Same Day Personal Loans

How does a same day personal loan work?

A same day personal loan is one where you receive the funds the same day you apply. This can work a couple of ways: either the lender is has the technology to check your situation quickly, or you're an existing customer and they have all of your info at-hand.

There are a number of personal loans which offer same day funding, whether you're an existing bank customer or you're brand new. There are also short term loans which offer fast funding, but they can be more expensive and sometimes risky.

Other than that, same day personal loans work just as other personal loans. You'll have regular repayments, inclusive of interest and fees. The loan will have a set loan term within which you have to pay it off.

You might need a same day personal loan because of unexpected expenses, urgent repairs, or even because you've found a vehicle you only have limited time to buy.

How can I get a same day personal loan?

There are a number of things you can do to get a same day personal loan. This includes:

• Do your research. The first thing to do is make sure the lender you're applying with actually says they could fund the same day. You should also ensure you meet the eligibility criteria and that you can afford the loan in the first place. Lenders will look into your ability to repay the loan.
• Applying early. Apply as early as possible, or at least before the cut-off time stated by the lenders. This gives the lender enough time to process the loan and transfer the funds to you on the same business day.
• Keep your documents ready. Make sure you have all the documents required at hand. The exact list will depend on the lender, and will vary. You’ll generally be required to provide bank statements, payslips and 100 points of identification at the least.
• Use a personal loan calculator. If you want to figure out whether you can afford the loan, you can use a personal loan calculator. This will tell you what your monthly repayments are, the total interest payable and how much the loan will cost on the whole. You can also use it to compare repayments between loans to find the cheapest option.

Which banks offer same day personal loans?

Lender	How much you can borrow	Conditions	Same-day available to new customers?	Find out more
CommBank	$4,000 to $50,000	If approved, accept the contract and complete verification by 4pm Monday to Friday. Subject to credit checks and assessment.		Compare
NAB	$5,000 to $55,000	Within 1 business day, but can be up to 3 if they need to verify your information.		Compare
Westpac	$4,000 to $50,000	Approved funds are sent the same day as contract acceptance.		Compare
ANZ	$5,000 to $50,000	Must apply in-branch and be approved by midday, Monday to Friday.		Compare

How can I compare a same day personal loan?

• Check criteria. Look specifically for lenders that have quick processing and turnaround times. Make sure you're across what their criteria is. For example, if you need to apply in branch and/or by a certain time.
• Interest rate and fees. The lower the interest rate, the lower your repayments. But watch out for the added cost of fees. If you're comparing short-term loans below $2,000, these are not allowed to charged interest. They'll often make up for that with high fees.
• Loan affordability. Use a personal loan calculator to work out how much the loan will cost. Do the repayments fit comfortably within your current budget, or will you be left out of pocket? If it looks like you’ll have trouble with repayments, look for another loan or an alternative.
• Loan amount. Each lender will have maximum and minimum lending amounts. Does the lender offer the amount you want to borrow?
• Loan term. The loan term is how long you have to repay the loan. Loan terms will affect your repayments. Shorter terms will mean higher monthly repayments but you'll save by paying less over the loan.
• Eligibility criteria. Check that you're eligible for the loan and that you can provide the required documents.
• Loan flexibility. Make sure the features of the loan suit your needs. For example, can you make extra repayments and pay off the loan early without penalty?

What should I watch out for with same day personal loans?

Here’s what you need to keep an eye out for when applying:

• Disreputable lenders. Check the lender's website and make sure it's a reputable company. You should check if it has a credit licence and is registered with the Australian Securities and Investments Commission (ASIC). The company should also be easy to contact.
• High interest rates and fees. Some forms of personal loans can be expensive. In the case of short term loans, all fees are regulated by ASIC and it's illegal for lenders to charge more.
• Getting into and accumulating debt. Not only are you getting into debt, but you also run the risk of accumulating debt. If you don’t pay your debt, you’ll be hit with heavy fines, which may result in compounding more debt.
• Borrowing too much. You should not borrow more than you need or when it’s not an emergency. If you can wait or borrow from another source (such as family), you should consider it.
• Inflexible loan terms. Short term lenders will ask you to repay the loan on the “next payday”. They could deduct the funds directly from your account. Find a loan that you can tailor to your cash flow.
• Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score, making it harder for you to get a loan in the future. Make sure you're certain of your eligibility before you apply.
• Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees and payments. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don’t repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. For secured loans, your asset could be repossessed if you default.

