Quick loans

If you apply and get approved before 4:30pm the funds can reach your account the same day.

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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.

⚠️ Warning about Borrowing

payday-warningDo 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.

The lenders offering quick loans in Australia

Once you submit your loan application the approval process can take anywhere between 1-48 hours. Once you've been approved the funds can reach your account instantly or within 1-2 business days. Compare lenders offering quick loans in the table below and apply today.

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Credit24 Short Term Loan
$2,000
4-12 months
Same day - conditions apply
$10
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Credit24 offers this loan up to $2,000 and gives you 12 months to repay. Centrelink borrowers are considered as long as Centrelink payments are not more than 50% of income.
Jacaranda Finance Personal Loan
$10,000
9 to 24 months
Under 1 hour - conditions apply
$35
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
1 to 12 months
24 to 48 hours
$35
Establishment Fee of $18 – $400
$354
A small loan between $300 and $2,000 that can be funded in 24 hours.
Ferratum Cash Loans
$1,900
3 to 12 months
Same day - conditions apply
$55
20% of borrowed amount + 4% of borrowed amount each month
$396
Borrow what you need with loans starting from $500 and approval in minutes.
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Compare up to 4 providers

What are quick loans?

Quick loans, or fast cash loans, as the name implies, have fast approval and turnaround times. Depending on the lender, your application can be approved within minutes of applying. Some lenders also provide funding within a few hours or on the same business day. These loans typically feature small borrowing amounts, short loan terms, and high fees and charges. They are also not a long-term financial solution.

How do quick loans work?

Quick loans work in the same way as any other kind of loan, except faster. "Quick loans" or "fast cash loans" are also often referred to as payday loans, short-term loans or low doc loans. Because these types of loans require less documentation than standard forms of personal loan and are often applied for fully online, they can be processed much faster by lenders.

How quick are quick loans?

Once the application is made, it will generally be approved or conditionally approved within minutes of applying. Some lenders even offer 60-second approvals. Once approved, you will receive a credit contract agreement (which may be via SMS or email). Once this contract is signed, the money will be deposited into the nominated bank account.

How long it takes to receive the money depends on your bank and when the loan contract is signed. As the main purpose of fast cash loans is to be fast, you can usually expect the money to reach your account within 24 hours of approval. Some lenders can transfer the money within minutes or several hours.

How can I find the best quick loan in Australia?

The best quick loan for you will depend on what your needs are.

If you want the funds on the same day, the best loan for you will be from a lender that provides funding within a few hours or the same day. There are also a few instant cash loan options and quick $1,000 loans.

You can speed up the application process by having the necessary documents handy before you start the application. The documents you will need depend on the lender, but will include personal, financial, employment and banking details.

Most lenders will require your online banking details. This is so they can access a read-only copy of your bank statements. As per Australian law, they will require at least 90 days of your statements.

This process is entirely encrypted. Lenders use third-party software to access your statements. It is this process that makes approval "quick". You can read our guide to learn more about lenders and your Internet banking details.

Keep in mind that these loans tend to be on the expensive side. Their fees and charges are typically high, so it's unlikely you'll find a cheap one. In short, a quick loan may not be a cheap loan.

We've included a breakdown of transfer times for some short-term lenders below:

LenderHow fast will you get the loan?Find out more
Cash TrainThe 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
Credit24The same day if the loan is approved by 3pm. Otherwise, the next business day.More
enablyFunds can be deposited minutes after approval, which takes about 1 hour.More
MoneyMeFunds transferred 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
MoneyspotApplicant who bank with CommBank will receive funds in minutes. If not, applicants can expect the money within the hour.More
NimbleIf 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
SpeckleOnce the contract has been approved and signed, the funds will be received within 2 business days.More
Swoosh FinanceLoans usually approved within 1 hour. Funds will be transferred to a bank account 1 hour after the loan contract is signed.More
Sunshine LoansFunds 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 WizardFunds to be available 2 hours after the loan is approved. Keep in mind that this needs to be before 2:30pm.More

How to I compare quick loans?

