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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, there are options available to you if you need a quick loan.

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

A short term loan with a fast and easy application 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
  • Bad credit borrowers OK
  • Quick and easy approval
  • No credit checks
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Quick loans you can apply for in Australia

Rates last updated February 23rd, 2018
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
9-15 weeks
30 Minutes - conditions apply
20% of loan amount + 4% of loan amount each month
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Family Business since 1999.
Nimble Short Term Loan
62 days to 1 year
1 hour - conditions apply*
20% of loan amount + 4% of loan amount each month
Apply for up to $2,000 and have 62 days to 1 year to repay. Note: Centrelink must not be your primary source of income.
Fair Go Finance Small Loan
3-12 months
Within 24 hours
Establishment fee from 12% of loan amount + monthly fee from 2%
Apply for a loan from $500 and receive your approved funds in 30 minutes.
Ferratum Cash Loans
up to 6 months
Same Day if approved
20% of borrowed amount + 4% of borrowed amount each month
Ferratum lets you apply for up to $1,900 without a credit check.

Compare up to 4 providers

How quickly will I get the loan?

Once you send your application through 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. You can typically have your loan amount in your account on the same day for quick cash loan contracts agreed to before 2pm. 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 you’ll want to know about quick loans

Quick 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 quick cash 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 upon your banking institution. 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 a quick loan! Am I eligible?”

This depends on the lender with which you apply. For each lender we compare on you can check the eligibility criteria on the bottom of the review page. Doing so 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 do quick loans 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:

  • 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 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 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 this information). If you have questions, give the lender a call and see how easy it is to get in contact.

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8 Responses

  1. 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 ?

    • Staff
      MariaOctober 13, 2017Staff

      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 out this page on Pensioner Loans for lenders that consider pension as a source of income for your loan application.

      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.


  2. Default Gravatar
    RajibApril 20, 2016

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

    • Staff
      ElizabethApril 20, 2016Staff

      Hi Rajib,

      We do not offer the loans ourselves but you can compare larger loans up to $10,000 on this page. If you’re after a business loan, you can find some of your options on this page.

      Hope this will help,


  3. Default Gravatar
    LouiseJanuary 19, 2016

    Why is cash converters not listed?

    • Staff
      ElizabethJanuary 20, 2016Staff

      Hi Louise,

      You can find Cash Converters listed under the ‘Cash lenders’ panel on the side of the page, and also more information on this page.

      I hope this has helped.



  4. Default Gravatar
    SackNovember 28, 2015

    Can Canadian resident apply too?

    • Staff
      ElizabethNovember 30, 2015Staff

      Hi Sack,

      Unfortunately you’ve come through to an Australian financial comparison website and these lenders only approve loans to Australian residents. You’ll need to get in touch with a Canadian lender to find a loan for you.



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