Compare instant cash loans and learn how they work | Finder

Instant cash loans compared

Learn how these loans work, the fees that apply and the eligibility requirements that applicants must meet to receive approval.

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How to apply for an instant cash loan in 3 steps on Finder

  1. Compare options using the table above. Once you find a lender, click "More info" to review the loan's fees and terms or "Go to site" to submit an application.
  2. Wait for the lender's response, which usually takes around 60 seconds.
  3. If approved, you could receive the cash on the same or next business day.

How to compare instant cash loans

Comparing loan options could help you save and find the right option for you. If you're weighing up your options, consider the following fees and factors before applying:

  • Loan amount. Maximum loan amounts are usually up to $2,000, but can be as high as $5,000 or $10,000. The amount that the applicant is approved for will depend on the requested amount, their income, credit history and ability to repay. Borrowers should only apply for a loan that they can repay within the agreed loan term.
  • Loan term. The term of the loan can be as short as 16 weeks or as long as 24 months in some cases. It's important to note that while longer loan term will lower the periodical payments, it will increase the overall amount the customer pays in monthly fees.
  • Repayments. Customers are required to pay a set amount at regular intervals that line up with their pay (for example, weekly or fortnightly). Before applying, calculate how much your repayments will cost and whether they align with your budget. Some lenders allow customers to repay loans early, so check if this is an option from the loan you're interested in. Repaying a loan early can save you substantial money in fees and charges.
  • Rates and fees. With most instant cash loans, you'll be required to pay an establishment fee and monthly fee, both of which are a set percentage of the principal loan amount. The exact fees may vary between lenders, but the establishment fee is capped at 20% and the monthly fee is capped at 4% for a loan up to $2,000. Arrears fees also apply if a customer misses a repayment.
  • Turnaround. While some lenders can issue funds within 30 minutes or an hour, others may deposit the cash within one business day.

Who can take out an instant cash loan?

While the eligibility criteria for an instant cash loan is reasonably flexible, not everyone can qualify. While this criteria will vary from lender to lender, generally the following will apply:

  • Age. Absolutely all lenders, for any loan, will require that you are aged 18 or over to qualify for finance.
  • Assets. Because they are generally unsecured, you do not usually have to be a homeowner, or have assets of value, to qualify for an instant cash loan.
  • Income. You will usually have to have some form of income in order to qualify for an instant cash loan. Many lenders will have a minimum income requirement, such as $1,500 per month.
  • Credit score. While most instant cash loan lenders do not require you to have good credit to qualify for a loan, most lenders will not approve your application if you have a current bankruptcy listed on your credit file. If you have a discharged bankruptcy, you might be approved, depending on the lender.
  • Centrelink. If you are on Centrelink payments, you may qualify for a loan, as long as long as less than 50% of your income comes from Centrelink, and your repayments are not more than 20% of your gross income.
  • Residency. Most lenders will require you to be an Australian citizen or permanent resident in order to qualify for a loan. However, there are some loans available to non-residents.

What are the risks of instant cash loans?

  • Disreputable lenders. Check the lender has a credit licence and is not charging more than ASIC allows. Also ensure that the lender is easily contactable and displays the rates, fees and conditions of the loan transparently.
  • Unaffordable repayments. Consider the size of the regular repayments and ensure that you can repay the loan during the loan term. If not, extra fees may apply to extend it. Be aware that repayment periods for instant cash loans are shorter than regular loans.
  • Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
  • Check rates and fees. Be crystal clear on what will be charged for late payments or a default on the loan.
  • Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan amount and any associated rates and fees have been paid. Typically instant cash loans are unsecured. This means that the lender can initiate legal proceedings against the customer if the borrower can't repay.

What can I use an instant cash loan for?

As they are unsecured loans whereby the cash is usually transferred straight to your bank account, you can use an instant cash loan for almost any legitimate purpose. However, because they are not a long-term financial solution, these loans should generally only be used as emergency funding. Common uses for instant cash loans include:

The pros and cons of instant cash loans

Pros
  • Turnaround time. If approved, you can receive funds within 30 minutes or one business day.
  • Online application. People can apply for these loans online, complete the application within a few minutes and receive a response within 60 seconds.
  • Good credit history inessential. Having a less than perfect credit history doesn't disqualify you from applying for these loans.
Cons
  • High fees. As these loans are a higher risk for the lender, it means that the fees are higher than some other loans.
  • Not a long-term solution. Instant cash loans aren't designed to be a long-term financial solution. If you're experiencing financial hardship, contact a free financial advisor before applying for a loan.
  • Potential debt trap. While getting a loan with "easy approval" may seem like an attractive prospect, instant cash loans can potentially lure people facing financial problems into worse debt trouble.

