Need Cash Now

When you need some cash fast, it’s good to know your options. Figure out your next move with our guide.

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
|
|
|
|
|
$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.

Life isn’t supposed to run smoothly all the time. What makes it interesting is the ups and downs and opportunities. Sometimes, what holds us back from having fun, or stops us solving problems is money. It’s not always that we can’t afford to do things – but having the funds at precisely the time we need them doesn’t always happen. Managing your finances can be a juggling act, and an issue rarely occurs when you’re fully equipped to deal with it. That’s where shorter-term small loans come in. If you need cash now, borrowing might be the best solution.

Who qualifies for an instant cash loan?

Providers approve applications based on your ability to pay the loan back. Although your lender checks your credit report – it isn’t the be-all and end-all in terms of qualification. Lenders want to lend responsibly, and your monthly income and outgoings are far more significant than your credit history. Guidelines for cash loan providers are unambiguous. You’ll likely be approved for an instant cash loan if the following apply to you and your situation:

  • You’re an Australian resident or citizen and over 18
  • You have a regular source of income (that can be from benefits)
  • You haven’t taken out two or more cash loans in the last ninety days
  • You can comfortably afford to pay back the loan

What can I use cash loan funds for?

It’s more a case of what can’t you use cash loan funds for. The fact is, you can use your loan to pay for pretty much anything you need. Many Australians utilise a shorter-term loan to bridge a temporary cash flow gap. Others spread the cost of a holiday, car repairs or rego, vet bills – you name it, the list is almost endless.

Cash loans are almost always unsecured. That means you don’t have to put a purchase up as security against your borrowing. Because of that, you’re free to use a cash loan as you wish. That makes them very flexible. Couple that with how accessible shorter-term loans are, and you have a very useful financial product. Thousands of Australians take out fast cash loans every month.

Are fast loans the fast track to high interest rates?

Fortunately, cash loans are very transparent when it comes to costs and fees. Loan products in this class are designed to have quick repayment options and offer everyday flexibility to borrowers. Banks don’t like to get involved with lending under the $5,000 mark. That fact has led to a healthy sub-$5,000 cash loan sector full of specialist providers – and every cash loan lender has to be government-approved. Comparing loans is straightforward because all products have capped charges. It’s fast and simple to work out repayments and total costs. Let’s look at how cash loan fees and caps work:

  • Repayment fees are capped at 48% per annum. Establishment fees are capped at $400

Key to the affordability of cash loans is flexible repayment periods. It may be fast to access funds – but fast repayments are available too if you need them. The cost of credit is always proportional to how long a period you borrow over. Most larger personal loans don’t offer rapid repayment (without early-repayment penalties). You can pay back a cash loan for sums between $2,050 and $5,000 as quickly as just sixteen days – or, take as long as two years. With fast cash loans, you set the repayment period yourself. That puts you firmly in control of how much you pay in fees.

How quickly can I apply?

Basically, whenever you’re ready. Smaller loan lenders operate online. You can complete your application from the comfort of your living room or the train during your commute. All you will need is a smartphone, tablet, or laptop. As long as you’ve got an internet connection, you can apply for a loan quickly. Documents get uploaded via the lender portal. Providers use secure third-party software that lets you grant access to bank statements online.

If you find yourself halfway through an application without a required document – just save your progress and return to it when you want to carry on. Cash loan lenders look to provide sleek, convenient financial products, made for today’s technology. If you’ve been longing for a loan application process that fits the modern way you live your life – it’s arrived.

It’s worth being aware of what documents and information your lender will require. Cash loan applications are fast. The only thing that will ever slow the process down is missing information. When you need cash right away, use the following checklist to make sure you’ve got everything you need:

  • Proof of ID – such as a driving licence, passport, or government-issued ID card
  • Proof of address – such as a utility or mobile phone bill
  • Three months worth of bank statements – in order to verify your net income
  • Payslips – if you’re employed
  • Centrelink Income Statement – if you receive part or all of your income from benefits
  • Medicare card or number (some lenders will ask you for this, so have it handy)

I need cash now – how long will it take?

Because the qualification requirements for cash loans are straightforward – so is the loan approval process. That all makes for a very streamlined system. Most loans get approved on the same day as an application, and some applicants get the nod within the hour. Absolutely everything gets done online. Once your loan is approved, you can sign an agreement digitally too. It’s best to do that as soon as you’ve received it and read through it. As long as you’re happy, sign it and send it back promptly.

Finally, when your lender has reviewed your signed agreement, they’ll send funds electronically. Loan providers look to complete applications without delay. You’ll receive the money pretty much immediately after everything has been signed. The whole thing couldn’t be any simpler – or any quicker

Why apply for a small loan with Savvy?

Helpful small loan guides

Small Loans Banner - Middle-aged couple comparing payday loan interest rates on a laptop

Payday Loan Interest Rates

Payday loans are a different breed. Here’s your quick guide to how you compare payday loan costs. Borrow up to...

Small Loans Banner - Young woman smiling while looking at her tablet on the couch

Payday Loan Eligibility

Wondering how to qualify for a payday loan? Well, it’s pretty easy, and you’ve come to the right place. Borrow...

Small Loans Banner - Woman typing on her laptop while sitting in her kitchen

Need Money Now

You can apply for a cash loan online when you need money now and get funds in your bank by...

Small Loans Banner - Young couple working out their finances before applying for a loan

No Questions Asked Loans

Looking for a quick cash loan? Apply with Savvy today. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments...

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.