Small Payday Loans

Size doesn’t matter when it comes to payday loan convenience. Here’s how to qualify for a payday loan quickly.

Apply in less than 10 minutes.

Last updated on May 4th, 2022 at 03:05 pm by Bill Tsouvalas

Small Payday Loans

Small payday loans are big on convenience

Small payday loans certainly make very good financial sense for certain small cash flow requirements. Not every borrower wants to commit to a long-term personal loan for thousands of dollars – and not every purchase we need to make is huge. Sometimes, you might just need to put your hands on a few hundred dollars until you get paid. That’s where payday loans come in, and they make it easy to tailor your borrowing to suit your needs, with repayment periods as short as 16 days or as long as two years. You can use a payday loan for any purpose and arrange one in minutes.

Qualify for a small payday loan in minutes!

Savvy makes applying for a payday loan between $300 and $5,000 very quick and extremely straightforward. Just give us a few details, and we’ll instantly find your ideal lender based on how much you want to borrow, your circumstances, and how you’d like to repay. Then just fill out the loan provider’s form and upload any required documents from your phone or computer, nominate a bank account to receive funds, and get a fast decision. After that, the lender will send you an agreement to sign digitally. Some payday loan providers will credit your bank account on the same day.

Here’s why choose Savvy for small payday loans

Got a question? Here are Savvy’s small payday loan faqs

What can I use a payday loan for?
Anything, basically. Aussies use payday loans for car repairs, unexpectedly high utility bills, and medical expenses. It doesn’t have to be an emergency to get a small payday loan; however, you can pay a rental bond or take a holiday with a small payday loan too.
Who can apply for a payday loan?
You’ll need to be a resident or citizen of Australia and over eighteen. Lenders will want to see a regular, ongoing form of income – however, some benefits are usually fine, and small payday loans for Centrelink recipients are available.
What if I need a self-employed payday loan?
It doesn’t matter how you get paid, as long as it’s into your bank account and not cash. Lenders primarily want to see you can afford repayments, so small payday loans for self-employed people are absolutely fine – and even for people with bad credit, payday loans are usually accessible.
What documents will I need?
You can apply for a payday loan with just a few documents. You’ll need a driving licence or passport to confirm your ID, proof of address, like a recent utility bill, and three months’ worth of bank statements – so the loan provider can work out your disposable income.
How long does it take to get a small payday loan?
Small payday loans are rapid to arrange. Your nominated account will be credited as soon as your application gets finalised. Most small payday loan applications get completed the same day.
What’s the easiest way to qualify for a small payday loan?

Repaying a Small Payday Loan – your options, how fees work

Small payday loans have zero early repayment fees

Small payday loans can be paid off quickly – with no extra charges. That means lenders don’t charge any early repayment fees for a payday loan – no matter how fast you decide to clear the debt. That’s why so many Australian lenders use small cash loans when they just need to bridge a cash flow gap. As soon as you’re back on track, you can either stick with your arranged repayment schedule or opt to pay off what you owe without any financial penalty.


Small payday loans feature capped, fixed repayments

Small payday loans feature capped fees and fixed repayments. For example, on a $400 loan, a 20% cap means you’ll never pay more than $80 in setup fees. Regular repayment fees get charged per payment, and they’re also capped at 4%. That means just $16 every time you repay part of that sum. There are no other charges, and annual interest rates don’t apply. Over two months, your $400 loan will cost a total of just $112.


Repay your own way with a small payday loan

With a small payday loan, faster repayment options also equate to lower borrowing costs. That’s because any form of credit costs more money when you borrow for a longer time – but small cash loans let you choose a repayment period as short as just sixteen days. If you’d rather take a bit longer, that’s fine too. You can set up a small payday loan for amounts between $300 and $2,000 over as long as twelve months. Between $2,001 and $5,000, you’re free to choose anything up to two years.


Scheduling your payday loan repayments

Every Australian borrower is different. These days, more and more of us work flexible hours or seasonal jobs. Small payday loans are designed to match the way you and your finances work. You can set up repayments to fit your pay schedule, choosing weekly, fortnightly, or monthly intervals. It’s easy to specify the day of the week or month that suits your income schedule too – and repaying via direct debit means you’ll never fall foul of a late payment fee.