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Instant Cash Loans Compared

Information verified correct on April 29th, 2017

A fast cash loan can cover you for when the unexpected occurs.

There are times in life when you may find that you need cash quickly, and loan from a bank or other lender can take up to a week. There are a number of brands who specialise in instant cash loans with online approval and they can give you the money you need in just a few hours. Find out how you can apply and get funded today.

Sunshine Short Term Offer

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.

  • Loan Amount: $2,000
  • Loan Term: 9 weeks
  • Turnaround Time: 30 Minutes - conditions apply
  • Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed

    Instant cash loans comparison

    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Product Description
    Sunshine Short Term Loans
    9 weeks
    30 Minutes - conditions apply
    20% of loan amount + 4% of loan amount each month
    Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Family Business since 1999.
    Nimble Short Term Loan
    62 days to 1 year
    1 hour - conditions apply*
    20% of loan amount + 4% of loan amount each month
    Apply for a short term loan and you could borrow up to $2,000
    Ferratum Cash Loans
    Up to 6 mths
    Same Day if approved
    20% of borrowed amount + 4% of borrowed amount each month
    A small loan from Ferratum lets you borrow up to $1,900 without a credit check
    Cash Train Loans
    10 weeks or 3 months
    1 Business Day
    20% of principal amount (establishment fee) + 4% monthly charge
    Apply for a Cash Train loan and get up to $2,000 sent straight to your bank account. Fast online application

    Compare up to 4 providers

    Warning about Borrowing

    payday-warningDo 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.

    How you could apply for an instant cash loan

    3 steps to apply for instant cash

    Getting an instant cash loan is as easy as 1, 2, 3...

    1. Compare your options using the table above. Once you find the right lender, click "Go to Site", review the loan terms and submit your application.
    2. Wait for the lender to approve you. You will usually get a response in 60 seconds.
    3. If you're approved, you can receive the cash on the same or next business day.

    How much cash can I instantly borrow?

    Instant cash loans can vary depending on the lender you apply with, the amount you earn and what your credit history is like. Some lenders limit the amount you can borrow on your initial loan, so it is always important to check the criteria of each lender before you apply.

    Most lenders offer loans of between $100 and $2,000, but others offer loan amounts extending to $5,000. If you ensure that all the documents you need to apply are in order, you could potentially maximise your borrowing power.

    What features will you get from cash loans of $100 - $2,000?

    Instant cash loans are small personal loans which you can receive quickly. Lenders that offer these loans generally have flexible lending terms because of the nature of the loan. Here are some features these type of loans come with:

    • These are small, potentially manageable loans.
      These loans are small and lenders generally offer anything from $100 to $2,000, with the amount you are approved for depending on your financial circumstances.
    • They can serve any (legal) purpose.
      If your car has broken down or you need that last minute gift for your partner, these loans are designed to cover you until you next get paid. They can allow you to fund anything you may need (within the law). Keep in mind the amount you are lent and how long the lending terms are for will depend on your pay rate and how regularly you receive your income.
    • Repayments are simplified
      Instant cash loans differ from personal loans in that you have to pay the loan back in full rather than in monthly instalments, as is the case with personal loans. You can choose to simply pay back what you borrowed plus fees on the agreed upon date.
    • They offer you convenience.
      Many instant cash loan sites allow you to apply online and can approve your loan within minutes, making this a convenient way to access additional funds should you need to. Your loan will generally be transferred to you within 1 business day.
    Instant cash loans: What you need to know

    The one thing that you will notice about instant cash loans is that they have a higher cost than traditional loans. Take a look at the fees and rates you will be charged and make sure it will be manageable on your budget.

    Some lenders may also allow you to pay the loan back early, which is a great option because it will help you save you on fees. There might be the temptation to keep using instant cash loans, but try not to do this. They should only ever be used for an emergency.

    Here’s why fast cash advances are growing in popularity:

    • The loans are convenient.
      You can apply for different types of credit by applying online. All you require is a computer or a smartphone or tablet. If you use an iOS or Android device, you can even find apps designed to help you apply for loans.
    • The turnaround time is quick.
      Some online lenders transfer approved funds into nominated bank accounts on the day of application, while others may do this by the following day depending on who you bank with.
    • The eligibility criteria are flexible.
      You don’t need a perfect credit history to get a quick money advance. Even with bad credit, you will get multiple options to choose from. However, it is important that you have a regular income and can display an ability to manage the repayments.
    • There is a range of options available.
      Applying for fast cash advances presents multiple options. These include payday loans, personal loans, personal lines of credit and bad credit loans. The Internet lets choose from a wider range of alternatives when compared to brick-and-mortar establishments.

    Why should you compare your instant cash loan options?

