I Need Money ASAP

Need money ASAP? Get a small loan with Savvy today. 

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 10:43 am by Kurtis Eichler

Get a small loan when you need money ASAP

If you find yourself in an emergency situation and need money ASAP, Savvy can help you get a small loan in a flash. We partner with flexible online lenders who specialise in quick processes and rapid outcomes, so you won’t have to hang about long for a decision on your application.

You can apply, get approval and have your money transferred all from the convenience of your smartphone or laptop with our straightforward online applications. Apply with Savvy and get yourself out of a tricky financial situation ASAP.  

How do I get the money I need ASAP?

Applying with Savvy is one of the best ways to get an instant loan as soon as possible if you need to borrow money. Our application process is quick and simple to complete and, in most cases, you can be approved and receive your money on the same day you apply.

When you’re ready to start your application, you’ll need to choose a loan amount between $300 and $5,000 and tell your lender why you need it. It’s also a good idea to check your lender’s eligibility requirements, which should be easy to find on their website. Generally, to apply for a loan in Australia you must be:

  1. Over 18 years old
  2. A permanent Australian resident
  3. Earning a steady income
  4. No active payday loans
  5. Active phone number and email
  6. Access to 90 days of digital bank statements 

When you need to borrow money, lenders require you to submit some identification to prove your identity. Valid forms of ID include:

  1. Australian driver’s licence
  2. Australian passport
  3. A Medicare card 
  4. A proof of age card

Once you’ve double-checked that you tick all the boxes, you can start providing some personal details as part of the initial application. Lenders will want to know a bit about you, including how often you work, what you earn after tax and whether more than half of your income is made up of Centrelink benefits. After you’ve shared these details and more, you can submit your application and get an instant decision.

If you’re instantly approved, your lender goes about verifying the information provided as part of your application. This includes running quick credit and income checks to ensure you can comfortably afford the loan you want. If your lender is satisfied that you’re able to manage your repayments, you’ll be offered formal loan approval. Once you sign and email back your loan contract, your funds can be released.

If you need money fast, applying earlier in the day or week may increase your chances of same-day approval. Lenders won’t be able to formally process applications 24/7, so getting your application in early will help avoid it becoming a multi-day process. Whether you receive your funds on the same day you’re approved may also come down to your bank’s transfer speeds, which can vary depending on when a payment is made. For example, transfer times tend to be faster earlier in the day and slower overnight or on weekends.

How much will my loan cost when I need money ASAP?

These types of quick cash loans come with fixed fees calculated based on the amount of money you borrow, so the amount your loan will cost you depends on the size and term you choose.

When you take out a loan, your lender will lay out the fees which will apply in your loan contract. There are two fixed fees which are standard across lenders, including:

  • An establishment fee calculated at 20% of your loan amount on loans up to $2,000. Larger amounts come with a flat fee of $400.
  • A fee calculated at 4% of your loan amount every month for loans up to $2,000. Larger loans have their fees capped at 48% over the course of 12 months.

If you take out a loan of up to $2,000, you’ll get between 16 days and one year to repay it. However, larger loans come with maximum terms of up to two years. How much you pay in monthly fees will depend on the loan term you choose; for example, if you took out a loan of $1,000 over six months instead of nine, you’d save $120 overall on monthly fees.

Making extra repayments across your loan term is another way of reducing the costs of your loan. For instance, by making an extra $100 repayment per month on a $3,000 loan with a term of two years, you’d pay your loan off in fewer than 14 months, saving you well over $1,000.

What can I spend my loan money on?

When you need money in a hurry, these types of emergency loans in Australia are handy, as you can use them for a range of urgent and not-so-urgent costs. Some of these include:

Medical procedures
Incurring a hefty bill after you’ve visited the doctor or the dentist for an urgent procedure can be a hassle you’d rather not deal with. You can take some pressure off your budget and use a loan to pay for it.

Car repairs
In the hustle and bustle of modern life, a car can help you juggle school drop-off and getting to work with ease. However, when your vehicle breaks down, the costs can start to add up when you need to repair it. You can get back on the road with ease by covering the costs with a cash loan.

Rent bonds or arrears
Whether you’re moving house and need to fork out for a bond or you’re behind on your rent, you can pay these expenses with a small loan today.

Overdue bills
If you’ve opened your mail and experienced a case of bill shock, don’t worry. If you need money now to pay for outstanding and costly utility bills or other expenses, a cash loan can help you cover them now and pay for them at a pace which suits you.

Answers to important questions when you need money ASAP

Do I need employment verification to get a loan?

Lenders typically won’t need to run a check of your employment if you’re earning a steady income. However, if your work is a little inconsistent or you’ve just started a new job, your lender may need to check your employment to make sure you’ll be earning enough consistently to cover your loan repayments.

Can I apply for a loan if I’m a pensioner?

Yes – you can get a loan if you’re a pensioner or retiree, so long as you receive some form of steady income. This can be from a stable Centrelink payment, such as the aged, disability or veteran’s pension, but can also come from other sources such as investment revenue or superannuation withdrawals.

Can I apply for a loan if I have bad credit?

Yes – bad credit won’t be a problem if you need cash today. Lenders prefer to look at your wider borrowing history when considering you for a loan, rather than concentrate on your credit score. They’ll weigh up factors such as your repayment history on similar loans and any active loans you’re paying off.

Is it better to use my credit card than take out a loan?

If you can repay any purchase during your credit card’s interest-free period, it may be worth considering using your card. However, if you can’t, you may end up paying costly interest which builds each month you’re unable to pay it off in full. Payday loans come with fixed fees and repayments, making it more manageable to repay your purchase without worrying about ballooning interest.