Home > Small Loans > Online Quick Loans

Online Quick Loans

Q: Can I get an online loan if I have bad credit?

Yes – you can get a payday loan with bad credit . Your score isn’t as important on these types of short-term loans, as lenders prefer to look at your broader borrowing history and whether you can afford what you want to borrow. This gives them a more complete profile of you as a borrower than your score can provide.

When you need a quick loan, apply online with Savvy today.

Last updated on August 1st, 2022 at 12:57 pm by Kurtis Eichler

Get a quick online loan with Savvy

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.

How do I get a quick online loan?

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:

At least 18 years old
A permanent Australian resident
Earning a steady income
Active phone number and email address
Access to 90 days’ worth of internet banking statements
No existing cash payday loans

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:

Loan amount and why you need it
Personal details including name, date of birth and email
Contact information such as phone number and address
Whether you rent, board or pay off a mortgage and how much this costs per month
Your employment status, industry you work in, job tenure and the name of your employer
Whether Centrelink payments make up 50% or more of your income
How much you earn after tax, when you’re paid and how frequently you earn it

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.

How much can I borrow with a quick online loan?

You can borrow between $300 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.

How can I save on my quick online loan?

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.

Common quick online loan questions

How long can I take to repay my quick online loan?

When you apply for a loan, you have two repayment term options depending on how much you borrow:

$300 to $2,000: 16 days to one year
$2,001 to $5,000: 16 days to two years

What fees will my online loan come with?

Payday loans come with two types of fees based on how much you borrow:

$300 to $2,000: Your establishment fee is calculated at 20% of your loan amount and monthly fees are charged at 4%.
$2,001 to $5,000: A flat establishment fee of $400 is charged when you take out a loan and your monthly fees are capped at 48%.

Can I get an online loan if I have bad credit?

Yes – you can get a payday loan with bad credit. Your score isn’t as important on these types of short-term loans, as lenders prefer to look at your broader borrowing history and whether you can afford what you want to borrow. This gives them a more complete profile of you as a borrower than your score can provide.

Can I get an online loan if I’m a discharged bankrupt?

Yes – if your bankruptcy has ended and you need a loan, you can apply. Lenders will want to be sure you can afford the loan you’re applying for, but being a discharged bankrupt won’t stand in the way of approval with all lenders.

How do I make repayments on my payday loan?

Most lenders will let you make a payment on your payday loan via direct debit, BPay, by calling your lender directly or via their online portal. You can also schedule your repayments weekly, fortnightly or monthly.

Can I apply for a loan if I receive an aged pension?

Yes – you can get a loan if you’re a pensioner receiving government benefits such as the aged pension. Other eligible benefits include disability and veterans’ pensions, as well as carer payments.