CashDirect Loan Review

Find out about LastMinuteLoan's small loan solutions, as well as their fees and terms, with Savvy today.

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, updated on February 12th, 2024       

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Sydney-based finance broker LastMinuteLoan offers a variety of small loan options through its lending partners. Before deciding on LastMinuteLoan when you need cash, understanding its loan options, fees, terms, and more is vital. Luckily, you can explore these details with Savvy. Delve into our review of its products and learn about the other options which may be open to you with us today!

Rates and product information are correct as of 12 February, 2024.

LastMinuteLoan Loan Review

How do LastMinuteLoan's small loans work?

Through LastMinuteLoan, borrowers can access loans ranging from $500 to $2,000, with repayment terms spanning from 16 to 50 weeks. These loans fall under the Small Amount Credit Contract (SACC) category, subject to specific regulations governing fee structures. Additionally, LastMinuteLoan offers Medium Amount Credit Contract (MACC) loans starting at $2,001 and maxing out at $3,000, which come with a minimum 39-week term and maximum of 52 weeks. Borrowers have the flexibility to choose their repayment frequency (either weekly, fortnightly or monthly) and won’t incur additional charges for early repayments for either loan type.

The application process for LastMinuteLoan is entirely online, ensuring convenience and efficiency for borrowers. Upon submission, applicants receive a decision in seconds, and if approved, funds can be released within 60 minutes of signing your contract.

What will the cost of a small loan through LastMinuteLoan be?

LastMinuteLoan offers small loans with the following price breakdown:

Loans from $500 to $2,000:

  • Establishment fee: 20% of your loan amount
  • Monthly fee: 4% of your loan amount
  • Cost example: for a $1,000 small loan repaid monthly over three months, you would incur a $200 establishment fee and a $40 monthly fee, resulting in a total loan cost of $1,320.

Loans from $2,100 to $5,000:

  • Interest rate: up to 48% p.a.
  • Establishment fee: $400
  • Cost example: for a $3,000 small loan repaid monthly over 12 months, you would incur a $400 establishment fee and interest of $947, resulting in a total loan cost of $4,347.

Can I qualify for a small loan with LastMinuteLoan if I have bad credit or receive Centrelink payments?

LastMinuteLoan doesn’t explicitly state its policies regarding bad credit or Centrelink benefits on its website. However, small loans are intended to provide a solution for individuals who may struggle to secure funds through traditional lenders. This means that even those with a history of financial difficulties may still have the chance to be approved for a loan, as long as they meet all of LastMinuteLoan’s eligibility requirements.

Furthermore, while the criteria for Centrelink payments can vary among lenders, some may consider your application if you rely solely on stable benefits, such as being a single mother or receiving a veteran payment or age pension. However, it's worth noting that many lenders may impose a limit on the proportion of your income that can come from Centrelink, typically capping it at 50%. Therefore, it’s essential to review the specific terms and conditions if you're considering applying for a loan through LastMinuteLoan.

What are the potential alternatives to a small loan with LastMinuteLoan?

Before applying for a loan with LastMinuteLoan, an alternative option to consider is applying for a small loan through Savvy. Through our simple online process and trusted lending partners, we can help borrowers access the funds they need fast.

Follow these simple steps to apply for your small loan through Savvy today:

  1. Complete our application form, providing pertinent information such as your credit score, income, employment details, and preferred loan amount, which ranges from $2,050 to $5,000.
  2. Submit your application and promptly receive an instant automated decision from one of our partnered lenders.
  3. Upon conditional approval, your application will undergo assessment by your designated lender, which may necessitate additional documentation.
  4. Following lender approval, you'll be furnished with formal approval and loan documents delineating your loan terms, fees, repayment schedule, and other pertinent details.
  5. Upon signing and returning the documents, your funds will be swiftly transferred to your designated bank account, which may be as soon as the same day.
Apply now

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We're here to help make life easier for you. With smooth online applications, instant outcomes and funding as soon as the same day, it's never been easier to access the funds you need than by applying through Savvy.


The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.