Same Day Personal Loans

People associate same-day personal loans with shady cash lenders or pawn shops, but there are plenty of reputable lenders to choose from – including some of the Big Four banks. Find out which lenders are most likely to approve applications for same-day loans and what you need to consider before you apply.

Different ways to apply for a same-day personal loan

Different lenders offer various types of same-day loans. Understanding the differences between the assorted same-day personal loans available will help you to choose the best lender to suit your circumstances – and give you the best chance of a successful application.

• Same-day funding for new and existing customers.
  Some lenders will process loan applications quickly for all applicants, regardless of whether or not they are existing customers.
  Suitable for: People who do not have a relationship or history with a particular lender.
  Lenders offering this type of loan include: Commonwealth Bank and Westpac.
• Same-day loans for existing customers.
  Some lenders will only offer same-day personal loans to their existing customers, and will not consider applications from new customers. Banks and other lenders use the data that they already hold on their existing customers to make a decision about their suitability for a same-day loan.
  Suitable for: People who have a good history with a participating lender.
  Lenders that offer this type of loan include: Bankwest and NAB. Short-term lenders such as Nimble, Wallet Wizard and MoneyMe also have "Member's areas" that can guide existing customers through a quicker application process.
• Short-term lenders.
  Lenders that offer small, short-term loans can usually have funds to you on the same day. Loan amounts are usually between $100 and $2,000, although some lenders offer up to $5,000. Loan terms are usually between 16 days and one year but typically are around three months.
  Suitable for: People who do not have a relationship with a lender and who would prefer not to apply through a major bank. People who are looking to borrow less than $2,000 with a loan term of less than a year.
  Lenders that offer this type of loan include: Nimble, MoneyMe, Sunshine Loans and Ferratum. Compare them in the table below.
• Line of credit or overdraft
  A personal overdraft or line of credit is a small funding option that banks usually offer to their existing customers. Overdraft is attached to your transaction account and allow you to overdraw up to a limit, which you repay at a variable rate. A line of credit works in the same way but sits in a separate account.
  Your bank can usually organise a line of credit within the hour.
  Suitable for: People with a good relationship with a participating bank.
  Lenders that offer this type of loan include: Westpac, which offers a Flexi Loan that allows you to access your credit 24/7. Interest is paid on the outstanding balance and is charged at a variable rate.
• In-branch applications
  Some lenders offer automatic approval and provide same-day funding to customers who apply in a branch. You will generally need to provide 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.
  Suitable for: People who are willing and able to appear in-person at a branch and bring hard-copy financial and identification documents.
  Lenders that offer this type of loan include: 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.
• A secured same-day personal loan
  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 sum based on the asset value.
  These types of loans usually have a quick turnaround time, with some lenders offering the loan amount on the same day.
  Suitable for: Someone with a valuable asset they are willing to use as security against a same-day loan.
  Lenders that offer this type of loan include: Assetline specialises in these types of loans and offers same-day funding following an ID check and the appraisal of your valuable asset. Assetline offers loans of varying amounts with loan terms of up to three months.

Which banks offer same-day personal loans?

Lender	How much you can borrow	Conditions	Available to new customers?	Find out more
CommBank	$4,000 to $50,000	Apply before 12pm Mon-Fri, not available for secured loans.		Compare
NAB	$5,000 to $55,000	Be approved in-store by 2pm and have had an active NAB account for 6 months.		Compare
Bankwest	$5,000 to $100,000	Apply and be approved before 4pm WST and have at least 3 months salary deposited in a Bankwest account.		Compare
Westpac	$4,000 to $50,000	-		Review

Same-day personal loans comparison

If you have weighed up your options and are considering a same-day personal loan, but lack perfect credit history, a short term loan might be an option. Compare loans below.

Sort by:

Name	Product	Maximum Loan Amount	Term of Loan	Turnaround time	Costs	Fortnightly Repayment (for $1500 Loan)
Nimble Short Term Loan Exclusive		$2,000	62 days to 9 months	1 hour - conditions apply	10% of loan amount + 2% of loan amount each month	$348	Finder Exclusive: 50% discount on the establishment fee (now 10% of the loan amount) and monthly fee (now 2% of the loan amount) A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.	Go to site More Info	Compare	loading Fetching your data...
Sunshine Short Term Loans		$2,000	9-12 weeks	30 minutes - conditions apply	20% of loan amount + 4% of loan amount each month	$396	A small loan up to $2,000 that you repay over 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income	Go to site More Info	Compare	loading Fetching your data...
Wallet Wizard Smart Loan (Up to 2K)		$2,000	Up to 2 years	3 hours - conditions apply	47.8%	$316.70	Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.	Go to site More Info	Compare	loading Fetching your data...
Credit24 Short Term Loan		$2,000	6-12 months	Same day - conditions apply	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.	Go to site More Info	Compare	loading Fetching your data...
Fair Go Finance Small Loan		$2,000	3-12 months	1 business day	Establishment fee from 10% of loan amount + monthly fee from 2%	$354	A small loan between $500 and $2,000 that can be funded in 24 hours.	Go to site More Info	Compare	loading Fetching your data...
Cash Converters Personal Loan		$2,000	up to 12 months	Within 48 hours	20% establishment fee + 4% monthly fee	$396	Cash Converters offers this loan from $400 that gives you up to 12 months to repay.	Go to site More Info	Compare	loading Fetching your data...

