A quick loan can help you get through a budget shortfall – learn how much you can get and how quickly it can be in your account.
No matter how much you earn or what your credit history is like, there may come a time when you don’t have enough money in the bank to cover essential expenses. Maybe your budget has been stretched and you need help for car repairs or you forgot about a bill that's due tomorrow. Whatever it is, if you need the money quickly, there are loan options available to you.
Sunshine Short Term Offer
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
Quick easy cash loans in Australia you can apply for
Warning about Borrowing
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.
How quickly will I get the loan?
After you send through your application you will generally be told whether you are approved or conditionally approved. Once you have been sent a credit contract to agree to (this may be by SMS or email) and have agreed to it, that’s when the money will be deposited into your bank account.
The amount of time this takes depends on who you bank with and when you agree to the loan contract. Usually, for loan contracts agreed to before 2pm, you can have your loan amount in your account on the same day. You can find out more information on the lender’s site (by clicking "Go to Site on the tables above) when you apply.
Four features of quick loans you’ll want to know about
Loans vary between lenders, but there are some common features to bear in mind.
- You can apply if you have bad credit. Most lenders who operate in this space will consider you for a loan even if you have bad credit. The degrees of bad credit they are willing to accept differ, but mainly they just want to know you have the ability to repay your loan.
- You can receive the money in a few hours. Turnaround time differs between lenders and depends who you bank with. If you have an account with the Big Four, you can usually receive your loan within a few hours of applying. At the latest you'll have your loan on the next business day.
- The fees are capped. If you’re borrowing less than $2,000 for terms of between 16 days and one year, lenders cannot charge more than a 20% establishment fee and a 4% monthly fee.
- You can generally repay your loan early. Most payday lenders will allow this, although some charge fees. Check with the lender before you apply.
“I need cash quick! Am I eligible?”
This depends on the lender you apply with. For each lender we compare on finder.com.au you can check the eligibility criteria on the bottom of the review page. Doing this can give you a better chance of being approved before you start the application process. Generally, you’ll need to be:
- Over the age of 18
- A permanent Australian resident or citizen
- Able to provide identification
- Able to provide 90 days’ worth of banking history
- Receiving some sort of income (from Centrelink or a job)
How much will the loan cost?
Lenders are restricted as to how much they can charge you depending on how much you borrow. What is outlined below is the maximum they can charge, but you will find lenders charging less than this.
- For loans less than $2,000 with repayment terms between 16 days and one year: 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: 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.
What is the difference between a quick loan and other 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 you can 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:
You’ll need a driver’s licence, passport or something to show your identity, your contact details and other similar information.
How much do you earn? Do you have any debts?
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 information about this.
- Banking details.
Lenders usually need to check 90 days’ worth of your bank statements and also need 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 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?
There are few restrictions as to what you can use your loan for. If you have a need for the money and the ability to repay it, you can apply and use the loan amount how you choose. Some lenders may ask what you intend to use the loan amount for, however.
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 they’re registered on ASIC Connect’s Professional Registers.
You can also see how clear they are with information about their fees and rates, 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 information on this). If you have questions, give the lender a call and see how easy it is to get in contact.