Cash Loans Melbourne

Need to borrow over a shorter-term and don’t want to wait ages for your money? Apply for a cash loan with Savvy.

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.

$2100
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$500
$50,000


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.

Convenient cash loans in Melbourne

Modern cash loans provide a shorter-term, convenient way to access money when you get caught out by an unexpectedly high utility bill, need to pay for car repairs, or even want to get that holiday you found on sale. Not every loan needs to be repaid over three, five, or even seven years. If you’ve been looking at cash loans, Melbourne based, and you only want to borrow for a few weeks, months, or anything up to two years – you could be on the right track.

How Savvy works

At Savvy, we’re not tied to one product or lender. That’s what allows us to help many Australians qualify for a cash loan every month in Melbourne. Our expert cash loan consultants can scan all the country’s top providers in seconds to find the lender that best meets your needs. Not only that, but we match borrowers to products that fit their financial status too – which means applications go more smoothly and quickly, and you’re far more likely to get a yes with Savvy!

Why apply for a small loan with Savvy?

Got questions about Melbourne cash loans? Find answers here

So, can Savvy guarantee I’ll get approved for a Melbourne cash loan?

The answer to that question is no. In short, you should avoid any lender or consultant that guarantees approval for a loan. Financial regulators in Australia demand that cash loan lending gets carried out fairly. That means responsible lenders who won’t cause you financial hardship.

What’s the difference between a cash loan and a personal loan?

Personal loans generally run for longer than cash loans. Cash loans enable you to borrow sums between $2,050 and $5,000, choose to repay over just sixteen days or select a longer term of up to two years. You can also repay early if your situation changes – without extra fees. Another significant difference with a cash loan is that personal loans use an annual percentage rate (APR) along with fees to charge for borrowing. Cash loans employ fixed costs based on the loan amount (maximum 48% per year in repayment fees and $400 to establish the loan).

What will I need to qualify for a cash loan?

You’ll need to be minimum eighteen years old and have a regular form of ongoing income. You’ll also need to be an Australian resident or citizen and provide proof of address along with ID. Lenders will also look at the most recent 90 days of your bank statements.

Why do lenders need to see my bank statements?

Qualifying for a cash loan is different to applying for personal loans – where you get assessed more on your credit history. With cash loans, affordability is the main requirement for approval. Lenders look at your bank statements to verify you have regular income. They also check to see what you spend every month so they can make sure you’re not borrowing more than you can afford.

My statement shows Centrelink income, does that mean I won’t qualify?

When applying for cash loans, Centrelink benefits are acceptable as long as that doesn’t make up more than half your income – and you’ll need to get a Centrelink Income Statement via MyGov if that’s the case.

How long does it take to get approved for a cash loan?

Cash loan providers operate online. Funds get transferred directly into your bank account after you get approved, so delays are minimal. Savvy will find your ideal option and quickly connect you to the lender’s website. From there, you can upload documents, fill out a quick form, and even sign the provider’s agreement. Everything gets done via your smartphone or any device with an internet connection.

Can I get approved for a cash loan if I have a bad credit history?

Cash loans can be a great way to get back on the borrowing ladder after problems and to rebuild your credit report too. In fact, many Aussies use bad credit cash loans to consolidate multiple forms of existing borrowing, such as credit cards and overdrafts. The advantage with a small loan is the repayment term is finite – not like with a credit card or overdraft. Repayments are fixed, so you can set yourself a target and stick with that. You also improve your credit score every time you successfully pay off a loan.

So, a cash loan provider won’t check my credit report?

Every responsible lender checks your credit report. The difference with cash loan providers is they mainly check for existing and recent loans – not to penalise you for past late payments or problems. When you apply for a cash loan, lenders leave an impression that other credit providers will be able to see if you apply for a credit card, phone contract, or another loan further down the line. Cash loan lenders won’t approve your application if you already have a couple of outstanding short-term loans. You’ll need to repay them before you apply again.

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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.