Many Australian cash loan lenders can issue funds as quickly as 30 minutes, one hour or one business day. These lenders sometimes offer online applications and you'll need to meet the eligibility criteria to apply. Although you can receive the funds fast, it's important to remember that a payday loan is an expensive form of credit and shouldn't be rushed into. You can use this guide to compare your options and decide if a loan is right for you.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
⚠️ Warning about Borrowing
Do you really need a loan today?*
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.
Nimble Short Term Loan
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25% discount on the establishment fee (now 15% of the loan amount) and monthly fee (now 3% of the loan amount)
Nimble offer a fast and easy online application. You can apply today to get approved for up to $2,000.
- Loan amount: $2,000
- Loan term: 62 days to 9 months
- Turnaround time: 1 hour - conditions apply
- Fees: 15% of loan amount + 3% of loan amount each month
- Quick and easy Approval
- Borrow up to $2,000
- 100% online application
- SMS payment reminders
Compare fast cash loans
Updated December 13th, 2019
What are your options?
The following loan options offer swift turnaround times, but it's important that you consider the costs and eligibility requirements before applying:
Short term loans. A short term loan is designed to be repaid when you receive your pay, usually with weekly, fortnightly or monthly repayment options. The maximum term is usually 16 days up to six months, depending on how much you borrow, which is normally between $100 and $2,000. If approved during business hours, the lender may issue the loan within 30 minutes or one business day.
Personal overdraft. If you have a transaction account and a good history with your bank, you can have an overdraft set up to access up to a certain limit. Overdrafts usually start from $100 and you can usually get access to the funds on the same day.
Same day personal loan. Some banks offer same-day personal loans to existing customers and let you borrow in excess of $5,000.
How fast will I get my cash?
How quickly you'll receive your loan will vary between lenders. To give you an idea of some of the options, here are the turnaround times you can expect from some Australian lenders:
Nimble: If your loan is approved and you have confirmed it by 4:30pm AEST, Nimble will send your funds within 60 minutes. Outside of this time you will receive it this next business day. Clearance time is subject to your bank.
Sunshine Loans: If you sign your contract before 4:30pm Queensland time on business days, your money should be available by 7pm Queensland time. Keep in mind it will depend on how long it takes your bank to process the transaction.
Wallet Wizard: If you accept your Wallet Wizard contract by 2:30pm Sydney time, you should receive your funds today. Wallet Wizard recommends waiting two hours before calling them to check on your funds.
Ferratum: Ferratum says that payment times depend on bank processing times, but that if your loan is sent before 4pm on a business day you should receive it that day. Ferratum will send you a text message to confirm it has sent your funds to you.
Swoosh Finance: If you return your signed Swoosh Finance contract by 3:30pm AEST, your funds will be transferred to your nominated account overnight.
How much do fast cash loans cost?
Loans that are offered by non-traditional lenders (excluding banks, building societies, credit unions and other Authorised Deposit-taking Institutions) charge high rates and fees. How much you'll pay will vary depending on the type of loan but the fees are capped at the following amounts:
|Small amount loan
- Loans less than $2,000
- Terms of between 16 days and 1 year
- Establishment fee: 20% of loan principal
- Monthly fee: 4% of loan principal
|Medium amount loan
- Loans of between $2,001 and $5,000
- Terms between 16 days and two years
||Maximum 48% p.a. that does not include the establishment fee
- Loans over $5,000 OR
- Loans with terms longer than 2 years
||Maximum rate of 48% p.a. that includes all fees and charges
Are you eligible for a short term loan?
Age. You will need to be over the age of 18 to apply.
Residency. You’ll generally need to be a permanent Australian resident or citizen.
Employment and income. You do not necessarily need to be employed to be eligible for a loan but you usually need to earn a regular income.
Centrelink. You can be eligible for a loan if you receive Centrelink payments, but there may be restrictions as to what percentage the amount you borrow can take up of your Centrelink income. For example, you can apply with Ferratum, but more than 50% of your total income or 20% of your repayments can't come from Centrelink.
Credit history. Lenders offering short-term loans will generally consider you for a loan even if you have bad credit. However, if you are concerned about your credit history you can consider a lender that doesn't conduct credit checks.
How to apply for a loan
Find a loan you’re eligible for. Before applying, check if you meet the minimum age, income, employment and residency requirements set by the lender.
See what you need to apply. You’ll usually need to send through personal, financial and employment details as well as documents to prove those details are correct. You may need to hand over your Internet banking details or 90 days’ worth of your banking history.
Submit your online application. As long as you meet the eligibility criteria and have the necessary information to complete the application, you can usually apply online within a few minutes.
Wait 60 seconds for approval. Most lenders will be able to tell you if you’ve been approved or not within a minute or two. If you are approved, you can agree to your loan contract digitally or by SMS.
Receive your loan and budget your repayments. If you accept the cash loan contract before the lender’s cut-off time (which is usually around 2pm on a business day) you can receive your loan amount on the same day. Now you need to make sure you budget your repayments and repay your loan in full and on time.
Although you can apply for a cash loan within minutes and receive the funds within one business day, it's important to understand the costs before you apply. As it's an expensive form of credit, make sure you ensure that you can afford to make the repayments and pay off the loan in full during the loan term before applying.