Emergency Cash Loans Unemployed No More Hassle Australia

An emergency cash loan is no hassle with Savvy.

Apply in less than 10 minutes.

Last updated on July 25th, 2022 at 05:22 pm by Kurtis Eichler

Get no-hassle emergency cash loans from $300

Keeping on top of your bills can be even more hassle when you’re out of work and looking for a job. If unexpected costs arise, though, being unemployed shouldn’t stand in the way of you getting an emergency cash loan to cover some costs.

Fortunately, applying for your cash loan with Savvy is fast and simple. By partnering with reputable Australian lenders, we can help you get approved and funded as soon as the same day you apply. Start giving your budget some breathing space and apply with Savvy today.

Can I get an emergency cash loan in Australia if I’m unemployed?

Yes – you can get instant approval on emergency finance as long as you’re earning some form of steady income which can be made up of a mix of fixed government benefits and wages. Many fixed Centrelink benefits can be counted as sources of income when you apply for a loan, including:

  • Aged pension
  • Disability pension
  • Veteran’s pension
  • Carer’s payment
  • Single parent payment
  • Family Tax Benefit Part A and B
  • Child care supplement

Bridging Centrelink benefits, such as JobSeeker and Youth Allowance, for those temporarily out of work can’t be counted towards your fast cash loan. These are temporary measures meant to support you while you’re studying or transitioning out of unemployment. Investment revenue and superannuation payments are other forms of income that can be counted towards your loan application.

In terms of what you can borrow, you can apply for between $300 and $5,000, but how much you’re approved for will come down to your income, expenses, spending and current liabilities. Lenders will check your payment history on other cash loans as part of a credit check, which can also impact how much you can borrow.

How do I qualify and apply for an emergency cash loan with no hassle?

You’ll have to meet some standard eligibility requirements to qualify for an urgent cash loan, for which you can apply online with Savvy. To be eligible for a cash loan, you must meet the following requirements:

  • Over 18 years of age
  • A permanent Australian resident or citizen (some lenders may work with temporary residents on relevant visas)
  • A steady income
  • Access to internet banking
  • An active mobile phone and email address

Once you’ve checked that you meet all the criteria, you can go ahead and apply for your fast and convenient online cash loan with Savvy. After choosing your small loan amount and telling us why you need it, you’ll be asked to provide the following details to receive an outcome immediately:

  • Personal details: Provide your full name, date of birth, mobile phone number and email address.
  • Residential status: Tell us whether you rent, own or board and how much you pay on rent/board/mortgage costs.
  • Employment: Provide us with your employment status, the industry you work in, tenure with your current employer and their name.
  • Government benefits: If you’re unemployed, tell us if your Centrelink income makes up more than 50% of your total income.
  • Income: You can tell us how much you earn after tax and how often you earn your wage.

Once you submit this initial application, you’ll receive an instant outcome from a direct money lender. The lender will then go about verifying the information you’ve provided during the initial application. This includes running a check of your borrowing history and requesting a read-only copy of your bank statements. If they’re satisfied with your application, you can receive formal approval soon after.

How fast can I get my emergency cash loan paid?

Your cash loan can be paid out with no hassle and hit your account as soon as the same day you apply. This will depend on several factors, including your application and personal circumstances.

After being formally approved, lenders will send you a digital loan contract to sign so your payday cash loan funds can be released to a nominated bank account. While your money should hit your account on the same day you apply, there are some factors which can impact this. These include your bank’s transfer times, the time you apply and whether your lender needs additional information.

The earlier you apply in the day and week, the less likely your application is to run into the next day or week. For instance, a Monday morning application is better than a Friday evening one in terms of having your application formally processed. It’s also a good idea to have your documents saved on your computer or smartphone so they can be readily uploaded and speed up receiving your funds.

Frequently asked no-hassle emergency cash loan questions

How long can I take to repay my emergency cash loan?

You can take up to two years to repay your loan, depending on how much you borrow. Loans up to $2,000 come with repayment options from 16 days to one year and those above $2,000 come with maximum term lengths of two years. Choosing a shorter term can save you money on monthly fees, while opting for a longer term will reduce the size of your repayments.

Can I apply for an emergency cash loan if I have bad credit?

Yes – a poor credit rating isn’t an obstacle to getting approved for an emergency cash loan when you apply with Savvy. Unlike other types of finance, your approval for a cash loan doesn’t ride on your credit score. However, Australian lenders will still run a check of your borrowing history to look at your payment history on other cash loans and check if you have any active loans. If you have bad credit, it’s best to steer clear of ‘no credit check’ loans, as these aren’t offered by reputable lenders.

Can I pay my loan out early?

Yes – you can repay your loan sooner than planned with no additional cost. This is because lenders don’t charge early repayment or break fees on payday loans. Repaying your loan early can also save you money on monthly fees you would have otherwise incurred by sticking to the regular repayments.

What fees will I be charged on my emergency cash loan?

Cash loans come with several costs which will be rolled into your loan payments. Choosing a shorter repayment term can help you save money on monthly fees. These include:

Establishment Fee: A capped 20% fee is charged on loans up to $2,000. For loans above $2,000, you’ll be charged a flat sum of $400.

Monthly Fees: Loans up to $2,000 come with a fixed fee of 4%, while the fees for amounts above $2,000 are capped at 48% over the course of one year.

Can I use my loan to pay off another payday loan?

No – you can’t use one cash advance loan to repay another. Cash loans are very versatile and can be used for a range of reasons, including debt consolidation, new furniture and vehicle repairs. However, lenders don’t allow you to spend your money on gambling or repaying other short-term loans.