Short Term Loan Finder™ – Compare short term loans options

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Sunshine Short Term Loans

This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.

• Loan Amount: $2,000
• Loan Term: 9-14 weeks
• Turnaround Time: 30 minutes - conditions apply
• Fees: 20% of loan amount + 4% of loan amount each month
• Bad credit borrowers OK
• Quick & easy Approval

• Bad credit applicants considered
• Fast approval service
• Borrow up to $2,000

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Short term loans comparison

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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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...

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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