Instant Cash Advance Online

Chasing fast money online? Get an instant cash advance with Savvy.

Apply in less than 10 minutes.

Last updated on July 15th, 2022 at 04:48 pm by Kurtis Eichler

Get an instant cash advance online today

Getting loan approval in an instant can make all the difference when you need money in a hurry. Savvy understands your time is precious, which is why we help you get an immediate decision on your cash advance application when you apply online.

We partner with a panel of flexible lenders who offer fast online turnarounds and quick outcomes on applications, ensuring you won’t have to wait around long for a verdict. Get a decision sooner rather than later and apply with Savvy today.

Can I get instant approval on an online cash advance?

Yes – you can be instantly approved when you apply for a cash advance loan online with Savvy. Lenders will give you an automatic decision on your application immediately after you apply based on the information you provide as part of the initial application.

It takes about ten minutes to complete an initial application online with Savvy. As part of this application, you’ll be asked to supply some basic information which helps a lender assess whether a cash advance is suitable for you. Particulars you need to provide include:

  1. Payday advance amount: How much you need to borrow, how long you want to take to repay it and why you need it.
  2. Your details: Your title, full name, date of birth, email address, mobile phone number, residential address and how much you pay in rent/board/mortgage costs each month.
  3. Employment details: Your job status, the industry you work in, time in your current job and the name of your employer.
  4. Income information: How much you earn after tax, how frequently you’re paid and the date of your next pay. You’ll also need to disclose if government benefits make up half or more of your income.
  5. Identification: Once you’ve shared the above information with your lender, you’ll be required to submit an Australian driver’s licence, passport, Medicare card or proof of age card to verify your identity.

Once you’ve submitted your application, you’ll receive an instant decision. If you’re instantly approved, your lender will verify the information you’ve provided when considering you for official approval. You won’t be able to receive instant formal approval, as these checks take a little longer to complete.

Lenders will run a check of your finances, but physical bank statements aren’t required in Australia when you’re applying for a loan. Instead, your lender will request ‘read-only’ access to your online banking statements. They’ll also run a quick credit check so they can get a complete picture of your borrowing history. This looks at your track record on repaying similar finance, whether you have any active loans, how often you formally apply and the limits on your credit cards. If all of these checks go smoothly, you should be offered formal loan approval soon after.

If you need a loan today, it’s important to check you qualify for one before applying. The loan eligibility criteria tend to be the same across most lenders, but they may vary slightly. They’ll generally include:

  1. A permanent Australian resident
  2. At least 18 years old
  3. Earning a regular income
  4. No active payday advances
  5. Easy access to 90 days of online bank statements
  6. Active mobile number and email address

How soon can I receive my instant cash advance funds?

In most cases, you should be able to receive your cash advance funds on the same day you apply, with your lender releasing them very soon after you sign and return your loan contract. However, this will depend on when you apply and how fast your bank takes to transfer money.

Online money lenders don’t approve and fund applications around the clock, so it’s important to apply as early in the day or week as possible to improve your chances of a same-day approval. This also helps prevent your application from dragging out overnight or over a weekend, which can delay the payout of your loan funds. Some lenders operate on Saturday and Sunday to approve and payout applications for loans over a weekend, but this won’t always be the case.

Banks also have varying transfer speeds and cut-off times, with some unable to process payments instantly. It can take a few hours for you to receive money in your account, even if your lender makes the transfer during business hours. This is another reason why it’s important to apply earlier in the day or week, as transfer speeds tend to be slower overnight or at the weekend.

How much can I borrow with an instant cash advance online?

You can borrow between $300 and $5,000 with a cash advance, depending on how much you can comfortably afford. Lenders will run a few checks to ensure you’re earning enough to support your new loan and can easily manage your regular repayments. They’ll look at the following factors when considering you for a loan:

  • Income and regular spending
  • Current level of debt
  • Credit history and record repaying similar loans
  • Any savings you have in the bank
  • Dependents 

Lenders will consider how much you’ll pay in fees when assessing you for a loan amount. Online cash advances come with a fixed establishment fee and monthly fee. The fees on your loan can be easily found in your contract or on your lender’s website.

  • Establishment fee: Calculated at 20% of your borrowing amount for loans up to $2,000. Larger loans come with a flat $400 fee.
  • Monthly fee: Calculated at 4% of your loan amount every month if you borrow up to $2,000. Larger amounts have their fees capped at 48% over 12 months.

These fees are rolled into your loan amount and payable on top of your regular repayments. Your regular repayments will account for these fees, as while a $3,000 loan on its own would only come with fortnightly repayments of $115.38, adding fees into the mix increases this to $186.15.

Common instant cash advance online questions

How long can I take to repay my cash advance?

You can take up to two years to repay your loan, depending on how much you borrow. The repayment options on small loans include:

  • $300 to $2,000: Between 16 days and 12 months
  • $2,001 to $5,000: Between 16 days and 24 months

 

You won’t be charged early repayment or exit fees if you choose to repay your loan before the term ends, which can save you money on monthly fees.

Can I get a cash advance if I have bad credit?

Yes – even a very bad credit score won’t be a major factor in these types of fast cash loans. When assessing you for approval, lenders prefer to look at your wider borrowing history rather than just your score because it gives them a better impression of your track record as a borrower. They’re more interested in your ability to repay your loan now.

Can I get a loan if I’m working casually?

Yes – you can get a loan if you’re working casually, so long as you’re earning a steady income. If you’re a casual worker whose income is a little inconsistent, you can still apply, but you may have to meet additional lending criteria.

Can I use a new loan to repay similar finance?

No – you won’t be able to use one cash loan to repay other active finance such as a car, personal or payday loan. Lenders won’t approve you for a new loan when you’re still repaying a payday loan, as you’re seen to be at a higher risk of default. It’s best to wait until you’ve cleared one before applying for another.