$1,500 Loans

Learn about your $1,500 small loan 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.

Larger expenses can pose financial challenges, and access to appropriate funding can be critical. $1,500 loans offer a flexible solution to cover those significant costs that can arise, from home repairs to medical treatments. While Savvy doesn't offer $1,500 loans directly, it’s crucial to understand what your financing options are before you apply. Learn all you need to know, including how to apply for a loan with Savvy, today!

How can I get a $1,500 loan?

While Savvy doesn't directly offer $1,500 loans, various options are available to help you access quick cash in Australia. These alternatives include:

  • Credit card cash advance: with a credit card cash advance, you can essentially use your credit card to obtain cash instead of making purchases. This may involve activities like withdrawing funds from an ATM, using cash-out services, or transferring money to your transaction account. However, be mindful of potentially high interest rates and cash advance fees associated with these advances. Promptly repaying your outstanding balance is crucial to avoid accumulating excessive charges.
  • Bank overdraft facility: some bank accounts offer the option to attach a personal overdraft, allowing you to access funds beyond your account's zero balance, up to a predetermined limit. Similar to credit card advances, overdrafts incur interest and fees, emphasising the importance of settling any outstanding debt promptly to minimize additional expenses.
  • Centrelink advance payment: if you receive Centrelink payments, you may be eligible for an advance. This option is applicable to a range of payments, including JobSeeker, Youth Allowance, Age Pension, and Disability Support Payment. The advance amount is added to your next instalment and subsequently deducted from future payments as a way of gradually repaying this amount.
  • No Interest Loans (NILs): some may also have the possibility of obtaining a NIL to cover essential expenses such as household items, education costs, and car repair charges (provided you qualify). NILs allow you to borrow up to $2,000 for these purposes or up to $3,000 for other reasons like rent and bonds. Ensure you meet the eligibility criteria before applying for a NIL.

These options provide alternative pathways 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?

Navigating the small loan application process with Savvy is an easy and straightforward experience. Here's how to get started:

  1. Complete our online application form, providing us with details about your financial situation, including credit score, income, employment, and more. You'll also 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 trusted partner lenders.
  3. If conditionally approved, your application will undergo a thorough review by your assigned lender. This may involve providing additional documentation if required.
  4. Once your lender is satisfied, you'll receive formal approval and your loan documents for signing. These documents will outline your loan terms, fees, repayment schedule, and more.
  5. After signing and returning these documents, your funds can be advanced directly into your nominated account.

How long does it take to get a small loan funded?

As previously mentioned, you can 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, it's important to remember that approval is always dependent on your application meeting all of your lender's required assessments and criteria.

The processing speed of your application is subject to several factors:

  • Application complexity, specifically regarding defaults and income consistency.
  • Your lender's established processing times.
  • 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 secure a small loan with bad credit?

Yes – obtaining a small loan remains a viable option even for individuals with a less-than-perfect credit history, provided you adhere to your lender's established criteria. While traditional lenders often prioritise credit scores, those offering small cash loans typically adopt a more accommodating stance.

Can I repay my small cash loan early?

Yes – prepaying your small loan is allowed, and there are no early repayment penalties. Early settlement can be an effective way to save, as it minimises the total loan cost by reducing the amount of monthly fees paid overall.

Can I use the funds from my small cash loan for different uses?

Yes – upon receiving your small loan funds, you have the autonomy to utilise them for various purposes, not limited to the stated purpose 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 involved in securing a small loan are an establishment fee (limited to $400) and monthly fees (capped at 48% of the loan's total value annually). Nevertheless, the final amount you pay will depend on various factors, including the loan amount, repayment term, any additional repayments made, and potential late payment or dishonour charges.

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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.