Here's how to get a quick loan (and how fast it will get there).
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This guide explains which lenders offer quick loans and what to consider before deciding to apply.
What's in this guide?
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ Warning about Borrowing
Do 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.
Sunshine Short Term Loans
- Loan Amount: $2,000
- Loan Term: 9-14 weeks
- Turnaround Time: 30 minutes - conditions apply
- Fees: 20% of loan amount + 4% of loan amount each month
- Bad credit borrowers OK
- Quick & easy Approval
The lenders offering quick loans in Australia
How quickly are the loans approved?
Once an application is made, it will generally be approved or conditionally approved. The approved applicant will receive a credit contract agreement (this may be by SMS or email) and once it's been agreed to, the money will be deposited into the nominated bank account.
The time this takes will depend on who they bank with and when the loan contract is agreed upon.
Here is a breakdown of the transfer times for some short-term lenders:
|Lender||How fast will you get the loan?||Find out more|
|Cash Train||The following business day once approved. Applicants who bank with one of the Big Four and are approved by 2pm, can receive it on the same day.||More|
|Credit24||The same day if the loan is approved by 3pm. Otherwise, the next business day.||More|
|enably||Funds can be deposited minutes after approval, which takes about one hour.||More|
|MoneyMe||Funds transfered within a few hours. Applicants who bank with Commonwealth Bank will receive funds within a few minutes, but if they apply outside of business hours, funds will be received the next business day.||More|
|Moneyspot||Applicant who bank with CommBank will receive funds in minutes. If not, applicants can expect the money within the hour.||More|
|Nimble||If the loan is approved before 4:30pm on a business day, funds will be transferred that day. The time it's received depends on the bank. If it's approved after this time, it will be transferred the next day.||More|
|Speckle||Once the contract has been approved and signed, the funds will be received within two business days.||More|
|Swoosh Finance||Loans usually approved within one hour. Funds will be transferred to a bank account one hour after the loan contract is signed.||More|
|Sunshine Loans||Funds will be in the bank account on the same day the loan is approved and the contract signed. This just needs to be done within business hours.||More|
|Wallet Wizard||Funds to be available two hours after the loan is approved. Keep in mind that this needs to be before 2:30pm.||More|
What are the risks of quick loans?
- Unreputable lenders. Check the lender has a credit licence and is not charging you more than ASIC allows. The lender should be easily contactable.
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
- Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
- Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
Who is eligible for a quick loan?
This depends on the lender. For each lender we compare on Finder, you can check the eligibility criteria on the bottom of the review page.
Generally, applicants need to meet the following criteria:
- Be over the age of 18
- Be a permanent Australian resident or citizen
- Be able to provide identification
- Be able to provide 90 days’ worth of banking history
- Be receiving some sort of income (from Centrelink or a job)
How much do quick loans cost?
Lenders are restricted as to how much they can charge you depending on how much you borrow. Below, you'll find information on the maximum they can charge, although some lenders will charge less than this.
- For loans less than $2,000 with repayment terms between 16 days and one year, there is a 20% establishment fee and 4% monthly fee
- For loans between $2,001 and $5,000 with repayment terms between 16 days and two years, there is a $400 establishment fee and a maximum rate of 48% p.a.
- For loans more than $5,000 with repayment terms longer than two years, all fees and charges cannot exceed 48% p.a.
Quick loans vs bank personal loans
Both loans are designed to help finance personal needs, but there are some key differences:
- Amounts and terms. Personal loans from banks and traditional financial institutions are generally for larger amounts and for longer terms. You'd typically find personal loans over $5,000 for terms of one year or more, whereas payday loans are generally for less than $2,000 and have terms between 16 days and one year.
- Fees. Banks and credit unions are exempt from the fee restriction imposed on small amount lenders. This means they can charge more on loans if they choose to.
- Application and approval. Personal loans from banks and credit unions usually involve a longer application and approval process. While some banks have same-day loans for existing customers, if you apply as a new customer, you will generally have to wait a week or more to be approved and receive your funds.
- Bad credit history. Few traditional banks offer personal loans to those with bad credit, especially if that loan was unsecured. However, lenders offering smaller, quick loans look more at the applicant's ability to repay rather than black marks on their credit file.
How to apply for a quick loan
If you're in need of a quick financial solution, start by comparing lenders in the table above. Once you've found one you're eligible for, just click "Go to Site" to submit your application. You'll need to have a few details on hand to complete your application:
- Personal. You'll need a driver's licence, passport or something to show your identity, your contact details and other similar information.
- Financial. This includes how much you earn and whether or not you have any debts.
- Employment. If you're employed, you'll need to submit details regarding your occupation and your employer's details. If you receive income from Centrelink, you will need to provide this information.
- Banking details. Lenders usually need to check 90 days' worth of your bank statements plus account details to send you your loan.
If you find yourself in need of a quick loan, there are options available. Different lenders have different terms, so compare your options and see whether such a loan might work for you. Start your comparison and apply today.
What can I use my quick loan for?
How the loan is intended to be used can come with restrictions. If applicants have a need for the money and have the ability to repay it, in some circumstances they can apply and use the quick cash loan amount in any way they choose. However, some lenders may ask how the loan amount will be used.
It's important to note that if you're struggling with covering costs like utility bills, it's a better idea to get in touch with the utility company first to see if there are payment plans available. Also, quick loans aren't suitable to cover necessities or to make repayments on existing debts, so if that's the issue you may want to consider a longer term solution to your credit needs.
Most lenders operate in the online space, so you can see how secure their application is (lenders usually provide this information). If you have questions, give the lender a call and see how easy it is to get in contact with them.
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