Cash Loans Online Australia

Apply online with Savvy and get a cash loan today.

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 09:53 am by Kurtis Eichler

Get your cash loan approved 100% online

When you need money in a hurry, you don’t want to be bogged down in paperwork and enduring long waits for approvals. That’s why when you apply with Savvy, the online cash loan application process is fast and highly convenient.

Our process is accessible by computer or smartphone and is easy to complete, allowing you to apply 24/7 no matter where you live in Australia. Stop waiting around and get the wheels in motion on your loan application with Savvy today.

How can I get a cash loan online in Australia?

Getting an online cash loan is pretty straightforward when you apply with Savvy. There’s no need to deal with complicated physical paperwork or forms, which allows you to get a decision instantly once you submit your initial application.

To qualify for a fast cash loan, you’ll have to satisfy some simple eligibility requirements. These are standard across all lenders; however, they may differ slightly, so it’s always handy to check. Generally, they’ll include:

  • Age: Over 18 years old
  • Residency: A permanent Australian resident or citizen
  • Income: Earning a regular income for the past 90 days
  • Contacts: Active mobile phone number and email address
  • Similar debts: No existing payday loans
  • Online access: Easy access to your accounts via internet banking

Once you’ve confirmed you’re eligible and have selected a loan amount, you can go ahead and start your initial application with us, which only takes roughly ten minutes to complete. You’ll be asked to provide the following details during this step:

  • The reason you need a loan
  • Some personal details, such as full name, contact information and residential status
  • Your employment status, job title, the industry you work in and your time in your current employment
  • How much you earn after tax and how often you’re paid
  • Your rent/mortgage/board expenses

As part of this step in the process, lenders will request some ID to verify your identity. Usually, a driver’s licence or passport and a Medicare card will be sufficient, but these requirements can differ from lender to lender

How fast can I get my online cash loan approved and funded?

In most cases, you can have your fast cash loan approved and paid out as soon as the same day you apply. Applying early, being well organised and submitting a strong application can all help hasten your approval.

If you’re instantly approved, your lender will run a few checks to confirm the information provided in your initial application. These checks involve a credit check, focused mainly on your wider borrowing history rather than your credit score, and an income check to determine the loan’s affordability for you. From time to time, lenders may also request further clarification or information to complete your application. Once they’re happy with all of this, you can be offered formal approval.

Your loan funds will be released once you sign and return your digital loan agreement. Generally speaking, the money should hit your account on the same day, but this will depend on who you bank with, as some institutions have faster transfer times than others.

Additionally, the earlier you apply, the sooner you can get a formal decision on your payday cash loan. Applying earlier in the day will minimise the chances of your application running overnight or into a weekend, improving your chances of getting same-day approval and funding in the process.

How can I save money on my online cash loan?

Cash loans come with two main fees calculated at a percentage of your loan amount. Generally, these fees will include an establishment fee, which is a fixed charge calculated at 20% of your loan amount and capped at $400 above $2,000, and a monthly fee, which is a rolling fixed fee charged at 4% of your loan amount monthly and capped at 48% annually above $2,000. There are several ways to go about reducing the cost of your loan, including:

Borrow a smaller amount

Fees are calculated on the amount you borrow, so the smaller you loan, the easier it will be to repay. If you can use some of your own savings towards the expense you want to cover, it’ll allow you to borrow a lesser amount and pay it off quicker. For example, if you borrowed $1,700 instead of $2,000, your establishment fee would be about $60 cheaper and you’d pay almost $150 less in monthly fees over a 12-month term.

Making additional contributions

By paying more than the minimum repayment, you can reduce the fees you’re paying and your loan term to save money. Direct cash loan lenders don’t charge early repayment or exit fees on loans, so you’ll avoid the added costs that can come with traditional lenders.

Choose a shorter loan term

Lenders will allow you to repay your loan over up to two years. If you borrow up to $2,000, you get between 16 days and one year, while you can take up to two years for loans above that mark. While choosing a shorter term will increase your repayment values, reducing it will save you money on fees. Review our handy table of how much you could save on a loan of $3,000:

Term Length Establishment Fee Monthly Fee Monthly Repayment Total Cost Total Saving
12 months
$400
$120
$403.33
$4,840
N/A
Nine months
$400
$120
$497.78
$4,480
$360
Six months
$400
$120
$686.67
$4,120
$720

Frequently asked online cash loan questions

What can I spend my cash loan on?

Cash loans can be quite handy because they can be used for a wide range of expenses including medical or vet bills, home or car repairs, new furniture or appliances and general day-to-day costs. You can even get a loan for Valentine’s Day or Easter. However, you won’t be able to use your loan to repay other payday loans.

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

Yes – you can still get a loan if you’re unemployed. You just have to be earning a stable income of some form, whether it be a fixed Centrelink benefit, investment revenue or superannuation drawdowns. JobSeeker, Youth Allowance, Austudy and ABSTUDY can’t be counted if they’re your only form of income.

Can I be approved if I’m a temporary Australian resident?

While most lenders are unlikely to approve temporary visa holders for a loan, there may be options for you on the market. It’s worth reviewing different lenders’ eligibility criteria to see if they can approve your application as a temporary resident.

Can I get a cash loan on the weekend?

Yes – online lenders enable you to apply for a cash loan 24/7. However, you’ll only be approved and funded during business hours. There are a few lenders who operate on Saturday who may be able to approve and fund you on a weekend, though.