Fast Easy Loans Online

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Last updated on July 26th, 2022 at 10:23 am by Kurtis Eichler

Get fast and easy loans approved online

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.

How can I get a fast and easy loan online?

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:

  • Choosing an affordable amount
  • Having your documents close by
  • Double-checking your application
  • Applying earlier in the day to help avoid multi-day processes

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:

  • A permanent Australian resident or citizen
  • At least 18 years old
  • No existing payday loans
  • Earning a regular income for at least three months
  • Working mobile phone number and email address
  • Access to three months of bank statements via internet banking

How much will my loan cost?

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:

  • Establishment fee is calculated at 20%
  • Monthly fees are calculated at a fixed rate of 4%

Loans above $2,000:

  • A capped establishment fee of $400 applies
  • Monthly fees are capped at 48% over 12 months

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.

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

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.

Frequently asked online loan questions

What can I spend my online loan on?

One of the beauties of payday loans is how flexible and versatile they are in terms of their potential usage. They have a range of common uses, including:

  • Day-to-day expenses
  • Home renovations
  • Veterinary bills
  • Medical procedures
  • Car or home repairs
  • Child-related expenses
  • Consolidating debt
Can I use my online loan to repay another loan?

While these types of finance can be used for a variety of expenses, you can’t use a small loan to repay another similar type of loan. Lenders are unlikely to approve you for a new loan if you’re already repaying another, as borrowers in this position are seen as being at a higher default risk.

Can I apply for a loan easily if I’m retired?

Yes – you can apply for a loan if you’re a retiree or senior citizen. You don’t have to be working or earning a regular wage to get a loan, with lenders allowing you to factor in other fixed forms of income such as an aged or veterans’ pension, investment revenue and superannuation drawdowns.

Can I get a loan paid out over the weekend?

Yes – there are lenders open on the weekend who can approve and fund applications if you need some emergency cash, which you can do by applying with Savvy. However, not all financiers are able to offer weekend approvals, so it’ll depend on who you apply with.