I Need Money Fast

If you need money fast, apply for a quick loan with Savvy.

Apply in less than 10 minutes.

Last updated on August 19th, 2022 at 10:17 am by Kurtis Eichler

Apply for a loan now when you need money fast

When you need money fast to get your car back on the road or replace a household appliance that’s on the blink, you can apply with Savvy. We can help you get your cash when you need it most, with a range of reputable and flexible lending partners counted amongst our panel.

Our application process is 100% online and streamlined, allowing you to be rapidly approved and funded. Apply with Savvy today and get the money you need quickly.

How do I get money when I need it fast?

You can apply for a small loan of between $300 and $5,000 with Savvy if you need money fast. The application process is straightforward and our flexible lending partners offer rapid turnarounds on applications. In most cases, you can receive your money in your account the same day you apply.

The time of day or week you apply, the strength of your application and the speed of your bank’s transfer times can all impact the time it takes to receive your money. Direct money lenders don’t process applications 24/7, so by applying early in the day or week, you may improve your chances of being approved and funded before the close of business.

From time to time, lenders may require additional information to complete your application. This won’t delay the process by much, but putting together a strong application will help avoid any hiccups along the road to approval.

Banks take time to process electronic money transfers, and their speeds can vary depending on who your financial institution is. Most banks have a cut-off of 6pm, so getting your application paid out before then will improve the likelihood of you receiving your money that day. If there’s a delay, though, you have the peace of mind that your money will be in your account ASAP.

What information do I need to provide when I apply for a small loan?

If you need money fast, applying for a loan is simple as long as you follow the online forms and provide all the necessary information. Before you jump into your fast loan application, familiarising yourself with standard eligibility criteria is a good idea. Getting halfway through an application and realising you don’t qualify can be a bummer. Luckily, most of these requirements are the same for each lender. They’ll largely include:

  1. Age: At least 18 years old
  2. Residency: A permanent Australian resident
  3. Income: A steady income for the three months before applying (can come from employment income and fixed Centrelink benefits)
  4. Other loans: No active payday loans
  5. Contactable: Working mobile phone number and email address
  6. Banking: Access to 90 days’ worth of internet banking statements

After you’ve checked you satisfy all the requirements, you can start your application. When you begin your quick loan application, you’ll need to state the reason you need it. Once you enter those details, you can start to tell your lender a bit about yourself. The information they’ll require includes:

  1. Personal information: Full name, date of birth, contact details
  2. Employment: Job status, title, industry and tenure
  3. Residency: Full address, residential status and what you pay to board/rent/mortgage
  4. Income: Earnings after tax, how frequently you’re paid and your next pay date.
  5. Government benefits: Whether Centrelink payments make up half of your income.

Your lender will ask you to provide some ID to confirm your identity. These can be uploaded to a secure portal online. If you need money ASAP, it’s a good idea to have these ready before you apply to save time. Your lender will most likely request:

  1. An Australian driver’s licence or passport
  2. Proof of age or Medicare card

If you don’t have some of these, lenders may accept other types of documents, such as a birth or citizenship certificate or council rates notice.

How much will my cash loan cost me?

The great thing about these loans is if you need money ASAP, you can spend it pretty well however you like it. Cash loans are highly versatile, allowing you to use them to cover a broad range of expenses. When you first apply for a loan, you’ll be given the option of choosing one of the following as a reason for taking out finance:

  1. Medical procedures
  2. Home maintenance
  3. Car repairs
  4. Veterinary procedures
  5. General living costs
  6. Urgent household bills
  7. New furniture or white goods
  8. Travel-related expenses such as flights or accommodation
  9. Child-related expenses
  10. Moving house
  11. Debt consolidation (such as utility bills and other debt)

The only restrictions lenders put on these loans is that using them to gamble or pay off other payday loans isn’t possible.

Your questions about needing money fast answered

How long do I have to repay my small loan?

Generally, you’ll get up to one and two years to repay what you borrow. Payday loans up to $2,000 come with term options ranging from 16 days to one year, while loans from $2,001 to $5,000 come with a maximum term limit of two years.

How much will my small loan cost me?

The cost of your small loan depends on how much you borrow and how long you choose to repay it. Loans come with two types of fixed fees:

  • An establishment fee is charged at 20% of your borrowing amount for loans up to $2,000. Larger loans come with a flat $400 fee.
  • A monthly fee is calculated at 4% of your balance each month on loans up to $2,000. More significant amounts have their fees capped at 48% over a year.

Choosing a shorter term will help you repay your loan sooner, as you’ll avoid months of fees. For instance, if you decided to pay a $3,000 loan over 15 months instead of 18 months, you’d save $360 in monthly fees overall.

Can I get a small loan if I’m a discharged bankrupt?

Yes – if your bankruptcy has ended after three years and  you need help with money urgently, you can apply for a loan now. Your lender will likely assess you on your current affordability rather than your past.

Can I get a small loan if I’m a single parent collecting Centrelink payments?

Yes – you can get a loan if you collect Centrelink as a single parent. A raft of ongoing Centrelink benefits can be factored as income towards your loan, including a disability pension, carer payments and even child care subsidies.

Can I get a small loan without a credit check?

Trustworthy lenders won’t approve you for a loan without first running a credit check to ensure you can afford the repayments. A credit check is a standard practice among all Australian lenders, as they must run thorough checks as part of their responsible lending obligations.