$5,000 Loan

Don’t let financial setbacks slow you down. Borrow up to $5,000 for any purpose and get up to two years to repay when you find a lender online.

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 September 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.

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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 September 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.

Qualifying for a $5,000 loan online is now faster, easier and quicker than it ever was. Apply via Savvy and target only the lenders with requirements and terms that match your own specific goals and finances.

Cash loans are built for speed. Lenders are almost exclusively based online, so they offer streamlined digital applications and fast approvals. Borrowers can do everything they need using any device like a smartphone, from filling out forms to uploading supporting documents and signing contracts.  

It takes seconds to fill out our quick form, and it’s just as quick to connect with finance providers that suit your profile. Sign agreements and upload documents on the web – get approved in just sixty seconds, then get funds transferred straight to your bank account as quickly as the same day!

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See how $5,000 loans can help you

Flexibility

Cash loans don’t come with any extra fees for early repayment. That means if you decide for any reason to pay the loan off early, you’ll only owe the remaining balance of what you borrowed plus the remainder of the setup fee. You’ll save on any potential repayment fees for the rest of the term.

Get what you need

You don’t have to borrow $5,000 with a small loan. You can get a loan for anything from $2,050 and repay over 16 days to two years. You can choose to pay using direct debits weekly, fortnightly, or monthly to match how you get paid.

Pay fixed fees

Fees for small loans are straightforward and get based on what you borrow. You pay a $400 establishment fee and monthly fees each time you make a repayment, which are capped at 48% of your loan amount over the span of a year. With a $5,000 loan, you’ll pay $200 in ongoing fees each month.

Zero up front

If you need money now in Australia, there are no upfront costs to worry about with a cash loan. The setup fee gets spread across your repayments during the term, so you don’t need to pay anything the day you apply. Your first small personal loan repayment is due a month, week, or fortnight after approval – depending on your repayment schedule.

Qualify easily

The main difference between small loans and other forms of finance lies in the qualification requirements. That’s how lenders assess your application. Where other forms of lending rely a lot on your credit rating, loans for up to $5,000 are different. Your credit score isn’t a major factor, so you can qualify for this type of loan with a bad credit rating, when you’re unemployed, and you can even apply for a small loan on Centrelink. Many borrowers find that applying for a $5,000 loan when self-employed is also a lot easier than trying to get one from a bank, for instance.

Why apply for a small loan with Savvy?

Explained: Savvy’s guide to a fast $5,000 loan application

The answers to your commonly asked $5K loan questions

Will the lender need to contact my employer? 

In most cases, your documents and the information you supply will be enough to qualify for a small loan. Still, in some instances, lenders may make a discreet phone call to your place of work to verify your salary and employment history.

Can I apply for a small personal loan if I’ve never had a loan before? 

Yes, a lack of credit history won’t hurt a small loan application like with other forms of borrowing. Lenders will work out your disposable income by deducting your regular spending from your income and base a decision on loan affordability.

Do I need security for a cash loan? 

You don’t need to provide any security for a cash loan, so you can use one to pay for pretty much anything you need. Many Australians get a small loan for car repairsborrow $5,000 for doctor’s bills, or even save money by consolidating existing debts with a cash loan.

Can I apply if I don’t have online banking? 

Unfortunately, not. You’ll need online banking to allow third-party access to bank statements. Lenders use sophisticated tech to scan your digital statements, so you can’t qualify for a cash loan unless you set up online banking. The process is usually quick and easy once you contact your bank.

Who can qualify for cash loans? 

Most borrowers can apply for a $5K loan as long as they can make repayments without financial hardship. You’ll need to demonstrate that you have some form of regular income, be 18 or over, and live in Australia permanently.

Can I use more than one cash loan?  

You won’t be approved for a small loan if you already have too many small loans of this type. Most lenders will draw the line at a couple of simultaneous cash loans. If that’s the case, consider paying off some credit before you apply for a cash loan and ask for the amount you need to cover all of your expenses, so you don’t need to keep applying.

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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.