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Loans for Settlement

Apply for a loan to help you cover your settlement through Savvy, with fast approvals up to $5,000.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on December 11th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on December 11th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Navigating legal costs prior to the settlement of your case can be challenging. Whether you’re in the midst of a lawsuit for injury, unlawful dismissal or anything else, a loan for settlement through Savvy can provide the immediate financial support you need. You can apply for a settlement loan through us and receive your funds as soon as today. Get the ball rolling with Savvy today!

How do I get a loan for settlement?

You can obtain a swift and straightforward small loan to cover the costs associated with legal settlements and lawsuits. Tailored for quick application, approval, and fund transfer, these loans are ideal for addressing urgent legal and financial needs.

Savvy simplifies the application process for a settlement loan, ensuring a user-friendly experience. Follow these simple steps to apply for a speedy settlement loan:

  1. Complete our application form, providing details about yourself, including credit score, income, employment, and more.
  2. Submit your application and swiftly receive an instant, automated outcome from our network of lenders.
  3. If conditionally approved, your application undergoes assessment by your designated lender, potentially requiring additional documentation.
  4. Upon the lender's satisfaction, you'll receive formal approval and loan documents outlining terms, fees, repayment schedule, and other relevant details.
  5. After signing and returning the documents, your funds will be promptly transferred to your nominated account.

How much can I borrow with a settlement loan through Savvy?

Through Savvy, you can choose from a versatile borrowing range for loans required to help you cover expenses prior to your legal settlement. This allows you to secure any amount between $2,050 and $5,000, contingent upon meeting the necessary private lender eligibility criteria. This adaptable spectrum accommodates various financial needs for settlements, enabling you to choose an amount tailored to your specific requirements.

It's important to recognise that the amount you can borrow is determined by your unique financial situation, ensuring a personalised approach based on individual circumstances. Factors like credit score, income, existing liabilities, savings, and other relevant financial considerations impact your borrowing capacity. Additionally, your income must come from one or more jobs with stable pay and hours and/or eligible Centrelink payments.

How long will it take to receive my settlement loan funds?

For your settlement loan, the application process is designed for promptness, with the potential for formal approval and fund release on the same day to hopefully give you access to the immediate emergency cash you need. Approval is contingent on your application satisfying all necessary lender criteria and successfully passing required assessments. Consider that the speed of your application's approval may be influenced by various factors:

  • The complexity of your application, including considerations such as defaults and the stability of your income.
  • Your lender's processing time, influencing the overall duration of the assessment.
  • The timing of your application submission, particularly if it occurs outside regular business hours, requiring waiting until your lender resumes formal assessment.

Why apply for a small loan with Savvy?

Frequently asked questions about loans for settlement

Is it possible to secure a settlement loan with bad credit?

Yes – it's possible to secure a loan with bad credit, provided you pass all the required eligibility checks with your lender. Unlike traditional lenders, those providing settlement loans understand that credit histories can vary. They take a more flexible approach, considering your current financial situation rather than solely relying on your credit score.

Can I repay my settlement loan early?

Yes – you can repay your settlement loan early. Settlement loans, like other small loans, provide the option for early repayment without additional penalties. As a result, clearing your settlement loan ahead of schedule can be a wise financial decision, as it can reduce the monthly fees you pay overall.

Can I use the funds from my settlement loan for uses other than legal purposes?

Yes – while the primary purpose of a settlement loan is for legal matters, you have the flexibility to use the funds for other purposes if you wish. Whether you allocate the funds to cover additional expenses or address other financial needs (even fertility treatment), the choice is yours. However, it's crucial to be aware of certain restrictions on using the funds, such as for gambling or settling other small loans.

How much will my settlement loan cost?

Your main settlement loan expenses are the establishment fee (capped at $400) and monthly fees (capped at 48% of your loan’s total value per year). The actual amount you'll pay depends on:

  • The loan size
  • The chosen loan term (between 16 days and two years)
  • Your preferred repayment plan (weekly, fortnightly or monthly)
  • Consideration of additional repayments
  • Possible conditional fees, such as late repayment or dishonour fees

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Disclaimer:

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.

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