When you need a quick loan, apply online with Savvy today.
Fact checked
Fact checked
When you need to cover some emergency expenses, a quick online loan can be a fast and convenient way to get your hands on some cash. If you’re looking to apply for a small loan, the good news is that Savvy is here to help you.
By partnering with a panel of reputable online lenders, you can apply, get approved and have your cash all from the touch of a smart device. Our speedy application process means you'll get an instant decision on your application, so get it started today.
If you need cash today, applying with Savvy online can help you secure a quick loan. Our application process is easy to complete, letting you get a rapid decision on your initial application. In most cases, you can get approved and have your loan funds in your account on the same day you apply.
Before you dive into your application, you’ll need to triple-check that you’re eligible to apply for a loan. Lenders have requirements you must meet to apply for a loan, which include:
If you tick all the boxes, you can get the ball rolling on your application. An initial application takes about ten minutes to complete, and you’ll receive a decision as soon as it’s submitted. As part of this initial application, you’ll be asked to share some details with your lender such as:
Your lender will request some ID to verify your identity. Completing this step is as easy as uploading your driver’s licence or passport and Medicare card information to your lender’s secure portal. You can then submit your application.
If you’re instantly approved, your lender will run a check of your credit and financial history as part of the formal approval process. This generally takes a little longer than the first stage and allows your lender to double-check you can afford your loan. If you’re offered formal loan approval, your lender will email you a contract to sign so your loan funds can be released.
If you need money fast, it’s a good idea to apply earlier in the day or week. Lenders don’t process applications 24/7, so it’ll improve your chances of same-day approval and payout if you give your lender a full business day to consider your application. Applying late at night will likely mean your application won’t be formally assessed until the next business morning, even if you receive instant approval.
You can borrow between $2,050 and $5,000 with a quick cash loan, depending on what you earn and spend. When you apply, your lender will run a few checks to ensure your payday loan repayments will be easy to repay.
A lender will calculate your borrowing power when you apply to take out a loan. Your borrowing power is the amount of money a lender deems you can comfortably afford to borrow. This is made up of several factors, including your income, regular expenses, active debt and personal circumstances.
Lenders will run a credit check and review your internet bank statements to help them calculate your borrowing capacity. The credit check paints the lender a complete picture of your borrowing history, allowing them to review your repayment history on similar loans, how often you apply for new credit and any active credit products in your name.
Before you apply for a loan, it’s handy to have a rough idea of how much you can afford to borrow. Overreaching and applying for an amount you may struggle to afford could make getting approval tougher and slow down the application process.
Fees are standard and fixed across payday loans in Australia but you can reduce how much extra you pay on your loan by doing the following:
Make extra repayments
Paying a little extra on top of your regular repayments can help fast-track the payment of your loan. For example, if you paid $100 extra each month on a $2,500 loan with a repayment term of two years, you’d repay your loan 11 months earlier and save yourself $900 in monthly fees in the process. The bonus is that payday lenders in Australia don’t charge early repayment fees, so you won’t be penalised for wrapping up your loan ahead of time.
Choose a shorter term
Paying your loan off over a shorter period means you’ll save on fees you otherwise would have paid over a longer term. For example, if you took out a $3,000 loan and paid it over 12 months instead of 15, you’d save $360 in monthly fees.
Borrow a smaller amount
It’s no secret borrowing a smaller amount will mean paying less in fees. If you have some savings behind you, it could be worth paying a portion towards whatever you need your loan for so you can borrow less and therefore repay less.
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
