How Do Fast Cash Loans Work?

Learn about the ins and outs of fast cash loans right here with Savvy.

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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 September 12th, 2023       

Fact checked

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$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 September 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.

All cash loans work in the same way, they are consumer loans which work on an amortized schedule.

They start with a funded amount and then paid back through equal repayments over a fixed loan term. Typically they are processed fairly quickly which will see funds in your account on the same day of applying.

You can apply for amounts from $2,050 going all the way up to $5,000. Higher loan amounts are available which would fall into your standard personal loan offer. 

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Why apply for a small loan with Savvy?

Below is our comprehensive guide on how cash loans work ​

First you need to apply for a cash loan

The first step is to apply, there are many different options available to you, cash loans now are predominately an online business so this is the best place to start, you have other options such as pawnbrokers but online is the most convenient and provides the best deals on the market. Going online and searching for companies is the way to go. Once you have settled on a provider, applying for a cash loan is quite a simple process that will start on the selected companies website:

  • Submit your online application – the application will ask you questions about your employment, residential address, income, expenses, living arrangements, marital status, and a few other bits and pieces.
  • Upload supporting documents – documents like bank statements, payslips, ID card will be requested.
  • Select the loan amount required and the loan purpose, once this has been done you will need to wait a little for approval

How long does it take to get approved?

It takes generally an hour to get an approval, however, if further clarifications are required it may take up to 24 – 48 hours to have the money in your account. If the lender's loan system doesn’t provide you with an automated approval based on the information submitted its will then be required to be assessed by a loan officer.

What will a loan officer do?

  • A loan officer if required may call or email you to discuss a range of things before finalising your approval:
  • Discuss items such as any transactions in your bank account which they cannot ascertain like recurring repayments that have not been disclosed on your application form
  • They may ask you further information relating to your employment start date and income if your income fluctuates or it doesn’t seem to follow a pattern on your bank statements
  • If there is additional income credits that don’t relate to your permanent job, they may request for more information, it may be that you have a second job or it may be that your partners income is going into the account
  • They may ask about an Afterpay, Zip or any other Buy Now, Pay Later payments they can see which has not been disclosed in your application
  • They may ask about your relationship status if there is contradicting information on your application against the supporting documents
  • They may ask for additional supporting documents, example, if you earn income from Centrelink but have not sent through an income statement from MyGov they will ask you to send the document across

A loan officer will either call or email you to discuss and gather up what’s required to finalise an approval. Its best to provide any additional supporting documentation to your loan officer quickly. This will reduce and delays. 

Once the loan officer has completed all the relevant checks, they will then provide a final decision on the application.

What happens after I get approved?

The process once approval has been issued is quick and easy.

  • The final loan amount required is established
  • Final loan documents are generated by the lender and sent to you, most lenders now have e-signing capacity. You will not be required to print, sign, scan and email loan documents back. With e-sign you can view, review and sign your loan documents on any available device, this could be your mobile, tablet, or PC.
  • Certified ID, the lender will require a certified ID or license, some lenders have online verification of ID cards, whereas others will require you to physically have you ID certified by a Justice of the Peace, police officer, medical practitioner or any other authorised person.
  • Once you loan document pack has been completed online, you loan will then proceed to the settlements department, they will review all your final documents, if all is well, they will fund your loan.

Can I request loan statements?

Yes, once your loan has been funded you will have access to the lenders support line, all contact details will be provided to you so you can make contact via email or phone.

Can I change my repayment amount?

Not under normal circumstances, however, if for example, you fall into some kind of financial hardship due to a loss of employment, you can discuss with your lender a potential temporary repayment plan that allows you to continue to pay smaller payments or an amount that you can afford until you can afford to cover your regular repayments.

Can I change my repayment cycle?

Yes, usually you can change your repayment cycle to match when you salary is paid or for any other reason that will make it easier to manage your finances.

What is the establishment fee to the loan?

All small loans come with establishment fees of no more than $400. If you're unsure about how much yours costs, you can check with your lender or look over your loan forms.

Do I need to provide security?

No – small loans, such as those under $5,000, don't require any security. This means you can apply without using your vehicle or another asset as collateral for the loan.

I have kids with my ex-partner, they don’t live with me, are they considered defendants?

No. If your kids are not living under the same roof, from the financiers point of view they are not considered dependent. If that is your current arrangement, you are most likely paying child support. Any child support being paid is factored in and considered a recurring expense when the lender calculates your affordability. 

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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.