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Last updated on July 26th, 2022 at 10:07 am by Kurtis Eichler

Get small loans from $300 today

Life doesn’t always go according to plan. Whether your car breaks down or you need some emergency dental work, Savvy can help. By connecting you to one of our partnered lenders, we can help you get a loan today.

With rapid turnarounds on applications and instant outcomes guaranteed, Savvy’s process allows you to get approval and funding as soon as the same day you apply. Get yourself out of a jam and apply for a loan with us today.

How do I get a loan today?

You’ll be able to get approved and funded for a quick loan on the same day you apply in most cases. Compared to other types of finance such as personal or car loans, the application process with these loans is streamlined to allow for faster turnarounds. However, this timing will depend on several variables, including the strength of your application.

You should be able to complete the initial application for a loan in ten minutes once you’ve chosen your desired amount and why you need it. You’ll be asked to provide some personal information, including:

  • Full name, date of birth and residential status
  • Employment status, time with your employer, industry and who you work for
  • Your rent/board/mortgage costs
  • Whether more than half of your income comes from Centrelink benefits
  • What you earn after tax and how often you earn it

From there, you can receive instant approval from your lender. If you do, your lender will check your income and borrowing history to confirm the information you provided during the initial application is accurate. If these checks run smoothly, you should be offered formal loan approval very soon after. Your lender will send your loan contract to sign and return so your loan funds can be released. From there, the money should hit your account that day in most cases.

However, there are a few factors which can affect the speed at which you receive formal approval and funding. These can include:

  • How much you want to borrow
  • The time you apply
  • Your lender needing further documents
  • Defaults on similar loans
  • Bank transfer speeds

How do I qualify for a small loan today?

You’ll need to satisfy a set of loan eligibility criteria if you need cash today. You will also have to provide sufficient identity documentation on top of this. These are generally the same from lender to lender, but it’s still a good idea to double-check these with the one you’re matched with.

To be eligible for an online payday loan, you must be:

  • A permanent Australian resident or citizen
  • At least 18 years of age
  • Able to afford your loan
  • Earning a stable income for at least the last three months (which must be visible on your online bank statements)
  • Able to provide an active mobile number and email address
  • Able to access your bank accounts online

Once you’ve satisfied these, your lender will request to verify your identity. This can typically be done by providing a combination of two or more of the following documents:

  • A driver’s licence
  • A passport
  • A Medicare card

It’s a good idea to repay any similar short-term loans before applying for a new one. Most lenders won’t approve applications from borrowers who are already repaying a payday loan. Any existing loans will show up in a check of your credit history, along with your payment track record on similar finance.

How much can I borrow with a loan?

You can apply for a small loan between $300 and $5,000, depending on your borrowing power, which is determined by a mix of factors. Lenders give you up to two years to repay your loan, conditional on how much you borrow. Loans up to $2,000 come with repayment terms from 16 days to one year while loans above $2,000 have terms up to two years.

If you want some easy cash, it’s handy to have a clear idea of how much you can afford to borrow before you dive head first into applying for a loan. How much you can borrow will come down to several factors including:

  • How much you earn and the stability of your income
  • Your living and other ongoing expenses
  • Any existing debts
  • Your credit history (such as whether you have prior defaults or bankruptcy)
  • Any savings you may have

Multiple income streams can be assessed as part of your borrowing power. Lenders will allow you to factor in investment income, wages, superannuation drawdowns and fixed Centrelink payments. Eligible government support payments include:

  • Aged, disability or veteran’s pension
  • Carer’s payment
  • Child care subsidy
  • Family Tax Benefit Part A and B
  • Single parenting payment

You won’t be able to claim JobSeeker, Youth Allowance, Austudy or ABSTUDY as your sole income if you’re unemployed and need an emergency cash loan. However, JobSeeker can be used if it’s used as a low-income supplement.

Common small loan questions answered

What can I use my loan for?

You can use these types of loans for a variety of emergency reasons, including medical procedures, vehicle maintenance and home repairs. You can also use your loan for less urgent purposes, such as new furniture and home renovations.

How much do these loans cost?

Quick loans come with fees which are calculated at a fixed cost and rolled into your borrowing amount. These include an establishment fee and monthly fees.

  • The establishment fee is calculated at 20% of your borrowing amount if you borrow up to $2,000 and capped at $400 for loans above that amount.
  • Monthly fees are calculated at 4% for loans up to $2,000 and capped at 48% over 12 months for loans above $2,000.
Can I apply if I’m self-employed?

Yes – you can apply and be approved if you’re a sole trader, such as a freelancer or tradesperson. Because lenders prefer if you’re earning a stable and consistent income, they may ask you to meet additional criteria if it’s more inconsistent.

Can I get a loan today with bad credit?

Yes – bad credit isn’t an issue with these types of cash loans and it’s unlikely it will impact your chances of approval significantly. Lenders will still run a credit check on your application, but they’ll be more focused on your wider borrowing history than your credit score. This includes looking at your payment history on similar loans and whether you have any outstanding debts.

Should I apply for multiple loans at once to save time?

No – applying for several instant payday loans in one hit risks damaging your credit score and making it harder to get finance down the track. Every time you apply for a loan and a lender checks your borrowing history, it’s recorded on your credit file. Because of this, it’s always better to focus on getting approved for one loan at a time.