Cash Loans In 60 Minutes

Need a cash loan fast? Apply with Savvy today.

Apply in less than 10 minutes.

Last updated on August 1st, 2022 at 05:10 pm by Thomas Perrotta

Fast cash loan approval within 60 minutes

The application process for most traditional forms of finance in Australia can sometimes be a long and drawn-out one. However, when you need cash very quickly today, there are loan options available to help you get approved for the funds you’re looking for in as little as 60 minutes.

Fortunately, you can apply for a cash loan right here with Savvy and have your application processed and approved fast. We’re partnered with reputable and flexible lenders to offer you a speedy process from start to finish, so you can get started on your application now and receive approval before you know it.

Can I get my cash loan approved in 60 minutes?

Yes – you can receive fast approval on your cash loan as soon as 60 minutes after you apply. By applying through Savvy, which you can do 24/7, we can immediately connect you with your lender who will, if you receive a positive instant outcome on the spot, conduct a set of quick checks before offering formal approval and sending your loan contract to you soon after. However, there are several factors which could impact the speed of your loan approval. These include:

  • Your lender requiring further documentation
  • The time you apply for your loan (applications outside of business hours can’t be formally processed until the coming business day)
  • The complexity of your application (some financial situations will require more assessment than others)

It’s important to note that you typically won’t receive your loan funds in your account within 60 minutes. In most cases, your cash will hit your nominated account on the same day you apply. While your lender could transfer the money within one hour, different banks have different transfer times which could result in a further delay to your funds hitting your account. However, even if you don’t receive the funds in your account within that time, you can be confident and assured that your money isn’t far away and will be available for you to use if you need it desperately.

How do I apply for a cash loan?

The step-by-step process of applying for a loan in Australia with Savvy is simple to follow from start to finish. Familiarise yourself with this process before you start so you can be sure you’ll have all the information you need and maximise the speed of your application when you need money very quickly.

Fill out your initial application

Savvy’s online application form should only take you around ten minutes to complete. This will enable you to tell us about yourself and the loan you’re after so we can connect you with a suitable lender from our panel. Some of the information you’ll need to provide at this step includes:

  • The amount you need and why you need it
  • Your contact details
  • Your address and living situation
  • Your employment details and income
  • Whether Centrelink benefits make up at least 50% of your total income

You often won’t be required to verify your employment as part of the loan process. Once you’ve filled this out, you’ll be connected to your lender where you can complete the remainder of your application. You’ll be required to supply ID such as your driver’s licence, passport and Medicare card, as well as grant read-only access to 90 days’ worth of bank statements.

Receive an instant outcome

After you’ve completed these forms, you can receive an instant outcome. If this is an instant approval, your lender will commence formal assessment of your application, which will involve verifying your information to confirm that it’s true and accurate.

Wait for formal approval

Once your lender is happy with all of the information you’ve provided as part of your application and is confident you’ll be able to take on a loan comfortably, you’ll receive formal approval as soon as one hour after you apply and be sent a loan contract to sign.

Sign your contract and receive your funds

The contract will confirm all the details of your agreement, such as your loan amount, term, repayments, fees and any other conditions of your loan. You’ll be able to sign this electronically and return it, after which your funds can be sent to your nominated account. As mentioned, this will be the same day you apply in most cases.

How much will my cash loan cost overall?

There are two main fees which apply to cash loans in Australia: an establishment fee and an ongoing monthly fee. Establishment fees are calculated at up to 20% of your loan amount (capped at $400 for loans exceeding $2,000) and are built into loan repayments, rather than being payable as one lump sum at the beginning. Ongoing fees are charged at 4% of your loan amount each month (capped at 48% per year for loans exceeding $2,000). Because of the structure of these fees, the cost of your loan will be determined by two major factors:

The size of your loan

The larger your loan, the more you’ll pay in fees. For instance, while a $1,500 loan would come with a $300 establishment fee and $60 monthly fees, a $2,000 loan would charge $400 for establishment and $80 per month. When applied to a 12-month term, this equates to a difference in cost of $340. If you have any savings you might be able to put towards your desired cost rather than having your cash loan cover 100% of it, doing so could save you important money in the long term.

The length of your loan term

Because monthly fees are ongoing, the length of your term will also impact the overall cost of your loan. The table below demonstrates how you can save on a $1,000 loan with a shorter term.

Loan term Establishment fee Ongoing fees Monthly repayment Total cost
12 months
$200
$40
$140
$1,680
Ten months
$200
$40
$160
$1,600
Eight months
$200
$40
$190
$1,520
Six months
$200
$40
$240
$1,440

Common 60-minute cash loan questions answered

Can I get a cash loan with no credit check?

Lenders are required to conduct credit checks when assessing your application. However, they’re more focused on your ability to repay your loan and see whether any other loans are outstanding than your score itself. As such, there’s no such thing as a no credit check loan amongst reputable lenders, but you can always remember that bad credit is no obstacle to fast loan approval.

Am I able to apply for more than one cash loan?

Lenders are very unlikely to approve an application for a borrower who already has one or more payday loan debts outstanding. If you have the ability, you should always repay any other cash loans before applying for your next one. You’re also unable to take out a loan to repay another cash loan debt.

Does it matter where I live when applying for a quick cash loan?

No – regardless of whether you’re applying for a loan in Sydney or another major city or are living more rurally, you can be approved for finance. Lenders operate 100% online and are more concerned about whether you can repay your loan than the state, city or town you live in.

Can I get paid on the weekend?

In some cases, yes – if your lender extends its opening hours beyond Monday to Friday, you may be able to receive formal approval and funding on the weekend. However, while you can apply and receive instant outcomes 24/7, formal approval must be arranged within business hours.