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
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
Comparison of personal loans with easy approval
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.
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:
- Compare a range of loans and lenders to find one that is affordable
- Get all your supporting documents in order i.e bank statements, identification and anything else the institution requires.
- 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
- Ba able to provide proof of income