To compare quick loans, you can look at the following factors:

  • Turnaround. How fast can you get your cash? Does the lender offer same-day funding?
  • Loan amount. What is the minimum and maximum amount the lender will let you apply for, and is it enough?
  • Loan term. What is the minimum and maximum loan term? For short term loans, this usually varies between 16 days to a year, but some lenders offer terms that are longer than this.
  • Fees. Fast cash "payday" lenders usually charge the maximum fees possible, but this may not be the case for all quick loans.
  • Interest rate. Does the loan have an interest rate (bear in mind that payday loans do not have interest rates, only fees)? If the loan has a rate, is it fixed or variable? Is it competitive?
  • Affordability. Once you know your loan amount and term, you can use a loan repayment calculator to see if your regular repayments will be affordable on your budget.
  • Repayments. Can you choose between weekly, fortnightly or monthly repayments? Is it possible to make extra repayments without penalty? Can you repay the loan early without penalty?

How much do quick loans cost?

Lenders are restricted in terms of how much they can charge you. These caps are based on how much you borrow. Below, we've outlined the maximum they can charge. Some lenders may charge less than this, but they cannot charge more.

⚠️ For loans less than $2,000:

Repayment terms: 16 days to 1 year

Establishment fee: 20% of the loan amount

Monthly fee: 4% the loan amount

⚠️ For loans between $2,001 and $5,000:

Repayment terms: 16 days to 2 years

Establishment fee: $400

Maximum interest rate: 48% p.a.

⚠️ For loans more than $5,000:

Repayment terms: Longer than 2 years

Fees and charges: All charges cannot exceed 48% p.a.

The table below goes through 3 quick loan examples. This is to give you an idea of the differences in fees and repayments depending on how much you're borrowing.

Loan amountLoan termEstablishment feesMonthly feesTotal fees (including interest)Total repayments
$1,50012 months$300$720$1,020$2,520
$2,50012 months$400Depends on the lender$1,208$3,708
$5,50024 months$0Depends on the lender$321$5,821*

*Disclaimer: This total repayment assumes an establishment fee of $0, no monthly fees and an interest rate of 5.5% p.a.

It's important to note that while smaller loans have shorter repayment terms, it's likely that you'll end up paying more in fees and charges when compared to larger loans. For a $1,500 loan, for instance, you're paying at least 60% or more of the loan amount in fees and charges. This amount reduces to a little less than half the loan amount for a $2,500 loan.

If you're considering a quick loan to cover a small expense or purchase (under $5,000) the costs can add up quickly. If you need money urgently and are earning under $45,000 p.a., consider these interest-free loans instead.

What are the risks of quick loans?

Apart from the cost of the loan, there are a few other factors you should take into consideration. These include:

  • 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 & Investments Commission (ASIC). It should also be easy to contact.
  • High interest rates and fees. Apart from the costs outlined above, there are also fees for late payments and penalties for defaulting. All fees are regulated by ASIC and it's illegal for lenders to charge more.
  • Borrowing too much. Different lenders may offer different minimum and maximum amounts. You should not borrow more than you need.
  • Multiple applications. Every loan application shows up on your credit report. Some payday lenders may not consider your credit history. However, several applications within a short period can have a negative impact on your credit score. This can make it harder for you to get a loan in the future.
  • Inflexible loan terms. You should compare loan terms to ensure you are getting one that suits your ability to repay it. Most lenders will ask you to repay the loan on the "next payday". They could deduct the funds directly from your account.
  • 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. Typically, these are unsecured loans. This means that the lender can initiate legal proceedings against you if you do not repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector.

What happens if I am unable to meet my repayments?

While it's important to never apply for a loan that you think you will not be able to repay, sometimes life happens; you may lose your job, or experience an accident or health issues which prevent you from being able to fulfil your financial obligations.

