Short Term Personal Loans

Need money fast? Don’t stress. Apply online and get 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 May 27th, 2024       

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 May 27th, 2024       

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.

Small, fast loans approved online

Small loans, usually between $2,050 and $5,000, are a source of finance to help you smooth over cash flow shortfalls. We can help you secure a small term loan – with flexible terms from as little as a couple of weeks up to a year – using our simple and secure online application system. Our consultants are specialists in getting your loan to you in as little time as possible. This means your much-needed funding is accessible to you quickly.

Pay your emergency expenses

Bills, bonds or moving expenses, car repairs, school fees or excursions, sporting fees, emergency purchases, cash flow gaps and general unexpected expenses. Short term loans can help you when other types of credit aren’t available or accepted. Short term loans are a convenient alternative to other types of finance that require lots of documentation and have long waiting periods. Get funds fast by applying online.

Why apply for a small loan with Savvy?

How to navigate your short term loan application

Find out more about short term loans

How much can I borrow?

We can approve loans ranging from $2,050 up to $5,000.

What is the longest loan term for a short term loan?

You can choose a repayment term of between 16 days and two years, enabling you to select a period which is suited to your needs and preferences as a borrower.

What documents do I need?

We will need to verify your identity using a driver’s licence or passport. In some cases, we may ask for proof of income.

What can I use a short term loan for?

Short term loans usually cover surprise expenses you can’t usually afford to pay on your own. These can include urgent replacement of appliances, computers, or electronics; sudden medical bills; emergency travel; temporary cash flow problems; unexpected utility bills; legal or administrative bills; and many other unexpected expenses.

I have bad credit, will I get approved?

We accept people with good or bad credit for short term loans. Conditions may apply.

Who can apply for a short term loan?

People over the age of 18, who are Australian citizens or permanent residents, been receiving regular income for at least 90 days into a bank account and have an active email and/or mobile number. Single parents, Centrelink recipients, and self-employed people may also apply.

Get to know more about short term loans

What is good debt? What is bad debt?

Not all debt is bad, despite what some people say. Getting in to debt for the right reason can actually help you in the long-term. The difference between good and bad debts is that good debts help you accumulate value over time, while bad debts are like throwing money away. A good debt may be buying a home or a car. A car may depreciate, but you can use the car to get you to work and seize other opportunities. Bad debt is putting meals or nights out on a credit card. You’re paying interest for no reason other than “to have it.” If you need to go into debt, make sure it’s for a “good” debt.

Why short-term loans are for short term fixes

Though individuals aren’t businesses, they can get into the same trouble as businesses short on cash flow. Businesses run into cash flow problems because they spend long-term loans on short-term fixes and vice versa. Short term loans should be spent on short-term fixes – urgent bill payments, surprise expenditures, medical treatments, etc. Though the fees and interest may be high, you will pay less overall than if you took out a major loan. Major loans should be reserved for big, long-term purchases like cars or houses – the good debt as described above.. Make sure your loan is fit for the purpose before applying.

Getting your credit report

To know where you stand with banks and lenders, you should get a copy of your credit report. Individuals are entitled to a free credit report each year from the major credit reporting agencies. Your credit report lists your last seven years of credit applications and defaults. Defaults are failures to pay a bill or loan repayment after 60 days. You should always check your credit report regularly to fix any mistakes – this is up to you to fix! A credit report will show you what the banks or lenders see before they do a check; it could help you with your application for credit so you know where you stand.

Is a short-term loan better than credit cards?

A credit card is a convenient and handy way to pay urgent bills – but is it a good idea to use it for urgent and sudden expenses? First off, “maxing” out your credit card hampers your ability to cover smaller expenses if they occur. It also means you’ll be paying back more in interest over time if you only pay back the minimum each month (around 2% of the balance). A short-term loan means your interest and fees are fixed to the term of the loan. You won’t be paying back more interest as time goes on. You make set repayments which clears the debt in full.

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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.