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• 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.

Alternative types of same-day loans to consider

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Loan term

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Sort by:

Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
Westpac Unsecured Personal Loan		12.99% (fixed)	14.14%	$4,000	1 to 7 years	$0 ($250 establishment fee waived)	$12		You'll receive a fixed rate of 12.99% p.a. Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: Establishment fee will be waived if you apply and are approved before 30 September 2019.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Fixed		From 10.69% (fixed)	11.58%	$5,000	1 to 7 years	$150	$10		You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.	Go to site More Info	Compare	loading Fetching your data...
St.George Unsecured Personal Loan - Fixed Rate		From 12.99% (fixed)	14.06%	$2,000	1 to 5 years	$0 ($195 establishment fee waived)	$12		You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: Establishment fee will be waived if you apply and are approved before 30 September 2019.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Variable Rate		From 10.69% (variable)	11.58%	$5,000	1 to 7 years	$150	$10		You'll receive a variable rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.	Go to site More Info	Compare	loading Fetching your data...
St.George Unsecured Personal Loan - Variable Rate		From 12.99% (variable)	14.06%	$2,000	1 to 7 years	$0 ($195 establishment fee waived)	$12		You'll receive a variable rate between 12.99% p.a. and 18.9% p.a. based on your risk profile A low minimum borrowing amount of $2,000 plus the convenience to make extra repayments and redraw them if you need them. Note: Establishment fee will be waived if you apply and are approved before 30 September 2019.	Go to site More Info	Compare	loading Fetching your data...

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What should you consider before applying for a same-day personal loan?

While same-day personal loans can seem like a quick and convenient option to access money, their fast turnaround time does not mean that you should give these loans any different consideration than you would other loans.

Consider the following before applying for a same-day personal loan:

• Your personal financial situation. Do you know what the loan repayments are likely to be? Can you afford to make the repayments?
• Fees and costs. Are all fees and costs transparent? Do you know exactly how much the loan is going to cost you overall? Government regulations state that lenders offering loans of less than $2,000 can charge a maximum of 20% as an establish fee and 4% per month for the life of the loan. Lenders are not permitted to charge direct debits fees for new loans taken out after 1 February 2017.
• Interest rates vs fee-based. Some lenders change interest on short term personal loans, which others – such as Moneyspot – are entirely fee-based. These differences can make it more difficult to compare loans from different lenders.
• Information required to apply. Even lenders who are solely based online and who offer instant approval will generally require you to upload financial information during the application process. Understand the information and paperwork you’ll need beforehand, as ordering bank statements or finding payslips could increase the amount of time taken to submit your application.
• The loan’s purpose. Same-day loans have a sense of urgency about them. Once the loan funds have been spent and the repayments fall due, will you regret taking out the loan? Consider the difference between using same-day loans for emergency medical expenses or to fund a weekend away.
• The loan’s features. Does the loan have a fixed or variable rate? How does the interest rate compare to other similar lenders? Are there incentives or penalties for early repayments?
• Alternative forms of credit. Would it be cheaper to put this expense on a credit card or to take out a personal loan?

What documents will you need in order to apply for a same-day personal loan?

Australian law requires lenders to satisfy themselves about your financial circumstances before giving you a loan.

You may be asked to provide the following documents:

• Bank statements for the past 90 days
• Payslips and/or Centrelink statements, or your last tax return to verify your income
• Mortgage or rental property statements
• Utility bills or statements
• 100 points of identification if you are a new customer

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How to apply for a same-day loan

To apply for any of the same-day personal loans offered on this page, simply click "Go to Site" to apply. The eligibility conditions will differ between lenders, but generally you will need to be over the age of 18, an Australian citizen or permanent resident and have a good credit rating.

Related reading: Credit Cards vs Personal loans

Picture: Shutterstock

Matt Corke

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Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: The establishment fee will be waived if you apply before 30 September 2019.

More info

ING Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.

More info

NOW FINANCE Personal Loans

You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.

More info

Westpac Unsecured Personal Loan

You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: Establishment fee will be waived if you apply and are approved before 30 September 2019.

More info