Short-Term Loans Paid In Minutes

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

Apply in less than 10 minutes.

Last updated on August 1st, 2022 at 04:59 pm by Thomas Perrotta

Short-term cash loans from $300 to $5,000 approved

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 $300 up to a maximum of $5,000, making it suitable for purposes big or small. 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 10 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 or a month total. The maximum term length of either one or two years will depend on the size of your loan: loans up to $2,000 are capped at a maximum term of 12 months, while you can take up to two years to repay loans of more than $2,000.

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 a 20% establishment fee (maximum $400) and a 4% fee each month, 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 $2,000 loan over six months instead of the original 12 you asked for could help you save almost $500 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.

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.