Phone Loans

Stay connected seamlessly by applying for a phone loan through Savvy today and receiving an instant outcome.

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 December 11th, 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
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$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 December 11th, 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.

Staying connected is crucial and phones unfortunately don’t last forever. If you don’t quite have the funds you need to purchase your ideal smartphone, you can apply for a fast and simple phone loan through Savvy. You can receive an instant outcome upon submitting your application and formal approval and funding as soon as the same day you apply. Don't let outdated technology hold you back; buy your next phone with a loan through us!

How do I get a phone loan?

You can access a quick and straightforward small loan to buy the phone you want through Savvy. These loans are designed for a speedy application process, efficient approval, and prompt fund transfer, making them a suitable solution for meeting immediate financial needs related to acquiring a new phone.

Navigating the application process through Savvy is streamlined and user-friendly. Follow these uncomplicated steps to apply for a rapid phone loan:

  1. Complete our application form, providing necessary details about yourself, including credit score, income, employment, and more.
  2. Submit your application and receive an instant, automated outcome promptly from our network of lenders.
  3. If conditionally approved, your application undergoes assessment by your designated lender, possibly requiring additional documentation.
  4. Upon the lender's satisfaction, you'll be granted formal approval and provided with loan documents outlining terms, fees, repayment schedule, and other relevant details.
  5. After signing and returning the documents, your funds will be efficiently transferred to your nominated account, enabling you to proceed with the purchase of your next phone.

How much can I borrow with a phone loan through Savvy?

Savvy provides a flexible borrowing range for phone loans through our lenders, allowing you to secure any amount between $2,050 and $5,000 (subject to meeting the required lender eligibility criteria). This versatile spectrum accommodates diverse financial needs for upgrading your phone, enabling you to choose an amount aligned with your specific requirements.

Factors such as credit score, income, existing liabilities, savings, and other relevant financial considerations impact your borrowing capacity. Recognise that the amount you can borrow varies based on your unique financial situation. Additionally, your income must come from one or more jobs with stable pay and hours and/or eligible Centrelink payments.

How long will it take to receive my phone loan funds?

Acquiring funds for your phone is a straightforward process, with the potential for fast formal approval and fund release on the same day, possibly within one hour of application. Approval is contingent on your application meeting all necessary lender criteria and successfully passing required assessments. It's important to remember that the speed of your application's approval can be influenced by various factors:

  • The complexity of your application, taking into consideration factors such as defaults and the stability of your income.
  • Your lender's processing time, affecting how quickly they can assess your application.
  • The timing of your application submission, with those outside regular business hours awaiting your lender's resumption of formal assessment.

Why apply for a small loan with Savvy?

Frequently asked questions about phone loans

Is it possible to get a phone loan with bad credit?

Yes – you can get a phone loan with bad credit, subject to meeting your lender’s qualification requirements. Lenders providing phone loans take a more flexible approach, considering various factors beyond just credit scores. This increases the chances of securing a loan for a new phone, even if you have bad credit.

Can I settle my phone loan early?

Yes – you can settle your phone loan early. Much like all other small loans, phone loans come with the option for early repayment without additional penalties. Because of this, settling your phone loan before the scheduled time will help you save money overall.

Can I utilise the funds from my phone loan for needs other than buying the phone?

Yes – beyond purchasing the phone, you can allocate the funds from your loan for various needs. Whether you choose to cover additional expenses or address unexpected financial needs, such as if you need to buy a new laptop, the decision is yours. However, it's important to note that certain restrictions apply to the use of these funds, such as settling other small loans or engaging in prohibited activities like gambling.

How much will my phone loan cost?

The primary costs for your phone loan consist of the establishment fee (capped at $400) and monthly fees (capped at 48% of your loan’s total value per year). The precise amount you pay is subject to various factors, including:

  • The loan amount
  • Your loan term (between 16 days and two years)
  • Your chosen repayment schedule (weekly, fortnightly or monthly)
  • Whether you make additional repayments
  • The impact of potential conditional fees, such as late repayment or dishonour fees

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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.