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Bad Credit Cash Loans
In a jam? Get unstuck with an online cash loan from Savvy.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
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Savvy Editorial TeamFact checked
Author
Savvy Editorial TeamFact checked
Bad credit cash loans
If you’ve had bad credit in the past and have been working hard to correct your financial situation, we can still come up short in emergencies. Savvy helps people with bad credit find a personal loan that suits their needs to help them through tough times. We can help you approved for small personal loans that suit your budget ranging from $2,050 up to $5,000. Our friendly consultants help you through the process so you get what you need – fast. Once approved, you can have your funds to you within 24 hours.
Get approved with Savvy
Sometimes bills crop up that we don’t expect – an at-fault car accident may require you to pay an excess; you may need to fix a broken appliance; your computer which you rely on for work may need repair or replacement; you need emergency medical treatment; or perhaps a larger than expected utility bill comes in. Some cases we may need to travel immediately to visit sick or in-distress loved ones. No matter the reason, Savvy works with you to find instant cash loans for people with bad credit with reasonable repayment schedules and interest rates.
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.
How to get approved for a bad credit cash loan
Eligibility
To progress to an application, we require you to be an Australian citizen/permanent resident, over the age of 18, have received income within 90 days, and have an active email address or mobile phone number.
How much to borrow?
Unsure of how much you’ll need to cover your emergency? Sometimes fees and other charges may apply.
Get your credit history
If you feel like you have bad credit and need an instant decision on a loan, check your credit history. You might be surprised at what you find – and if there are mistakes, you can use this opportunity to correct them. Getting your credit history is free from a credit reporting agency.
Compare your options
Shopping around for the best deal possible is what you need to do before applying. Don’t apply at multiple lenders “hoping for the best” – more applications means more black marks on your credit history.
Talk to us
Our friendly consultants will go through your documents and situation to figure out if a small cash loan is right for you. We always abide by responsible lending practices. We only apply once you agree to the cash loan terms.
Your bad credit cash loan questions answered
A bad credit cash loan is a type of personal loan that is smaller than traditional personal loans and is for customers who may have bad credit. These may range from as little as $2,050 up to $5,000 with loan terms of 16 days up to two years. These cash loans have higher interest rates than other cash loans, as lenders deem people with bad credit higher risks.
The eligibility criteria for bad credit loans in Australia are as follows:
- Must be over 18
- Must be an Australian citizen or permanent resident
- Must have an active email address or mobile phone
- Must have received income to a bank account within 90 days of application
You must be discharged from a bankruptcy or Part IX Debt Agreement for a minimum of 12 months to be eligible and show six months of responsible banking and financial practices.
No, you do not have to pay the loan back within a matter of weeks. You may choose from as quickly as 16 days up to 24 months.
Unsecured loans are loans that do not require collateral, e.g., an amount to be borrowed against an item or asset. Secured loans take an asset such as a car or appliance as collateral, in the case of non-payment. Bad credit cash loans may require borrowers to put up some kind of security to apply.
Yes, Centrelink benefits recipients are eligible to apply. However, we cannot guarantee approval in all cases. Please discuss your options with your consultant.
Yes; we can arrange small loans for benefits recipients. Conditions may apply.
It only takes a few minutes to apply for a small loan using our secure online forms 24/7; or you can talk to one of our consultants over the phone.
Explaining bad credit cash loans
Pitfalls to avoid with bad credit loans
Bad credit cash loans are a particular type of credit – similar to personal loans but not quite the same. However there are some things to avoid when considering a bad credit cash loan. You should be cautious when applying for a loan – it isn’t a loan for “just because,” it should be for emergencies. That’s because repayments can prove higher than usual personal loans due to shorter terms usually from a few weeks up to a year. You should use a personal loan repayments calculator to figure out how much you will owe. Fees can also be higher due to the nature of the loan.
Do you have bad credit? How to check
A lot of us confuse poor finances with bad credit – if you can’t afford emergency purchases in a lump sum, it doesn’t necessarily mean you have bad credit. Bad credit shows up as defaults, debt agreements, or bankruptcies on your credit file. However excessive credit applications without approval can also make your credit history appear “bad” to some lenders. The best approach is to obtain your credit history to see where you’re at. You can also talk to a broker who can approach multiple lenders on your behalf – you’ll be surprised what kind of loans they can find.
Why paying via credit card can cause more trouble
Many of us have credit cards – about 16 million of us according to current statistics. However, the temptation to put on emergency bills or urgent purchases on the credit card is high. If you already have one, you don’t have to apply for a credit card like you do a loan. However credit card interest rates are high (sometimes as much as 24% p.a.) and indefinite; you can pay off a credit card in as long time frame as your minimum payments allow. A loan has a “cap” on interest charges, as you must pay back the balance within a given timeframe.
Why are bad credit interest rates the way they are?
In banking and finance, every decision by lenders is based on risk. How much risk can a lender take on by lending to someone with bad credit? Bad credit is a track record of not paying back on time or in full. That means the risk to the lender is higher. To absorb the risk of lending to someone with bad credit, they increase interest rates. This is not to “punish” bad credit borrowers, but to cover the cost of default. The upshot to paying back loans over time is that your credit will eventually improve..
Small loans to suit your circumstances
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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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