Easy approval loans

Need a personal loan? Find out about lenders that offer easy approval.

If you're in need of some extra money but don't think you'll be eligible for a standard personal loan, you still have options to consider. Lenders that offer "easy approval" look behind your salary and employment and just focus on your ability to afford the loan. Find out more about your options in this guide.

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.

  • Loan amount: $2,000
  • Loan term: 9-15 weeks
  • Turnaround time: 30 minutes (conditions apply)
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Income requirement: 50%+ of income cannot be from Centrelink
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks
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Comparison of personal loans with easy approval

Updated January 23rd, 2019
Name Product Maximum Loan Amount Term of Loan Cash Deposited In Costs Fortnightly Repayment (for $1500 Loan)
9-15 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-15 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
62 days to 1 year
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
3-12 months
1 business day
Establishment fee from 10% of loan amount + monthly fee from 2%
A small loan between $500 and $2,000 that can be funded in 24 hours.
6 to 12 months
20% of loan amount + 4% of loan amount each month
A short-term loan from $500 that you can have up to 12 months to repay. All credit histories considered.

Compare up to 4 providers

How to easy approval loans work

How do easy approval loans work?

These personal loans tend to come with shorter repayments periods and higher fees and rates because they are easier to be approved for. You can usually only borrow up to $10,000, as opposed to a standard personal loan where you can apply for as much as $50,000. However, they work the same as regular personal loans in other ways, including how you receive your funds (in your bank account) and how you repay the loan (via direct debit). You'll also find you can receive your loan more quickly as well.

The 3 easy steps to get your loan approved

Getting your personal loan approved should not be a hassle or a nightmare, especially if you do the following:

  1. Compare a range of loans and lenders to find one that is affordable
  2. Get all your supporting documents in order i.e bank statements, identification and anything else the institution requires.
  3. Complete your application, being as thorough as possible and providing as much information as requested.

What you need to know about personal loans with easy approval

The term easy approval loans covers a wide range of lenders and loan types, but it is important to realise the differences between them and know what factors matter when comparing. We've included some factors that you should consider when making your comparisons

  • What is the actual approval period?
    With an easy approval loan, you can apply online and get approved instantly as long as you have a good credit rating and can provide proof of income. There are many lenders offering instant cash online within less than 24 hours, allowing you to access quick cash without having to go through strict eligibility criteria or having to wait for long periods before being approved. When in need of a quick cash fix, it would make more sense to go for a lender with a straightforward and quick approval period.
  • Is the loan secured or unsecured?
    Depending on your preferences and availability of collateral, you can opt for a secured or unsecured instant loan. With a secured easy approval loan you are required to pledge collateral against your loan as security in case you are unable to pay. Collateral could be a property deed, a guarantor or even the item you wish to use the money to finance. An unsecured loan does not require you to provide any security, but your credit rating has to be good due to the extra risk the lender takes on.
  • What are the interest rates associated with the loan?
    Easy approval loans usually have higher interest rates than standard loans due to the higher risk involved, which makes it even more important to shop around for one with a competitive rate so as to reduce the cost of borrowing.
  • Are there any payment penalties?
    Most easy approval loans have late payment penalties, which could make them very expensive if you don’t pay your monthly repayments in time. You should consider the penalties on your instant cash loan before you apply so as to avoid paying much more in the long run.

What are the benefits and drawbacks of these loans?

  • Instant approval

One of the main benefits of an easy approval loan is that you can be approved in minutes and see your money within the hour. Depending on the lender and when you apply you may need to wait one business day.

  • Loan amount

You can borrow as little as $100 or up to $2,000 with these personal loans. This allows you to get quick cash for anything from a car purchase to just paying your rent with minimal hassle.

  • Flexible eligibility criteria

Unlike standard loans that have strict eligibility criteria, an easy approval loan allows you to access money with less documentation. All you have to do is produce proof of income, your ID and 90 days of your bank statements.

  • High costs

The main downside with an easy approval loan is the high fees and interest rates you will have to pay.

  • Short repayment period

With most instant cash loans you will only have about three to six months to finish your repayments, which could be beyond your budget.

Things to avoid about easy approval loans

  • Late payments.
    You should always make sure you pay your loan on time to avoid late payment penalties. You should also try and take out a secured instant cash loan if possible, as interest charges and penalties on such a loan will be considerably lower than on an unsecured one. If you default on your loan, your credit rating will suffer and it will make it harder to access financing in future.
  • Check for extra payments.
    Not reading the fine print on an easy approval loan could expose you to unexpected costs that would make the loan harder to repay. Check for processing fees and other charges that may not be disclosed on the loan application form.

How to apply for an easy approval loan

If you are in need of some quick financing to take care of an urgent financial need, you should consider applying for one of our featured easy approval loans on finder.com.au. You will be able to apply for the loan online and get the cash instantly. Use our comparison table to compare different instant cash products and find one that works for you. Here are the basic eligibility requirements that most lenders will ask for before approving you for an instant cash loan:

  • Be above the age of 18
  • Be an Australian citizen permanently residing in Australia
  • Have a good credit rating
  • Be able to provide proof of income

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2 Responses

  1. Default Gravatar
    EmmaJuly 21, 2015

    Is it alright if I borrow ..

    • finder Customer Care
      BelindaJuly 23, 2015Staff

      Hi Emma,

      Thanks for your enquiry.

      Please note that lenders have different eligibility criteria for personal loans, but ultimately they will assess your ability to service the loan with your income sources.

      If you’d like to apply for one of the above personal loans, simply click ‘go to site’ and you’ll be redirected to the application page where you can complete the process online.


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