Small Cash Advance Loans
If you need a loan, apply for a small cash advance with Savvy.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
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A small cash advance loan can be handy when you need some money to tide you over until payday. If you require some fast cash, Savvy can help you get out of a pickle.
We partner with flexible lenders who make applying fast and easy, allowing you to get a decision sooner rather than later on your application. Don’t wait around; apply with Savvy today.
What is a small cash advance loan?
A small cash advance is a type of short-term loan which allows you to borrow between $2,050 and $5,000. You can choose to repay your loan over up to two years or as little as 16 days if you just need some funds to bridge the gap until your next payday. You get the option of weekly, fortnightly or monthly repayment cycles.
Applying for a small loan is a breeze when you choose Savvy, as the entire application process is online and you can receive an instant outcome. Once you select your desired loan amount and why you need it, you can start your initial application. You’ll be required to share some information with your lender, including:
Personal
- Full name, date of birth, phone number and email address
Residential
- Home address, residential status, rent/board/mortgage costs
Employment
- Job status and title, industry you work in and the name of your employer
Income
- Wages after tax, pay frequency, next pay date and whether Centrelink benefits make up more than 50% of your income
Your lender will require you to supply some digital copies of your personal ID to verify your identity. This information can be uploaded to a secure portal online. Your lender will generally request either one or a combination of:
- Australian driver’s licence or passport
- Proof of age or Medicare card
Once all these documents and details are provided, you’ll receive an instant decision on your application. If your application is initially rubber-stamped, your lender will run a credit and bank statement check to assess your borrowing and financial history. If these all run smoothly, you should be offered formal loan approval very soon after. Your lender will send across your loan contract which you can electronically sign so your funds can be released.
You should receive your funds on the same day; however, this depends on the timing of your application and your bank’s transfer speeds, as lenders don’t approve and fund payday loan applications 24/7, nor can all banks process transfers at all hours.
How much will my small cash advance loan cost?
The cost of your cash advance will come down to how long you take to repay your loan and how much money you borrow. Loans come with several fixed fees which are dependent on these two variables.
Cash advances come with two types of fees which are rolled into your repayments. These are:
- Establishment fee: capped at $400
- Monthly fee: charged on each repayment, capped at no more than 48% of your loan amount over 12 months
In the same way choosing a smaller borrowing amount will mean paying a lesser establishment fee, reducing the repayment term on your loan will save you money on monthly fees. Australian payday lenders don’t charge early repayment or exit fees, meaning you won’t be charged extra fees if you pay off your loan before the end of your term.
The following table shows you how much you could save by repaying a $1,000 loan over a shorter term.
| Loan term | Establishment fee | Monthly fees | Monthly payment | Total loan cost | Total saving |
|---|---|---|---|---|---|
|
12 months |
1 x $200 |
12 x $40 |
12 x $140 |
$1,680 |
N/A |
|
Nine months |
1 x $200 |
9 x $40 |
9 x $173 |
$1,560 |
$120 |
|
Six months |
1 x $200 |
6 x $40 |
6 x $240 |
$1,440 |
$240 |
|
Three months |
1 x $200 |
3 x $40 |
3 x $440 |
$1,320 |
$360 |
What can I use my small cash advance loan for?
Whether you’re in dire need of some new home appliances or want to take the pain out of a hefty dentist bill, you can use cash payday loans for a variety of urgent and not-so-urgent expenses.
When you apply for a same-day loan, your lender will ask you to specify why you need it and gives you a handful of valid reasons. Some common purposes for taking out a small loan include:
- Groceries, petrol and other general living expenses
- Medical procedures, such as trips to the dentist
- Child-related costs such as school uniforms or clothes
- Repairs to your home or general maintenance
- Travel expenses such as flights and accommodation
- Vehicle upkeep such as servicing, registration and repairs
- New furniture or white goods
There are some restrictions in terms of how you spend your loan. You won’t be able to your loan funds to gamble or repay a similar type of finance, such as another payday loan.
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Got a small cash advance loan question? We have the answers
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Helpful small loan guides
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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
