Internet Loans Australia

Chasing a quick loan over the internet? Apply with Savvy 24/7.

Apply in less than 10 minutes.

Last updated on July 7th, 2022 at 04:48 pm by Kurtis Eichler

Internet loans from $300 to $5,000 approved

With the small loan application process being 100% internet-based, fast funds are just a few clicks away no matter where in Australia you call home. You can apply online with Savvy using your computer or mobile whether you live in the Red Centre, along the coast or in a capital city.

By applying with us online, you can take advantage of our efficient and fast loan application processes which allow you to get approved as soon as the same day you apply, without even leaving the comfort of your home.

Apply with Savvy and get no-fuss finance today.

How do I apply for a loan on the internet in Australia?

It’s easy to apply for a loan through Savvy. The entire process from application to approval is 100% online, allowing you to apply 24/7 from either your computer or smartphone. Any personal documents can be uploaded electronically to our secure portal. Familiarise yourself with our step-by-step process below:

Submit your initial application

Select how much you want to borrow and what you want to spend it on. You can apply to borrow between $300 and $5,000, with available repayment terms depending on the size of your loan. Loans up to $2,000 come with repayment terms between 16 days and one year, while you can take up to two years to repay a loan above $2,000.

Provide your details including your full name, date of birth, email and phone number. Tell us a bit more about your living arrangements, and estimate how much you pay each month in rent, board or towards your mortgage.

You’ll need to be earning a steady income to apply. If you’re working, you can provide:

  • the name of your employer
  • how long you’ve worked for them
  • your job status
  • the type of industry you’re in

You can also declare your after-tax income and how often you get paid, including if you’re a Centrelink customer whose benefits make up more than half of your income.

Verify your details

Online money lenders will need to verify a few details before giving you an instant outcome. Firstly, you’ll have to provide 100 points of identification, which can include any of the following:

  • Driver’s licence
  • Australian or foreign passport
  • Medicare card
  • Government-issued proof of age card
  • Utility bill or bank statement
  • Birth certificate

You’ll need to provide access to a read-only copy of your bank statements over the last 90 days so your lender can double-check your income and expenditure. Once you’ve submitted all of these, you’ll receive an instant outcome on your application. From there, your lender will formally assess your application and details. They’ll run a credit check to determine whether you have any similar active loans or defaults.

If you’re formally approved, you’ll receive a digital copy of your loan contract which you’ll need to sign electronically and return to your lender. They can then transfer your loan funds into a nominated bank account. You’ll receive your loan funds on the same day in most cases, but this can depend on your bank’s transfer times. In some situations, you may receive your loan overnight or the next day. Lenders may also ask you for additional documents or further clarification before they grant formal approval.

What do internet loans cost in Australia?

You’ll be charged an establishment fee for taking out a cash loan and monthly ongoing fees while you’re repaying it. The establishment fee on a small loan up to $2,000 is capped at 20%, while those above $2,000 attract a flat fee of $400.

For loans up to $2,000, you will be charged a capped monthly fee calculated at 4% of your balance. For example, if you took out a $2,000 loan, you’d be charged no more than $80 per month in ongoing fees. If your loan is greater than $2,000, your fees won’t exceed 48% annually.

When choosing how long you pay off your loan, keep in mind you can save on fees if you choose to repay over a short term. For instance, if you borrowed $3,000 over six months instead of nine months, you’d save $360 on monthly costs. Making extra repayments can also save you money on fees, as you’ll be paying down your loan sooner and shortening your term.

What can I use an internet loan for?

Small loans can be helpful when you need some emergency cash to pay for a wide range of expenses. Some of the ways you can use your money include:

  • Living expenses
  • Medical or veterinary costs
  • Vehicle repairs or related costs
  • Debt consolidation
  • Furniture and white good purchases
  • Travel costs such as flights or accommodation
  • Home renovations or repairs

However, there are some minor restrictions on how you spend your money. For example, you won’t be able to use it for gambling or to pay off another small loan.

Frequently asked loan questions

What are the eligibility requirements?

To apply for a cash loan online in Australia, you must:

  • Be over 18 years old
  • Be a permanent Australian resident or citizen. In some cases, you can apply if you’re on a temporary visa
  • Be earning a regular income
  • Have access to your bank accounts online
  • Have an active mobile phone number and email address
Are pensioners eligible for small internet loans?

Yes – if you’re a Centrelink customer who collects a fixed and ongoing government pension, you can be approved for a quick loan. These payments can make up a portion, or all, of your assessable income. Eligible payments include aged, veterans’ or disability pensions.

Can I apply for a loan if I have no borrowing history?

Yes – past borrowing isn’t a necessity when applying for a small loan. After all, everyone’s credit journey has to start somewhere. Lenders will assess your financial situation as it stands now when determining whether to approve your application. This may impact your borrowing power, but you can still be approved.

I have a bad credit history. Can I still apply for a loan?

Yes – a poor credit rating isn’t a barrier to approval when you apply with Savvy. Our partnered lenders won’t rely on your credit score when weighing up your approval. They’ll consider your current earnings, payment history and other financial information when assessing your application.

Can I apply for a loan if I am self-employed?

Yes – you can get a loan if you’re self-employed. Lenders want to see you’re earning a steady and stable income, so this will serve as part of the key eligibility criteria if you’re self-employed. If you’re a freelancer or a sole trader who needs a small payday loan to tide you over, you can apply with Savvy. However, a lender may ask for more documents to verify your income in some cases.

Are small loans listed on my credit report?

Yes – any payday loans you take out are listed on your credit file. Your credit report provides lenders with a complete picture of your borrowing history. As such, every time you apply for new credit it will be listed on your report.