Short-Term Loans Paid in Minutes

Access the cash you need fast by applying for a short-term small loan through Savvy today.

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 September 12th, 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 September 12th, 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.

Sometimes your expenses just can’t wait. When life throws you a curveball and you need an emergency loan ASAP, though, it’s important to know that you have options to turn to when you’re short on the funds you need. Fortunately, applying for a short-term small loan with Savvy is a fast and simple way to gain access to cash on the same day you apply.  Find out more about how to get approved for a fast cash loan today right here.

Can I have a short-term loan paid in minutes?

While you can’t have the cash in your account within minutes of applying in Australia, the process of getting approved and funded with a small loan is still highly efficient and very fast. You can borrow as little as $2,050 up to a maximum of $5,000, making it suitable for a range of purposes. Once you fill out our quick quote and online application form (which are open 24/7), you’ll receive an instant outcome and formal approval in as little as 60 minutes. From there, you’ll be required to read and sign the proposed loan contract, which will be sent to you by your lender, after which you can have the funds you need transferred directly into your account.

All up, the application process will only take you ten minutes and you can have your funds hit your account on the same day you apply in most cases. This is an incredibly quick turnaround time even compared to some of the other fastest types of finance to approve, such as personal and business loans. Although funding in minutes isn’t possible, these loans are still well-suited when you need an emergency cash loan ASAP, as the qualification criteria for borrowers are very achievable and the process is highly efficient. Part of the reason why these loans are so fast is that lenders are more concerned with your ability to repay them in the here and now, rather than what you might’ve done in the past.

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

Fast cash loans are highly customisable to suit your preferences when it comes to how long you can space out your repayments over. If you just need an extra bit of money to tide you over before your next payday, you can opt for a term of just 16 days in total, so you can easily have your loan paid off within 30 days. The maximum term length available on this type of loan is two years.

While opting for a longer loan term is likely to help you more comfortably manage your repayments, it’ll also cost you more overall. These loans come without interest, instead offering a fee structure of an establishment fee (maximum $400) and a monthly fee paid on each instalment (maximum 48% of your loan amount per year), both of which are built into your repayments. By opting for a longer loan term, there’ll be more opportunities to have fees charged across your repayment period. However, this option won’t suit every borrower, so you should always prioritise your comfort in repaying your debts.

Another benefit of these loans, though, is your ability to pay them off as quickly as you like without incurring any fees for doing so. This puts you in a position where you’re able to capitalise on any pay increase or sudden availability of funds and take your loan off your books to free up more room for your finances. Repaying the $2,500 loan over six months instead of the original 12 you asked for could help you save $600 overall, so you’ll have plenty of options when it comes to saving money on your loan.

What can I do to increase the speed of my short-term loan approval and funding?

If you’re concerned about the speed of your application and need your funds as fast as possible, there are some steps you can take to help minimise the number of delays in the process. Even if some of these delays do affect you, you’re likely to only be required to wait an extra hour or two to access your funds in most cases. Some of the key ways to maximise the efficiency of your same-day loan application are:

  • Only apply for what you can afford: lenders will conduct affordability checks to ensure you’re not at significant risk of defaulting on your loan, so having a rough idea of what you can afford to pay each week, fortnight or month will help you ensure the process runs more smoothly. In many cases, though, lenders will be willing to work with you even if they’re not 100% confident in your ability to repay the loan you originally ask for, as they can come back to you with a counteroffer they’re more comfortable approving you for.
  • Make sure you have all your information: although cash loans come with lesser documentation requirements than other types of finance, you’ll still need to make sure all the information you provide is correct and up to date. Any incorrect or missing information can lead to delays in the process, which you won’t want to experience if you’re looking to get approved as quickly as possible.
  • Pay off any other small loans: lenders won’t be as comfortable approving a loan for someone who already has other finance debts outstanding, particularly if those are also short-term loans. If you have one or more similar loans still on your plate, you’re less likely to be approved, both quickly and overall.
  • Apply during the working week: not all lenders offer 24/7 online approvals for their instant cash loans in Australia, so applying during their operating hours will give you the best chance of having your application approved in as little time as possible. For instance, if your lender was closed on weekends, applying on a Friday night could see your application drag out until Monday.

Why apply for a small loan with Savvy?

More short-term loan questions answered

Will I have to have a credit check as part of my application?

Yes – there’s no such thing as a one-hour cash loan with no credit check, nor is it the case for any type of loan. Lenders are bound by responsible lending guidelines which prevent them from approving a loan for someone who may struggle to repay it without being put under financial stress. Part of this involves assessing your credit report to make sure there aren’t any recent defaults which may suggest you won’t be able to repay it comfortably. However, it’s important to note that lenders are more concerned about your ability to repay your loan here and now than your credit score, so you won’t have to be fixated on the idea of not having a credit check.

Can I count Centrelink payments towards my income?

Yes – most lenders will accept a variety of Centrelink payment types as income towards your income when assessing your short-term cash loan application, such as:

  • Aged, Disability Support or Veterans’ Affairs pensions
  • Parenting and Carer payments and Child Care Subsidy
  • Family Tax Benefits A and B
  • JobSeeker (as a low-income supplement)
Are there any upfront costs on instant cash loans?

No – the establishment fee charged on your small loan will be built into your ongoing repayments, rather than being charged at the outset of your loan agreement.

Will my bank’s transfer speed affect how quickly I receive my funds?

It may – different banks will offer different transfer speeds, so you may not receive your loan funds immediately after they’re transferred by your lender in some cases. It’s important to consider this as a potential factor in the speed of your funds being delivered to you, even if you need an urgent cash loan.

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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.