Quick Online Cash Loans

Short on cash? Apply for a quick loan online with us today.

Apply in less than 10 minutes.

Last updated on July 25th, 2022 at 05:02 pm by Kurtis Eichler

Get a quick online cash loan with Savvy

It can play havoc with your budget when unexpected costs pop up out of the blue. Whether it’s an expensive phone or vet bill, having a little extra cash can help you breathe much easier. Luckily, Savvy can help you with a quick online loan.

Not only can you get your cash quick, but applying for it is easy too. Our 100% web-based application process means you can apply, be approved and get your cash all from the touch of your smart device. Take the pressure off your budget and apply with Savvy today.

What is a quick online cash loan?

A quick cash loan is a type of finance which allows you to borrow between $300 and $5,000, depending on your borrowing power. The time it takes to process your loan is fast because the whole application process takes place online and is highly streamlined. In most cases, you can be approved and have your funds on the same day you apply.

To apply for a loan, you’ll need to meet a handful of loan eligibility requirements. These include:

  1. Age: Over 18 years old
  2. Residency: A permanent Australian resident or citizen
  3. Income: Earning a consistent form of income
  4. Contact: Active mobile number and email address
  5. Banking: Access to 90 days’ worth of online bank statements
  6. Debt: No active payday loans or similar finance

Applying for a loan over the internet in Australia is pretty straightforward. Once you choose your loan amount and tell your lender why you need it, you can go about completing your initial application. You’ll need to share some basic details with your lender, including:

Details
Personal
Title, full name, date of birth and email address, mobile phone number
Residential
Current address, residential status and rent/mortgage/boarding costs
Employment
Employment status, the industry you work in, tenure with your employer and where you work
Income
Income after tax, pay frequency, whether you’re a Centrelink customer and the date of your next pay.

After you’ve provided these details, your lender will require some digital documents to prove your identity. They’ll usually ask for a driver’s licence or passport and a Medicare card, which can be uploaded to a secure portal. Once these have been supplied, you’ll get an instant decision on your application.

If you’re instantly approved, your lender will forge ahead and run some checks to ensure you can afford the loan you want and the information you provided was accurate. After a quick assessment of your credit history and financials, you can be offered formal loan approval. Your lender should release your funds as soon as you sign and return your emailed loan contract.

In most cases, you’ll receive your money on the same day; however, this will depend on when you apply and how fast your bank transfers payments. Applying earlier in the day or week improves your chances of getting approval and funding that day. Banks also have different transfer speeds, particularly outside of business hours, so you may experience a delay in receiving your funds in some cases.

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

You can take up to two years to repay your online cash loan, depending on how much you borrow. While the length of time you take to repay your loan will determine the size of your repayments, it will also shape how much you pay in fees. If you need a loan today, you’ll get two repayment term options:

Loan amount Term ranges
$300 to $2,000
16 days to one year
$2,001 to $5,000
16 days to two years

Loans also come with a set of fixed fees, which are:

Fee type $300 to $2,000 $2,001 to $5,000
Establishment fee
Calculated at 20% of your amount
Flat fee of $400
Monthly fees
Calculated at 4% of your amount
Capped at 48% over 12 months

Choosing a longer term will reduce your repayments and make them easier to manage, but it’ll mean you’ll pay more in fees. By choosing a shorter term, you’ll pay more in regular repayments, but the costs associated with your loan will fall. For example, if you borrowed $2,500 over 12 months instead of 15, the value of your regular repayments would rise by $48, but the overall cost of your loan would fall by $300.

How can I spend my quick online cash loan?

The beauty of these types of quick loans is they can be used for a wide variety of urgent and non-urgent uses. Some of the ways you can use your quick online cash loan include:

  1. Medical expenses
  2. Vehicle repairs
  3. Home maintenance
  4. Veterinary bills
  5. Repay existing debt
  6. New white goods or household items
  7. Rental arrears and rent bonds
  8. Travel expenses
  9. General day-to-day spending

You won’t be able to use it to gamble or repay similar types of finance, with lenders very unlikely to approve you for a new payday loan if you’re already repaying another one.

Got a quick online cash loan question? We have the answers

Can I get approved for a quick loan on the weekend?

Yes – you can apply for a fast cash loan and be approved on a Saturday or Sunday. Some Australian lenders offer weekend payouts on loan applications, as they’re open on weekends and can formally assess applications. However, you can apply for your loan and receive an instant outcome 24/7 with Savvy, although formal approvals won’t be possible outside business hours.

If I have bad credit, can I apply for a loan?

Yes – you can get a loan with bad credit. A bad credit score isn’t a major issue on these types of loans, as lenders prefer to review your wider borrowing history and your current ability to repay the loan you’re applying for, rather than concentrate solely on your credit score.

Can I apply for a quick cash loan if I’m a Centrelink customer?

Yes – being a Centrelink customer isn’t a barrier to getting a fast cash loan. If government benefits account for all of your income, you must be earning a fixed benefit to apply. Eligible benefits include:

  • Age pension
  • Carer payment
  • Child care subsidy
  • Disability pension
  • Family Tax Benefit Part A or B
  • Single parenting payment
  • Veterans’ pension

 

Bridging payments, such as JobSeeker or Youth Allowance, can’t be factored in on their own, as these payments aren’t as stable and consistent.

Can I get a loan if I’m in a Part IX debt agreement?

While most lenders are unlikely to approve you for a loan if you’re under a formal arrangement to pay your outstanding debts, there may be some willing to work with you. Applying once your agreement has ended will improve your chances of approval significantly.