Easy Cash

Looking for easy cash? Apply for a loan with Savvy today.

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 10:15 am by Kurtis Eichler

Easy cash loans approved from $300

Do you need cash as soon as possible? Get yourself out of a jam and apply for a fast and easy cash loan with Savvy. By partnering with flexible Australian lenders, we can help you get approved and funded as soon as the same day you apply.

Every step of our loan application process is online, from the moment you apply to the second you’re paid out. Take advantage of our convenient process and apply for an easy cash loan with Savvy today.

How do I apply for an easy cash loan?

You can apply for a cash loan online with Savvy’s straightforward application process. Fast-paced and efficient, applying for a loan with us is easy to save you time when you need money in a hurry.

Before completing your application for loan money, you should double-check you meet the eligibility criteria. These include:

  • At least 18 years old
  • Permanent Australian resident or citizen
  • No outstanding payday loans
  • Earning a steady income for the past three months
  • Active mobile number and email address
  • Access to 90 days of bank statements via internet banking

To start the process, you’ll need to choose how much you want to borrow and why you need it. You can apply to borrow between $300 and $5,000 with a fast cash loan. Once you’ve chosen your desired amount, you’ll be required to provide some information about your employment, income and personal circumstances.

Lenders will ask you to provide some digital documentation to verify your identity, which can be uploaded to a secure portal. They will generally ask for copies of the following:

  • Driver’s licence or passport
  • Medicare card

You’ll receive an instant outcome on your application once it’s submitted. If you’re approved, your lender will run a credit check as well as a check of your income and expenses as part of the formal approval stage. You’ll need to provide ‘read-only’ access to 90 days of bank statements so your lender can run a check on your finances.

If things run smoothly, you can be offered formal loan approval very soon after. Once you sign and return your digital loan contract, your funds can be released.

How much do cash loans cost?

Cash loans in Australia come with several fees, but the amount you’ll pay will come down to how much you borrow. However, it’s easy to work out what they’ll cost and there are simple things you can do to reduce your outlay.

Cash payday loans come with two types of fees: an establishment fee and an ongoing monthly fee. These fees are capped so you know exactly how much you’re paying on top of your regular repayments.

The establishment fee is charged at 20% of your borrowing amount for loans up to $2,000, while larger loans come with a flat fee of $400. Monthly fees are calculated at 4% on loans up to $2,000. Loans above $2,000 have their fees capped at 48% over 12 months.

Choosing a shorter loan term is perhaps the most effective way you can reduce what you pay in fees. Loans come with repayment term options ranging from 16 days to two years, depending on how much you borrow. Taking out a $3,000 loan over 15 months instead of 18 will save you $360 in fees, for instance. If you choose to borrow a smaller amount, you may be charged a reduced establishment fee. Making extra repayments will have the same effect, as these will shorten your loan term.

Is it still easy to get a cash loan with bad credit?

Yes – bad credit doesn’t really matter on these types of small loans. While reputable lenders will always look at your borrowing history when considering you for a loan, they tend to focus on more than just your credit score.

When lenders run a credit check as part of your formal approval, they’re more concerned with what you’re able to afford and manage today. They look more at whether you have any outstanding loans or recent defaults which could impact your ability to repay your loan, with your score not really forming a major part of the assessment.

If your bad credit comes from active bankruptcy or defaults, most lenders will be reluctant to approve you for a loan. However, there may still be lenders on the market willing to consider you for a loan. If your score isn’t the best because of a few late payments a couple of years ago, though, lenders will be more likely to be able to approve your application (provided you can support the payments).

Common cash loan questions

How fast can I get my easy cash loan funds?

In most cases, your loan funds should hit your account on the same day you’re approved. However, this will depend on who you bank with as transfer times tend to vary and some institutions have faster turnarounds on payments than others. It’s also a good idea to apply as early as possible so your application doesn’t drag out into the next day or over the weekend.

What can I use my cash loan for?

Whether some expensive bills have popped up out of the blue or you have some jobs around the house to be completed, you can fund a range of costs with your loan money in Australia. You can also use your loan to pay for urgent medical procedures, vet bills and maintenance to your car.

Can I apply for a cash loan if I collect Centrelink?

Yes – you can get a cash loan if you’re a recipient of government benefits. A slew of fixed Centrelink payments can be factored into your assessable income whether you’re working or unemployed and need a loan. Eligible benefits include:

  • Aged pension
  • Carers payment
  • Child care subsidy
  • Disability pension
  • Family Tax Benefit Part A and B
  • Single parent payment
  • Veterans’ pension

 

Short-term measures such as JobSeeker, Youth Allowance, Austudy and ABSTUDY can’t be factored in on their own; however, JobSeeker can be used as a low-income subsidy.

Can I get a loan paid out on a Saturday or Sunday?

Yes – some lenders offer weekend loan payouts. This can be handy if you need some urgent cash over the weekend. While there are options out there, keep in mind that many lenders don’t operate on weekends and only offer approvals during business hours.