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Fair Credit Loans

Apply for fair credit loans up to $5,000 through Savvy today and receive an instant outcome, regardless of your credit history.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on January 29th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on January 29th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Navigating financial challenges can be daunting, even with a fair credit score. However, Savvy can help you manage your bills with a small loan through one of our trusted lenders. You can not only receive an instant outcome on your application but also have the opportunity for formal approval and potential funding as soon as the same day you apply. With loans available up to $5,000 and repayment terms reaching as many as 24 months, you can get started today, all conveniently accessible through our comprehensive services.

What are fair credit loans and how do they work?

Fair credit loans are simply a type of cash or small loan which are taken out by those with a reasonable credit score. These short-term loans can come in handy for unexpected expenses or simply for household costs when you're waiting for your next paycheque. You borrow a small amount and pay it back in instalments over a specific period, which can range from 16 days to up to two years. You get to choose how often you make these payments: weekly, fortnightly, or monthly.

The fees associated with your loan depend on how much you borrow and how long it takes you to pay it back. There are two main fees to think about when applying for the loan: the monthly fee, which is capped at 48% of your loan amount over a year, and the establishment fee, capped at $400. Knowing these fees helps you make informed decisions about your repayments.

How much can I borrow with a fair credit loan?

If you have fair credit, you can apply for a loan through Savvy and potentially gain access to amounts ranging from $2,050 to $5,000, provided you meet the necessary lender eligibility criteria. This adaptable range caters to diverse financial needs, offering individuals the flexibility to choose an amount tailored to their specific requirements. It's crucial to recognise that each applicant's borrowing capacity is shaped by factors like their credit score, income, existing liabilities, savings, and other financial considerations.

Ultimately, what your lender chooses to approve you for is determined by what you can comfortably repay. Your income can be sourced from a stable job or jobs with consistent pay and hours, as well as eligible Centrelink payments, to receive a fair loan for your financial position. This doesn't mean you won't be approved if you're experiencing financial hardship, but if you're aiming for a loan with fortnightly repayments of $500 but only earn $400 per fortnight, for instance, your application will be rejected.

How do I apply for a small loan with fair credit through Savvy?

The process of applying for a fair credit loan through Savvy is simple and efficient. The online application form, taking just a few minutes to complete, allows you to provide essential information about yourself, your income, employment, and more. After submitting your application, you'll receive an instant outcome within 60 seconds. If approved, your lender will conduct a formal assessment of the application, potentially requiring additional documentation.

If they’re happy with the application, your lender will formally approve it and send you loan documents outlining all the important terms and conditions. After reviewing and signing, return them to your lender, and the funds can be advanced to your nominated account, which may be as soon as the same day you apply. Subsequently, you'll begin repaying the loan next week, fortnight or month, depending on what you chose.

Why apply for a small loan with Savvy?

Frequently asked questions about fair credit loans

What is the speed of approval for fair credit loans?

Small loans prioritise a swift approval process. If your application aligns with the lender's criteria and you provide the necessary documentation promptly, which may happen if you have a fair credit score, formal approval and funding could happen as soon as the same day you apply. Factors like application complexity, the lender's processing speed, and submission during business hours may influence the overall speed of approval, however.

Can I qualify for a small loan even if I have a bad credit history?

Yes – if you don’t have a fair credit score, qualifying for a small loans with a bad credit history is still attainable for many borrowers. While traditional lenders may be stringent with credit assessments, past credit issues are often considered less pivotal with more flexible lenders. This means you may be approved for the loan you’re after even if you’ve struggled with your credit.

Is early repayment allowed for small loans?

Yes – opting for early repayment on your small loan is a great way to help you save. These loans typically don’t carry penalties for settling your debt ahead of schedule. This means that settling sooner translates to reduced monthly fees, allowing you to save more over the loan term.

What can I use my small loan for?

Small loans offer versatile assistance for your financial needs. Whether it's addressing immediate bills, handling emergencies, or even financing your next computer, the flexibility of these loans allows you to adapt the funds to suit your specific requirements.

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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.

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