Solar Loans

Apply for a solar loan through Savvy today and receive approval as soon as the same day up to $5,000.

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 December 11th, 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
|
|
|
|
|
$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 December 11th, 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.

If you find yourself needing fast money for solar improvements, like those shiny new panels or a solar hot water system, you may wish to consider a solar loan. Fortunately, Savvy is here to help you find and secure the finance you need to cover some of your solar costs. Apply for a small loan through us today and discover a simple, straightforward solution. Take the first step toward a brighter and eco-friendly future!

How do I get a solar loan?

You can take out a fast and easy small loan to help you cover the cost of your solar installation or improvements, which you can do through Savvy. These loans are designed to be applied for, approved and advanced to your bank account quickly, making them suitable for emergency or otherwise urgent needs.

The application process through Savvy is a very simple, user-friendly one. Here are the simple steps to follow if you wish to apply for a fast solar loan:

  1. Fill out our application form, including information about yourself like your credit score, income, employment and more.
  2. Submit your application and receive an instant automatic outcome from one of our partnered lenders.
  3. If you’re conditionally approved, your application will be assessed by your matched lender. This may involve sending through further documentation if required.
  4. Once your lender is satisfied, you’ll be offered formal approval and sent through your loan documents to sign. These will outline things such as your loan term, fees, repayment schedule and more.
  5. After you sign and return this, your funds can be advanced directly into your nominated account.

How much can I borrow with a solar loan through Savvy?

When it comes to solar loans, you can potentially secure any amount between $2,050 and $5,000 by applying through Savvy, subject to meeting the necessary lender eligibility criteria. This flexible spectrum caters to various financial needs, enabling individuals to choose an amount that aligns with their specific solar project requirements.

Each applicant's financial situation is unique, and the amount you can borrow may differ based on these individual circumstances. Keep in mind that your borrowing capacity is influenced by factors like credit score, income, existing liabilities, savings, and other relevant financial considerations. It's important to note that your income must come from one or more jobs with stable pay and hours and/or eligible Centrelink payments.

How long will it take to receive my solar loan funds?

As mentioned, you can apply for your solar loan and receive formal approval and have your funds released as soon as the same day (potentially within one hour). Approval is always dependent on your application passing all of your lender’s required assessments and meeting their criteria.

However, it’s important to note that there are several key variables which can impact the speed of your application’s approval. These include:

  • How complex your application is (such as whether you have any defaults and if your income is consistent and conventional)
  • Your lender’s processing time (how long it takes them to assess your application)
  • The time of day and week you apply (applying outside business hours means you’ll have to wait until your lender opens for formal assessment to begin)

Why apply for a small loan with Savvy?

Frequently asked questions about solar loans

Can I access a solar loan with bad credit?

Yes – you can still apply for a solar loan even if you have bad credit, assuming you meet your lender’s other criteria. Traditional lenders often prioritise credit scores, but lenders offering solar loans tend to take a more flexible approach. They consider your current financial situation rather than solely relying on your credit history.

Can I repay my solar loan early?

Yes – you can repay your solar loan ahead of schedule. As is the case with all small cash loans, solar loans don't come with early repayment penalties. This means settling your loan early is a smart way to minimise fees, as you’ll be able to reduce the amount you pay in monthly fees overall. For example, if you choose to pay off your 12-month loan in just six months, you could potentially save hundreds of dollars.

Am I able to use my solar loan for other purposes?

Yes – you can use the funds you receive however you like. If you have money left over from your solar panels, you may wish to use them to cover other bills or food expenses, for example. However, there are restrictions on how you can use these loan funds, such as for paying off other small loans or gambling.

How much will my solar loan cost?

The main costs associated with your loan are the establishment fee (capped at $400) and monthly fees (capped at 48% of your loan’s total value per year). However, the amount you’ll actually pay will depend on factors such as:

  • The size of your loan
  • Your loan term (between 16 days and two years)
  • Your repayment schedule (weekly, fortnightly or monthly)
  • Whether you make additional repayments
  • Whether other conditional fees, such as late repayment or dishonour fees, are charged

Helpful small loan guides

Small Loans Banner - Young woman smiling while looking at her tablet on the couch

Payday Loan Eligibility

Wondering how to qualify for a payday loan? Well, it’s pretty easy, and you’ve come to the right place. Borrow...

Small Loans Banner - Young couple looking at their finances and needing money desperately

I Need Money Desperately

Apply for your small loan with Savvy today and get an outcome fast. Borrow up to $5,000 Outcome in 60...

Small Loans Banner - Middle-aged couple comparing payday loan interest rates on a laptop

Payday Loan Interest Rates

Payday loans are a different breed. Here’s your quick guide to how you compare payday loan costs. Borrow up to...

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.