Home > Small Loans > Cash in Hand Loans

Cash in Hand Loans

Apply with Savvy for a small loan and get cash in hand today.

Last updated on July 15th, 2022 at 04:34 pm by Kurtis Eichler

Get cash in hand today with Savvy

Got yourself in a tricky financial situation and need some extra cash in hand? When you choose Savvy, we help you with quick approval and fast payout on a small cash loan.

You can find a loan deal among our online lending partners that best suits your circumstances. The application process is easy, straightforward and 100% online from start to finish, so you can apply with Savvy and get your cash before you know it.

What is a cash in hand loan and how do I apply?

A cash in hand loan is a type of small loan that you can apply for through payday lenders. You can borrow between $300 and $5,000 and you get the choice of repayment options of up to two years, depending on the size of your loan. For many years, lenders offered over-the-counter cash in hand loans to borrowers. However, most lenders have now moved to digital platforms which allow you to get your loan funds deposited straight into your bank account.

Getting a quick cash loan online is as easy as applying with Savvy. It only takes about ten minutes to complete your application and receive an instant decision. You’ll be asked to share some personal details with your lender as part of the application, including:

Personal details such as name, birth date and address
Your employment status, industry, who you work for and how long you’ve been in your current job
Living expenses such as rent/mortgage/board costs
How much you earn after tax, how regularly you earn it and your next pay date
Whether Centrelink benefits make up a portion of your income

If your automatic instant decision is positive, your lender will go about confirming the details you provided in the initial application through a credit check and formal review of your bank statements. You don’t need hard copies of your bank statements to apply, as your lender will request read-only access to 90 days of internet banking statements to review your income, recent spending and regular expenses.

You should be able to get a formal loan offer once these checks are done if your lender is happy with everything in your application. In some cases, they may require additional information to complete your statement but it generally doesn’t hold up the process by much. Once you sign your contract and return it, you can have your funds sent to you soon after.

What can I use my cash in hand loan for?

Whether it’s covering the cost of an urgent operation, fixing your car or paying off some overdue bills, lenders enable you to use small cash loans to cover a wide range of expenses.

When you apply for a quick cash loan, you’ll be asked to select a reason why you need a loan. You can choose from a variety of valid uses, such as:

Day-to-day living expenses
Medical or dental costs
New furniture or white goods
Child-related expenses
Maintenance of your home
Travel-related expenses such as flights and accommodation
Utility bills
Rent arrears or bonds
Moving house
Vehicle repairs or maintenance

You won’t be able to use your loan funds to repay similar short-term cash loans or payday loans, however, or use your money to gamble.

Can I get a cash in hand loan with bad credit?

Yes – bad credit isn’t a barrier to getting loan approval. Payday lenders take a different approach than the big banks when assessing loan applications. It’s easier to get approved with these types of loans compared to other types of finance, even if your credit rating is very bad and you need a fast loan.

When running credit checks, lenders prefer to concentrate on your wider borrowing history rather than focus on your credit score. This paints them a complete picture of your credit track record and gives them an indication of what type of borrower you are.

Some forms of bad credit are more likely to impact your chances than others. Lenders are less likely to fixate on a few late payment listings on your credit card from a year or two ago, but they’ll care if you have unpaid defaults, have filed for bankruptcy or recently applied for a stack of loans. That’s why lenders opt to drill down into your history rather than judge you on your score.

It’s important to remember that these credit checks are in your best interest. Credible lenders in Australia don’t offer ‘no credit check loans’ because they want the peace of mind you can afford to repay any money you borrow, which serves as part of their responsible lending obligations.

Got a cash in hand loan question? We have the answers

If I’m a cash-in-hand worker, can I get a loan?

Lenders will only factor wages deposited into your account by an employer or other consistent income source. If you’re a worker earning cash-in-hand wages and needing a loan, this income won’t count towards a same-day loan.

How do I qualify for a loan?

Your lender will have a series of eligibility requirements you’ll need to meet to qualify for a loan. These include:

Over 18 years old
An Australian resident
Earning a stable income
No active payday loans
Active phone number and email
Access to your 90 days of bank statements via internet banking

How quickly can I get my loan funds?

In most cases, you should receive your money on the same day you apply; however, this will ultimately depend on several factors, including when you apply and your bank’s cut-off times and payment transfer speeds. Applying earlier in the day or week will increase your chance of same-day approval as lenders only process applications during standard business hours, meaning late-night processing isn’t available. Many banks have payment cut-off times, such as 6pm or on weekends, so the earlier you apply, the better your chances of a payment being made before the cut-off.

Can I get a cash in hand loan if I'm collecting Centrelink benefits?

Yes – so long as your government benefits aren’t temporary (like JobSeeker). Fixed Centrelink benefits such as the aged pension and single parent payments are generally accepted as sole forms of income by most lenders. Other accepted payments include:

Carer’s payment
Child care subsidy
Disability pension
Family Tax Benefit Part A and B
Veteran’s pension

What happens if I have trouble making my repayments?

A range of factors can impact your ability to keep on top of your loan payments, including a divorce, a death or a job loss. It’s best to contact your lender as soon as your circumstances change. They can take steps to help you get back on track, including temporarily reducing or restructuring your repayments. Entering into a short-term arrangement is better for your credit score than defaulting on your loan entirely.