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$300 Loans

Find out about your options for $300 loans in Australia 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.

Unforeseen expenses can disrupt your financial well-being, so access to adequate funding can be essential. $300 loans offer a flexible solution to cover those unexpected costs that can arise, from car repairs to medical bills. While Savvy doesn't offer $300 loans directly, it’s important to understand your options. Regardless of what you need your loan for, you can find out all you need to know with us today!

How can I get a $300 loan?

Although Savvy doesn't directly offer $300 loans, various alternatives can provide quick cash in Australia. Explore these options:

  • Credit card cash advance: you can use your credit card for cash withdrawals, such as through an ATM or cash-out at a shop, but it’s important to be mindful of high interest rates and fees. Repaying your debt quickly will help you avoid excessive additional costs.
  • Bank overdraft facility: some bank accounts allow personal overdrafts, offering the ability to access funds beyond your current balance with interest and fees. Like credit cards, these can be steep, so repaying it promptly will help you minimise expenses.
  • Centrelink advance payment: eligible for Centrelink payments? You might be able to get an advance on payments like JobSeeker or Age Pension. This will come as part of your next payment, with this amount to be deducted from future instalments.
  • No Interest Loans (NILs): some may also be eligible for a NIL. These allow you to borrow up to $2,000 for essentials like household items or up to $3,000 for rent and bonds. It’s important to make sure you’re eligible before you apply.

These options offer alternative paths to quick cash in Australia, each with unique requirements. Carefully assess your needs and financial situation to choose the right solution for you.

How do I apply for a small loan through Savvy?

Securing a small loan through Savvy is a straightforward and user-friendly 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 be thoroughly reviewed 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, allowing you to access your funds quickly and conveniently.

When can I expect to receive my small loan funds?

As mentioned earlier, your small loan application could be approved, and your funds could be released as early as the same business day (potentially within an hour in some cases). However, this is conditional upon your application meeting all of your lender's requirements and passing their assessments.

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

  • Application complexity, particularly regarding defaults and income stability.
  • Your lender's internal processing timelines.
  • 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

Can I obtain a small cash loan with bad credit?

Yes – despite having a less-than-stellar credit history, you can still consider applying for a small loan, assuming you meet your lender's other requirements. While traditional lenders often prioritise credit scores, those offering small cash loans tend to adopt a more lenient approach.

Can I pay off my small loan ahead of schedule?

Yes – early repayment of your small loan is permitted, and no early repayment penalties apply. Settling your loan early can be a beneficial financial decision, as it reduces the overall loan cost by minimising the total monthly fees paid.

Can I apply the funds from my loan for various different expenses?

Yes – upon receiving your small loan funds, you have the ability 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?

When obtaining a small loan, you will incur two primary costs: an establishment fee (capped at $400) and recurring monthly fees (limited to 48% of the loan's total value per year). However, the total amount you pay will also depend on several other factors, such as the loan amount, repayment term, any additional repayments you choose to make, 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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