If for any reason you are unable to meet your repayments, it is imperative that you contact your finance provider as soon as possible. Most lenders have financial hardship measures in place for just these types of circumstances. You may be able to work out a more convenient repayment schedule with your lender or temporarily freeze your repayments.

For more help on what to do if you are experiencing financial hardship, please visit our guide.

Checklist of things to do before applying for a quick loan

Before you apply for a quick loan, you should ask yourself the following:

  • Do I need the loan?

Given how expensive these loans are, you should only apply in case of an emergency. These loans can be used to finance any expense, but they should ideally only be used for emergency expenses. These loans are not a long-term financial solution. If you're already having financial trouble, they can add to it.

  • Have I checked all my options?

You should apply only if you've exhausted all your other options. There are cheaper personal loans on the market which you may be eligible for. These include low and no interest personal loans. If you need money to pay an urgent bill, you should contact your provider first. They may be able to come to an arrangement with you, such as helping you come up with a more reasonable payment schedule. This will prove to be cheaper than taking out a loan.

  • Have I spoken to a financial counsellor?

If you're facing financial difficulties, you should speak to a financial counsellor first. They offer free financial advice, information and assistance. They may be able to help you find a better solution.

  • Am I eligible for government assistance?

There may be government benefit schemes you could be eligible for. These can include parenting payments, family tax benefits and rent assistance. The Services Australia Families page has a list of payments and services you could apply for.

  • Have I checked the lender?

If you're going ahead with a quick loan, you should look into whether the lender is reputable. This involves checking if it has a credit licence and is registered with ASIC. At Finder, we only include lenders that are registered and have a credit licence.

Apart from its licence, you should also check if the lender is easily contactable. This is important in case of emergencies where you cannot meet your repayments. If you're having difficulty repaying your loan, you should contact the lender immediately. If you fail to do so, you may end up paying high fees or facing legal proceedings.

  • Have I budgeted for the loan?

After you find a lender, you should take a look at the total cost of the loan and see if you can afford it. This includes accounting for the frequency of your loan payments and how much you will pay either weekly, fortnightly or monthly. Do the repayments fit within your existing budget? Are they in line with your pay cheque or will you be left out of pocket? Will you have difficulty making these repayments? If so, you should reconsider applying for the loan.

  • Have I familiarised myself with the loan's terms and conditions?

Are you aware of all the fees involved? Apart from establishment, monthly and interest charges, you will also need to consider late fees. Payday lenders can charge a variety of fees in case you default. These may include dishonour or missed payment fees, default fees and enforcement expenses. You may also have to pay bank fees if you default on any of your direct debits.

Apart from the cost of the loan, you should also be aware of the repercussions of taking out a loan. This includes the impact on your credit score, especially if you default. Lenders can also take legal action against you, and if the loan is secured, you could lose the asset tied to the loan.

What can I use my quick loan for?

Quick cash loans should ideally be used to pay for unexpected bills.

  • This can include emergency medical expenses or emergency car repairs.
  • If you have an urgent utility bill to pay, you should contact your service provider first. It may be able to help you work out a plan to pay bills or fines in instalments.

Given how costly these loans are, you should avoid taking them to pay for:

  • Everyday necessities. If this is the case, you should consider a longer-term solution for your credit needs.
  • Repayments for existing debts. Taking a loan to pay for another loan may make your debt problem worse. You may end up paying more in fees and charges, and get into further debt. Payday loans are not a long-term financial solution.
  • Holidays
  • Big-ticket items like cars
  • Other non-essential expenses and purchases that can wait

What are my alternatives to a quick loan?