What are some alternatives to a same day personal loan?

• Credit cards. If you're an existing customer you might be able to get same day credit via a digital card.
• Buy Now, Pay Later. If you only need a small amount, services like Zip or Afterpay can be accessed almost immediately, even at a store counter.
• Salary-on-demand services. You can access a portion of your salary ahead of time through independent providers or your own bank.

How can I apply for a same day personal loan?

• Work out what type of loan you need to apply for, how much you need to borrow and what you can afford. You can use a personal loan calculator to help you.
• Compare lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use the comparison tables on this page.
• Select a lender. Make sure you're eligible for the product and you can trust the lender.
• Organise and prepare the required documentation. This will make the application process easier.
• Apply. Most lenders have their applications online. Some banks might require you to apply in branch for same day funding.

What documents do I need to apply for a same day personal loan?

The exact requirements will differ from lender to lender. You should check the exact requirements before applying and get them ready. You may be asked to provide the following documents:

• Bank statements for the past 90 days
• Payslips and/or Centrelink statements, or your last tax return to verify your income
• Mortgage or rental property statements
• Utility bills or statements
• 100 points of identification if you’re a new customer

Why compare personal loans with Finder?

Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)

Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.

Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.

Frequently asked questions about same day personal loans

• What kind of same day personal loan can I apply for?

  There are different types of personal loans that you might be hoping to apply for. Some of these might be faster than others.

  • Unsecured personal loan. This will probably be faster to fund than a secured personal loan because the lender won't have to do additional checks on the asset. But it will likely have higher interest rates than a secured product.
  • Line of credit/overdraft. Both lines of credit and overdrafts are a form of revolving credit. If you want ongoing funding, as opposed to a lump sum payment, this may be an option.

    Overdrafts will be linked to your existing transaction account. You can access the funds once you've used up the funds in your account. Your bank can usually organise this form of credit within the hour.

  • Buy now pay later. Not really a personal loan, but if you're in need of a small amount of fast cash, buy now pay later could be an option to tide you over rather than committing to an entire personal loan.

• Can you get a personal loan immediately?

  It's very hard to get a personal loan immediately because lenders need to meet responsible lending regulations. This means they need to look into your ability to service the loan and to ensure your circumstances make you eligible.

  Solutions like buy now pay later can be accessed almost immediately, but you'll start off with a very low credit limit. You should be very wary of any other personal loan which offers immediate funding, as they probably overcharge on interest and fees.

  If you want a personal loan to buy a car you may be able to get immediate finance in the dealership. Another solution is to make sure you've got pre-approval so that when you find the car you want to buy, you can access the funds quickly.

• Can you get a personal loan immediately?

  It's very hard to get a personal loan immediately because lenders need to meet responsible lending regulations. This means they need to look into your ability to service the loan and to ensure your circumstances make you eligible.

  Solutions like buy now pay later can be accessed almost immediately, but you'll start off with a very low credit limit. You should be very wary of any other personal loan which offers immediate funding, as they probably overcharge on interest and fees.

  If you want a personal loan to buy a car you may be able to get immediate finance in the dealership. Another solution is to make sure you've got pre-approval so that when you find the car you want to buy, you can access the funds quickly.

Written by

Matt Corke

Head of Publishing Ventures

Matt Corke is Finder’s head of publishing ventures. Prior to this he was head of publishing for Australia, New Zealand and emerging markets. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates. See full bio