Borrow Money

What options do you have for borrowing money in Australia?

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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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.

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:

Small loans

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.

Personal loans

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

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

PROS

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.

CONS

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

Are there any criteria I must meet to be able to borrow money from a lender?

A few. You need to be at least eighteen years of age, have earned an income for at least ninety days, have a mobile number or email address that the lender can contact you at and you’ll either need to be a permanent resident or a citizen of Australia.

How long does it take to borrow money?

The application process varies, depending on the lender and the type of loan. The size of the loan often plays a factor, with smaller loans generally being a lot quicker to turn around (lenders are generally far more careful about lending large amounts than smaller ones) Personal loans are often turned around in days, depending on the lender. Instant loans are the fastest by far, and can have approval in minutes, and same-day funds.

What information do I need to provide to borrow money?

You’ll need 100 points of ID (such as a driver's licence and/or passport) , payslips (or other evidence of income), and bank statements. The instant cash loan lender might need additional documents depending on the loan.

How much money can I borrow?

There are two main factors in how much money a lender will allow you to borrow: how much you can comfortably afford to repay and how much trust the lender has in you as customer. The first factor plays a big factor in the second, but things like your credit score also have an influence. If you’re having trouble getting a loan approved, you might have more luck asking for a smaller amount – and remember that smaller financial institutions and online lenders are often a lot easier to get approval from than larger ones.

Can I borrow money if I receive a non-standard income?

Yes. Online lenders are willing to work with your circumstances – whatever they are – and accepting of unusual income sources (such as royalties and self-employment). The key factor is being able to show evidence that the income is consistent and reliable, which can be demonstrated by your bank statements and tax returns, among other documents.

Can I still borrow money with bad credit?

Yes. Online lenders in particular are more interested in the current state of your finances than in your past financial history, so a bad credit rating won’t get in the way of getting an instant cash loan, for instance. So, if you're wanting a no credit check loan because you have bad credit, you can stop searching. 

Can I borrow money if I'm unemployed?

Yes. Many lenders are willing to treat Centrelink benefits as a form of income. Savvy can connect you with lenders that can help in this respect.

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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.