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Short Term Loan Finder™ – Compare short term loans options

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

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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 expenses. In this guide, you can compare short term loan options, find out about how they work and how much they cost.

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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.

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Short term loans comparison

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Credit24 Short Term Loan
$2,000
6-12 months
Same day - conditions apply
$10
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.
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Ferratum Cash Loans
$1,900
3 to 12 months
Same day - conditions apply
$55
20% of borrowed amount + 4% of borrowed amount each month
$396
Borrow what you need with loans starting from $500 and approval in minutes. Note: Apply for a loan and get paid out from 1 to 31 October 2020 to enter the raffle and get a chance to win weekly $250 vouchers or an iPad. Terms & conditions apply.
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Compare up to 4 providers

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 and it is more than 50% of your income, repayments cannot exceed 10% of your income. This rises to 20% if you receive less than half of your income from Centrelink.
  • 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.

What are the risks of short term loans?

  • Various loan amounts. Apply for between $100 to and as much as $10,000 with a short term loan. Higher amounts will attract higher repayments.
  • Capped rates and fees. The lender is restricted as to how much it can charge you in interest and fees. Make sure you aren't being charged more than the regulated fees laid out by ASIC.
  • High cost. Short term loans come with higher rates and fees than other banks and credit unions. They also usually have shorter repayment periods, which means debt can pile up quick if you fall behind.
  • 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. Remember that there is no such thing as a guaranteed loan and anyone who promises otherwise is breaking the law.
  • Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.

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 nothing else 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 choices.

Alternative to short term loans

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.

Frequently asked questions 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?

    • Default Gravatar
      NikkiJanuary 8, 2020

      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.

      Best,
      Nikki

  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

    • Default Gravatar
      NikkiMarch 30, 2019

      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.

      Best,
      Nikki

  3. Default Gravatar
    MarkJanuary 16, 2017

    Hi
    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.

      Cheers,
      Anndy

Go to site