Instant cash loans compared
If your bank supports NPP you might be able to get your cash loan instantly.
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Instant cash loans should only be used for financial emergencies or unexpected costs and are not long-term financial solutions. Most instant cash loan providers allow their customers to apply online. If your application is successful you can get your funds within hours or the next day. You can still get an instant cash loan even if you have a bad credit score although you should consider all of your options before entering into a loan contract. Instant cash loans can be an expensive way to borrow money since lenders charge expensive fees and interest rates due to these loans being seen as risky.
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
- 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
- Bad credit borrowers OK
- Quick & easy Approval
Instant cash loan options
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
What's in this guide?
- Instant cash loan options
- How to apply for an instant cash loan in 3 steps on Finder
- How to compare instant cash loans
- Who can take out an instant cash loan?
- What are the risks of instant cash loans?
- What can I use an instant cash loan for?
- The pros and cons of instant cash loans
- Alternatives to instant cash loans
- The questions we've been asked about cash loans
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.
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:
If you've been hit with an unforeseen bill, an instant cash loan could help you. However, if you're struggling to pay your regular bills, you may be able to qualify for help with financial hardship.
An illness or accident can sometimes set you back thousands, even with insurance. Whether you need money to cover the full cost, or just to make up the difference, an instant cash loan could help.
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.
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.
The questions we've been asked about cash loans
Can I apply for a loan if I'm not earning an income?
There are some lenders that offer unemployed cash loans if a borrower has the capacity to repay the loan. Some of them have a minimum income requirement, whereas others can provide loans on the back of an asset or using a guarantor. There are also lenders who accept Centrelink payments as income.
Can I get the loan if my credit card is maxed out and I need a short term loan for an emergency?
Yes, these loans act as a buffer during these kinds of circumstances. Just keep in mind that the lender will take into account any credit that a person currently holds when they're determining whether they can currently afford a loan. Applicants should also consider when their next credit card repayment is and if they will be able to manage it with an additional loan.
Are cash loans more expensive than other alternatives?
Cash loans are heavily regulated by the government and there are specific caps on fees charges. However, these loans are still more expensive than traditional lending options due to the short-term nature of the repayments and the allowable fees that are higher than normal. Applicants should keep these high costs in mind before they apply.
Can a business use a cash loan?
If someone is in need of quick business capital or waiting on outstanding invoices to be paid, they could consider a cash loan for their business, though they may find that invoice financing is a more cost effective option.
Is guaranteed approval really available on a cash loan?
Guaranteed approval on any loan in Australia is a thing of the past. Since the Global Financial Crisis, lenders have tightened their restrictions on guaranteed cash loans. If a lender offers someone a cash loan with guaranteed approval they should be wary and understand that no loan is guaranteed.
I haven't been paid yet, can I get a cash advance?
Sometimes someone may need a small amount of cash to get by until payday. This is where a payday cash advance could come in handy.
Need the cash today?
If someone needs the money from their cash loan today, then it could be worth your while to compare a range of fast lenders who offer same-day funding. However, there may be alternative, less expensive options available.
Are online cash loans safe?
The Australian Securities and Investments Commission (ASIC) regulates the cash lending and payday industry very closely. Each lender must comply with a wide range of rules and regulations that are designed to protect borrowers. Despite all of these precautionary measures in place, it's still important to research and check the lender's authenticity, as cash loan lending does attract disreputable lenders.
If I can't repay my cash loan, what options do I have?
If someone cannot meet their loan repayment by the due date, it's important for them to get in contact with their lender as soon as possible. The lender should attempt to work with the borrower to sort the issue out.
Remember that these forms of finance are generally used for emergency situations, so always compare your options before applying online.
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