Find a lender, submit your application and receive your loan using only your phone, tablet or computer.
Applying for a loan online brings several advantages. You don’t need to visit a physical branch or location which will save you time, and having access to all the information online lets you compare your options thoroughly and apply for the lender that best meets your needs. As well, online lenders offer a quick turnaround time. If you’re interested in applying for a cash loan and want to reap the benefits of doing so online, find out all about it below.
Sunshine Short Term Offer
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
Warning about Borrowing
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Cash lenders you can apply with
How does an online cash loan work?
The basic premise behind any online cash loan is that you start by submitting an application, which will include details about your income, identity and employment. The lender should be able to complete the identity verification process online, using details from documents that you provide.
Once the lender approves your application, you can review the loan’s terms and conditions, After you accept these the lender can transfer the approved funds into your bank account. The term of the loan can vary from 16 days to a year, and you will have to make repayments in line with a preset repayment plan.
“I want to apply for cash online. What options do I have?”
- Payday loan. A payday loan is a short term loan, with lenders typically offering loans between $100 and $2,000. You’ll pay higher fees than with other types of credit, but this is capped at a 20% establishment fee and a 4% monthly fee.
- Bad credit personal loan. These loans can be for higher amounts, usually over $2,000, and are repaid in periods between 16 days and two years. You’ll usually find interest rates up to 48% p.a. for these loans.
- Personal overdraft. You can ask your bank with if it can provide you with an overdraft facility linked to your transaction account. With an overdraft, you can overdraw on your account up to a set limit. If you have bad credit but have a good history with your financial institution, your bank may still approve you.
- Line of credit. A line of credit functions in a similar way to a credit card, but you can expect to pay lower interest and receive a higher credit limit. You can access funds up to this credit limit at any time. You only have to repay the money you spend.
Features and benefits of borrowing cash online
Here’s what you can expect when applying for an online cash loan.
- Choose from multiple options. There are several Australian financial institutions that offer cash loans online, and you also get to choose from a variety of different loan types.
- Flexible lending criteria. When you’re looking for an online cash loan, finding lenders that don’t have strict lending criteria isn’t difficult. You can expect to get an online cash loan even if you have poor credit history.
- Quick turnaround time. Most lenders that provide online loans rely on technology to process applications. With some, you can expect to receive approved funds within a few hours of submitting your application.
- Funds direct debited into your account. When you apply for an online cash loan, the lender can transfer approved funds into your nominated bank account, details of which you have to provide as part of the application process.
“What should I consider before applying?”
Make sure you don’t end up taking on debt that you find hard to repay, as this will affect your ability to borrow in the future. Avoid applying for multiple credit products at the same time, as this can have a negative impact on your credit rating. Take notice the fees you will have to pay, and make sure you're comparing the total cost of any options you're considering.
Frequently asked questions about online cash loans
What eligibility criteria do I have to meet to apply?
Generally you must be a permanent resident of Australia, you must be over 18 years of age, and you must have a steady source of income.
How long does a typical online application take to complete?
You can complete an online cash loan application in around 10 to 15 minutes if you have all the required information.
How quickly can I get access to approved funds?
Some lenders can give you access to approved funds within an hour, some offer same-day access, while with others you may have to wait until the following business day.
Getting an online cash loan can give you quick and easy access to money. Given the number of options available, don’t forget to compare a few before applying.