Easy loans with online approval

Personal loans

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Name	Product	Mobile details underline	Interest Rate (p.a.)	Comp. Rate (p.a.)	Rate Type	Application Fee	Monthly Fee	Monthly Repayment
OurMoneyMarket Personal Loan Fixed, 1 - 7 Years, $2,001 - $75,000 Exclusive		1 - 7 Years, $2,001 - $75,000	5.65% to 20.99%	6.27% to 23.83%	Fixed	1.50% - 6% min. $250	$0		You'll receive a fixed rate from 5.65% p.a. to 20.99% p.a. based on your risk profile. A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation. ⭐ Finder Exclusive: Apply before 30th of June 2022 to secure a 0.20% p.a. discount for the full term of your loan.	Go to site More Info	Compare	loading Fetching your data...
Citi Personal Loan Plus Variable, 3 - 5 Years, $5,000 - $75,000 Exclusive		3 - 5 Years, $5,000 - $75,000	8.90%	9.18%	Variable	$199	$0		You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. ⭐ Finder Exclusive: Earn 150,000 Velocity Points when you apply and activate your account within 90 days from approval.	Go to site More Info	Compare	loading Fetching your data...
Wisr Personal Loan Fixed, 3 - 7 Years, $5,000 - $64,000		3 - 7 Years, $5,000 - $64,000	6.95% to 17.95%	7.78% to 18.37%	Fixed	$595	$0		You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.	Go to site More Info	Compare	loading Fetching your data...
NOW Finance No Fee Unsecured Personal Loan Fixed, 18 Months - 7 Years, $5,000 - $50,000		18 Months - 7 Years, $5,000 - $50,000	5.95% to 19.95%	5.95% to 19.95%	Fixed	$0	$0		You'll receive a fixed rate between 5.95% p.a. and 19.95% p.a. based on your risk profile Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.	Go to site More Info	Compare	loading Fetching your data...
Latitude Variable Rate Personal Loan Variable, 2 - 7 Years, $5,000 - $70,000		2 - 7 Years, $5,000 - $70,000	5.75% to 25.99%	6.68% to 29.20%	Variable	0% - 5%	$13		You'll receive a variable rate between 5.75% p.a. and 25.99% p.a. based on your risk profile Apply for what you need from $5,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.	Go to site More Info	Compare	loading Fetching your data...
Great Southern Bank Unsecured Fixed Rate Personal Loan Fixed, 1 - 7 Years, $5,000 - $65,000		1 - 7 Years, $5,000 - $65,000	9.39%	9.64%	Fixed	$175	$0		You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved. An unsecured loan from $5,000 with flexible repayments and no monthly fee.	Go to site More Info	Compare	loading Fetching your data...
Great Southern Bank Unsecured Variable Rate Personal Loan Variable, 1 - 7 Years, $5,000 - $75,000		1 - 7 Years, $5,000 - $75,000	11.89%	12.15%	Variable	$175	$0		You'll receive a guaranteed rate of 11.89% p.a. with a comparison rate of 12.15% p.a. if you're approved. Note: This rate may vary during the loan term. Borrow from $5,000 with the option for flexible repayments and no monthly fees.	Go to site More Info	Compare	loading Fetching your data...

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What does an easy loan look like?

This would depend entirely on what you're looking for in an easy personal loan.

You could be looking for a loan that has an easy application, such as a low doc loan. Alternatively there are loans that are easier to get approved for, or are more accommodating to varied financial circumstances, like payday loans. We've outlined what to look out for and what you should avoid.

Which loans have an easy application process?

Some loan applications are easier to fill out than others. If you're looking for a loan that has a quick and easy application process, you might want to consider:

• Loans from online lenders. There is a new breed of lenders out there, some of which include neobanks and non-banks which operate exclusively online. Many of these lenders prioritise easy applications and have streamlined processes, making these loans comparatively easier to apply for.
• Low doc personal loans. These are personal loans that come with fewer documentation requirements. This makes it easier to apply for these loans, compared to traditional personal loans. However, these loans are considered more risky and are therefore more expensive than your average personal loan.

A good tip for making any application easier is preparing the documents beforehand. Each lender will have its own criteria, so make sure you check its requirements and keep everything handy.

6 tips to make the application process easier.

When you're applying for a personal loan, there are a number of steps you can take to increase your chances of approval. They include:

• Making sure you're eligible for the loan. This may sound obvious, but it's always a good idea to ensure you tick all the boxes. All loans have a minimum age (you have to be over the age of 18 to apply) and citizenship requirements (most loans need you to be an Australian citizen or permanent resident). Apart from that, there are income and employment requirements you'll have to meet. Your credit score will also be taken into consideration and you must not be or have been declared bankrupt. If you don't meet any of these criteria, it's unlikely you'll be approved for the loan. Keep in mind that every application you make will be listed on your credit report, which isn't necessarily a bad thing but can work against you if you apply for too many loans at a time.

