If you’re chasing a quick loan, the process should be easy and hassle-free. While reputable lenders won’t guarantee that they approve everyone, getting your hands on a payday loan with Savvy is simpler than other types of finance.
By applying online with us, you can be approved and receive your money as soon as the same day you apply. Let Savvy help you get fast approval and apply with us today.
Reputable lenders don’t approve everyone who applies for a small loan, with all applications undergoing a few quick checks. If you’re looking for loans where everyone is approved because you have bad credit, though, this won’t be a barrier to getting approval.
Savvy partners with flexible short-term lenders in Australia who focus more on what you can currently afford to repay, rather than your score itself, when assessing your application. They’ll still run a credit check as part of their responsible lending obligations, but this focuses on your wider loan history.
Lenders will be looking at your payment track record on similar loans and whether you have any outstanding defaults. If you’ve taken out online payday loans in the past and kept on top of your payments, this can help you gain approval on a bad credit loan.
Aside from your borrowing history, approval for a loan will come down to factors such as your income, spending and employment status. Lenders will review your bank statements to verify your income, which can come from multiple sources. Most lenders will allow your assessable income to be made up of a mix of wages, fixed Centrelink payments, investments and superannuation.
Everyone who applies for an instant cash payday loan will need to satisfy a few eligibility requirements, which are standard among payday lenders. Once you double-check you meet the conditions, you can start your loan application. These requirements include:
There are a few fixed ongoing costs associated with taking out an online loan, as lenders don’t charge interest. These costs apply to everyone who is approved and vary depending on the size of your loan and how long you take to repay it. These costs include:
Payday loans up to $2,000 come with the option to take between 16 days and 12 months to repay, while those above $2,000 have an extended maximum term of two years. Opting to repay your loan over a shorter term can potentially save you hundreds of dollars each year on fees. For example, if you chose to repay your $3,000 loan over nine months rather than 12, you’d save $360 overall. 403.33 vs
It’s important to note that while choosing a shorter term will save you money on fees, the value of your repayments will be higher. In the above example, the nine-month term would cost you $497.78 per month compared to $403.33 over 12 months.