Online Money Lenders

Get access to funds quickly and easily with a cash loan through Savvy.

Apply in less than 10 minutes.

Last updated on April 19th, 2022 at 03:27 pm by Thomas Perrotta

Online Money Lenders

If you’re searching for fast and easy access to cash, you can find a small loan to suit your needs from one of Savvy’s reputable online money lenders. It can be difficult to get the loan faster when you need them through traditional lenders, so a small loan could prove to be the short-term stopgap that you’re looking for. 

We can help you secure a small loan for whatever purpose you need on the same day you apply, with loans on offer from $300 all the way up to $5,000. Get your application started today, be instantly connected to your lender and see the funds hit your account as quickly as one hour. 

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Features and benefits of cash loan from our lenders

Money on the same day

Your application can be turned around rapidly from start to finish to ensure you receive your money on the same day you apply.

100% online application

Enjoy an easy and accessible application process via simple-to-use online portals from start to finish. 

Borrow from $300 to $5,000

Complete our quick application in just a few minutes and we’ll connect you with a small loan lender fast.

Repay over 16 days to two years

You can take as long as one year to pay off loans up to $2,000 and two years for amounts above that to as little as 16 days for any size loan. 

24/7 applications

The beauty of an online process is that you can get your application started at all hours of the day and on weekends

Free early repayments

You’re not locked into paying your loan to term and accruing more fees. You can save plenty of money by paying your loan off ahead of schedule. 

Why so many people access their online lenders with Savvy

How Savvy connects you with your small loan lender

How much will I pay for a small loan?

Our small cash loans lenders don’t charge any interest like larger personal loans do; instead, a fixed, capped set of fees are applied to each loan.

The first of these is the establishment fee, which is capped at 20% of the total loan amount. Although it’s charged at the outset of the loan, you won’t need to pay this cost upfront. Instead, it’s broken up evenly across your cash loan. This fee is capped at $400 for loans greater than $2,000, so you won’t have to pay more than that regardless of the size of your loan.

The second fee to look out for is the monthly service fee. These are capped at 4% of the total loan amount, or 48% of your loan amount over the space of a year for loans above $2,000. Ongoing monthly fees are worth considering when it comes to the length of your loan, as the longer it lasts, the more you’ll pay.

As such, you should consider the amount you’ll be paying on your small loan by comparing different timespans for the same amount. The below table depicts loans of $2,000, which come with establishment fees of $400 and monthly fees of $80.

Loan term Monthly cost Total repaid Total savings (compared to 12 months)
12 months
$280
$3,360
N/A
9 months
$346.67
$3,120
$240
6 months
$480
$2,880
$480
3 months
$880
$2,640
$720

Your frequently asked cash loan questions

Can I get a cash loan from a bank instead of an online money lender?

No – cash loans are exclusive to online lenders, as their eligibility criteria are far broader than the standard products that banks can offer. Larger lenders generally don’t offer loan products that cater to borrowers with bad or complicated credit histories, but online lenders usually do. This is why you won’t find a bank offering a cash loan and Savvy will only match you with the most trusted online lenders.

Should I use a credit card instead of a small loan?

Credit cards can be a useful finance tool if you’re making purchases that you’re capable of paying off within their monthly payment cycle. This is because cards come with high interest rates upwards of 15% to 20% that will cost you a substantial amount if you let your debt roll over beyond your interest-free period. Interest rates on credit cards give them a greater capacity to snowball into more substantial debt, while cash loans with our lenders come with fixed repayments and terms that you can more accurately budget around.

Who’s eligible to receive a small cash loan?

All applicants for small cash loans must be at least 18 years of age and provide their last 90 days’ worth of bank statements to showcase a regular income. Applicants must also hold Australian citizenship or reside permanently in this country to qualify with our lenders.

Can I apply for a cash loan if I’m bankrupt?

Yes – we partner with lenders who can arrange financing for borrowers who are currently under, or recently discharged from, a bankruptcy agreement. This extends also to borrowers who have been discharged from a part 9 debt agreement for more than 12 months and those with credit defaults on their file.

Why do lenders conduct credit checks?

Credit checks are part of the small loan application process. These allow your lender to determine whether there are any recent defaults on your file for similar types of finance that may indicate that you’re at a greater risk of defaulting again. These are also used to determine other pieces of information about you, like your residential history.

Should I apply for cash loans with different lenders at once?

No – applying for several cash loans at a time is a bad idea. These will show up on your credit report and potentially make it more difficult for you to be approved for finance in the future. 

If I’m on Centrelink, can I still apply for a cash loan?

Yes – we can connect applicants to lenders across Australia who are able to work with customers on Centrelink benefits. Just because you’re receiving a government pension doesn’t automatically count you out from being approved for a cash loan.