fbpx

Online Quick Loans

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

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.

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 $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.

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.

Why apply for a small loan with Savvy?

Common quick online loan questions

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

When you apply for easy cash, you can opt for a loan term as short as 16 days or as long as two years to suit your needs as a borrower.

What fees will my online loan come with?

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

  • A flat establishment fee, capped at $400, is charged when you take out a loan
  • The overall cost of your monthly fees is capped at 48% of your loan amount over 12 months 
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 quick online same-day 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.

Helpful small loan guides

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 assessing their financial situation before applying for a loan

No Credit Check Loans

Find out whether you can get approved for a loan with no credit check and get your application started with...

Small Loans Banner - Young couple looking at their finances and needing money desperately

I Need Money Desperately

Apply for your small loan with Savvy today and get an outcome fast. Borrow up to $5,000 Outcome in 60...

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...

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.

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy Agency Owner and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.