Financial Hardship Loans

Facing financial hardship? Apply for a small loan up to $5,000 through Savvy and receive your funds as soon as today.

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 December 12th, 2023       

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 December 12th, 2023       

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.

Financial hardship can strike anyone, with rising bills and cost of living expenses potentially eating into your budget. Fortunately, Savvy is here to help you navigate through difficult times. Our network of lenders offers a variety of small loans which can be tailored to provide relief during periods of financial hardship. Apply for your loan with Savvy and receive your funds as soon as today if approved!

How do I apply for a financial hardship loan through Savvy?

Obtaining a small loan through Savvy is a streamlined and efficient process. Here's a step-by-step guide to applying:

  1. Fill out our online application form, providing us with details about your financial situation, including creditworthiness, income level, employment status, and other relevant information. Choose your preferred loan amount, ranging from $2,050 to $5,000.
  2. Submit your application and receive an immediate automated decision from one of our network of trusted lenders.
  3. If conditionally approved, your application will be thoroughly assessed by your matched lender. Additional documentation may be requested for further verification of your eligibility.
  4. Once your lender is satisfied with your application, you'll receive formal approval and your loan documents for review and signing. These documents will clearly outline your loan terms, fees, repayment schedule, and other essential details.
  5. Upon signing and returning the loan documents, your loan funds will be promptly transferred into your designated bank account, enabling you to access your funds quickly and easily.

How much can I borrow with a financial hardship loan?

You can borrow small loan amounts between $2,050 and $5,000 through Savvy and our partnered lenders, provided you meet their eligibility criteria. This customisable range caters to various financial needs, enabling borrowers to select an amount that corresponds to their unique requirements.
As each applicant's financial situation is different, the loan amount you can access may vary depending on your individual circumstances. Your borrowing capacity is influenced by factors such as your credit score, income level, outstanding debts, savings, and other relevant financial considerations. Remember that your income must stem from one or more stable employment sources with consistent pay and work hours and/or from eligible Centrelink payments.

What is the processing time for a financial hardship loan?

As mentioned earlier, you have the potential to apply for your financial hardship loan and receive formal approval, with the possibility of having your funds released as soon as the same business day (potentially within an hour in some cases). However, approval is always dependent on your application successfully passing all of your lender's mandatory assessments and meeting their eligibility criteria.

The processing time for your application may be affected by the following factors:

  • The intricacy of your application, especially regarding any defaults or inconsistencies in your income.
  • The internal processing times of your chosen lender.
  • The timing of your application submission, as applying outside of regular business hours may result in a delay until formal assessment can begin.

Why apply for a small loan with Savvy?

Frequently asked questions about financial hardship loans

Will I still be eligible for a financial hardship loan if I have a bad credit score?

Yes – even if your credit history is less than perfect, you can still explore the possibility of securing a small financial hardship loan, provided you meet your lender's other criteria. While traditional lenders often place a strong emphasis on credit scores, those specialising in small cash loans tend to exhibit greater flexibility.

Can I pay back my financial hardship loan early?

Yes – early repayment of your small loan is permitted, and there are no early repayment penalties. Settling your loan early can help you cut down on the overall cost of your loan by minimising the total interest paid.

Will I be able to use my financial hardship loans to cover several different expenses?

Yes – even though you specify a particular reason for your small loan application, you have the autonomy to direct the funds towards diverse financial needs, not confined to the stated purpose. You may choose to apply them towards covering multiple household expenses, for example. However, it's crucial to recognise that there are limitations on how these funds can be used, such as paying off other small loans or engaging in gambling activities.

How much will my small hardship loan cost?

The primary costs associated with a small loan are an upfront establishment fee (maximum of $400) and ongoing monthly fees (capped at 48% of the loan's total value annually). However, the final amount you pay will be influenced by several additional factors, such as the loan amount, repayment term, whether you make voluntary additional repayments, and potential late payment or dishonour charges.

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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.