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.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
⚠️ 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.
Nimble Short Term Loan
Go to site
25% discount on the establishment fee (now 15% of the loan amount) and monthly fee (now 3% of the loan amount)
Nimble offer a fast and easy online application. You can apply today to get approved for up to $2,000.
- Loan amount: $2,000
- Loan term: 62 days to 3 months
- Turnaround time: 1 hour - conditions apply
- Fees: 15% of loan amount + 3% of loan amount each month
- Quick and easy Approval
- Borrow up to $2,000
- 100% online application
- SMS payment reminders
Compare some instant cash loans in Australia
Updated February 18th, 2020
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.
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.
- Eligibility requirements. Lenders require people to meet a set of eligibility criteria when applying for a loan. Applicants are usually required to be at least 18 years old, permanent Australian residents or citizens and receive an eligible income. This may include government benefits such as Centrelink, but it usually can't make up more than 50% of your total income. There are some loan options for people with special circumstances including bad credit, self-employment, unemployment or on a pension.
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.