While some loans can take up to a week to arrive, there are some lenders that can deposit the funds within 30 minutes, an hour or one business day. Usually, these types of loans are short term or "payday loans" of up to $2,000. These loans usually charge higher fees than other financial products, so it's important to compare options before applying. Use this guide to compare instant cash loans, learn about the fees that apply and other factors to consider before submitting an application.
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
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: 9-14 weeks
Turnaround Time: 30 minutes - conditions apply
Fees: 20% of loan amount + 4% of loan amount each month
How to apply for an instant cash loan in 3 steps on Finder
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.
Wait for the lender's response, which usually takes around 60 seconds.
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.
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.
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.
Good credit history inessential. Having a less than perfect credit history doesn't disqualify you from applying for these loans.
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.
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.
Matt Corke is Finder's head of publishing for rest of world and New Zealand. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates.
In this submission to the Treasury inquiry into Future Directions for the Consumer Data Right being led by Scott Farrell, we focus on the topic of switching and how this could be encouraged through the introduction of write-access to the CDR. We also share some details on switching in the industries set to be covered by the CDR, as well as high-level views on how write-access could be used to enable payment initiation through the CDR.
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