Apps like Zip Pay

Explore the simplicity of obtaining fast small loan funds by applying through Savvy, providing a hassle-free alternative to apps like Zip Pay.

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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.
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, updated on January 29th, 2024       

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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 January 29th, 2024       

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.

The popularity of fast money apps and lenders like Zip Pay continues to grow in Australia, offering borrowers a quick and easy solution to access necessary funds. While they’ve gained traction, it's essential to be aware of other options available, and Savvy can help. Dive into the details of Zip Pay and similar apps, weighing them against the simplicity of applying for a fast loan through us today!

How do apps like Zip Pay work?

Zip Pay is an app designed to offer buy now, pay later (BNPL) services to those looking to space out the cost of their purchases. How this works is that, upon purchasing an item through your BNPL provider, you’ll repay the cost over a set term without interest. In the case of Zip Pay, the limit on your account can go up to $1,000, although it’ll ultimately depend on the app or lender you choose, as well as factors specific to your profile like your income, debt and borrowing history.

Once you complete your purchase, you’ll begin repaying the amount over the next week, fortnight or month from as little as $10 per week. Although no interest will be charged, you may be charged an account fee on apps like Zip Pay.

What fees will I have to pay with apps like Zip Pay?

As mentioned, BNPL services like Zip Pay don’t tend to come with fees or interest relating to the loan itself. However, in Zip Pay’s case, you’ll be charged a monthly account fee of $9.95 for your time using the service, which will be waived if you’re able to pay your statement closing balance in its entirety by the set due date. If you don’t make your repayment on time or are unable to make the minimum payment, you’ll be charged a late fee of $5.

It's important to think about the amount you may have to pay as part of your time using this service. If you make a $150 purchase and pay it off by the monthly due date, Zip Pay won’t charge any fees for doing so. However, if you paid the minimum $40 per month, you’d be charged $29.85 in total.

What alternatives to apps like Zip Pay are available?

Looking for a user-friendly and reliable alternative to apps like Zip Pay? You can apply for a small loan through Savvy today. We work with reputable lenders offering fast cash loans ranging from $2,050 to $5,000 to give a wide range of Australians greater access to the loans they need. The application process is fast and easy and can be entirely completed online.

Upon submission, you can expect an instant outcome in just 60 seconds. If you’re conditionally approved, formal approval can be expedited, and funds may be released in as little as one hour, depending on your lender and bank's processing times. Get started with us today and experience a hassle-free way to access the financial support you need!

Why apply for a small loan with Savvy?

Common questions about small loans

Can I qualify for a small loan with a poor credit history?

Yes – obtaining a small loan is feasible even if your credit history is not perfect, provided you meet the eligibility criteria set by the lender. While traditional lenders may heavily consider credit scores, those offering small cash loans generally take a more flexible approach.

Is there an opportunity to pay off my small loan before the specified deadline?

Yes – settling your small loan ahead of schedule is a valid choice, and there are no penalties for early repayment. Opting for early repayment is a sound financial strategy, decreasing monthly fees and reducing the overall cost of the loan.

Can I determine the purposes for which I use my small loan funds?

Upon receiving your small loan funds, you can use them for a variety of purposes, such as managing household expenses or addressing immediate financial needs. However, it's essential to be aware of specific usage restrictions, like refraining from repaying other small loans or participating in gambling activities.

Can I get my small loan funds on any day of the week, including weekends?

The formal assessment, approval, and funding of your loan application can only take place during your lender's regular business hours. If your lender operates on Saturdays or Sundays, there's a chance you could receive your loan funds over the weekend. However, it's important to note that the actual arrival of funds is contingent on bank processing times. Therefore, even if your lender approves your application on the weekend, the funds may not be accessible immediately.

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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.