Cash Advances

Need a quick loan? Get fast cash advance approval.

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 10:25 am by Kurtis Eichler

Get cash advances approved up to $5,000

Got an urgent purchase to make but money is a little tight? Don’t spend your valuable time scratching around for funds: Savvy can lend you a hand when it comes to getting approval on a cash advance loan.

Our online loan application is easy to complete and gives you an instant decision from one of our reputable lending partners so you can have peace of mind. Start your application now to get the wheels in motion on your cash advance.

How do I get a cash advance?

Cash advances are a type of small loan which you can apply for through Savvy. Once you choose an amount between $300 and $5,000, the online application process doesn’t take too long to complete.

Before you apply, remember to check if you’re eligible to take out a cash advance. These requirements are generally the same across all lenders and will be clearly laid out for you. The eligibility criteria you’ll need to satisfy include:

  • At least 18 years old and a permanent Australian resident or citizen
  • Earning a steady income for the past 90 days
  • An active mobile phone number and email address
  • No outstanding payday loans
  • Access to bank accounts via internet banking

When you start your application, you’ll need to select how much you want to borrow and why you need it. The benefit of a payday loan is you can use it to cover a wide range of costs, including car repairs, medical procedures, home renovations and day-to-day expenses.

Lenders will then request some details about your circumstances, employment and income as part of the initial application. You’ll be asked to upload some identification to a secure portal to verify your identity. Lenders will generally ask for the following:

  • A driver’s licence or passport
  • A Medicare card

Once these details and documents have been received, you’ll get an instant decision on your application. If you’re approved, your lender will go about confirming some of the details you’ve provided. They’ll run a quick credit check and review ‘read-only’ copies of your online bank statements. If all goes according to plan, you can receive formal loan approval.

How fast can I get my cash advance funds?

One of the key advantages of a quick cash advance loan is you can get your money paid out and receive it in your account on the same day you apply in most cases. Lenders will pay out your funds once you sign and return your loan contract; however, whether they end up in your account on the same day can depend on your bank’s transfer time. Despite instant payments being pretty universal these days, banks can still take up to two business days to process payments, especially on weekends.

The timing of your application can also have an impact on how fast you receive your money. By applying earlier in the day, you’ll have a better chance of getting approved and funded that day, rather than the process running into the next day or over a weekend.

How much you want to borrow and defaults on similar loans can also impact the speed of your approval and funding. From time to time, direct money lenders may require further information or clarification to complete your application, although this shouldn’t delay the process by much time.

What will my cash advance cost?

Cash advances come with a few fixed costs which are rolled into your loan when you take it out. How much you have to pay in fees will come down to your loan amount and term length. Your fees will be spelled out in your loan contract and can also be found on your lender’s website.

Unlike other types of loans which come with a slew of fees for applying and account-keeping, payday loans attract just two kinds of charges: an establishment fee and an ongoing monthly fee.

The establishment fee is calculated at 20% on loans up to $2,000 but comes in the form of a capped $400 fee on larger loans. Loans up to $2,000 come with a monthly fee of 4% of your borrowing amount. Larger loans have their fees capped at 48% over 12 months.

Borrowing a smaller amount, making extra repayments or choosing a shorter loan term are some of the ways you can save money on fees. By simply reducing your term by three months, you can save hundreds of dollars on the overall cost of your loan. See how much you could save by using our easy-to-follow table.

Loan size Term length Total fees Monthly repayments Total loan cost Total saving
$2,500
18 months
$2,200
$261
$4,700
N/A
$2,500
15 months
$1,900
$293
$4,400
$300
$2,500
12 months
$1,600
$341
$4,100
$600

Common cash advance questions

Can I get a cash advance if I work for myself?

Yes – you can qualify for a loan if you’re self-employed. If your income is a little inconsistent, don’t fret: lenders can still consider you for a loan, but you may need to meet additional criteria as part of the approval process.

Can I get a cash advance with no credit check?

No – you can’t get approved for a loan with no credit check. Responsible lenders want to be sure you can comfortably afford a loan before you’re approved, as they have a duty of care to you as part of their responsible lending obligations. If you’re concerned bad credit will hinder your chances of approval, though, don’t worry; bad credit isn’t a big issue with these types of loans.

I have defaults on my credit file. Can I still apply?

While many lenders are unlikely to approve you for a loan if you have defaults on your credit file, there may be some willing to help you. You’re always better off paying any unpaid defaults before applying for finance.

If I’m unemployed, can I still get a cash advance?

Yes – you can still get a loan if you’re unemployed; you just have to be earning some form of fixed income. This can include multiple income streams including ongoing Centrelink payments, investment revenue or superannuation drawdowns. Temporary Centrelink payments such as JobSeeker or Youth Allowance won’t qualify on their own.

Should I use my credit card instead of taking out a cash advance?

Making a purchase on a credit card could save you money if you can afford to repay what you’ve spent inside the card’s interest-free period. Most credit cards come with an interest-free period of around one month up to 55 days. However, if you can’t, the costs can end up being very high. Credit cards charge high interest which can aggregate, whereas cash advances come with a fixed set of fees, repayments and end date to help prevent your debt from snowballing.