I Need $100 Now

If you need $100 now, find out what steps you can take in Savvy’s handy guide.

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.

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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.

When you find yourself in a situation where you need $100 now, understanding your options is crucial. While Savvy doesn't offer $100 loans directly, we can help you navigate the financial landscape and understand what options are available to you as a borrower. Unexpected expenses can be stressful, so find out more about your quick cash options with Savvy today!

How can I get a loan when I need $100 now?

Although there aren’t any $100 loans available to those who need money now, there are several alternative pathways that exist which can provide fast cash in Australia. These options include:

  • Credit card cash advance: this method involves using your credit card to access cash, rather than paying for goods or services. However, it's essential to be mindful of potentially high interest rates and associated fees that come with these advances, so repaying your outstanding balance quickly can help you avoid steep costs building up.
  • Bank overdraft facility: certain bank accounts may offer personal overdrafts, allowing you to withdraw funds past $0 up to a set limit. While this can be helpful in temporary financial situations, it's important to remember that overdrafts also incur interest and fees, which can be significant.
  • Centrelink advance payment: you may be eligible for an advance payment if you’re on Centrelink. This option is available on various payments, including JobSeeker, Youth Allowance, Age Pension, and Disability Support Payment. The amount you’re needing to access is added to your regular payment and subsequently deducted from future instalments.
  • No Interest Loans (NILs): finally, in certain cases, you may be able to apply for a NIL. These loans permit you to borrow up to $2,000 for essential expenses like household items or education bills or up to $3,000 for rent and bonds. However, before you begin the process of applying for one of these loans, be sure to double check the requirements.

It's important to thoroughly evaluate your financial situation and select the choice that best suits your unique needs and circumstances when weighing up these options. Before moving forward, it's important to understand each option’s unique terms and conditions.

How do I apply for a small loan through Savvy?

Acquiring a small loan through Savvy is a straightforward and hassle-free process. Here's a simple guide to get you started:

  1. Complete our online application form, providing us with details about your financial situation, including creditworthiness, income, employment, and more. You'll also select your desired loan amount, ranging from $2,050 to $5,000.
  2. Submit your application and receive an immediate automated decision from one of our trusted partner lenders.
  3. If conditionally approved, your application will undergo a thorough review by your assigned lender. This may involve providing additional documentation if required.
  4. Once your lender is satisfied, you'll receive formal approval and your loan documents for signing. These documents will outline your loan terms, fees, repayment schedule, and more.
  5. After signing and returning these documents, your funds can be advanced directly into your nominated account.

How soon can I expect my small loan money when I need it now?

As mentioned earlier, you have the opportunity to apply for your small loan and receive formal approval, with the potential 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 influenced by the following factors:

  • The complexity of your application, particularly regarding any defaults or inconsistencies in your income.
  • The processing timelines of your chosen lender.
  • The time of day or week you submit your application, 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 small loans

Can I access a cash loan with bad credit?

Yes – even if your credit history may raise concerns, you can still explore the possibility of securing a small 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.

Am I able to pay off my small loan ahead of schedule?

Yes – prepaying your small loan is permitted, and there are no early repayment penalties. Early settlement can reduce the overall loan cost by minimising the total monthly fees paid.

Is it possible to use the funds from my small loan for several different needs?

Yes – even though you indicate a specific purpose for your small loan application, you have the flexibility to utilise the funds in various ways. You may choose to allocate them towards multiple household expenses, for instance. However, it's important to be aware of certain restrictions on their usage, such as paying off other small loans or engaging in gambling activities.

How much will my small loan cost?

The main expenses associated with securing a small loan include an upfront establishment fee (not exceeding $400) and ongoing monthly fees (capped at 48% of the loan's total value annually). However, the overall amount you will pay will be influenced by several additional factors, such as the loan amount, repayment term, any voluntary additional repayments you make, 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.