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Wage Advance

Looking for a wage advance? You can apply for a small loan through Savvy today and receive approval as soon as today.

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 18th, 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
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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 December 18th, 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.

Unexpected expenses can throw your budget off track, so you might be on the lookout for an advance on your wages. Fortunately, you can access convenient small loans up to $5,000 by applying through Savvy. Our platform connects you with reliable lenders, with instant outcomes and formal approval and funding as soon as the same day. Get the ball rolling on your application through us today!

How can I receive an advance on my wages?

Life throws you curveballs, so when you’re looking for a wage advance, it’s important to know your options. Through Savvy, you can apply for a small loan which provides quick access to funds to cover urgent expenses or meet immediate obligations. Whether it's a surprise appliance breakdown, a car repair bill, or a sudden change in income, it’s crucial to know you have options to turn to.

You can apply online in minutes with our simple process:

  1. Fill out our online form: give us some details to help us assess your application, such as your loan amount, term, purpose and details about your personal profile.
  2. Receive an outcome instantly: you’ll find out whether you’re conditionally approved with a response in just 60 seconds from one of our trusted lenders.
  3. Formal assessment: upon pre-approval, your lender will begin the formal assessment process and may require additional information from you to do so.
  4. Formal approval and agreement: if your lender is happy with your application, you'll receive formal approval and a loan agreement outlining terms and repayment schedule.
  5. Fast funding: sign and return the agreement, and your funds will be deposited directly into your account.

How much of my wage can be advanced with a small loan?

When you apply for a small loan through Savvy as an advance on your wages, the potential amount you can secure falls within the flexible range of $2,050 to $5,000, subject to meeting the lender's eligibility criteria. This adaptability caters to a spectrum of financial needs, enabling you to choose an amount that aligns with your specific requirements.

Recognising the uniqueness of each applicant's financial situation, your borrowing capacity may differ based on a range of individual circumstances. Factors such as credit score, income, existing debts, savings, and other pertinent financial considerations come into play. It's essential to highlight that a stable income, derived from one or more jobs with consistent pay and hours and/or eligible Centrelink payments, is required.

How long will it take for my wages to be advanced?

As mentioned, you can have your small loan application approved and funded as soon as the same day you apply. However, several factors can influence the timing of the funds hitting your account. Remember, your application needs to meet the specific requirements of your matched lender. Some of the variables that can impact the time it takes to receive your loan include:

  • Application complexity: straightforward applications typically move faster, while those with more unique or complex circumstances may require additional review.
  • Lender processing: each lender has its own evaluation procedures and timeframes, which can affect the speed of your application’s approval.
  • Submission timing: applying late in the day or on weekends may mean your application starts processing on the next business day.

Why apply for a small loan with Savvy?

Frequently asked questions about wage advances

What are my other options for receiving a wage advance?

The primary alternative to a small loan for a wage advance involves utilising specialised pay advance apps. These apps operate with slight variations compared to traditional small loans and have the potential to allow you to access a portion of your anticipated payslip in advance.

Can I settle my small loan deal early?

Yes – you can repay your small loan early without incurring any penalty fees. This could result in lower overall finance costs due to decreased interest charges compared to the full repayment schedule.

How can I use my small loan funds?

Upon loan approval and receipt of funds, you have flexibility in how you allocate the money as long as it aligns with the agreed-upon loan terms. For example, if your initial purpose was to cover a rental bond and some funds remain, you can choose to utilise them for other priorities like household expenses or further home improvements.

How much will it cost to receive a wage advance?

Incurring expenses for your loan involves an establishment fee, with an upper limit of $400, and interest, which is constrained at 48% p.a. The total payment is impacted by factors such as:

  • Loan amount
  • Term of the loan (spanning from 16 days to two years)
  • Repayment structure (weekly, fortnightly, or monthly)
  • Any supplementary payments made
  • Occurrence of conditional charges, such as fees for delayed repayments or dishonoured transactions

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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.

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