Easy approval loans tend to have a more automated approval process, as well as less strict eligibility criteria. So if you meet their basic requirements, you could apply and have the money in your bank account in a matter of hours.
Some lenders even say it could take minutes, but keep in mind that things may be delayed if the lender needs more information from you or if you apply outside of business hours.
Many lenders operate completely online and offer approvals in hours rather than days.
Some lenders even promise approval in minutes, although this comes with some big disclaimers. If you have a good credit score and all the required ID and financial details ready you can get a quick decision and an easy loan approved fast.
But for borrowers with poorer credit scores and less documentation it might not be so quick.
Payday loans are capped by law at a maximum of $2,000 and you'll have between 16 days and 1 year to pay it back.
🚨 Payday lenders offer quick, easy cash and meet many people's definition of an easy loan. But they're far from cheap.
Payday loans don't charge interest but come with hefty fees. The typical payday lender charges:
This can get expensive. If you borrowed $1,500 over 8 months with those fees in place, by the time you paid back the loan you'd end up paying a total of $2,280.
If you have limited credit history or you're self-employed with irregular income, you might find easy approval loans aren't so easy to get. You need a low doc personal loan.
Low doc means low documentation. With these loans lenders don't require the same amount of documentation to support your application, such as proof of income and bank statements.
Low doc personal loans do have higher interest rates. So these loans are best suited to borrowers who run their own businesses or have irregular income (seasonal or freelance workers, for example).
The personal lending market in Australia is a crowded field. Most lenders now offer fast online approval in some form.
Here's a far from exhaustive list of some of the lenders who offer fast and easy approval (provided you meet the criteria and have all the ID and proof of income documents).
When looking for fast, easy personal loans it's important to stick with a reliable, registered lender (read customer reviews and check ASIC's company register).
Just because an online lender promises easy loans with "guaranteed approval", doesn't mean they actually offer that. Usually these lenders' terms and conditions really mean you can get quick approval "subject to lending criteria". In other words, approval is guaranteed… if you meet the borrowing standards.
If a lender really is offering a loan with zero credit checks or borrowing requirements it is quite likely a scam.
Some loans are easier to get than others. A big part of this depends on your credit score and your suitability as a borrower, but the type of loan you apply for matters too.
A secured personal loan has a lower interest rate (based on your risk profile) and is easier to get approved for – if you have something to offer as security.
Security means an asset that you can use to support your loan application. The most common assets are a car or a property.
If you can't repay the loan the lender may be able to sell your asset to recover the money you owe. That's why a secured loan is easy to get: it's less risky for your lender.
Unsecured loans have higher interest rates but are often still quick and easy to get if you have a decent credit score and a regular income.
The more money you want to borrow the riskier you are to a lender. A lender may require security, a higher income and may take longer to process your application.
If you need an easy personal loan approval then lowering the loan amount may help you get the cash faster.
Australia's biggest banks also offer personal loans. And if you already bank with one it knows a lot about you as a customer. And you already have an account set up.
Check your banking app or website (logged in) and look at their loan options. You might find they're offering automatic conditional approval for a certain amount. It might only take minutes to apply and get approved.
An easy loan looks a little different for every borrower. But whatever your needs are, applying for the right loan and having a better credit score will make the process much easier.
Borrowers in need of fast, easy cash should be careful before getting a loan. Lenders offering the fastest, easiest loan approvals are more likely to charge you high interest or hefty fees in exchange.
Taking on a debt like this can make your financial challenges worse.
You may have other options before taking out a loan:
A marketplace personal loan with personalised interest rates.
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Find out what personal loan options are available to you as a self-employed person and how you can be approved.
If you're wanting to bolster your application, buy an asset with your partner or apply for a loan you're not eligible for by yourself, you can consider a joint application personal loan.
Are you in need of a larger loan but concerned about your credit history? There still may be options available, no matter your credit history. Read our guide to find out what might be available to you.
Temporary Australian residents may be eligible to apply for personal loans, depending on the visa they hold.
How to apply for a $5,000 loan and what you should keep in mind before applying.
Do you need to cover the costs of an elective surgery or unexpected medical bill? Compare a range of personal loans for medical expenses and cosmetic procedures.
Find out your loan options if you're casually employed, or are part time and don't work a full 40-hour week.
Is it alright if I borrow ..
Hi Emma,
Thanks for your enquiry.
Please note that lenders have different eligibility criteria for personal loans, but ultimately they will assess your ability to service the loan with your income sources.
If you’d like to apply for one of the above personal loans, simply click ‘go to site’ and you’ll be redirected to the application page where you can complete the process online.
Thanks,
Belinda