Same Day Personal Loans – Get Approval & Funds Fast

Same-day personal loans can help you quickly deal with any surprises life might throw your way.

In this day and age we have become accustomed to having everything we want instantly, which is why more and more lenders are offering same-day personal loans. These loans work the same way as other personal loans except that the turnaround time is much quicker, allowing you to receive those much-needed funds in as little as 24 hours.

People sometimes associate same-day personal loans with the idea of dodgy payday lenders, but there are plenty of reputable lenders to choose from - including two of the Big Four banks.

Types of same-day personal loans

• Same-day funding for new and existing customers

This type of personal loan is one of the most accessible as you do not have to be an existing customer to apply. Lenders who offer these loans generally require you to apply by a certain time and then transfer your funds into your account within 24 hours. These lenders require detailed documentation to be provided, including details of your income, debts, assets and liabilities.

Lenders who offer this type of loan: Commonwealth Bank currently offers same-day personal loans to new and existing customers when they apply by 12pm on weekdays. NAB also offer this feature if you apply in-store.

• Same-day loans for existing customers

This type of personal loan is offered by some lenders to their existing customers. These loans usually require less documentation than other personal loans because of the borrower’s history with that financial provider. The provider is able to offer a fast turnaround time because they have ready access to your transaction account and so are able to provide the funds quickly.

Lenders who offer this type of loan: Bankwest currently lets their existing customers borrow between $10,000 and $100,000 with a competitive fixed rate and the loan amount is available on the same day if you apply before 4pm. Bankwest requires at least three months salary history in your Bankwest account. Encompass Credit Union also offers same-day unsecured personal loans to existing Encompass members.

Here are some same-day personal loans you could apply for

Loan amount

$

Loan term

1 year 2 years 3 years 4 years 5 years 6 years 7 years

Calculate

		Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Repayment
	Bankwest Flexible Personal Loan Enjoy flexibility, a great low rate and fast access to your funds and access surplus funds online 24/7.	From 14.49% (fixed)	18.33%	$5,000	1 to 7 years	$249		More

• Redraw facility

A redraw facility allows a borrower to access a pre-set amount of money. This is usually a service offered by lenders to their existing customers. The loan can be charged at a variable or fixed rate and some lenders offer access to the defined redraw amount on the same day.

Lenders who offer this type of loan: Westpac offers a Flexi Loan that allows existing Westpac customers to withdraw funds up to an agreed-upon limit whenever they like. The interest is paid on the outstanding balance and is charged at a variable rate.

• Apply in branch

Some lenders offer automatic approval and provide same-day funding to customers who apply in a branch. You will generally need to bring a form of identification, bank statements and details of your finances including your income, assets, credit accounts and debts. The bank can then verify your documents in person.

Lenders who offer this type of loan: MyState offers instant decisions and same-day loan facilities for people who drop into a MyState branch. This includes secured personal loans, unsecured personal loans and overdrafts.

• Same-day loans with personal assets as security

This is quite a unique type of personal loan, with lenders allowing you to use a valuable asset as security. Types of assets can include jewellery, gold, watches, antiques, luxury boats, luxury cars and fine wine collections. The lender usually requires a valuation of the product and then offers a loan amount based on the valued amount. These type of loans usually have a quick turnaround time, with some lenders offering the loan amount on the same day.

Lenders who offer this type of loan: Assetline is a lender that specialises in these type of loans and offers same-day funding after an ID check has been completed and your valuables appraised. Assetline offers loans of varying amounts for up to three months.

Same day loan comparisons

If you have weighed up your options and are considering a same day personal loan, but don't have an outstanding credit history, a payday loan might be an option. Compare your options below.

	Max. Loan Amount	Term of Loan	Turnaround Time	Total Cost of Borrowing $100
Sunshine Short Term Loans Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Family Business since 1999.	$2,000	9 weeks	30 Minutes - conditions apply	20% of loan amount + 4% of loan amount each month	Go to site More
Nimble Short Term Loan Apply for a short term loan and you could borrow up to $2,000	$2,000	62-365 days	1 hour - conditions apply*	20% of borrowed amount + 4% of borrowed amount each month	Go to site More
Cash Train Loans Apply for a Cash Train loan and get up to $2,000 sent straight to your bank account. Fast online application	$2,000	10 weeks or 3 months	1 Business Day	20% of loan principal + 4% monthly charge	Go to site More
Ferratum Cash Loans A small loan from Ferratum lets you borrow up to $1,000 without a credit check	$1,000	16, 22 or 32 days	Same Day if approved	20% of borrowed amount + 4% of borrowed amount each month	Go to site More

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.

Things to consider

Same-day personal loans can seem like a quick and convenient option to access money, but their fast turnaround time does not mean that you should give these loans any less consideration than you would other loans. You need to think about your personal financial situation and your ability to pay back the loan before you apply. You should also consider the features of the loan, such as if it has a fixed or variable rate and your repayment options, to see if the loan meets your borrowing needs.

It may also be worthwhile to consider other forms of credit as possible options. For example, would it be cheaper to put this expense on your credit card or to take out a personal loan?

How to apply

To apply for any of the same-day personal loans offered on this page, simply follow the secure link to the lender’s website. The eligibility conditions will differ between lenders but generally you will need to be over the age of 18, a permanent resident and have a good credit rating.

Related reading: Credit Cards vs Personal loans