I Need Money Desperately

If you need money desperately, apply for a fast loan today.

Apply in less than 10 minutes.

Last updated on July 8th, 2022 at 04:54 pm by Kurtis Eichler

Apply for a small loan today if you need money desperately

It can be a major headache if you’re struggling to make ends meet and need money desperately to cover urgent costs, so if you need a small loan to tide you over, Savvy can help you.

We’re partnered with flexible lenders to ensure you get a decision on your application as soon as you apply. Our 100% online application process makes it simple and easy to apply, so get your application underway now.

How can I get money when I need it desperately?

If you’re in desperate need of money, you can apply for a small loan with Savvy now. Our online application process is easy to navigate and, in most cases, you’ll receive your loan funds on the same day you apply. Your initial Savvy form will only take you around ten minutes to complete and is very simple to follow.

Lenders can release your funds not long after you’re offered formal loan approval. This can happen once you submit an initial application, undergo a credit check and your information, income and expenses are verified. Several variables can impact the time it takes to process your application and receive your money, though, including:

  • When you apply: The timing of your application can be a factor in how fast you receive your money. The earlier in the day and week you apply, the less chance your application will take more than one day to complete or drag out over a weekend.
  • How much you borrow: Borrowing within your means can help you get approved sooner, as applying for more than you can reasonably afford can delay the process or lead to your application being rejected.
  • Bank transfer speeds: While most of the time you’ll receive your money on the same day you’re approved, it can depend on your bank’s transfer speeds. Payments processed after cut-off times or on weekends are generally slower than those made during business hours.
  • Defaults on similar debts: Lenders will run a quick check of your borrowing history which gives them an idea of your repayment track record, credit products in your name and any default listings. Defaults on similar short-term loans mean it’s increasingly likely you may not be able to loan you’re applying for.
  • Further information: From time to time, lenders require some more information or clarification to complete your application. If your lender does require further details, it shouldn’t hold up the application process by too much time.

What are the eligibility criteria and required information to qualify for a small loan?

You’ll need to check you meet your lender’s eligibility criteria if you need money desperately and want to apply for a loan today. These requirements tend to be pretty standard across all lenders and generally include:


You must be at least 18 years old to apply for a small loan. Lenders will ask for several digital documents to verify your age and identity, including:

  • A driver’s licence
  • Passport
  • Medicare card

Income and employment

You must be earning a steady income for at least three months prior to applying for a loan and share details of your employment status (including where you work and how long you’ve been working). Most lenders will allow you to factor in multiple forms of income, such as:

  • Wages
  • Fixed Centrelink benefits
  • Investment revenue
  • Superannuation drawdowns


You’ll need to share how much you pay to rent, board or own your home. Your other ongoing expenses, such as outstanding liabilities and monthly living costs such as food and school fees, will also be considered by your lender.


You must be a permanent Australian resident or citizen to apply. If you’re living in Australia as a temporary resident on an accepted visa, there may be lenders on the market who can help if you need a loan, but your options will be significantly reduced.


Lenders won’t approve you if you have outstanding and unpaid short-term loans. Having multiple loans to your name can increase the risk of default.


Having a working Australian mobile phone number and email address is a must as lenders will email you digital loan documents and may need to contact you by phone.

Internet banking

Lenders will request ‘read-only’ access to 90 days’ worth of online bank statements, so you must have access to internet banking for these to be provided. If you’re a recipient of government benefits, you may also be required to supply a Centrelink income statement to help verify your income.

What can I use my emergency loan money for?

Emergency loans are incredibly versatile and can be used to cover a wide range of urgent costs. Some of the ways you can use your emergency cash include:

Medical expenses

If you need money desperately because you’ve got a broken tooth that requires an urgent trip to the dentist or need to undergo an emergency operation, you can cover the costs with a quick loan. This allows you to focus on your recovery rather than your medical bills.

Vehicle repairs

Having a car is a real lifesaver when you need to get from A to B, but if your ride breaks down, the costs can start to pile up. You can fix your vehicle with a loan and get back on the road fast.

Unexpected bills

Got a case of bill shock? Is your electricity bill higher than usual and wondering how you’re going to cover it? You can borrow money to pay for those unexpected costs that pop up out of the blue.

Replacing appliances

White goods are the backbone of every household, so when they go on the blink, purchasing new ones can be a headache. However, we can help you get a small loan to cover the cost of buying a new fridge, dishwasher or washing machine to get your house back in working order.

Need money desperately? Common small loan questions answered

What will my small loan cost?

Loans come with two fixed costs:

  • An establishment fee: This fee is calculated at 20% of your loan amount if you borrow up to $2,000. Larger loans come with a flat set-up fee of $400.
  • Monthly fee: Loans up to $2,000 come with monthly fees calculated at 4% of their borrowing amount. For larger loans, these fees are capped at 48% annually.
How long can I take to repay my small loan?

You can take up to two years to repay your loan, but this depends on how much you borrow. The minimum repayment term is 16 days on all loans, while loans up to $2,000 come with terms up to one year. Larger loans allow you to repay your loan over two years. You can repay your loan sooner without incurring early repayment or exit fees.

Can I get a small loan with no job?

Yes – you can get a loan if you’re unemployed, so long as you’re earning some form of regular income. While JobSeeker can’t be factored on its own, several fixed Centrelink benefits count towards your income if you have no job. These include:

  • Aged or veteran’s pension
  • Carers payment
  • Child care subsidy
  • Disability pension
  • Family Tax Benefit Part A and B
  • Single parent payment
Can I get a small loan if I have bad credit?

Yes – bad credit won’t be an issue if you need a payday loan today. Lenders prefer to take a more complete view of your borrowing history, rather than focus purely on your credit score. They’ll assess a range of factors such as your current liabilities, credit card limits, repayment history and ‘hard’ enquiries made to lenders.

Can I apply for a small loan if I’m bankrupt?

It can be tough when you need a fast loan and you’re currently bankrupt, as many lenders are unlikely to approve you. However, there may be some lenders on the market willing to work with you.