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Overnight Loans

Apply for your small loan at any hour of the day or night and have the funds ready to go in no time through Savvy.

Last updated on April 19th, 2022 at 01:09 pm by Thomas Perrotta

Overnight loans

Obtaining the finance you need in a timely fashion can be difficult when you apply in the evening, but you’re not completely devoid of options. Small overnight loans are offered by lenders across Australia, with pre-approvals available at all hours of the night, and you can find them with Savvy.

We’re partnered with flexible lenders who can afford peace of mind when it comes to your funds: by receiving approval out of business hours, you can rest assured the funds will be available for you in the morning. You can kick your application into gear in a matter of minutes right here.

The features and benefits of overnight loans

Apply at any time of day

Application portals with Savvy and on our lenders’ sites are open 24 hours a day, seven days a week, so you can apply whenever suits you, even out of work hours.

Financing within one hour

In some cases, you can receive the funds you applied for within an hour of submitting your application, providing rapid access to the money you need to cover your expenses.

Get approved for up to $5,000

Instant loans range in size from $300 up to $5,000, making them suitable for a multitude of purposes from covering smaller bills to more substantial purchases.

Repay over 16 days to two years

You also get to decide the length of your loan term in line with the period over which you can most comfortably afford to repay it, whilst still looking to minimise the cost of fees.

Additional repayments free of charge

No early repayment penalties apply to overnight payday loans, meaning you can submit instalments above the minimum and cut down on the fees you pay overall.

Diverse income accepted

You can include income from your full-time, part-time, casual or self-employed work, as well as certain Centrelink benefits, towards your overall earnings on your application.

Why Savvy can help you find overnight loans online

A trusted company

We’ve been helping people access the finance they need for over a decade, so we know what makes a good loan and reputable lender.

Automatic lender-matching technology

Once you submit your application with us, our advanced online system pairs you with a lender that best fits your requirements.

Apply from your smartphone

The application itself is a fast and easy one, with 24/7 access and the ability to submit your form all your documents with your phone.

Top tips for increasing your overnight loan borrowing power

Increase your disposable income

One of the most obvious ways to increase the amount you’re eligible to borrow is to widen the funds you have available each month to cover your repayments. This may seem easier said than done, but there are several simple ways you can do so. By simply taking the time to cut out unnecessary expenses, such as subscriptions you don’t use, you can improve your approval chances for greater loan sums.

Pay off outstanding debts

Another way to increase your disposable income which will improve your approval chances in itself is by paying off any current debts you have on the go. These could be anything from other loans to outstanding bills. While you may not always be in a position to do this before applying for your overnight cash loan, you can maximise your long-term suitability for larger loans by cutting down your debts.

Ensure your loan term is comfortable

It’s of paramount importance that the loan you’re applying for comes at a term which enables comfortable repayments. Your lender wants to avoid any potential issues with you repaying your loan, which involves keeping a clear distance between your maximum disposable income and your monthly repayments. You may find in some cases that you’re eligible to borrow more over a longer term than you are on a short term, for instance.

Avoid applying multiple times

Finally, it’s crucial you only put your eggs in one basket at a time when applying for your loan. The scattergun approach to applying for small loans doesn’t work; it simply alerts your lenders to the fact you’ve submitted multiple applications in quick succession, which can indicate you’re not a desirable borrower. Having these on your file can affect your approval chances and, in some cases, your borrowing power.

Frequently asked questions about overnight loans

Can I receive my funds in the middle of the night?

No – the transfer of funds is restricted to your lender’s opening hours. While the automatic pre-approval process is still able to take place at any hour of the day, your lender will still need to check over your application and documents before advancing funds to you. As such, if your lender isn’t open 24/7 (which they generally aren’t), the transfer of funds is likely to only take place during standard working hours.

Are loans available on weekends?

Yes – our lending partners can work with you to approve and transfer the loan funds you need on weekends. We have partners open on both Saturdays and Sundays, which allows you to access funds whenever you’re in need. If a pipe under your sink bursts on the weekend and you don’t quite have the funds to pay for someone to fix it right now, you can apply through us and receive the money you need within the hour.

Am I able to take out an overnight loan with bad credit?

Yes – lenders don’t tend to place a great deal of weight on your credit score when assessing your application. They’re more interested in your ability to repay the loan you’re applying for right now than your record of repaying other debts in the last few years. Where your credit score may factor in, though, is if a decrease comes about due to a recent default on a similar loan, which may frame you as too great a risk for your lender.

What are the fees on online overnight loans?

These loans come with two primary fees which you’ll need to budget for before submitting your application:

Establishment fee: 20% of your loan amount (maximum of $400 for loans above $2,000)
Monthly fee: 4% of your loan amount each month (maximum of 48% annually for loans above $2,000)

Are there any upfront costs with small loans?

No – small loans come without any upfront fees or costs which may leave you further out of pocket. Although it’s known as an establishment or application fee, this charge will be built into your monthly payments for your overnight loan. You only commence the payment of your loan after the first week, fortnight or month of your loan has passed (depending on the frequency of your repayments).

What documents will I need for my application?

The documents required for your instant loan aren’t as thorough as other types of finance due to their smaller, more flexible nature. While the specifics may vary slightly between lenders, you’ll need to supply them with the following:

Personal identification such as your driver’s licence, passport or Medicare card
90 days of bank statements
Your phone number and email address
Proof of address via a recent bill

Do I need to provide any security for my loan?

No – overnight payday loans are 100% unsecured. This means your lender won’t require you to put up a valuable asset such as your car or another vehicle, jewellery, artwork or home equity as collateral for your loan. Many applicants don’t have an asset considered eligible for use as loan security, so this type of finance is more available to a wider demographic of people.

Can I have multiple overnight cash loans at once?

Yes – it’s possible to repay more than one cash loan at any given time. However, it’s important to bear in mind that already having a loan on your plate can impact your chances of approval with some lenders. It can also affect the loan deal you receive, as your disposable income will be lower than it was when you took out your first loan. Your lender will only approve you for another loan if they’re confident you’re in a position to pay off both comfortably. You can’t take out a cash loan to directly pay off another, though.