Micro Loans

Get a micro loan to help with unexpected expenses.

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 September 12th, 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 September 12th, 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.

What is a micro loan?

Micro loans are a type of personal finance for small amounts under $5,000. You can opt to borrow as little as $2,050 up to a limit of $5,000.

These small loans are paid back over a shorter period than a car loan or a personal loan, ranging from a 16 days up to two years. Micro loans help people who are having difficulties such as raising enough money to pay for a rental bond, crucial home and/or car repair, and other unexpected but urgent expenses such as medical bills or last-minute emergency travel.

Eligibility

  • Most people over the age of 18 who live in Australia as a citizen or permanent resident are welcome to apply for a micro loan.
  • You must also have a bank account and provide evidence you’ve had income coming into it for at least 90 days prior to applying.
  • You’ll also need a working email address or phone number so we can contact you and verify your identity.

Can people with bad credit apply for a small loan?

Yes, people with bad credit or average credit scores can apply for micro loans, pending they clear the eligibility criteria stated above. As responsible lenders, we must check every applicant’s credit score and history to help us figure out if a micro loan is suitable for your situation. Responsible lenders won't off you guaranteed approval on bad credit loans in Australia.

However, we also realise that a credit history can follow people around for up to seven years and behaviour that occurred back then doesn’t necessarily mean it will happen today. We also look at employment records, payslips, bank statements, and other supporting evidence when deciding. In addition to helping people with bad credit get the loans they need; we also consider people on Centrelink benefits for micro loans.

Why apply for a small loan with Savvy?

How to apply for a micro loan

Questions about micro loans answered

How much can I borrow?

Our small loans range from $2,050 to $5,000. You can borrow as much as you need to cover your immediate expenses, provided you meet all the eligibility criteria.

How long do I have to pay the loan back?

You can choose as little as 16 days all the way up to two years. However, you can choose a term length in between if either end of this range doesn't suit, with 30-day loans also available.

What can I use a micro loan to finance?

People from all over Australia use micro loans to help get them through cash flow problems, pay unexpected bills, weekend getaway, cover sudden rental bonds or house moving, replace broken down whitegoods, cover car repair or insurance excesses.

What is a credit history/credit score?

A credit history is a file that banks and lenders use to check your creditworthiness, or ability to pay back a loan. Your credit history details when you’ve applied for loans or credit and whether you’ve been approved or declined. It also has information on credit cards and if you’ve defaulted. Depending on how good your history is, you’re given a score out of 1200 (or 1000) – the higher the score, the better your credit.

How do I check my credit?

You can check your credit score for free once per year using one of Australia’s credit reporting bureaus. 

I have bad credit; can I apply for a micro loan?

Yes, we help people with bad credit or low credit scores get approval for a micro loan so they can cover urgent expenses. In many cases, you can be approved for a quick loan same-day with bad credit.

I am on Centrelink benefits. Can I get a micro loan?

Yes. We provide access to lenders who give people on Centrelink benefits the opportunity to access finance for emergencies and unexpected bills.

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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.