Short Term Loan Finder™ – Compare short term loans options

Find out how short term loans work and what eligibility criteria applies.

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A short term loan is a small loan that is designed to be repaid in a short period to help cover unexpected expensse. In this guide, you can compare short term loan options, find out about how they work and how much they cost.

Financial hardship

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.

⚠️ Warning about Borrowing

payday-warningDo 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.


Nimble Short Term Loan

Finder Exclusive:
25% discount on the establishment fee (now 15% of the loan amount) and monthly fee (now 3% of the loan amount)

Nimble offer a fast and easy online application. You can apply today to get approved for up to $2,000.
  • Loan amount: $2,000
  • Loan term: 62 days to 9 months
  • Turnaround time: 1 hour - conditions apply
  • Fees: 15% of loan amount + 3% of loan amount each month
  • Quick and easy Approval
Nimble Short Term Loan
  • Borrow up to $2,000
  • 100% online application
  • SMS payment reminders
Go to site More info

Short term loans comparison

Updated January 20th, 2020
Name Product Maximum Loan Amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Nimble Short Term Loan
62 days to 9 months
1 hour - conditions apply
15% of loan amount + 3% of loan amount each month
Finder Exclusive: 25% discount on the establishment fee (now 15%) and monthly fee (now 3%)
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Sunshine Short Term Loans
9-12 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
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
Wallet Wizard Smart Loan (Up to 2K)
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
Credit24 Short Term Loan
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
Ferratum Cash Loans
up to 12 months
Same day - conditions apply
20% of borrowed amount + 4% of borrowed amount each month
Borrow what you need with loans starting from $500 and approval in minutes.
Cash Converters Personal Loan
up to 12 months
Within 48 hours
20% establishment fee + 4% monthly fee
Cash Converters offers this loan from $400 that gives you up to 12 months to repay.
Speckle Small Loan
3 to 12 months
1 business day
10% of loan amount + 2% of loan amount each month
A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.

Compare up to 4 providers

The Finder short term loan comparison

Compare the features of the short term loans below.

Payday LoanLoan TermMaximum Loan Amount
9-12 weeks$2,000
10 weeks or 3 months$2,000
up to 12 months$1,900
62 days to 9 months$2,000

What's the eligibility criteria for a short term loan?

Eligibility criteria differ between lenders, but generally you will need to meet the following:

  • Be over the age of 18
  • Be earning a regular income, usually at least $350 per week
  • If you receive Centrelink, it cannot be more than 50% of your income
  • If you have bad credit you need to prove your financial situation is stable and that you can repay the loan

How much does a short term loan cost in Australia?

Short term loans are expensive forms of credit and cost more than traditional personal loans. In Australia, lenders are restricted as to how much they can charge as fees for short term loans. For loans under $2,000, they cannot charge more than a 20% establishment fee and a 4% monthly fee plus late fees and enforcement expenses. The fee structure differs for loans with higher amounts. Fees and rates are listed in Finder review pages and comparison tables.

Have you weighed up the pros and cons of short term loans?

  • Online application. Lenders accept online applications for short term loans.
  • Various loan amounts. Apply for between $100 to and as much as $10,000 with a short term loan.
  • Capped rates and fees. The lender is restricted as to how much it can charge you in interest and fees.
  • High cost. Short term loans come with higher rates and fees than other banks and credit unions.
  • Dodgy lenders. While there are many reputable lenders operating in the space, you can come across dodgy ones that approve you for a loan you cannot afford.

Reasons you might need a short term loan

People choose to get short term loans for a variety of reasons, including;

  • To pay for unexpected or forgotten bills or payments
    If you have no other alternatives to cover a forgotten bill, a short term loan may be an option to consider.
  • To cover expenses until payday
    A small short term loan can be an option to consider if you have no other options available to you and you are short on funds due to an unexpected expense. However, it's important to remember that this is not a long-term strategy.
  • To bridge an income gap when you are waiting on payment
    If you are waiting on funds to come through for a large payment, a short term loan may be an option if you are guaranteed to receive the payment and you have no other options to consider.

Should you really apply for a short term loan?

Short term loans should only be considered as a last resort. There are a number of alternatives available including community and government financial assistance programmes, Centrelink advances and more. If you need financial assistance you can also get in contact with a free financial counselling service to discuss options for dealing with your debt.

Questions you might have had about short term loans

How long is a short term loan really for?

Short term loans can last anywhere from 16 days up until one year. Most short term loan providers have calculators available that allow you to see exactly how much your loan will cost you based on their fees and your chosen repayment period.

Do I need to put up any collateral?

Some short term lenders accept assets as security for loans. Keep in mind this is risky as you could lose your asset if you default on the loan.

Could I use my credit card instead or even an overdraft?

If you have a credit card with available credit or are eligible for an overdraft with your current bank, then these are definitely alternatives to consider. You can also work out the cost difference if you know how much you need to borrow.

Could I use a short term loan as a deposit for another form of financing?

There are many car loan leases in the market that require a deposit for your finance to be secured. Sometimes borrowers use a small amount to secure a deposit for the car financed from the bank and then refunded through the finance amount. It is wise to consult a financial planner before considering this option.

Why do I have to give my Internet banking details to get a short term loan?

When you apply for a loan, you are required to show the lender that you get paid regularly and can service the loan repayments. In the past, this was done by printing off your bank statements and faxing them in. Since technology has now progressed, there is software that allows you to login and provide these electronically to the lender. These systems are 100% secure and are done over 128-bit encryption.

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6 Responses

  1. Default Gravatar
    PatriciaJanuary 8, 2020

    Where can I go to find a short term loan?

    • Avatarfinder Customer Care
      NikkiJanuary 8, 2020Staff

      Hi Patricia,

      Thanks for your comment and I hope you are doing well. This page shows all lenders you can review for a short term loan.

      Above, you will find a table that lists the brand covering short term loans. As there’s a lot of lenders to choose from, what’s good about this table is you can compare up to 4 providers side by side by ticking the box below the brand name. ​Click COMPARE and it will show a pop-up window of their features and benefits side by side. When you already have a brand in mind, I suggest reading more information about them via Finder review pages by clicking the MORE INFO button. The page contains benefits and features that you would want to know, eligibility criteria and especially how to apply to their company. When you are ready, find a green GO TO SITE button to be brought to the official website of the provider.

      ​Know that this is where you get a quote or start your application. As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps and feel free to reach out to us again for further assistance.


  2. Default Gravatar
    marleneMarch 29, 2019

    I am not working at the moment I do not have a bank account I get Cash Aid from the government once a month would I qualify

    • Avatarfinder Customer Care
      NikkiMarch 30, 2019Staff

      Hi Marlene

      Thanks for reaching out. There are loan options available while you are unemployed and receiving Cash Aid via page Be sure to review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the lender should you need any clarifications about the policy.


  3. Default Gravatar
    MarkJanuary 16, 2017

    I just need a quick $1000 which I can repay by mid March. What do you recommend?

    • Avatarfinder Customer Care
      DeeJanuary 16, 2017Staff

      Hi Mark,

      Thanks for your question.

      If you are looking for a fast cash loan, you can check this page for your guide and options. Please do check the eligibility criteria to apply before clicking the ‘go to site’ button.


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