If you're looking for a loan, a quick loan should be your last resort. Before applying for a quick loan, you should explore other means of finance. We've outlined a few options below:

  • No interest loans.No interest loans are offered by 170 local community organisations across 600 locations in Australia. These loans let you borrow up to $1,500 with a loan term of 12 to 18 months. As the name suggests, these loans come without interest rates and feature no fees or charges. You will only have to repay the amount you borrowed.
  • StepUP loan. You can apply for this if your income is low. It will allow you to borrow between $800 to $3,000 at a rate of 5.99% p.a. You can use this to pay for essential goods and services.
  • Centrelink cash advance. If you receive Centrelink payments, you may be able to bring them forward as a cash advance. This is not an additional payment, but an advance on your existing payments. You may be eligible depending on how long you have been with Centrelink and how much you receive.
  • Low interest personal loans. A low interest rate personal loan generally has an interest rate of 4-6% p.a. Low interest does not always mean a cheaper loan. The interest rate may be low but other fees and charges may be high.
  • Personal loans. Some banks offer same-day personal loans for existing customers. Applicants need good credit to be eligible. Banks will consider you if you receive Centrelink payments. There are also a few banks that offer same-day personal loans even if you're not an existing customer.
  • Alternative finance. There are charities which offer financial assistance, including no interest loans. We've highlighted a few options in this guide.
  • Pay-on-demand apps. Pay-on-demand is a type of short-term loan. With it, you can borrow a portion of your pay cheque before your actual payday. It's offered by banks, pay-on-demand apps such as Beforepay, and services such as InstaPay which are offered by employers.

How do quick loans compare against bank personal loans?

Quick loansBank personal loans
Loan amounts❌Small loan amounts, generally for less than $2,000, although some lenders offer loans up to $5,000 and $10,000.✔️Larger loan amounts, which can range from $5,000 to $50,000 and above.
Loan terms❌Short loan terms.

Loans up to $2,000 can have terms from 16 days to 1 year.

Up to $5,000 can have terms up to 2 years.

Loans up to $10,000 can have terms over 2 years.

✔️Loan terms range from 1 year to 5, 7 or 10 years at most.
Fees❌Strict caps are imposed by ASIC, restricting how much payday lenders can charge. A loan fee schedule has been included above.❓Banks and credit unions are exempt from fee restrictions placed on payday lenders. They could potentially charge more, but their fees and charges are generally less than payday lenders.

Interest rates can vary based on the type of loan you've applied for. Your risk profile may also be taken into consideration.

That said, you can find personal loans with interest rates from 5% p.a.

This may work out to be cheaper than a quick loan.

Application and approval✔️Applications are short and approvals are quick.

Depending on the lender, it could take minutes to fill out the form and for your loan to be approved.

❓Application process and approvals can take longer with personal loans. Some banks have same-day loans for existing customers. But if you're a new customer, it will take longer.

Depending on the lender, your loan could be approved within 48 hours or longer. Newer lenders like neobanks and nonbanks may have faster approval processes.

Bad credit history✔️Applicants with bad credit history may be approved for a quick loan. Lenders look at the applicant's ability to repay the loan and not their credit history.❌Few traditional lenders offer personal loans for bad credit applicants. This is especially the case for unsecured loans.

✔️Newer financial institutions like neobanks and nonbanks provide risk-based financing.

❓This means that you can get a loan, but they will charge you more if you have bad credit history.

Can I get a quick loan with bad credit?

If you have a bad credit score, you can still get a quick loan. However, it will depend on the lender. Some payday lenders are open to financing loans for bad credit borrowers, but not all.

You should check the eligibility criteria of the lender before applying. Some lenders take into consideration your current financial situation and your ability to repay the loan, not your credit score.

In some cases, lenders will approve your application but you will receive the highest fees and interest applicable.

Can I get a quick loan if I'm self-employed?

Payday lenders generally have a more flexible lending criteria than traditional financial institutions. That said, it is best to check the lender's eligibility criteria before you apply.

Some lenders may take into consideration your current financial situation and your ability to repay the loan, but you may need your tax statements on hand to apply.

