Instant personal loans

If you need some extra money in a hurry, an instant personal loan could be the right option for you.

Also known as "payday loans" or "cash loans", instant personal loans can be very popular due to the unpredictable nature of life. If you run into an unexpected obstacle or expense and need money quickly, an instant personal loan lets you borrow a small amount of money that must be paid back within a short timeframe.

However, these loans do attract higher fees and charges compared with other loans, especially if they are not repaid on time. If you're considering an instant personal loan, read our guide below to make sure you find the option that is right for you.

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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Sunshine Short Term Offer

A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.

  • Loan amount: $2,000
  • Loan term: 9-15 weeks
  • Turnaround time: 30 minutes (conditions apply)
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Income requirement: 50%+ of income cannot be from Centrelink
  • Bad credit borrowers OK
  • Quick and easy approval
  • No credit checks
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Comparison of instant personal loans

Rates last updated November 16th, 2018
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
9-15 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-15 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Wallet Wizard Smart Loan (Up to 2K)
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
Nimble Short Term Loan
62 days to 1 year
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.
Credit24 Short Term Loan
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
Fair Go Finance Small Loan
3-12 months
1 business day
Establishment fee from 10% of loan amount + monthly fee from 2%
A small loan between $500 and $2,000 that can be funded in 24 hours.
Capfin Short Term Loan
6 to 12 months
20% of loan amount + 4% of loan amount each month
A short-term loan from $500 that you can have up to 12 months to repay. All credit histories considered.

Compare up to 4 providers

How does an instant loan work?

Instant personal loans let you borrow up to $2,000 at a time. The application process is quick and you can get access to your funds instantly. When it comes time to pay back your instant personal loan, you can do so through either direct debit or a deduction from your pay.

These loans must also be repaid within a short time period, usually varying from 16 days to 1 year. Default fees will apply if you don’t repay your loan in time. Your repayments will include the principal plus 20% of the principal amount, as well as 4% of principal for monthly repayments.

These loans may be a great idea for those who need money instantly, but they’re not generally recommended to be used as a way to get out of debt. If you're in that situation, you should always seek other credit options first. Instant personal loans are also not available to everyone, as credit providers must act responsibly and only approve those they think can repay the loan.

How to compare instant personal loans

There are a number of ways to compare between different loan products. You should consider the following when trying to find the option that is right for you:

  • Default fees and charges. If you default on your loan you will most likely be charged a default fee until you repay the owing amount in full. Check out the various default fees and charges associated with each provider before making a decision.
  • Monthly fee. The government has imposed a monthly account-keeping fee, currently 4% of the amount borrowed, so monthly fees should all be the same regardless of your provider. However, it’s still worth checking this before you apply for a specific loan.
  • Establishment fee. There is a one-off establishment fee which equates to 20% of the amount borrowed.
  • Minimum loan amount. Make sure you’re aware of the minimum loan amount, as you don’t want to be borrowing more money than you need and paying more in fees.
  • Repayment flexibility. A good instant personal loan is one that provides you with flexibility in terms of repayment.

Pros and cons of instant personal loans


  • Get money quickly. The main advantage of the instant personal loan is that you can get money quickly when you need it most. With a quick application process, an instant personal loan can help you in your time of need and give you a viable option for a quick source of funds.
  • Convenient payback options. Instant personal loans have convenient payback options such as direct debit or deductions from your pay so you still have money in your account for your regular expenses.
  • No interest. As mentioned above, instant personal loans do not attract interest. This can obviously save you money when it comes time to make repayments.
  • Limit on fees. The fees charged will vary depending on how much you borrow and the financial provider you go with. However, the government has imposed limits on fees for loans of this nature to protect you.


  • Higher fees and charges. Instant personal loans tend to attract higher fees and charges than other types of credit. It’s best to check directly with your provider to get an idea of the potential charges.
  • Maximum of $2,000. Small amount loans have a maximum borrowing limit of $2,000. If you need more than this amount, this loan may not be for you and you should seek other credit options.
  • Short payback period. Instant personal loans must be paid off within periods between 16 days and 1 year. This can be a challenge if you are having long-term money problems, so it’s important to keep this timeframe in mind.

Things to avoid with instant personal loans

  • Falling into too much debt. A problem with borrowing any money is always falling into too much debt. It is strongly recommended not to use an instant personal loan to get out of debt. Make sure you first consider all your other options before going with an instant loan. If you feel like you are falling into debt and having issues paying back your loan, it’s best to speak to the credit provider or seek other financial or legal help.
  • Fees and charges. Instant personal loans attract higher fees and charges than other loan options. You should research all credit providers who provide this type of loan to determine which lender has the best fees and charges and find the option right for you. Be aware of the different fees and charges you may be liable to pay upfront to avoid unexpected costs.
  • Poor credit risk. Applying too many times for an instant personal loan can potentially damage your credit rating. Receiving an instant personal loan is also up to the discretion of the financial advisor who must lend money responsibly.

How to apply for instant personal loans

Applying for an instant personal loan is simple. All you need to do is use the comparison table above and weigh up your options. Use the table to determine the pros and cons of each provider and find the one that best meets your needs. Then it’s as easy as clicking the link provided on the table through to the lender’s website and initiating the application process.

To be eligible for this loan you must be at least 18 years of age and be able to provide proof that you will be capable of making the repayments. You may also need to supply certain documents including bank statements from the past 90 days, payslips or Centrelink statements, copies of bills, copies of other credit contracts and property rental statements.

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Important Information*
HSBC Personal Loan

You'll receive a fixed rate between 8.5% p.a. and 16.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Latitude Personal Loan (Unsecured)

You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.

CUA Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate of 11.99% p.a.
An unsecured loan from $5,000 with no monthly or establishment fees and flexible repayments.

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2 Responses

  1. Default Gravatar
    josephApril 22, 2015

    I’m on newstart pension. i have a medical condition, but don’t meet the requirements for the dsp. i have too move and all the places that say they can help haven’t been able too. can you give me advice on where too go and i will be approved/

    • finder Customer Care
      ElizabethApril 22, 2015Staff

      Hi Joseph,

      Thanks for your question.

      You might want to have a read of this page. It takes you through some options of lenders, but also some government assistance schemes and no interest loans offers by lenders that you may be eligible for.

      I hope this information will be of use.



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