• Applying for a loan within your means. Lenders are legally required to look into whether you can afford the loan. If you've applied for a large loan but your income doesn't support it, your application is likely to be rejected. You should take into consideration not merely what you owe, but also what you'll be charged on top of that. This includes interest rates and fees, which are included in the comparison rate. Using a personal loan calculator can help you estimate how much you can afford to borrow.

• Demonstrating good financial habits. This feeds into your credit score and signals to the lender that you're a responsible borrower. If you've been late on payments of $150 or more for over 60 days, your credit score will be impacted. You should also keep a good account history. Don't overdraw your account, make sure your direct debits are honoured, and most importantly, save. Having savings and saving regularly shows that you're able to manage money, and thus repayments. Your credit score is updated monthly, so anything you do now to improve your debt situation will help. You can check your credit score for free using the Finder app.

Looking for quick loans?

If time is of the essence, check out our guide on quick loans.

• Paying off outstanding debts, if you have many A lender will consider any other debts you currently have. You may also be required to declare all your debts. If you have too many ongoing credit accounts, they may find cause to reject your application. If your loan need isn't pressing, it may be worth taking the time to pay off some of the debts before applying for more finance. This will make it easier for your application to be approved when you do make one. It will also make another loan easier on your finances.

• Offering loan security Not all loans require loan security, but your chances improve if you tie up your loan with an asset. This can include a car or equity in your home. By offering security, you're reducing the lender's risk of lending. This can not only improve your chances, but can also reduce the cost of the loan, as lenders offer better terms if they see you as less risky. However, secured loans come with the risk of losing your asset if you fail to make your repayments, since lender's can repossess your asset to cover the cost of lending. You should account for this risk before applying.
• Being as thorough as possible Lenders will verify the information you've submitted. If they find inconsistencies, they may reject you. Provide as much information as requested and ensure you're providing the right details. You should also always be honest in your application. Be upfront about why you want the loan.

What's the eligibility criteria for an easy personal loan and how can I apply?

The criteria will differ from lender to lender. Before applying, you should always check if you meet it. To apply for a personal loan you must:

• Be above the age of 18
• Be able to provide proof of identity
• Have a good credit rating
• Be able to provide proof of income
• Provide information of assets, if required

To apply for a personal loan, you should:

👁 Compare lenders. Look at the fees, terms and eligibility criteria and find a loan that suits you.

🔍 Once you've settled on a lender from the table above, click "Go to site" to visit the lender's website.

✍ You can submit an online application. Keep all the documents required handy. This will speed up the process.

Frequently asked questions about easy loans

Still have questions? We've done our best to answer the most common questions people have when taking out an easy personal loan.

• Are there easy loans I can apply for if I have bad credit?

  There are a number of personal loans you can apply for even if you have bad credit, but not all of them will be easy to apply for.

  A guarantor personal loan, for instance, will increase your chances of approval but it will require someone to financially guarantee the loan.

  Likewise, a secured personal loan will require more documentation than an unsecured personal loan.

  However, there are short-term lenders that specialise in credit for bad credit borrowers. These loans generally have a relaxed eligibility criteria, making it easier to apply for. They are, however, more expensive and come with high costs and fees. There are still basic criteria you'll have to meet, including income requirements. Some of these loans include:

  • Payday loans. These loans allow you to borrow up to $2,000, with a maximum term up to 1 year. Costs include establishment and monthly fees.

  The maximum you can be charged is 20% of the loan amount for the establishment fee and 4% of the loan amount for the monthly fee.

  • Medium to large loans. If you want to borrow more than $2,000, there are some lenders offering loans up to $5,000 and $10,000. Loan terms can be up to 2 years, or more.

  For loans between $2,001 and $5,000, with terms between 16 days and 2 years, you can expect to pay an establishment fee of $400 and a maximum interest rate of 48% p.a., including all other fees and charges.

  For loans over $5,000 with terms over 2 years, all fees and charges cannot exceed 48% p.a.

• What can I do if I'm self employed?

  If you're self employed, low doc loans can be more complicated - but you can improve your chances by:

  • Using a guarantor. A guarantor attaches their name, and credit, to your loan. While you are responsible for paying it back, they may be on the hook if you fail to repay the loan. You can read more about guarantor personal loans here.
  • Using a joint application. While similiar to a guarantor, a joint application means the other party is equally responsible for the loan. This lowers the risk for the lender and improves your chances of approval.
  • Provide security. With an asset attached to your loan, the lender has the ability to recoup some of their losses if you default on the loan.
  • Apply for less. It can be as simple as minimising the amount of money the lender could lose by borrowing less.