Why wait? Find out where you can get a fast personal loan.
If you're in need of a personal loan, whether it's to finance a car purchase, take a holiday or deal with some unexpected expenses, it's likely you don't want to wait weeks for the loan to get funded. An increasing amount of lenders are offering personal loans with fast approval and quick funding. Some lenders can approve and fund loans on the same day you apply.
This guide will take you through which lenders offer these loans and what you need to know before you apply.
Comparison of fast personal loans
How fast will I get my personal loan?
| 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 Mon-Fri. Existing customers can apply through Netbank. New customers need to apply in-store. |
| NAB | Same-day | Existing customers need to apply by 2pm in-store. |
| Westpac | Same-day | Available to existing customers that apply in-store or online. |
How do fast personal loans work?
A number of providers across Australia offer fast personal loans but there are a few different types on offer. 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 that receive Centrelink payments as income. You can borrow between $100 and $5,000 with a short-term loan and repay it in terms ranging from 16 days to one year.
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 one to seven years. You'll need good credit and a steady income to be approved for one of these loans.
What types of personal loans can be funded quickly?
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:
- Unsecured and secured personal loans. Secured personal loans can be used to finance the purchase of your security, such as a car, or to finance a different purchase while an asset you own is used as security. Unsecured personal loans require no guarantees but come with higher rates.
- Cash advances. Credit cards give cardholders the option to withdraw cash from ATMs; when you use your credit card for withdrawing cash, you're getting a cash advance. This cash you borrow attracts interest that is typically higher than what purchases on your card attract. You might also have to pay an additional cash advance fee.
- Short term loans. These loans give you access to an amount between $100 and $5,000 (some are available up to $10,000) that is designed to be repaid in the short term. Rates and fees for short term loans are considerably higher than standard personal loans.
- Line of credit. This type of credit gives you access to money as and when you need. You only pay interest on the money you use and not the entire amount.
- Overdraft. An overdraft is attached to your existing bank account and allows you to draw over and above your limit. These can be set up very quickly through your bank, giving you access to emergency funds when you need them.
How should you compare fast personal loans?
If you're in the market for a fast personal loan there are some things you should keep in mind when comparing your options:
- How much can you borrow? You can generally apply for a personal loan of between $3,000 and $80,000 but short term loans are only available for lower loan amounts. Make sure the loan gives you the amount of money you need.
- How long do you have to repay? You'll have between one and seven years to repay a secured or unsecured personal loan but generally less than a year for short-term loans.
- How quickly will the loan be funded? Since you're looking for a fast loan, this is an important aspect to compare. While some lenders give you access to funds within an hour, some others take two and more can take 24 or 48 hours.
- What does it cost to borrow? The cost of borrowing includes the interest as well as any costs and fees linked to the loan. These vary from lender to lender, so an easy way to compare this is to find out how much you have to repay in total when you borrow the same amount from different lenders. Enter your loan amount at the top of finder's comparison tables to see your repayment amount.
Is there anything you need to avoid?
- Taking on too much debt. Only apply for how much you need to to avoid repayments that extend your budget.
- Excessive fees and charges. Make sure you're aware of the interest and fees you'll be charged before you apply.
How you can apply
Comparing loans offered by different lenders is the obvious first step, so use the comparison table on this page to do just that. 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. You should be an Australian citizen or a permanent resident and 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 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.
Picture: Shutterstock
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