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$150 Loans

In search of a $150 loan? Read about your options right here with Savvy.

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
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$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.

Small but urgent expenses can strain your budget, and quick access to funds can bring relief. $150 loans provide a convenient way to cover those unexpected costs that can pop up, from appliance breakdowns to last-minute travel expenses. While Savvy doesn't offer $150 loans directly, it’s worth knowing what we can offer you, as well as what your options are when it comes to small cash loans. Find out all you need to know with us today!

How can I get a $150 loan?

While Savvy doesn't directly offer $150 loans, several options are available for those seeking quick cash in Australia. These options include:

  • Credit card cash advance: you can utilise your credit card for cash withdrawals, such as through an ATM or cash-out at a store. However, it's crucial to be aware of potentially high interest rates and fees associated with credit card cash advances. Promptly repaying your outstanding balance is essential to avoid accumulating excessive additional costs.
  • Bank overdraft facility: certain bank accounts offer personal overdrafts, allowing you to access funds beyond your current balance. However, overdrafts also incur interest and fees, which can be significant. Settling your outstanding debt promptly is essential to reduce these additional expenses.
  • Centrelink advance payment: if you're a Centrelink customer, 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 advance amount is added to your regular payment and subsequently deducted from future instalments.
  • No Interest Loans (NILs): some individuals may also be eligible for a NIL. These loans enable you to borrow up to $2,000 for essential expenses like household items or education costs or up to $3,000 for rent and bonds. Before applying for a NIL, it's important to ensure you meet the eligibility criteria.

These options provide alternative avenues to access quick cash in Australia, each with varying terms and conditions. Carefully consider your options, assess your financial situation, and choose the solution that best aligns with your individual needs and circumstances.

How do I apply for a small loan through Savvy?

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

  1. Complete our online application form, providing us with information about your financial situation, including credit history, income, employment details, and other relevant factors. 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 partner lenders.
  3. In the event of conditional approval, your application will undergo a comprehensive assessment by your assigned lender. Additional documentation may be requested for verification purposes.
  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, allowing you to access your funds quickly and conveniently.

What is the funding timeframe for a small loan?

As noted earlier, you have the opportunity to apply for your small loan and potentially receive formal approval and have 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.

Several factors can influence the processing speed of your application:

  • Application complexity, especially regarding defaults and income consistency.
  • Your lender's standard processing timelines.
  • The time of application submission, as applying outside business hours may require waiting for regular hours to begin formal assessment.

Why apply for a small loan with Savvy?

Frequently asked questions about small loans

Can I qualify for a small loan even if I have a bad credit history?

Yes – even if your credit history is less than perfect, 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.

Is early repayment allowed for small cash loans?

Yes – you have the option to accelerate your small loan repayment without any penalties. Early settlement can be a wise move, as it cuts down the overall loan cost by reducing the monthly fees you would’ve paid.

Am I able to use the funds from my small loan for more than one purpose?

Yes – once your small loan funds are disbursed, you have the flexibility to direct them towards diverse financial objectives, not confined to the reason stated on your application. For instance, you may choose to allocate them towards multiple household expenses. However, it's crucial to acknowledge that there are restrictions on their usage, such as paying off other small loans or engaging in gambling activities.

How much will my small loan cost?

The primary costs associated with your small loan are an upfront establishment fee (with a maximum of $400) and ongoing monthly fees (capped at 48% of your loan's total value per year). However, the final amount you pay will depend on several additional factors, including the loan amount, repayment duration, whether you make any early repayments, and whether you are charged any late payment or dishonour fees.

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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.

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