Direct Cash Loans

Get a cash loan direct to your account as soon as today with Savvy.

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Last updated on August 1st, 2022 at 12:26 pm by Kurtis Eichler

Get a direct cash loan with Savvy

Getting a cash loan can be a lifesaver when you’re in a pickle and need some fast money. Once you’ve been formally approved, your cash can be deposited directly into your account, so when you’re searching for a cash loan, look no further than Savvy.

When you apply with us, you’ll benefit from rapid online processes and easy applications which take only minutes to complete. Get the process started and apply with Savvy today.

How fast can I receive my direct cash loan funds?

You can get your online cash loan funds paid directly into your bank account on the same day you apply. After you’re offered formal approval on a loan, your direct lender emails you a copy of your loan contract to review and sign. Once you return the contract, your funds can be released by your lender into a nominated bank account.

Ultimately, though, the speed of receiving your funds will depend on a range of variables including when you apply, the strength of your application and how fast your bank processes payments. While instant payments are universal among financial institutions, banks can still take a few hours to process payments. Also, because most banks have cut-off times of around 6pm and may not operate on weekends, there’s a good chance you’ll receive them that evening if your payday loan funds are released during business hours.

Applying earlier in the day or week will improve your odds of getting approval and funding that day. Lenders don’t process applications day and night, so getting your application in sooner rather than later helps avoid it turning into a multi-day process.

Now and again, direct lenders may also need to clarify the information you’ve provided or request additional documents to complete the application process. If this does occur, it shouldn’t hold up the process by much, but it could slightly delay your cash’s passage to your bank account, particularly if this occurs late in the day or week.

How much can I borrow with a direct cash loan?

You can apply to borrow between $300 and $5,000 with a short-term cash loan. However, payday lenders will first assess your income, expenses and credit history to determine how much you can be approved for.

Payday lenders will review your borrowing power when you apply for a payday loan. Your borrowing power is essentially how much you can afford to borrow based on several variables including what you earn, what you spend, your current level of debt and any money you’ve saved.

As part of the application process, a lender will ask for read-only access to your internet banking statements. This gives them a clear indication of your income, recent spending and regular expenses when they’re assessing how much you can afford to borrow.

Lenders also run a quick credit check to look at your broader borrowing history to give them an indication of what type of borrower you are. They’ll look at factors such as your repayment history, active debts, defaults or court judgements.

Remember that applying to borrow an amount which is comfortably within what you can afford will improve your chances of approval. Lenders want to see that you can manage the loan you’re after consistently, so being able to prove you can comfortably manage your proposed repayments will help your case.

How much will my direct cash loan cost me?

Cash loans come with several fees, but how much extra you’ll end up paying will depend on the size of your loan and how long you take to pay it back. The two types of fixed fees you’ll receive on a cash advance are:

  • Establishment fee: This is calculated at 20% on loans up to $2,000. More significant amounts come with a flat set-up fee of $400.
  • Monthly fee: This charge is calculated at 4% of your balance each month if you borrow up to $2,000. Larger loans have their fees capped at 48% across 12 months.

How long you take to repay your cash advance will determine how much you pay in monthly fees in total. Loans come with different repayment term options depending on how much you borrow. Loans of up to $2,000 have term options ranging from 16 days to one year, while larger loans have maximum terms of two years. Reducing the repayment term on a $3,000 loan by even a few months can save you money, as this table shows:

Loan term Establishment fee Monthly charge Monthly repayment Total loan cost Total loan saving
24 months
$400
$120
$261.67
$6,280
N/A
21 months
$400
$120
$280.90
$5,920
$360
18 months
$400
$120
$308.89
$5,560
$720
15 months
$400
$120
$346.67
$5,200
$1,080
12 months
$400
$120
$403.33
$4,840
$1,440

Frequently asked direct cash loan questions

How do I qualify for a direct cash loan?

If you need money now, you must first satisfy your lender’s eligibility criteria. These are usually the same from lender to lender and require you to be:

  • Over 18 years old
  • A permanent Australian resident
  • Earning a stable income
  • Able to access a working mobile phone number and email
  • Not repaying any active payday loans
  • Able to access 90 days’ worth of internet banking statements
What documents do I need to apply for a cash loan?

Your lender will request several documents to verify your identity as part of the application process. Once you supply these as part of your application, you can receive an instant outcome before formal assessment. You’ll be generally required to upload the following to a secure online portal:

  • Australian driver’s licence or passport
  • Proof of age or Medicare card

 

If you don’t have some or all of the above, you can supply some of the following:

  • Birth or citizenship certificate
  • International driver’s licence or passport
  • A tax office notice of assessment
  • Council rates notice or utility bill
How often can I repay my cash loan?

You get to schedule your repayments weekly, fortnightly or monthly. You can also choose to have your payments direct debited from your account or manually make repayments using BPay.

Can I get a direct cash loan if I collect Centrelink benefits?

Yes – you can get a cash loan if you’re receiving an eligible government benefit. Temporary benefits, such as JobSeeker, can’t be factored in if they’re your only form of income. Eligible payments include:

  • Aged, disability or veterans’ payments
  • Carers payment
  • Family Tax Benefit Part A or B
  • Single or partnered parent payments
Can I get a direct cash loan if I’m in a Part IX Debt Agreement?

It’s unlikely you’ll be approved for a cash loan if you’re already in an ongoing arrangement to pay back your debts. You’ll improve your chances of approval if you wait until your debt agreement has ended.