Internet loans

Why head into a branch when you can apply, submit documents and get your funds online with an Internet loan?

You can do pretty much all of your banking at your computer while your boss is on a coffee break. The financial world is becoming simplified in the online space, and this is especially true when it comes to applying for a loan.

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

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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A selection of Internet loans you can apply for

Rates last updated August 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
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Note: Centrelink must not be your primary source of income.
Wallet Wizard Smart Loan (Up to 2K)
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 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
Apply for up to $2,000 and have 62 days to 1 year to repay. Note: Centrelink must not 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.
A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.

Compare up to 4 providers

What is an Internet loan?

Technically speaking, it's any loan that can be applied for online. This includes banks that let you apply for one of their loans online, lenders offering online versions of their loans, online-only lenders and so on. However, with the rise of payday lenders and small loans, Internet loans have come to mean payday loans.

Why would you take out an Internet loan rather than apply in-branch?

Internet loans

  • No need to download and submit three months of bank statements, which can be time-consuming to acquire. This is done automatically when you apply for an Internet loan.
  • The application process is quick, and you should get a response within minutes.
  • If your application is approved, the funds are transferred directly into your bank account.
  • You can easily compare lenders online, making it easier to find the right loan for you.

In-branch loans

  • You need to print and bring all copies of the necessary documentation to the branch.
  • The application isn't automated, which may be more time-consuming.
  • There are not as many lenders to choose from. Distance can also make it harder to compare lenders.
  • If you work long hours or don't own a car, getting to a branch can be time-consuming and difficult.

How can you compare Internet payday loans?

If you're interested in applying for a payday loan, your first step will be to compare your loan options. Here are some points to keep in mind:

  • How much the loan costs. Lenders of small cash loans have restrictions on how much they can charge you in fees. They can charge a 20% establishment fee and a 4% monthly fee for loans of less than $2,000 with terms between 16 days and one year. However, if you compare your options, you may find some lenders offering more competitive terms.
  • Loan eligibility. This is the most important factor to consider when comparing loans. Lenders will outline basic criteria regarding your age, income, employment, restrictions in terms of Centrelink payments and other factors to help you determine whether you are eligible for a loan. Make sure you review this criteria before submitting your application.
  • What features the lender offers. The payday market is getting more competitive, which means lenders are sweetening their deals. Some of these include easier application processes, free debit cards to upload your own funds and receive repeat loans, and member-only areas to expedite the repeat borrowing process. Find out what's on offer from lenders and if you're interested in the additional features.
  • How quickly you can receive your funds. As cash loans are usually used in emergencies, the time it takes to be approved and receive your loan comes into play when comparing lenders.

"I'm worried about submitting my payday application online. Is it safe?"

If you haven't applied for a loan online or you've never dealt with an online lender before, you may be wondering what kind of precautions are necessary to protect your information. As lenders use different systems to process applications, it's best to check how your details will be protected before you submit them online. Here are some of the ways lenders may protect you online:

  • Most lenders use bank-level (SSL) encryption technology to protect your personal, financial and employment-related information. This means your data is encrypted from when you click send to when it is received by the lender.
  • If you send your Internet banking logins, payday lenders will only receive a read-only version of your statements through a third-party company. You can read more about how this works here.
  • If you are worried about submitting your Internet banking online, some lenders allow you to send your statement manually.

How you can apply for an Internet loan

You can start by comparing your options using the table above. If you want to read a review of any of the lenders in the table, just click on the name of the loan or "more". The review pages will show you a more detailed explanation of fees, loan terms and eligibility criteria. Once you find a loan you want to apply for and that you are eligible for, click "Go to Site" to submit your application.

Picture: Shutterstock

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