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An increasing amount of lenders are offering personal loans with fast approval and quick funding. Some lenders can approve and fund loans the day you apply. So, if you're in need of a personal loan – whether it's to finance a car purchase, take a holiday or deal with an unexpected expense – there's likely a loan to fit your circumstances.
This guide will take you through which lenders offer these loans and what you need to know before you apply.
Lender | Turnaround time | Conditions |
---|---|---|
ANZ | Same day | Funds need to be paid into an existing ANZ account. |
Bankwest | Same day | Existing customers need to apply by 4pm WST and have three months' salary in their account. |
CommBank | Same day | Apply by 12pm AEST Monday–Friday. Existing customers can apply through Netbank. New customers need to apply in-store. |
MoneyMe | Instant | New and existing customers can get instant access to funds on a virtual card by applying online. |
NAB | Same day | Existing customers need to apply by 2pm AEST in-store. |
Westpac | Same day | Available to existing customers that apply in-store or online. |
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NAB offers a fixed interest rate loan. Use your loan for a holiday, home improvement, a special project or even a wedding. It’s even a smart way to take control of your credit card debt.
Fast personal loans are like any other form of personal loan, but with quicker turnaround times. In some cases, loans with low documentation may be faster, as less time is required to be spent on the application process. Often, low doc loan lenders also offer same-day funding.
If you're only looking to borrow a small amount (less than $5,000) and want to repay it quickly, you can consider a short term loan. These loans are available to people with bad credit or those who receive Centrelink payments as income and are funded quickly. You can borrow between $100 and $5,000 with a short term loan and repay it in terms ranging from 16 days to 1 or 2 years.
Banks and more traditional lenders also offer fast personal loans. These can be for amounts of between $3,000 and $80,000 and are repaid in terms ranging from 1 to 7 years. You'll need good credit and a steady income to be approved for one of these loans.
Given that there are different types of personal loans from which to choose, knowing your options ahead of time provides you with a head start. Your basic options comprise of the following:
If you're in the market for a fast personal loan there are some things you should keep in mind when comparing your options:
Use the comparison table on this page when comparing loans. Once you narrow down a suitable loan, click on the given link and start the application process directly on the lender's website.
Lenders who offer personal loans require that you meet certain eligibility criteria before you can apply. It's required that you:
You can complete the application process for most personal loans online and you will typically need to provide information like your name, phone number and email address, as well as copies of bank statements or payslips.
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To be eligible to qualify for an offer which would solve all our housing problems, including being able to stay in our existing home and selling whenever we want to, we need to secure an unsecured personal loan for $50K which would facilitate reducing our existing mortgage by that amount (but not in its entirety). If we qualified for this offer, we would be paid an up-front lump sum (within 2 months at the most to finalise everything), part of which we would use to pay back the $50K plus interest. Can anybody help us please??
Hi Jan,
Thanks for your inquiry
Actually, you’re already on the right page to compare your options for fast approval loans.
Lenders who offer personal loans require that you meet the following eligibility criteria before you can apply.
-You should be an Australian citizen or a permanent resident
-Over 18 years of age.
-You should also have a regular source of income.
You can complete the application process for most personal loans online
Hope this information helps
Cheers,
Arnold