How do I apply for a small loan through Savvy?

Obtaining a small loan through Savvy is a streamlined and efficient process. Here's a step-by-step guide to applying:

  1. Complete our online application form, providing us with comprehensive information about your financial situation, including credit history, income, employment status, and other relevant details. Select your desired loan amount, ranging from $2,050 to $5,000.
  2. Submit your application and receive an immediate automated decision from one of our well-established partner lenders.
  3. In the event of conditional approval, your application will undergo a thorough review by your assigned lender. Additional documentation may be requested to validate your information.
  4. Upon satisfactory assessment by your lender, you'll receive formal approval and your loan documents for signing. These documents will clearly outline your loan terms, fees, repayment schedule, and other important information.
  5. Upon signing and returning the loan documents, your loan funds will be directly deposited into your nominated bank account, ensuring quick and convenient access to your funds.

What is the expected waiting time for receiving small loan funds?

As mentioned earlier, you have the potential to apply for your small loan and receive formal approval, with the possibility of having your funds released as soon as the same business day (potentially within an hour in some cases). However, approval is always dependent on your application successfully passing all of your lender's mandatory assessments and meeting their eligibility criteria.

The processing speed of your application can be affected by several factors:

  • Application complexity, particularly regarding defaults and income consistency.
  • Your lender's internal processing timelines.
  • The timing of application submission, as applying outside business hours may require waiting until regular hours for formal assessment to commence.

Why apply for a small loan with Savvy?

Frequently asked questions about small loans

Is it possible to get a small loan with bad credit?

Yes – even if your credit history may raise concerns, you can still explore the possibility of securing a small loan, provided you meet your lender's other criteria. While traditional lenders often place a strong emphasis on credit scores, those specialising in small cash loans tend to exhibit greater flexibility.

Can I clear my small loan before the scheduled time?

Yes – you have the flexibility to repay your small loan ahead of the scheduled timeframe without facing any early repayment penalties. Early settlement can minimise the total loan cost by reducing the monthly loan fees you would’ve otherwise had to pay.

Can I allocate the funds from my small loan for several different needs?

Yes – upon receiving your small loan funds, you have the freedom to utilise them for various purposes, not limited to the stated intention on your application. For example, you may choose to apply them towards covering multiple household expenses. However, it's important to recognise that there are limitations on how these funds can be used, such as paying off other small loans or engaging in gambling activities.

How much will my small loan cost?

The main costs related to securing a small loan are an establishment fee (maximum of $400) and monthly fees (up to 48% of the loan's total value per year). However, the final amount you will end up paying depends on several additional factors, such as the loan amount, repayment term, whether you make any additional repayments, and whether you incur any late payment or dishonour charges.

Helpful small loan guides

Small Loans Banner - Young couple assessing their financial situation before applying for a loan

No Credit Check Loans

Find out whether you can get approved for a loan with no credit check and get your application started with...

Small Loans Banner - Couple learning about what cash loans are on their tablet

What are Cash Loans?

Learn more about what cash loans are and how you can get approved with Savvy. Borrow up to $5,000 Outcome...

Small Loans Banner - Middle-aged couple comparing payday loan interest rates on a laptop

Payday Loan Interest Rates

Payday loans are a different breed. Here’s your quick guide to how you compare payday loan costs. Borrow up to...

Small Loans Banner - Young couple looking at their finances and needing money desperately

I Need Money Desperately

Apply for your small loan with Savvy today and get an outcome fast. Borrow up to $5,000 Outcome in 60...

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.