Alternatives to instant cash loans

If you are concerned that you may not be able to qualify for an instant cash loan, there are some alternatives that you can explore. Some of these include:

  • Personal loans. Some banks provide same-day personal loans to existing customers.
  • Overdraft. Some banks allow customers to apply for an overdraft facility, which is linked to the existing transaction account.
  • Credit card cash advance. Credit cards can be used for cash withdrawals, but this is considered a cash advance. Cash advances immediately attract interest (which can be as high as 23% p.a.) and a cash advance fee.
  • No interest loans. If you are struggling financially, you may qualify for a low or no interest loan.

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14 Responses

    Default Gravatar
    JanJuly 23, 2019

    I am a 78-year-old aged pensioner and would like to know if I can get a loan for $5000 through somewhere.

      Avatarfinder Customer Care
      JoshuaJuly 23, 2019Staff

      Hi Jan,

      Thanks for getting in touch with Finder.

      I hope all is well with you. 😃

      You might want to refer to our list of Centrelink loan providers. Please click the name of the lender to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    katNovember 2, 2018

    I need a loan but I have no asset procedure against me can you help

      Avatarfinder Customer Care
      JoshuaNovember 18, 2018Staff

      Hi Kat,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      I understand you want to get a loan. While it is true that you can increase your chance of getting approved for a loan if you have assets that you can use as a guarantee, you can still apply for a loan even if you don’t have assets. As long as you are able to prove to the lender that you can make the repayments, then you should be approved.

      On this page, use our table to compare your options. Click on the “Go to site” green button of your chosen lender. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products and check their eligibility requirements before making a decision and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    TrevorMay 16, 2018

    Hi, I receive Austudy from centrelink and need to find a loan centre that will advance me today an amount to clear all my existing cash advances and overlook the fact that my bank account is a little overdrawn

      Default Gravatar
      NikkiMay 16, 2018

      Hi Trevor,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      Looks like you’re on the right page to get an instant cash loan. All you need to do is choose the provider of your choice, click the GO TO SITE and it will direct you to the website.

      Ensure that you meet all the eligibility requirements before you apply to increase your chances of approval.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Cheers,
      Nikki

    Default Gravatar
    RazzelJuly 29, 2016

    Good day! I am looking for a lender who will let me borow the money without any transfer fees or hidden charges. Would you mind to help me? Thanks.

      Avatarfinder Customer Care
      ElizabethAugust 1, 2016Staff

      Hi Razzel,

      You can compare your loan options using the table on this page. If you borrow less than $2,000 you will not be charged more than a 20% establishment fee and a 4% monthly fee (this is a requirement of ASIC that all short term lenders comply with). You can find out more about the lenders above and their loans by clicking on their names. Once you find a loan you are eligible for and want to apply for, click “Go to Site” to submit your application.

      I hope this helps,

      Elizabeth

    Default Gravatar
    tebogoJuly 22, 2016

    I want a loan quickly today but I don’t know if I apply and get approved…the money will be transferred or not

      Avatarfinder Customer Care
      MattJuly 25, 2016Staff

      Hi Tebogo,

      Thanks for your comment. The time it takes to get your cash transferred will depend on your banking institution.

      You can compare a range of same day loans or prepaid debit card loans.

      Hope this has helped.

      Cheers
      Matt

    Default Gravatar
    ShikeraMay 5, 2016

    I applied online for a Loan i just wanted to know if i been (APPROVED)

      Avatarfinder Customer Care
      MattMay 5, 2016Staff

      Hi Shikera,

      You’ve left your comment on finder.com.au – and online comparison service and not an actual cash loan lender.

      To find out if your loan has been approved, you’ll need to contact the lender that you applied with.

      Cheers
      Matt

    Default Gravatar
    BrittanyAugust 31, 2015

    Can I please get the loan today call me on 04XXXXXXXX

      Avatarfinder Customer Care
      ElizabethAugust 31, 2015Staff

      Hi Brittany,

      You’ve come through to finder.com.au, as a financial comparison service we don’t actually offer the loans ourselves. To apply with any of these lenders please click ‘Go to Site’, many of them offer a quick turnaround time.

      I hope this has helped.

      Thanks,

      Elizabeth

Go to site