$200 Loans

Looking for a $200 loan? Find out more about 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
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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.

Life's unpredictable events can lead to financial setbacks, and quick access to funds can be crucial. That's where $200 loans come in, providing a convenient way to cover those sudden expenses that can disrupt your budget. While Savvy doesn't offer $200 loans directly, you can learn more about your finance options with us. Understanding where to look when you need money fast is crucial, so learn about how to access the funds you’re looking for with us today!

How can I get a $200 loan?

While Savvy doesn't directly offer $200 loans, there are several alternative pathways to secure quick cash in Australia. These options include:

  • Credit card cash advance: one option is to utilise your credit card for a cash advance, essentially withdrawing cash instead of making purchases. This may involve ATM withdrawals, cash-out features, or direct transfers to your transaction account. However, be aware of potentially high interest rates and advance fees associated with credit card cash advances. Prompt repayment is crucial to avoid accumulating excessive interest and fees.
  • 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 minimise 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 regular payment and subsequently deducted from future instalments for repayment.
  • No Interest Loans (NILs): some may also be able to explore the possibility of obtaining a NIL to cover essential expenses such as household items, education costs, and car repair charges. 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 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?

Acquiring a small loan through Savvy is a time-efficient process. Here's a simplified guide to applying:

  1. Fill out our online application form, providing us with personal and financial information, including credit score, income, employment details, and more. Choose your desired loan amount, ranging from $2,050 to $5,000.
  2. Submit your application and receive an instant automated decision from one of our extensive network of lenders.
  3. If conditionally approved, your application will undergo a comprehensive assessment by your matched lender. Additional documentation may be required to further verify your eligibility.
  4. Once your lender is satisfied with your application, you'll receive formal approval and your loan documents for review and signing. These documents will clearly outline your loan terms, fees, repayment schedule, and other relevant details.
  5. Upon signing and returning the loan documents, your loan funds will be swiftly transferred into your nominated bank account.

What is the estimated time frame for funding a small loan?

As previously stated, you can apply for your small loan and receive formal approval, with your funds released as soon as the same business day (potentially within an hour in some cases). However, it's important to note 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, particularly regarding defaults and income consistency.
  • Your lender's established processing times.
  • The timing of application submission, as applying outside business hours may necessitate waiting until regular hours for formal assessment to commence.

Why apply for a small loan with Savvy?

Frequently asked questions about small loans

Are small loans available for those with bad credit?

Yes – obtaining a small loan remains a viable option even for individuals with less-than-perfect credit, provided you comply with your lender's established criteria. While traditional lenders often place a strong emphasis on credit scores, those offering small cash loans typically exhibit greater flexibility.

Is early repayment an option for small loans?

Yes – you have the flexibility to repay your small loan ahead of the scheduled timeframe without facing any early repayment penalties. Early settlement can be an effective way to save, as it minimises the total loan cost by reducing the monthly fees charged.

Can I use my small loan for multiple different purposes?

Yes – once your small loan funds are disbursed, you have the flexibility to direct them towards diverse financial goals, 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 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.

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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.