Find out which lenders can fund your loan today.
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 you can get a same-day loan from and what you need to consider before you apply.
All the ways you can get a personal loan today
There are a few different ways you can get a same-day personal loan:
- Same-day funding for new and existing customers.
This type of personal loan is offers by lenders that are just able to process the application quickly for all customers.
Lenders that offer this type of loan include Commonwealth Bank and Westpac.
- Same-day loans for existing customers.
This type of personal loan is offered by some lenders to their existing customers. As banks hold more data on their existing customers, it's easier for them to make a decision about them rather than new customers.
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 give you a quicker application process.
- Short-term lenders.
Lenders that offer small, short-term loans can usually have funds to you on the same day. You are usually able to borrow between $100 and $2,000 although some lenders offer up to $5,000. Terms are usually between 16 days and 1 year but typically are around 3 months.
Lenders that offer these types of loans 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 is usually offered by banks to their existing customers. Overdrafts are attached to your transaction account and allow you to overdraw up to a limit, which you then repay at a variable rate, whereas a line of credit works in the same way but sits in a separate account. Both can usually be organised by your bank within the hour.Lenders that offer this type of loan: Westpac offers a Flexi Loan that allows you to access your credit 24/7. The 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 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 that 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.
- 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 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 that 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.
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 short term loans comparison
If you have weighed up your options and are considering a same day personal loan, but don't have perfect credit history, a short-term loan might be an option. Compare loans below.
Alternative types of same-day loans to consider
What should you consider before applying for a same-day personal loan?
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 same-day 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?
Looking for more options?
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, a permanent resident and have a good credit rating.
Related reading: Credit Cards vs Personal loans