Emergency Loans Australia

Need cash immediately? Get an emergency loan with Savvy.

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 10:17 am by Kurtis Eichler

Emergency loans approved up to $5,000

Life’s full of surprises and sometimes they hit your back pocket. Whether an urgent bill pops up out of the blue or your car needs fixing, you can turn to Savvy in an emergency to help you get a loan to give your budget a boost.

We partner with flexible Australian lenders who specialise in rapid turnarounds and instant decisions on applications. Get yourself out of a bind and apply with Savvy today.

How do I get an emergency loan in Australia?

If you find yourself in an emergency, getting the wheels in motion on your urgent cash loan is as easy as applying with Savvy. Our 24/7 application process is quick and straightforward, which you can complete online using your smartphone or computer.

Lenders will require you to meet a series of eligibility conditions before applying for an emergency loan. Ensure you double-check these with your particular lender, as they can occasionally vary. Eligibility requirements will generally include:

  • Age: At least 18 years old. You’ll be required to submit documents to verify your age and identity which can come in the form of a driver’s licence, passport and Medicare card.
  • Income: Earning a steady income for the past three months. Lenders can factor in multiple forms of income when assessing your application. If your work is a little inconsistent, you can still be considered but may have to meet additional criteria.
  • Residency: A permanent Australian resident or a citizen.
  • Easily contactable: Have a working mobile number and easy-to-access email address.
  • Access to online accounts: You’ll need to provide your lender with ‘read-only’ access to your online bank statements, so you must have access to internet banking.
  • No similar debt: It’s highly unlikely you’ll be approved if you have another unpaid payday loan in your name.

After you choose your loan amount (between $300 and $5,000) and how you intend to spend it, you can start your application, which shouldn’t take too long to finish. Some of the information you’ll be asked to supply include:

  • Personal details (name, date of birth, address)
  • Contact information
  • Employment status, who you work for, your job title and workplace tenure
  • Earnings after tax and how often you’re paid
  • Rent/mortgage/bond costs

You’ll receive a decision immediately after you submit your initial application, after which your lender can start cross-checking the information you’ve provided (assuming the outcome is positive). They’ll review your income and expenses and conduct a quick credit check. If this runs smoothly, lenders should be able to offer you formal approval on your emergency loan.

How quickly can I get my emergency loan?

In most cases, you’ll receive your money on the same day you apply, which is handy if you need emergency cash. You can have peace of mind that your loan funds will be in your account very soon after your approval and available for you to use.

Lenders will release your funds once you sign and return your loan contract. While your money will be paid out quickly, getting it on the same day you apply will depend on how fast your bank processes payments. Different financial institutions have different transfer times, with some taking up to one or two days to process transfers.

In some cases, lenders may require additional information or documents to complete your application. However, this is unlikely to delay the processing of your loan application by much.

If you find yourself strapped for cash on a Saturday or Sunday, there are some lenders who offer weekend loan approvals and funding. However, getting your loan funds on the weekend will still depend on your lender’s business hours, as no formal applications can be conducted when they aren’t open.

What can I use an emergency loan for?

It can be frustrating when life doesn’t go as planned and you’re forced to stump up for costs you weren’t expecting. Fortunately, you can use a payday loan for a variety of emergency costs, including:

Home repairs

If a pipe in your bathroom has sprung a leak or a cricket ball has ended up through your front window, you won’t have to scrape around for money for it to be fixed if you take out a loan.

Vehicle maintenance

When your car breaks down, the cost of getting back on the road can be eye-watering. You can apply for a cash loan 24/7 and pay off the cost of getting your car fixed over time.

Medical procedures

Whether you need to get some urgent dental work done or undergo some emergency surgery, you can use a payday loan to cover the costs.

New appliances

Fridges, washing machines and other electrical household appliances are very much a part of our everyday life, so if your white goods are on the blink and need replacing, you can apply for cash today to replace them.

Vet bills

An emergency trip to the vet to treat your beloved pet can be an expensive one. Take out a small loan and don’t fret about the bill. You can stop worrying about the cost and get back to focusing on your four-legged friend.

Frequently asked emergency loan questions

How long can I take to repay my emergency loan?

You get between 16 days and two years to repay your loan, depending on how much you borrow. You’ll get up to one year to repay a loan up to $2,000, while larger loans have a maximum term option of two years.

How much do emergency loans cost?

These types of same-day loans come with several fees, but how much these will cost you depends on how much you borrow. Choosing a shorter loan size or term, as well as making additional repayments, can help you save money on the fees you pay.

  • Loans up to $2,000 come with an establishment fee calculated at 20%. Larger loans come with a capped fee of $400.
  • Monthly fees are calculated at a fixed rate of 4% on loans up to $2,000. Loans up to $5,000 have their monthly fees capped at 48% over 12 month
Can I get an emergency loan with no credit check?

You won’t be able to get a ‘no credit check’ loan through a credible lender. Australia has responsible lending laws in place which require reputable lenders to run credit checks on all applicants. This ensures the borrower can afford their repayments. If you’re concerned a bad credit score may hold you back, don’t fret: these credit checks focus on your wider borrowing history and are less concerned with your score.

If I’m unemployed, can I get an emergency loan?

Yes – you can be approved for a loan if you’re unemployed. Lenders don’t just accept wages when considering you for approval. They can also factor fixed Centrelink benefits, investment revenue or superannuation drawdowns as forms of income when assessing your application. As long as your income is stable and ongoing, you can count it on your application.