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SACC Loans

Find out what SACC loans are and how they work right here in Savvy's handy guide.

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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 1st, 2023       

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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 1st, 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.

In need of swift cash solutions? SACC loans are a popular option among Australians looking for a quick financial fix. Find out more about how SACC loans work, how much you can borrow and the amount of time you can take to repay them right here in Savvy's comprehensive guide.

What are SACC loans and how do they work?

Small Amount Credit Contracts (SACC) loans are a form of small, quick cash loan. This term covers all loans up to and including $2,000, with terms ranging from 16 days to 12 months in length. These short-term loans are handy for a wide range of unexpected expenses or when you're simply waiting for your next paycheque. In terms of how it works, you borrow a small amount and pay it back in instalments over a specified period, either weekly, fortnightly, or monthly.

Understanding the costs for SACC loans is important. The fees depend on how much you borrow and how long it takes you to pay it back. There are two main fees to consider: the monthly fee, which is capped at 4% of your loan amount each month, and the establishment fee, capped at 20% of your total loan amount (maximum of $400).

How much can I borrow with a SACC loan?

As mentioned, SACC loans allow you to borrow up to $2,000. However, it's important to understand that each applicant's borrowing capacity is influenced by factors like credit score, income, existing liabilities, savings, and other pertinent financial considerations. As a result, your borrowing amount may differ from another applicant with distinct financial circumstances.

Ultimately, the borrowing amount is contingent on what you can comfortably repay. Your income, which must be sourced from a stable job or jobs with consistent pay and hours and/or eligible Centrelink payments, is vital. For instance, if you're seeking a loan with fortnightly repayments of $500 but only earn $400 per fortnight, approval may not be possible.

It’s worth noting also that SACC loans aren’t available through Savvy, as the minimum loan amount obtainable through one of our lenders is $2,050. You can apply for up to $5,000 through us today.

What are the differences between SACC loans and MACC loans?

SACC and MACC (Medium Amount Credit Contracts) loans are two distinct types of small cash loan. The primary differences lie in the loan amounts and term lengths offered by each.

While SACC loans can go up to $2,000 and 12-month terms, MACC loans offer a borrowing range extending from $2,001 to $5,000. This makes MACC loans a viable option for individuals seeking a larger sum for more significant financial requirements. The term lengths for MACC loans are also extended, allowing borrowers to take up to two years to repay their loans.

On top of these, the fee structures are also slightly different. Establishment fees are capped at $400, meaning you’ll never pay more on a MACC loan than the maximum on a SACC loan. Additionally, while SACC loans come with 4% monthly fees, this is extended to 48% per s come with 4% monthly fees, this is extended to 48% per year on MACC loans.

You can apply for a MACC loan through Savvy today, as our partnered lenders can offer finance from $2,050 up to $5,000. Get the ball rolling on your application and receive your funds before you know it through us today.

Why apply for a small loan with Savvy?

Frequently asked questions about SACC loans

How quickly can I secure a SACC loan?

SACC loans prioritise rapid access. If your application meets your lender's criteria, formal approval and funding may occur on the same day of application. However, variables like application complexity, the lender's processing speed, and the time of day you submit it (whether it’s within business hours or not) can impact the overall speed of approval.

Is it possible to secure a SACC loan with bad credit?

Yes – securing a SACC loan with bad credit can still be a viable option. Unlike traditional lenders that may be rigid in their credit assessment criteria, providers of SACC loans are known for their flexibility. Many are willing to overlook past credit challenges and focus more on your current financial situation during the assessment.

Can I repay my SACC loan early?

Yes – you can repay your SACC loans before the scheduled end of your term. These loans don’t come with early repayment penalties. Clearing your debt sooner means you'll incur fewer monthly fees, potentially contributing to significant savings over the loan period.

What expenses can I cover with my SACC loan?

SACC loans cater to diverse expenses, providing flexibility in usage. Whether it's managing urgent bills, covering essential purchases like food, or helping to fund your Easter or Christmas shopping, these loans allow you to allocate funds according to your immediate financial priorities.

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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.

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