While some loans can take up to a week to arrive, there are some lenders that offer short term loans up to $2,000 with online approval and can deposit the funds within 30 minutes, an hour or within one business day. Applicants are still required to meet the eligibility requirements and these loans may charge higher fees than other options, so it's important to compare options before applying. Use this guide to compare instant cash loans, learn about the fees that apply and the factors to consider before submitting an application.
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ 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.
Sunshine Short Term Loans
Go to site
This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved
for up to $2,000. Get your loan funded in 30 minutes - conditions apply.
- Loan Amount: $2,000
- Loan Term: 9-12 weeks
- Turnaround Time: 30 minutes - conditions apply
- Fees: 20% of loan amount + 4% of loan amount each month
- Income requirement: 50%+ of income cannot be from Centrelink
- Bad credit borrowers OK
- Quick & easy Approval
- Bad credit applicants considered
- Fast approval service
- Borrow up to $2,000
Compare some instant cash loans in Australia
How to apply for an instant cash loan in 3 steps on Finder
- Compare options using the table above. Once you find the right lender, click "Go to Site", review the loan terms and submit the application.
- Wait for the lender's response, which should usually come through in 60 seconds.
- If approved, the applicant may receive the cash on the same or next business day.
What are the risks of instant cash loans?
- Unreputable lenders. Check the lender has a credit licence and is not charging you more than ASIC allows. The lender should be easily contactable.
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be 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. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
How much cash can I borrow?
The size of the loan will depend on the lender as well as the applicant's income and credit history. Some lenders limit the amount that someone can borrow on the initial loan, so it is always important to check the criteria of each lender before applying. Most lenders offer loans of between $100 and $2,000, but others offer loan amounts extending to $5,000. It's important that people apply for only as much as they need and can afford to repay within the agreed loan term.
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. The amount that the applicant is approved for will depend on the requested amount, their income, credit history and ability to repay. People 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 9 weeks or as long as 24 months in some cases. It's important to choose a loan term that gives enough time to repay the loan term in full. It's important to note that while a 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 you'd need to pay each time and that it aligns with your budget. Some lenders allow customers to repay the loan early, so you should check if this is an option with the loan that you're interested in.
- Rates and fees. 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 will 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 the funds within 30 minutes or an hour, others may deposit the cash within one business day.
- Lender. Before applying, it's important that people check that the lender is reputable. Check if the lender lists a credit licence on its website, that it is easy to contact and that it displays the rates, fees and conditions of the loan transparently.
The pros and cons of instant cash loans
- 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.
- Fixed fee schedule. Payday loans charge expensive fees, but the fees are fixed and regulated by the government.
- High fees. As these loans are a higher risk for the lender, it means that the fees are higher than some other loans.
- Disreputable lenders. While there are many legitimate lenders in the market, there are some disreputable ones too. It's important to compare your options and ensure the lender has a credit licence before applying.
- Not a long-term solution. 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.
Alternatives to instant cash loans
- 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.