$700 Loans

Learn more about your options when it comes to $700 small loans 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.

Unexpected expenses can throw a wrench into your financial plans, and quick access to funds can make a significant difference. $700 loans provide a flexible solution to cover those unforeseen costs that can arise. While Savvy doesn't offer $700 loans directly, it’s important to understand what your options are, as well as what you can get through us. Find out more about your options with Savvy today!

How can I get a $700 loan?

As mentioned, Savvy doesn't offer $700 loans through our trusted partners. However, various options are available to help you access rapid cash in Australia. These options include:

  • Credit card cash advance: tapping into your credit for an advance, such as with a cash withdrawal, can provide immediate access to funds. However, it's crucial to be aware of potentially high interest rates and associated fees that come with credit card cash advances. Because of this, repaying your outstanding balance quickly will help you save.
  • Bank overdraft facility: some banks allow you to utilise a personal overdraft, which enables you to access funds beyond your current available balance. While this can be helpful in temporary financial situations, it's important to remember that overdrafts incur interest and fees like credit cards, which can be significant.
  • Centrelink advance payment: if you’re a Centrelink recipient, 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 next fortnight’s pay and subsequently deducted from future instalments.
  • No Interest Loans (NILs): some may also be eligible for a NIL. These loans permit you to borrow up to $2,000 for essential expenses like household items or education bills or up to $3,000 for things like rent and bonds. Before applying for a NIL, it's important to ensure you meet the eligibility criteria.

When considering these options, it's necessary to thoroughly examine your financial status and choose the solution that best works with your unique needs and circumstances. Each option has varying terms and conditions, so it's essential to understand how they work before proceeding.

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 details about your financial situation, including credit history, income, employment details, and other relevant information. 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. After signing and returning the loan documents, your funds will be directly deposited into your nominated bank account, ensuring quick and convenient access to your funds.

What is the estimated timeline for receiving my small loan funds?

As noted earlier, your small loan application could be approved, and your funds could potentially 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.

Several factors can influence the processing speed of your application:

  • Application complexity, especially regarding defaults and income stability.
  • Your lender's standard processing timelines.
  • 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 get 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 settle my small loan early?

Yes – you have the option to accelerate your small loan repayment without any penalties. Early settlement can be a great way to save, as it minimises the total loan cost by reducing the amount of monthly fees paid.

Can I utilise the funds from my small loan for multiple needs?

Yes – upon receiving your small loan funds, you can 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 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 any late payment or dishonour fees are charged.

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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.