Instant Personal Loans

Rates and Fees verified correct on April 24th, 2017

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

Instant personal loans are for those who need money in a hurry. Also known as ‘payday loans’ or ‘cash loans’, these borrowing options are very popular due to the unpredictable nature of life. Sometimes life puts an unexpected obstacle in your way and you need money in a hurry and an instant personal loan gives you a small amount of money that must be paid back within a short-term time frame. However, these loans do attract higher fees and charges than other loans.

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

    Comparison of Instant Personal Loans

    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 does an instant personal loan work?

    Instant personal loans let you borrow up to $2,000 at a time. However, these loans must be repaid within a short time period, usually varying from 16 days to one year. If you don’t repay your loan in time, default fees apply. Your repayments will include the principal plus 20% of the principal amount, as well as 4% of principal for monthly repayments.

    These loans are a great idea for those who need money instantly, however they’re not generally recommended to be used to get out of debt. You should always seek other credit options first. Not everyone can get an instant personal loan, as credit providers must act responsibly and can choose who can afford to repay a loan.

    Instant personal loans have a quick application process and can give you 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.

    How to compare instant personal loans

    • 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 which is 4% of the amount borrowed, so monthly fees should all be the same regardless of your provider. However, it’s still something worth checking.
    • 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 to be.
    • Repayment flexibility. A good instant personal loan is one that provides you with good 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 one year. This can be a challenge if you are having long-term money problems, so it’s important to keep this time frame in mind.

    Things to avoid

    • 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 this 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 financial or legal help.
    • Fees and charges. Instant personal loans attract higher fees and charges than other loan options. Do your research first on all the credit providers who provide this loan. Determine which lender has the best fees and charges and select the option right for you. Be aware of the range of fees 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 loan

    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 also must 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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    2 Responses to Instant Personal Loans

    1. Default Gravatar
      joseph | April 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/

      • Staff
        Elizabeth | April 22, 2015

        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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