Quick Cash Advance

Chasing a quick cash advance? Apply with Savvy today.

Apply in less than 10 minutes.

Last updated on August 2nd, 2022 at 09:30 am by Kurtis Eichler

Get a quick cash advance from $300 approved

When you need a quick cash advance, whether it’s to cover emergency expenses or simply to bridge the gap between paydays, you want the loan process to be swift and efficient. That’s why Savvy makes your online application simple, fast and convenient.

You can be approved and funded from your smart device and the comfort of your own home. In most cases, you’ll have your cash on the same day you apply, so get the ball rolling and apply with Savvy now.

How do I get a quick cash advance?

You can apply with Savvy if you need a fast cash loan. Every step of our application process is online, making it easy when you need to borrow money in a hurry. We also partner with flexible lenders who can approve applications for borrowers from a range of financial backgrounds and provide you access to your funds soon after you’re approved.

Applying for a quick loan online is pretty straightforward. Firstly, an instant decision is granted as soon as you submit your initial application. During this stage, you’ll be asked to provide some basic personal, employment and income information.

If you receive instant approval, your lender will go about confirming your finances and borrowing history through a series of formal assessments. They may be able to offer you loan approval shortly after if everything runs smoothly. On the odd occasion, lenders may require clarification or additional information, although this is unlikely to hold up your application by much.

Your loan contract will be sent to you and your funds can be released once it’s signed and returned. Your money will be in your account on the same day, in most cases.

The time of day you apply and the strength of your application will play a part in how quickly you can get your funds. Getting your application in earlier in the day can avoid the small cash advance loan process running overnight or into a weekend. Make sure you also double-check the information you’ve provided in your application, as any small mistakes can be picked up by further checks and delay the process.

How much can I borrow with a quick cash advance?

You can borrow between $300 and $5,000 with a quick cash loan, although the amount you’ll be approved for will depend on your individual circumstances. Lenders will assess how much you can comfortably afford when considering you for approval on a loan.

Your borrowing power is made up of several variables. Lenders will assess these when considering your application, including:

  • Income
  • The stability of your employment
  • Regular expenses
  • Spending habits
  • Levels of existing debt
  • Credit card limits
  • Any savings held in your bank account

When looking into what you earn, most lenders let you factor in a mix of fixed and stable income streams on top of your regular wages. These can include investment revenue, superannuation earnings and ongoing Centrelink benefits. By rolling these into your assessable income, rather than relying solely on your employment income, a lender may allow you to borrow more money.

It’s good to have a rough idea of how much you can afford to borrow before you apply for a quick cash payday loan. This will make it easy when it comes to determining the size of your loan, as you can base your term length on what you can afford to repay regularly.

How long can I take to pay off my quick cash advance?

Depending on how much you borrow, you can take up to two years to repay your loan. Lenders have different term lengths dependent on the size of your cash advance.

Loans up to $2,000 come with term lengths ranging from 16 days to one year, while larger loans offer repayment terms of up to two years. You also get to schedule your repayments weekly, fortnightly or monthly so it fits in with when you’re paid.

Choosing a shorter loan will increase the value of your repayments but slash how much you pay in monthly fees. Monthly fees are calculated at 4% for loans up to $2,000. Larger loans have their fees capped at 48% over the course of 12 months. For example, while taking out a $3,000 loan over 12 months instead of 15 will increase your monthly repayments from $346.67 to $403.33, it’ll save you $360 in overall monthly costs.

These loans also come with an establishment fee which is rolled into your borrowing amount. For loans up to $2,000, this is calculated at a fixed rate of 20% however larger loans have a capped fee of $400.

Frequently asked cash advance questions

Can I spend my cash advance on fixing my car?

Yes – if your car breaks down and you need to get it fixed, you can pay for the repairs with a cash advance loan. You can use your loan to pay for new tyres, fixing a blown gasket or just regular servicing. You can also use your loan for a range of non-car-related expenses such as vet bills, rental bonds, day-to-day expenses and medical procedures, as a single loan’s funds can be distributed however you see fit.

Can I apply for a quick cash advance with 100% Centrelink income?

Yes – if Centrelink benefits are your only form of income, you can apply for a small payday loan. Lenders can factor in a range of ongoing and fixed payments, including:

  • Aged, disability and veterans’ pensions
  • Single parent payments
  • Carer payments
  • Family Tax Benefit Part A and B
  • Child care subsidy

 

Temporary benefits, such as Youth Allowance and JobSeeker, can’t be considered if they’re your only form of income.

Can I repay my cash advance on my next pay day?

Yes – so long as your next pay day is not for at least 16 days. Under the country’s responsible lending laws, licenced lenders cannot offer terms which are shorter than 16 days on loans up to $2,000.

I’m working casually. Can I still apply for a cash advance?

Yes – you can get a loan if you’re employed casually, so long as you’re working consistent hours. If your hours are a little inconsistent, lenders may still be able to help you, but you might be required to meet additional criteria.

Can I apply if I have unpaid defaults on my credit file?

While short-term lenders in Australia generally won’t consider you for a loan if you’ve got unpaid defaults on your credit file, there may be some lenders willing to help you. Borrowers in this position are seen as being at a greater risk of defaulting once again, so lenders are less likely to offer approval.