Direct Money Lenders

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Last updated on August 1st, 2022 at 12:31 pm by Kurtis Eichler

Direct money lenders

It can be hard to know where to look when you need cash today. Fortunately, when you apply with Savvy, we match you to a reliable direct money lender who can offer a loan deal which is best suited to your profile.

Our flexible lending partners have fast-tracked online processes, meaning you can apply, be approved and get your cash from the convenience of your smart device and the comfort of your own home. Don’t look any further and get your application started with Savvy today.

How do I get a loan with a direct money lender?

Getting a payday loan through a direct money lender is as simple as applying online with Savvy. When you apply with us, we connect you to one of our lending partners who can offer you a loan best suited to your financial circumstances.

Direct money lenders have eligibility criteria you must adhere to if you need money fast. These loan requirements are standard across all lenders and will usually include:

  1. Age: You must be at least 18 years old to apply for a loan.
  2. Income: Lenders require you to be earning a consistent income for at least 90 days before you apply for a loan. This doesn’t have to come from alone wages but must be stable. It can be made up of fixed Centrelink benefits, investment revenue or superannuation drawdowns.
  3. Residency: You’ll need to be a permanent Australian resident or citizen to take out a loan. Temporary residents are unlikely to be considered by most lenders.
  4. Contact: You need an active mobile phone number and a working email address to apply. Your email address will come in handy when you need to sign your loan contract.
  5. Banking: A lender will ask to review 90 days’ worth of online banking statements, so having access to your bank accounts online is a must.

If you tick all the boxes, you can start your initial application. It should only take ten minutes to complete and you’ll receive an instant decision once you submit it. If you receive instant approval on your online loan, your direct money lender runs a few checks as part of the formal approval process, after which you can receive formal approval and funds in your account as soon as the same day you apply.

What documentation and details do I need to supply to my direct money lender?

If you need cash today, you’ll need to share some documentation and details so you can be considered for a loan.

First and foremost, you’ll be asked to share some personal and professional details as part of the application process so you can receive an instant decision. These details will include:

Application details
Personal details
Full name, date of birth, contact information
Residency
Address, residential status, monthly rent/board/mortgage costs
Employment
Job status, place of employment, job tenure, the industry you work in
Income
Income after tax, frequency of pay, next pay date
Centrelink benefits
Whether Centrelink benefits make up more than 50% of your income

Once you’ve provided this information, your direct lender will require you to supply some documents to prove your identity. This information can be securely uploaded to an online portal. Your lender will generally ask for the following:

  1. Australian driver’s licence or passport
  2. Medicare card

However, a mix of the following can also be used if you lack some of the above identification.

  1. Birth or citizenship certificate
  2. Proof of age card
  3. Council rates notice or utility bill
  4. A pension or concession card
  5. Foreign driver’s license or passport

Remember that if you’re factoring in government benefits, you may also need to supply a Centrelink income statement to prove what you earn.

How long can I take to repay my loan with a direct money lender?

You can take anywhere from 16 days to two years to pay back your direct cash loan, depending on how much you’re approved to borrow. The loan term you choose will determine what you regularly repay and how much you pay in fees.

Payday loans in Australia come with two repayment term options respective to how much you borrow:

  • $300 to $2,000: Between 16 days and 12 months
  • $2,001 to $5,000: Between 16 days and 24 months

While your repayments will be smaller if you choose a longer term, you’ll pay more in monthly fees. If you take out a shorter term, though, your repayments will be larger but you’ll save money across your term. For example, paying off a $2,000 loan over nine months instead of 12 may increase your fortnightly repayments by $27, but you’d save $240 in fees overall.

Frequently asked direct money lender loan questions

How can I spend my loan with a direct money lender?

Whether you need to do some odd jobs around the house or cover the cost of an expensive surgery, you can use a quick cash loan to cover a range of urgent and non-urgent expenses. Some of these include medical or vet bills, travel, vehicle repairs, home renovations or maintenance or simply bundling up some debts.

What fees are included in my loan?

Payday loans come with two types of fees, including:

  • An establishment fee: This fee is charged at 20% of your borrowing amount for loans up to $2,000 and as a flat fee of $400 for larger loans.
  • A monthly fee: This cost is charged at 4% of your loan amount if you borrow up to $2,000. More significant amounts have their monthly charges capped at 48% over a year.
Can I get a loan with bad credit?

Yes – bad credit isn’t an issue if you’re applying for a payday loan. Lenders prefer to take a broader look at your credit history rather than focus on your credit score when considering you for approval. This gives them a much better idea of what type of borrower you are and whether you can afford to repay your loan right now.

How quickly can a direct lender send funds to my account?

Your lender will release your loan funds not long after your return your signed loan contract and can land in your account as soon as the same day you apply. How soon you receive them in your account will depend on when you applied and your bank’s transfer speeds. If you need money fast, it’s best to apply earlier in the day or week to improve your odds of a same-day approval and payout, as lenders can only formally process applications during business hours and some banks may delay transfers made outside of business hours.