fbpx

12-Month Loans

Apply for 12-month loans up to $5,000 through Savvy today and secure a personalised solution with an instant outcome.

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 November 29th, 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 November 29th, 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.

For those looking to space out their repayments to make them more manageable, you may wish to take out a 12-month small loan. Fortunately, we can help you do just that through Savvy. Partnered with reputable lenders, you can gain not only instant outcomes but also formal approval and potential funding as soon as the same day you apply. Dive into the intricacies of longer-term small loans up to as much as $5,000 with confidence through Savvy today.

What are 12-month loans and how do they work?

12-month loans are simply a type of small or cash loan in Australia which is set to be repaid over 12 months. They’re popular among those who are looking for a quick solution for unexpected expenses or a financial gap before your next paycheque. In terms of how it works, you borrow a small amount and pay it back in instalments over your 12-month period. You get to choose how often you make payments, with these either being weekly, fortnightly, or monthly.

The fees charged on your loan ultimately depend on how much you borrow and how long it takes you to pay it back. There are two main fees to consider: the monthly fee, which is capped at 48% of your loan amount over a year, and the establishment fee, capped at $400. It’s important to understand how much these will cost before you sign on the dotted line.

How much can I borrow with a 12-month loan?

When it comes to 12-month loans through Savvy, you have the flexibility to borrow amounts ranging from $2,050 to $5,000, subject to meeting your lender’s eligibility criteria. This versatile medium loan range can cater to various financial needs, allowing individuals to select an amount aligned with their specific requirements. However, it’s important to note that each applicant's borrowing capacity is influenced by factors like their credit score, income, existing liabilities, savings, and other relevant financial considerations. As a result, your borrowing amount may differ from that of another applicant with a different financial profile.

Ultimately, the size of loan you’re eligible for is dependent on what you can comfortably repay. Your income can be sourced from one or more stable jobs with consistent pay and hours and/or eligible Centrelink payments. For instance, if you're seeking a loan with fortnightly repayments of $600 but only earn $500 per fortnight, you won’t be approved for your loan.

How do I apply for a 12-month loan with Savvy?

Applying for a 12-month loan through Savvy is a straightforward and user-friendly process. Our online application form will take just a few minutes to complete, allowing you to provide essential information about yourself, your income, employment, and more for assessment. After submitting your application, you'll receive an instant outcome within 60 seconds. If approved, the lender you’re automatically matched with will conduct a formal review of the application, which may require additional documentation.

Upon successful completion of the necessary checks, you can be granted formal approval. Your lender will send you loan documents detailing all terms and conditions, including the repayment schedule, term, fees, and more. After reviewing, signing and returning the documents, the funds can be advanced to your nominated account as soon as the same day. You'll then begin repaying the loan according to the chosen schedule: either weekly, fortnightly, or monthly, depending on your preference.

Why apply for a small loan with Savvy?

Frequently asked questions about 12-month loans

How soon can I get 12-month loans?

Small loan applications are geared towards speed. If your application meets the lender's criteria and you promptly provide the necessary documentation, formal approval and funding may happen as quickly as the same day of application. However, factors such as application complexity, the lender's processing speed, and submission during business hours can impact the speed of approval and payment.

Can I obtain a small 12-month loan with bad credit?

Yes – acquiring a small loan with bad credit is possible. Unlike traditional lenders that place heavy emphasis on credit scores, online providers tend to have a more lenient approach. They’re often willing to look past prior credit challenges, concentrating on your current financial situation when assessing your application. This inclusive approach broadens access to loans for individuals with less-than-ideal credit histories.

Can I pay off my small cash loan ahead of schedule?

Yes – clearing your loan before its end date is an excellent approach to cutting down your expenses. These loans don't come with penalties for early repayment, so the faster you settle your debt, the less you'll pay in monthly fees, potentially leading to substantial savings.

What purposes can I use my small loan for?

The flexibility of 12-month loans allows you to fulfill various purposes with a single loan. Whether it's handling unforeseen expenses such as steep bills or embarking on a small-scale home improvement project, these loans provide the freedom to utilise funds for a range of needs.

Helpful small loan guides

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 woman smiling while looking at her tablet on the couch

Payday Loan Eligibility

Wondering how to qualify for a payday loan? Well, it’s pretty easy, and you’ve come to the right place. Borrow...

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 - Young couple working out their finances before applying for a loan

No Questions Asked Loans

Looking for a quick cash loan? Apply with Savvy today. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments...

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.

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy broker and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.