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Medium Loans

Apply for medium loans up to $5,000 through Savvy today and receive an instant outcome.

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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 November 29th, 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 November 29th, 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.

When your financial requirements extend beyond the basics, you might wish to explore medium loans up to $5,000, which are accessible through Savvy. Partnered with flexible lenders, our platform ensures that you not only receive instant outcomes but also formal approval and funding as soon as the same day you apply. Take charge of your financial future with confidence and apply for a medium loan through us today.

What are medium loans and how do they work?

Medium loans, also known as Medium Amount Credit Contract (or MACC) loans, are a type of small cash loan. These loans cover amounts from $2,001 to $5,000 and offer repayment terms ranging from 16 days to two years in total. These short-term loans are popular for a variety of unexpected expenses, such as household bills or car repairs. Under this agreement, you borrow a small amount and pay it back in instalments over a specific period on a weekly, fortnightly, or monthly basis.

The fees associated with your MACC loan depend on how much you borrow and how long it takes you to pay it back. There are two main fees to consider: the monthly fee, which is capped at 48% of your loan amount over a year, and the establishment fee, capped at $400. It’s important to know these fees before you take out your loan, as these will give a clearer indication of the true cost of your loan.

How much can I borrow with a medium loan?

Medium loans through Savvy offer the flexibility to borrow amounts ranging from $2,050 to $5,000, contingent on meeting the necessary lender eligibility criteria. This adaptable range caters to various financial needs, allowing individuals to choose an amount tailored to their specific requirements. It's crucial to recognise that each applicant's borrowing capacity is shaped by a variety of factors like credit score, income, existing liabilities, savings, and other financial considerations. Consequently, your borrowing amount may differ from another applicant with distinct financial circumstances.

Ultimately, the loan you’re approved for is determined by what you can comfortably repay. Your income will have to be sourced from stable employment (one or more jobs) with consistent pay and hours and/or eligible Centrelink payments. If, for instance, you're applying for a loan with fortnightly repayments of $500 but are unemployed and only earn $400 per fortnight, your lender won’t be willing to approve you for the amount you want.

How do I apply for a medium loan with Savvy?

Applying for your medium loan through Savvy is a simple and efficient process. Our easy form allows you to provide necessary information about yourself, your income, employment, and more and takes just a few minutes to complete. After submitting your application, you'll promptly receive an outcome within 60 seconds. If approved, the lender you’re matched with will conduct a formal assessment of the application, which may require additional documentation.

Upon receiving formal approval (should your lender be satisfied with your application), they’ll send loan documents outlining all terms and conditions, including the repayment schedule, term, fees, and more for you to sign. After returning them to your lender, the funds can be advanced to your nominated account. Subsequently, you'll begin repaying the loan based on the schedule you choose, meaning your first payment will be in the next week, fortnight or month.

Why apply for a small loan with Savvy?

Frequently asked questions about medium loans

Are medium loans different from SACC loans?

Yes – Small Amount Credit Contract (SACC) loans are different from MACC loans in that their borrowing range only goes up to $2,000 and term lengths are capped at 12 months. Fees are also different, as their establishment fees can be up to 20% of your loan's total value (capped at $400), while monthly fees can't exceed 4% of its value. It's important to note that SACC loans aren't available through Savvy.

What is the turnaround time for medium loans?

Medium loans are designed for efficiency and you can apply for them 24/7. If your application aligns with the lender's criteria and you promptly provide the necessary documentation, formal approval and funding can happen as swiftly as the same day of application. Factors such as application complexity, the lender's processing speed, and what time of day you submit it can influence the overall turnaround time, however.

Can I access medium loans with bad credit?

Yes – accessing medium loans with bad credit is still possible. Unlike traditional lenders that may set strict credit standards, providers of medium loans tend to adopt a more flexible approach. They are willing to look beyond past credit difficulties, concentrating on your present financial position when evaluating your application.

Is settling my medium loan early an option?

Yes – opting for early settlement on your medium loan can potentially help you save a considerable amount of money. These loans usually do not carry penalties for settling your debt ahead of schedule, so repaying sooner translates to you paying less in overall monthly fees.

How can I use my medium loan?

Medium loans offer flexibility in addressing various financial needs. Whether it's managing urgent expenses, consolidating debt, or financing a new laptop, the versatility of medium loans helps you use them to suit your specific financial goals.

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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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