Short-Term Loans Paid in Minutes
Access the cash you need fast by applying for a short-term small loan through Savvy today.
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
Helpful small loan guides
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.