    When you're looking for a lender for instant cash, taking your time to do your research and compare may not be your first priority. However, getting the right loan and the right lender will potentially save you a lot of trouble down the track. Here are a few reasons why comparing at the onset is in your best interest:

    • You could potentially save. Payday lenders are only allowed to charged you a certain amount of fees – a 20% establishment fee and a 4% monthly fee for a loan of up to $2,000. While they cannot charge you more than this, some lenders charge less. More and more payday lenders are operating in this space and it is becoming more competitive. There are also some brands who offer lower fees and discounts for repeat borrowers. Comparing your options could help you find a low fee instant cash loan.
    • You can avoid missing out. Do you know if a lender's fees are competitive? Do you know how many loan options there are for unemployed borrowers? If you are coming to the market thinking you have no options and that you are going to apply for the first loan you find, you don't know what you can get until you compare.
    • You can filter out the dodgy lenders. Unfortunately, there are several less-than-reputable lenders operating in the payday loans market. These lenders approve loans that borrowers cannot afford and then charge late fees when the borrower is late on repayments or defaults on the loan. It's important to compare and filter out these lenders in order to avoid them. Are the lender's fees reasonable? Is the fee structure transparent? Is the lender easily contactable? Can you find reviews of the lender?

    The benefits and the drawbacks of instant cash loans

    The benefits

    • Access to cash when you need it
      Sometimes life can throw you a curve ball and you need extra cash for that expense. Instant cash loans could help you out of the tight spot.
    • Fixed fee schedule
      Payday loans are regulated by the government. You'll know exactly what you'll need to pay and when.
    • Online application process
      If you need instant cash, you can apply from the comfort of your computer, tablet or smartphone.

    The drawbacks

    • High fees
      While these loans are regulated, the higher risk for the lender means that you will pay more fees for the convenience of the cash.
    • Disreputable lenders
      It's important to do your research and compare before you apply online to ensure your details are 100% safe and secure

    Alternatives to getting a cash loan

    • Payday loans. You can apply for a short-term loan even if you have bad credit, with the lender focusing more on your current financial situation. The government also limits how much payday lenders can charge in fees. The maximum loan establishment fee is 20% of the amount advanced, and monthly fees cannot exceed 4%. If you apply at a store-front, you can get the money you need almost immediately.
    • Personal loans. Some banks provide same-day personal loans to their existing customers – you can even apply online through Internet banking. Some online providers of personal loans give you access to funds on the same day.
    • Overdraft. Good creditworthiness or a longstanding positive relationship with your bank can help you get quick money. In this case, you can apply for an overdraft facility linked to your existing transaction account using your bank’s online banking system. This way, you’ll have access to extra money as and when you need it.
    • Credit card cash advance. Using your existing credit card for a cash advance can be an option. If this is possible, you simply have to visit your closest ATM. When getting a credit card cash advance, remember that you might have to pay higher interest in comparison to how much you pay for purchases, but some cards some offer low cash advance rates as well.
    • Other alternatives. You don’t necessarily have to borrow to get quick cash. Consider selling unwanted things you own through websites such as eBay or Gumtree. You could also consider having a garage sale to make the money you need.

    "Is there a way to make sure I can be approved?"

    While there's no trick to get your application across the line, it helps to know how the application process works to avoid easy mistakes.

    All cash advance companies will need to see verification of your income. Lenders usually ask for 90 days worth of your bank statements to verify your income, you may also need to provide your Centrelink documents or your payslips. Your bank statements can be submitted as PDFs or by giving the lender secure, read-only access to your account.

    Cash lenders will also need to verify your identity. This can be in the form of a license or passport number and/or medicare number.

    How can I find out if I'm eligible?

    You will generally have to be over the age of 18 and be receiving a regular income to apply for a cash loan, but this income may be from Centrelink. The eligibility criteria for instant cash loans is generally less strict than other personal loans. Most lenders focus on your income and current financial situation rather than your credit history. Some lenders will allow you to repeatedly borrow from them if you prove yourself to be a responsible borrower and may increase the amount you are able to borrow.

    How can I find the right cash loan for me?

    When comparing fast cash advances, pay attention to these aspects:

    • Check what the turnaround time is.
      When in need of quick cash, the turnaround time is crucial. While getting a cash advance within the hour is possible, you’ll typically have to apply well within business hours. You’ll also have to make sure that all the required documents are available. Getting loan proceeds on the same day has similar requirements. In most cases, providers of online cash advances transfer funds into nominated bank accounts by the next business day.
    • What is the interest rate you'll be charged?
      The type of credit you get has a significant bearing on the interest rate. For example, payday loans usually attract noticeably higher fees (represented as percentages) than personal loans. Your creditworthiness and the lender you work with also have an effect on the interest rate you get.
    • Is there transparency in the fees?
      Hidden fees can easily add to the cost of a loan. Work with lenders who offer transparent fee structures. Find out how much you may have to pay as application fees, loan disbursement fees, late payment fees and prepayment penalties.
    • Loan term. Picking the right loan term can make your loan more cost effective. While extending a loan term leads to lower periodical repayments, it increases how much you end up paying as interest. The reverse is true as well.

    Getting quick cash can be easy, provided you meet some basic criteria. However, given the number of options on offer, it’s important that you compare a wide range before deciding.

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    8 Responses to Instant Cash Loans Compared

    1. Default Gravatar
      Razzel | July 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.

      • Staff
        Elizabeth | August 1, 2016

        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,


    2. Default Gravatar
      | July 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

    3. Default Gravatar
      Shikera | May 5, 2016

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

      • Staff
        Matt | May 5, 2016

        Hi Shikera,

        You’ve left your comment on – 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.


    4. Default Gravatar
      Brittany | August 31, 2015

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

      • Staff
        Elizabeth | August 31, 2015

        Hi Brittany,

        You’ve come through to, 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.



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