However, there may be better options, including those highlighted above. Some banks offer personal loans for self-employed applicants. There are also low doc loans, which require less documentation. We've written a guide for self-employed applicants. It includes more details about low doc loans and the banks that accept applications from self-employed borrowers.

Can I get a quick loan if I'm unemployed?

If you are currently unemployed, it may limit your options getting a quick loan. In order to qualify for this type of short-term finance, you will have to prove some sort of regular income.

However, there are a number of other loans that are available for unemployed applicants, including interest-free loans, overdrafts, guarantor personal loans and more. For more information on what loans are available for unemployed applicants, please visit our guide.

Am I eligible for a quick loan?

Eligibility criteria differ from lender to lender. For each lender we compare on Finder, you can check the eligibility criteria at the bottom of the review page.

Generally applicants must be:

  • Over the age of 18
  • An Australian citizen or permanent resident
  • Able to provide identification
  • Able to provide 90 days of banking history
  • Receiving some sort of regular income. If you receive income from Centrelink, it cannot be more than 50% of your total income.

How can I apply for a quick loan?

To apply for a quick loan, you should first start by comparing lenders in the table above. Once you've found one you're eligible for, 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 other proof of identity. You'll also need to provide contact information.
  • Financial. This includes how much you earn and whether or not you have any other debts.
  • Employment. If you're employed, you'll have to provide employment details, including that of your employer. If you receive income from Centrelink, you'll need to provide this information.
  • Banking details. Lenders are obligated by the law to check up to 90 days of your bank statements. You will also need to provide them with your account details.

Frequently asked questions

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    12 Responses

      Default Gravatar
      KamJanuary 9, 2019

      My friend wanted to borrow $6000. Which lender would be able to lend?

        Avatarfinder Customer Care
        JhezJanuary 11, 2019Staff

        Hi Kam,

        Thank you for your comment.

        For as long as the eligibility criteria and the requirements are met, lenders will usually consider you for a loan. You may compare loans up to $10,000. Please read through the guide and get some tips in comparing personal loans. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you. To apply, just click the ‘Go to site’ button.

        Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.

        Regards,
        Jhezelyn

      Default Gravatar
      quickieDecember 7, 2018

      hi I cant find website re loans quckiesmall loans

        Avatarfinder Customer Care
        JohnDecember 11, 2018Staff

        Hi Quickie loans Australia,

        Thank you for reaching out to Finder.

        You seem to be on the right page to check on quick loans that you could apply for. The comparison table gives you a range of lenders you could reach out to. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. If you are looking for quick loans, you can use our table to find the list of lenders offering quick loans in Australia. Hope this helps!

        Cheers,
        Reggie

      Default Gravatar
      JodieOctober 12, 2017

      I need a small loan of 2000 to register a car – I am on a pension , why Am I getting refused and what is my best option ?

        Default Gravatar
        MariaOctober 13, 2017

        Hi Jodie,

        Please note that the approval of your application would depend on the lender’s assessment of your financial situation and ability to make loan repayments.

        You may want to check our page for Pensioner Loans. It has a list of lenders that consider pension as a source of income for your loan application. Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.

        Before applying, please ensure to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

        Best,
        Maria

      Default Gravatar
      RajibApril 20, 2016

      I need huge amount of money because open small industry can u helping me

        Avatarfinder Customer Care
        ElizabethApril 20, 2016Staff

        Hi Rajib,

        We do not offer the loans ourselves, but you can compare larger loans up to $10,000 through our website. If this interests you, you can also check other business loans.

        Hope this will help,

        Elizabeth

      Default Gravatar
      LouiseJanuary 19, 2016

      Why is cash converters not listed?

        Avatarfinder Customer Care
        ElizabethJanuary 20, 2016Staff

        Hi Louise,

        You can find Cash Converters listed under the ‘Cash lenders’ panel on the side of the page, and also you can find the Cash Converters Loans it’s ypes of loans and features from our review.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

        I hope this helps.

        Thanks,

        Elizabeth

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