Mini Loans

Apply for a mini loan today and get the money you need fast.

Apply in less than 10 minutes.

Last updated on July 26th, 2022 at 10:35 am by Kurtis Eichler

Get an instant outcome on your mini loan today

Whether you’re looking to replace your white goods or just pay off some urgent bills, mini loans can be used to pay for a raft of costs. Fortunately, Savvy can help you if you’re in the market for one of these small loans.

Savvy will connect you to one of our trusted lenders, who can help you get approval and funding on a mini loan from just $300. By applying with us, you’ll benefit from flexible repayment options and an easy and quick application process without messy physical documents, so get the ball rolling today.

What is a mini loan and how much can I borrow?

A mini loan is a type of small loan available through payday lenders. You can apply to borrow between $300 and $5,000, depending on what you can afford to repay. How much you can afford with a cash loan will be calculated by lenders by assessing several variables, which can include:

  • What you regularly earn and spend
  • Any outstanding loan debts
  • Your credit and repayment history
  • Length of time and stability in your job

Wages aren’t the only form of income you can count towards your loan. Most lenders will allow you to factor in a mixture of income streams, such as Centrelink benefits, investment revenue and superannuation drawdowns when assessing how much you can borrow.

If you want to include Centrelink benefits as part of your overall income and need a loan today, it’s important to remember that only fixed and ongoing payments are eligible, such as a disability pension or ongoing carer or single parent payments. Temporary bridging measures such as JobSeeker, Youth Allowance, Austudy or ABSTUDY can’t be counted as your sole form of income, as there’s a chance these may change during your repayment term.

How can I apply for a mini loan?

You can apply online for a small cash advance loan with Savvy today without the need for physical documents. An initial loan application only takes a few minutes to complete and, in most cases, you can be approved on the same day you apply.

Be sure to check you tick all the appropriate boxes before you apply. All Australian payday lenders have a set of eligibility requirements applicants must meet, which generally include:

  • An Australian resident
  • At least 18 years old
  • Earning a stable income
  • Access to 90 days of bank statements
  • Active mobile number and email

The next step is to choose your loan amount and tell your lender why you need it. You can choose between several urgent and not-so-urgent spending options, such as medical bills, home renovations or vehicle costs. Once those have been selected, you can move on to the application.

You’ll need to share your information with your lender, such as some basic personal and employment details. They’ll want to know how regularly you work, how much you earn and what you spend on regular living expenses such as rent, board or your mortgage. You’ll have to supply some digital documents to verify your identity, which will usually include:

  • An Australian driver’s licence or passport
  • Medicare card

Once your application is done and dusted, you’ll receive an instant decision from a lender. If you’re approved, they’ll go about confirming the details you’ve provided by conducting a quick credit and income check. If these go as planned, you should receive formal loan approval not long after.

How long do I have to repay my mini loan?

You can take as long as two years to repay your loan, subject to how much you borrow. Loans up to $2,000 come with repayment options ranging from 16 days to one year, while larger loans have maximum terms of two years. You get the choice of scheduling weekly, fortnightly or monthly repayments, whichever best suits your pay cycle.

You can make extra payments to pay your loan faster without the hassle of incurring additional fees. Online payday loan financiers don’t charge early repayment or exit fees if you choose to repay your loan ahead of time.

These loans come with a set-up fee and a rolling monthly fee. The establishment fee is charged at 20% if you borrow up to $2,000 (capped at $400). Monthly fees are charged at 4% for loans up to $2,000 and capped at 48% over 12 months on larger amounts. While choosing a shorter term will increase your repayments, you’ll save money on monthly fees, as this table demonstrates on a $1,000 loan:

Loan term Set-up fee Monthly fee Fortnightly repayment Total loan cost Total saving
12 months
1 x $200
12 x $40
26 x $64.62
Nine months
1 x $200
9 x $40
20 x $78
Six months
1 x $200
6 x $40
13 x $110.77

Answers to common mini loan questions

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

One of the benefits of small loans is that you can receive your funds on the same day you apply, in most cases. Once you’ve been formally approved and signed your loan contract, your lender may be able to release your loan funds in a matter of minutes. However, the speed of receiving your funds may also depend on how quickly your bank can process the transfer, which may be affected if it takes place later in the evening or on a weekend.

When can I apply for a mini loan?

You can apply for a loan 24/7 online. However, you may not be able to gain approval if you apply for a loan at the weekend. Many lenders can only approve and release loan funds during their weekday business hours, but there are some which are open on Saturdays and Sundays.

Can I get a mini loan with bad credit?

Yes – you can still get a quick loan if you have bad credit. A bad credit score isn’t really an issue when you apply for these types of loans, as lenders prefer to look at your wider borrowing situation rather than just your score. This gives them a better impression of your credit history because they can review factors such as your active debts and payment history. They’re more interested in your ability to pay off your loan now.

Should I apply for multiple loans at once?

No – doing so is likely to adversely impact your credit file. Too many ‘hard’ enquiries with lenders over a short period can damage your credit score and make it harder for you to get loans in the future. Also, lenders are unlikely to approve you if you’re already paying off another short-term loan.

Can I be approved for a loan if I’ve just lost my job?

You can still apply and be approved for a loan with some lenders if you’ve recently become unemployed so long as you are earning some form of stable income which is enough to support your loan payments.