Short-Term Cash Loans

Need quick cash? Apply for a short-term loan today.

Apply in less than 10 minutes.

Last updated on July 8th, 2022 at 04:39 pm by Kurtis Eichler

Get a short-term cash loan with Savvy today

It can be tough covering regular expenses when your bank balance is a little low, so if money’s tight, Savvy can work with you to get a short-term cash loan ahead of your next payday.

By partnering with flexible lenders, we can help you get approved and funded for a loan up to $5,000, with flexible repayment options. Give your budget a boost and apply with Savvy today.

How do I apply for a short-term cash loan?

Getting a short-term loan is as simple as applying with Savvy, which is quick and easy to do online. In most cases, you can get approved and funded for a loan on the same day you apply.

Before you apply, you’ll need to select how much money you want to borrow (between $300 and $5,000) and the reason why you need it. It’s also a good idea to double-check you meet the eligibility criteria, which will generally include:

  • At least 18 years old
  • Earning a regular income for the prior 90 days
  • Australian permanent resident or citizen
  • No current payday loans
  • Active mobile number and email
  • Access to your bank accounts online

Once you’ve ticked all these boxes, you can get your initial application underway. This generally takes about ten minutes to complete and you’ll receive an outcome instantly once you lodge it. As part of the application, you’ll need to provide your lender with the following information:

  • Your details such as your name, date of birth and address
  • Your contact details such as your mobile number and email
  • Your employment status, workplace name and your job title and tenure
  • How much you earn after tax and how often you get paid
  • Rent/mortgage/board expenses
  • Whether Centrelink benefits make up half or more of your income

You’ll also be asked to provide your driver’s licence or passport information and a Medicare card to verify your identity.

If you receive instant approval, your lender will go about confirming the information you’ve provided. They’ll run a quick credit check and access a ‘read-only’ copy of your online bank statements to verify your income and spending. If these go well, you should receive loan approval soon after these checks are done.

Your loan contract will be sent for you to sign and return so your lender can release your payday advance funds. In most cases, you’ll receive your funds on the same day, although this will depend on the time you applied and your bank’s transfer times. Applying earlier in the day or week will reduce the chance of your payment being delayed overnight or over a weekend, while different banks have different transfer processes (meaning it may take longer to arrive in your account depending on when you apply).

How long can I take to repay my short-term cash loan?

Short-term cash loans and advances come with repayment terms of up to two years, depending on how much you borrow. Repayment options range from 16 days to 12 months on loans up to $2,000 and up to two years on loans up to $5,000.

The value of your regular repayments will be determined by how long you choose to repay your loan. For example, if you chose to borrow $2,000 over nine months instead of 12, your fortnightly repayments would increase by over $25 because you’ll be repaying more to wrap up your loan sooner.

Your term length and how much you borrow will also directly dictate how much you pay in monthly fees. Short-term loans come with a fixed establishment fee and ongoing monthly fees which vary depending on your loan size:

Borrow up to $2,000

  • Establishment fee: Calculated at 20% of your loan amount.
  • Monthly fee: Calculated at a fixed rate of 4% on your loan amount

Borrow more than $2,000

  • Establishment fee: A flat fee of $400
  • Monthly fee: Fees capped at 48% over 12 months

While repaying your loan over a shorter term will increase the cost of your repayments, it’ll also substantially reduce your fees. For instance, using the $2,000 loan example from above, reducing your term from 12 months to nine would save you $240 in monthly fees.

Making extra payments throughout your loan term will also hasten repayment of your debt and save you money on fees. Payday lenders don’t charge early repayment fees, meaning you won’t incur extra costs if you do wrap your loan sooner than anticipated.

Can I apply for a cash loan if I have bad credit?

Yes – you can still apply for a loan if you have a less-than-rosy credit score. Having bad credit is unlikely to substantially impact your chances of getting approved for a short-term loan. Direct lenders assess cash advance applications a little differently compared to the big banks, so if you have bad credit, there’s no need to sweat a quick check.

Instead of focusing solely on your score, they prefer to look at the bigger picture and get an idea of your wider borrowing history, particularly on similar short-term loans. Some of the factors they’ll consider include your repayment history on similar loans, your credit card limits and any recent defaults.

If you’re worried about your credit history, it can be tempting to search for ‘no credit check’ loans. However, reputable lenders don’t offer finance without this step of the assessment process, as they want to be sure you can afford any finance you apply for. Australian direct lenders are obliged under responsible lending laws to run thorough checks to ensure applicants can easily manage their cash advance loan repayments. As such, reputable lenders won’t allow you to get a ‘no credit check loan’.

Your short-term cash loan questions answered

What can I use my cash loan for?

Fast cash loans are handy because they can be used to cover a range of costs, including:

  • Medical or veterinary bills
  • Home repairs
  • Valentine’s Day, Easter or Christmas expenses
  • Vehicle costs
  • Day-to-day costs
  • Debt consolidation
  • Travel costs
  • New furniture and white goods
Can I get a cash loan if I’m a discharged bankrupt?

Yes – as long as you’re earning a regular and consistent income, your previous bankruptcy is unlikely to be an issue when being considered for a loan. Bankruptcies usually end three years and one day after you file your paperwork.

Can I apply if I’m collecting a disability pension?

Yes – you can apply for a loan if you’re earning a disability pension. Most lenders see these types of payments, similar to aged or veterans’ pensions, as fixed forms of income which can be factored towards your assessable loan income. Similar benefits that count include:

  • Carer’s payment
  • Single parent payment
  • Family Tax Benefit Part A or B
Will my cash-in-hand income count towards my loan?

You won’t be able to get a loan with cash-in-hand income, as most lenders will only factor income paid into your bank account by your employer or other stable sources when considering you for a loan.