Direct Cash Loans
Get a cash loan direct to your account as soon as today with Savvy.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
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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 $2,050 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: a flat set-up fee of $400 which is spread across your repayments.
- Monthly fee: calculated based on a cap of 48% of your loan amount across the span of 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 ranging from 16 days to 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 |
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Frequently asked direct cash loan questions
Small loans to suit your circumstances
Helpful small loan guides
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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
