When you need a quick loan but can’t wait until pay day, Savvy can lend a hand. Our online loan process is fast and easy, allowing you to get a decision instantly once you apply for your loan.
Every step of your loan application is online, allowing you to apply, be approved and get funded from the convenience of your smartphone or computer. Don’t wait until your next pay comes in: apply with Savvy today.
If you’re chasing some quick cash, you can apply for a fast loan with Savvy. Our online application process is streamlined to save you time when you need some fast and easy cash. That means you can get approved and funded as soon as the same day you apply in most cases.
The initial online loan application takes about ten minutes to complete, after which you’ll receive an instant decision. If you get the green light, your lender will verify your income and borrowing history while considering you for formal approval.
If they’re happy with everything and offer final loan approval, lenders can release the funds to your nominated bank account once you sign and return your contracts. Your money should hit your account on the same day you apply, although this can be dependent on your bank’s payment transfer speeds.
There are a few things you can do before you apply to reduce hiccups and ensure you get your loan fast and easy. Some of these include:
It’s also a good idea to double-check you meet your lender’s eligibility requirements for applying for a quick loan. There’s nothing more heartbreaking than completing your application and finding out you aren’t eligible. The standard requirements include:
The cost of your loan will depend on how much you borrow and how long you take to repay it. Quick cash payday loans come with a few fixed fees, and there are ways to save money on these over your loan term. The way these are applied to your loan are as follows:
Loans up to $2,000:
Loans above $2,000:
The less time you take to pay off your loan, the more money you’ll save on fees. This is because monthly fees accrue over the time you take to repay your loan. For example, if you took out a $2,000 loan over nine months instead of 12, you’d save $240 in monthly fees.
Making extra contributions can also fast-track the repayment of your loan. Lenders don’t charge early repayment or exit fees, so you won’t have to fork out for additional charges if you want to wrap up your loan ahead of schedule.
Yes – bad credit won’t matter when you’re applying for a quick loan. Payday lenders assess loan applications differently from the big banks, choosing to look at your wider borrowing history rather than focus on your credit score.
While bad credit is unlikely to impact your chances of approval, lenders will still conduct a quick credit check when considering you for formal approval. This gives them a more complete picture of your borrowing history, including your repayment track record on similar loans, any credit products in your name (such as credit cards and their limits) and hard enquiries made to lenders over the last few years.
It can be tempting to look for ‘no credit check’ loans if you have a less-than-perfect credit history. However, responsible lenders don’t offer ‘no credit check’ loans. Under Australia’s lending laws, licensed lenders must run a credit check to ensure the repayments are easy to manage and affordable for the borrower. Lenders are unlikely to approve you if they think your loan will cause undue financial stress, but a bad credit score is unlikely to be the main deciding factor. As such, there’s no need to look for loans without a credit check.
Aside from a credit check, lenders review your borrowing power when assessing you for a loan between $300 and $5,000. There are many factors which are taken into account when lenders review your borrowing capacity, including your income, regular expenses, level of debt and how much you have saved in the bank.