What options do you have for borrowing money in Australia?
In Australia, we're lucky to have a lot of different options when it comes to borrowing money. Before you can choose the best option for your situation, you need to understand what possibilities are. Learn about some of the most common choices on the table when it comes to personal finance.
How can I borrow money when I need it?
If there’s something you need that you currently don’t have the funds for, there are numerous options for borrowing money these days. In Australia you have your choice of lenders – everything from major banks and financial institutions, through to credit unions, online lenders and “fintechs” (short for financial technologies). So, whether you're chasing a cash loan in the Gold Coast, Adelaide or a regional town, you have loads of options.
If you’re looking for a fast and simple loan and don’t want to get lost in a sea of choices, Savvy can help. Our easy online loan application takes only five minutes to complete and can be done online at any time of the day. Simply complete and submit our five-minute application, and in a matter of moments we’ll connect you with one of our online lenders.
What's the easiest way to borrow money?
If you’re on the lookout for the easiest, quickest, and most straightforward option when it comes to borrowing money, you’re probably looking for an online instant cash loan. This is a type of small loan available from online lenders. When you apply for an instant loan, they use fast internet technology to access your credit information in moments and provide quick pre-approval for loans.
With a loan through Savvy, you can get pre-approval on a loan up to $5,000 within 60 seconds of submitting your application, with the cash available the same business day. It’s all done online, so you can receive your funds without needing to step out your door. Instant cash loans are the most streamlined and fastest in terms of their application for personal financing, so they can fill your need to borrow money promptly.
What options to borrow money do I have?
There’s more than just one way to borrow money from a lender. Here are some of the options available to you when it comes to personal finance:
These are the smallest kind of loan – and fast cash loans fall into this category . They range in value from $2,050 to $5,000, and generally need to be paid off over a period of between 16 days and two years. They’re also one of the easiest loans to get approval for thanks to current application and approval processes in place with online lenders.
Available from most financial institutions, personal loans are a common way to borrow larger amounts of money than a small loan. Savvy’s personal loan applications enable you to apply for up to $75,000 through its panel of reputed lenders (provided you satisfy your lender's criteria).
Credit cards are another common way to borrow money. Once you have one, they’re quite easy to use, and operate similarly to a bank card. You have to be careful though – credit cards have very steep fees, and using too much credit or missing repayments is one of the easiest ways to damage your credit rating.
Bad credit loans
If credit has been an issue for you when trying borrow money, bad credit loans might be a good solution for you. They're more expensive than a personal loan, but they’re specifically designed for people with bad credit.
If you’re feeling lost about the best option for you, Savvy can take the hassle out of the process. Simply dial up the amount you want to borrow on the loan slider, click “apply now”, and fill out the application. We can connect you up with a lender and product that fits your circumstances.
Why apply for a small loan with Savvy?
Pros and cons of instant cash loans
Fast – Instant cash loans are the fastest when it comes to borrowing money. You can get approval in seconds and same-day cash.
Quick to apply – Instant cash loan applications are a fast process. Our application only takes a few minutes.
Convenient – The fact that the whole process is online – including submitting documents, signing your contract and getting your money – means they’re more convenient than other loan types.
Easy to get approval – Instant loans are also among the easiest loans to get approved. Online lenders are more willing to work with bad credit customers and those experiencing financial hardship, and because instant loans are small, lenders don’t need to be quite as cautious.
24/7 Approval – The online nature of instant loans means applications don’t need to happen during business hours. Applying for a loan through Savvy can get you pre-approved at any time of the day or night.
Low Amount – Instant loans are capped at $5,000, so if you’re looking to borrow more money than that, you need a different option.
More expensive – Although there’s no interest, the fees for instant loans can be relatively high. They’re capped by the government, though – so you always know what you’re getting!
Short term only – The maximum term for an instant cash loan is only 24 months, so you need to have the whole amount (plus fees) paid off within two years.
Requires credit check – Even though they’re only for borrowing a small amount of money, applying for an instant loan still requires a “hard credit check”. That means it shows up on your credit record and negatively impacts your rating every time you apply unsuccessfully.
Frequently asked questions about how to borrow money
Helpful small loan guides
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.