Here's how to get a quick loan (and how fast it will get there).
No matter how much you earn or what your credit history is like, you may find yourself in need of a loan to cover an unexpected expense such as a large medical bill or a car repair bill. This is where a quick loan may be an option to consider.
This guide will take you through which lenders offer quick loans, how fast you can expect your cash and what to consider before you apply.
- Bad credit applicants considered
- Fast approval service
- Borrow up to $2,000
100% confidential application
Sunshine Short Term Offer
A short term loan with a fast and easy application is 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
The lenders offering quick loans in Australia
How quickly will I get the loan?
Once you send your application, you will generally be approved or conditionally approved. Once you receive a credit contract agreement (this may be by SMS or email) and have agreed to it, the money will be deposited into your bank account.
The time this takes will depend on who you bank with and when you agree to the loan contract.
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. If you bank with one of the Big Four and are approved by 2pm, you can receive it on the same day.||More|
|Credit24||The same day if your loan is approved by 3pm. Otherwise, the next business day.||More|
|enably||You will receive your funds minutes after approval, which takes about one hour.||More|
|MoneyMe||After you're approved, you should receive your funds within a few hours. If you bank with Commonwealth Bank, you will receive funds within a few minutes, but if you apply outside of business hours, you will receive funds the next business day.||More|
|Moneyspot||After you're approved, you can receive your money in minutes if you bank with CommBank. If not, you can expect your money within the hour.||More|
|Nimble||If your loan is approved before 4:30pm on a business day, your funds will be transferred that day. The time you receive it depends on your bank. If it's approved after this time, it will be transferred the next day.||More|
|Speckle||Once your contract has been approved and signed, you will receive your funds within two business days.||More|
|Swoosh Finance||Your loan is usually approved within one hour. Your funds will be transferred to your bank account one hour after you sign your loan contract.||More|
|Sunshine Loans||Funds will be in your bank account on the same day your loan is approved and the contract signed. This just needs to be done within business hours.||More|
|Wallet Wizard||You can expect your funds to be available two hours after your loan is approved. Keep in mind that this needs to be before 2:30pm.||More|
“I need a quick loan! Am I eligible?”
This depends on the lender with which you apply. For each lender we compare on finder.com.au, you can check the eligibility criteria on the bottom of the review page.
Generally, you’ll 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 than 24% 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. 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 do you 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. How much do you earn? Do 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. By comparing lenders you can find a quick cash loan that will work for you and that will get you the money when you need it. Start your comparison and apply today.
What can I use my quick loan for?
How you intend to use your loan can come with restrictions. If you have a need for the money and you have the ability to repay it, you can apply and use the quick cash loan amount in any way you choose. However, some lenders may ask how you intend to use the loan amount.
If you’re planning to use your quick loan to cover utility bills, you may want to get in touch with your utility company first to see if there are payment plans available. Also, if you’re applying for a quick loan to cover necessities or to make repayments on existing debts, you may want to consider a longer term solution to your credit needs.
Are quick loans safe?
Before you apply for any type of credit product, it’s important to find out if it’s safe. When you apply, there are a few ways to check if your lender is reputable.
First, you can see if there is a credit licence listed on the lender's site and if the lender is easily contactable. You can also check if it is registered on ASIC Connect’s Professional Registers.
Make sure you check the information about fees and rates as well, including what you’ll be charged if you are late with your repayments. 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.