Did you need cash in your account today? Lenders can offer fast processing of your application so it’s there when you need it.
We’re not always prepared when the unexpected happens. Your car might need to be repaired by tomorrow but your bank account is too low to cover it, or you might have a bill to pay even though you won’t have the money until next week. Luckily, there are fast cash solutions, and they might be available to you even if you have bad credit.
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
Fast cash loan options you can apply for
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.
What are your options for fast cash?
Finding finance doesn’t have to be difficult. There are a range of different options for you to choose from:
- Payday loans. This is one of the most common options for fast cash – it’s a short term loan that’s designed to be repaid when you receive your pay. 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.
- Cash advance. While this is typically used to refer to a credit card cash advance, it can also be used to refer to a fast cash loan. It’s usually for a smaller amount or for shorter terms, such as the Cash Converters Cash Advance Loan that has repayment terms of four to six weeks.
- 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. 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.
The 5 steps to getting a cash loan
There are a range of fast cash options for you to choose from and apply for and many of them offer same-day turnaround. Here’s what to do to get the money you need:
- Find a loan you’re eligible for. They key to being approved for a loan is applying for one that you meet the minimum eligibility criteria for. Check you meet the minimum age, income, employment and residency requirements set by the lender before clicking ‘Go to Site’.
- See what you need to apply. Once you know you can apply, the next step is finding out how. 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. Most lenders’ application process, including the submission of documents, is entirely online. You may be able to submit some documents manually, but this may result in a longer review process.
- 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 your 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.
What features come with a fast cash loan?
Applying for a fast cash loan brings with it not only a fast turnaround, but a few other features that you can benefit from:
- Convenient application. Apply conveniently online in just a few minutes and receive a response almost immediately. The majority of lenders won’t require you to fax any documents.
- Direct debit repayments. If you’re worried about remembering to make your repayments, look for a lender that automatically direct debits your repayments from your bank account on the agreed upon dates.
- Prepaid debit cards. Some lenders offer additional features with their loans, such as prepaid debit cards. You can load these cards with your own funds and also receive instant loans onto them.
- Loan amount and terms. You can usually borrow up to $2,000, and even up to $5,000 or $10,000 with some lenders. Loan terms are generally based on the frequency at which you get paid and can be from 16 days up to a few months.
How much will you pay?
Loans that are offered by non-traditional lenders, which excludes banks, building societies, credit unions and other Authorised Deposit-taking Institutions (ADIs) are restricted as to how much they can charge you in fees and interest. Here is a breakdown of the loan restrictions:
- Small amount loans
Loans of $2,000 and less
Rapaid between 16 days and one year
Establishment fee that is 20% of the principal loan amount
Monthly fee that is 4% of the principal loan amount
- Medium amount loans
Loans between $2,001 and $5,000
Repaid between 16 days and two years
Establishment fee of $400
A maximum interest rate of 48% p.a. including all other fees and charges
- Other loans
Loans more than $5,000
Terms longer than two years
All fees and charges cannot be more than 48% annually
Are you eligible for a fast cash 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 do need to be able to repay the loan.
- 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 instance, you can apply with Ferratum, but more than 50% of your total income or 20% of your repayments can't come from Centrelink.
How you can apply
Before clicking ‘Go to Site’ for the lender you want to apply with, make sure you meet their eligibility criteria. You can find this on the review page. The loan application requirements will depend on the lender you apply with, but generally you will need:
- Personal details. Your name, contact information and proof of your identity.
- Financials. Your income, debts, assets and 90 days’ worth of your bank statements. Your Internet banking details may be required.
- Employment. The name and contact details of your employer as well as the details of your employment.
- Centrelink benefits. If you receive Centrelink benefits, you will need to list the type of payment you receive, how much you receive and how often.
- Loan details. How much you are looking to borrow and for what purpose.
How quickly do you need your loan? There are fast cash loan options on this page that you can compare and apply for. Make sure you check the eligibility criteria before submitting your application and only apply for the amount you need.