Find flexibility and convenience with a fast, small little payday loan
Getting access to money used to mean lining up in a bank and then waiting for days to see if your loan was approved – but not anymore. With the rise of online payment providers, people can have access to credit in as little as fifteen minutes and at the most one business day. These loans offer quick online applications and speedy approvals, with direct debit transfers to your account as soon as your loan has been given the green light.
Lenders who offer these types of loans provide quick access to credit for people who need it. These loans are generally meant for people who need some extra money for something unexpected that comes up before payday, or for people who just need a bit of extra cash to finance a purchase.
Sunshine Short Term Offer
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
Compare fast small personal loans in Australia
Warning about Borrowing
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.
Here are the types of loans that are available
There are a few different types of personal loans to consider if you are looking for quick and easy access to credit. These loans include:
- Payday loans
These types of loans are a relatively recent addition to the personal loans market, offering quick and convenient access to credit. The loan amount and length of the loan term are usually determined by your income level and pay frequency, hence the name 'payday' loans. If you're caught short before payday, these types of loans are an option to consider.
- Secured personal loans
These loans are usually used to finance a new or used car. They offer lower interest rates because your car is used as security in case of a default. Some lenders offer small loan amounts and a quick turnaround time, so if you're looking for a fast and small personal loan then a secured loan might be for you.
- Unsecured personal loans
You can use these loans for any purpose and they do not require you to put up an asset such as your car or home as security. Because of the risk to the lender the interest rate with unsecured loans tend to be a bit higher and you may also be charged additional fees.
- Cash advances
A cash advance is a credit service offered with credit cards where you are able to withdraw funds from your card if you need quick access to extra money. There are also 'cash advance loans' available with some lenders. You will be charged a specific cash advance interest rate for this convenience, as well as an additional cash advance fee.
- Line of credit
A line of credit is an option that allows you to access up to and including a pre-determined amount of money. If you set up this type of feature with a provider it offers convenient access to credit.
What should you know about the loan process?
The process of applying for, taking out and repaying one of these loans will differ depending on the lender you apply with and the type of loan you take out. Generally, you can expect the following:
- Take a look at the options available to you. Decide what kind of loan you want and then find a lender that can offer you the features you want. Consider loan amount, turnaround time and whether you'll be eligible for the loan.
- Start the application process. This process will depend on the lender you apply with. To apply for a loan you see on finder.com.au, simply click 'Go to Site' and fill out the application form. Generally you'll need to provide documents to confirm your identity, employment and your last three months of bank account statements. The lender may also perform a credit check.
- The approval time to expect. Most lenders are able to tell you if you've been approved instantly — within one minute or less. This may be the final approval or it may be conditional approval pending a credit check. Once you've been approved, you can sign and return the credit contract.
- Receive your loan amount. As these loans are 'fast' you will be able to receive them within one business day. Some lenders can even have your loan amount with you within the hour, depending on who you bank with.
- Repaying your loan. Payday loans are called so for a reason — they're designed to be repaid in line with your pay cycle, so the maximum repayment terms usually sit around one or two months. If you're paid weekly, the lender usually requires you to make a repayment each week. If you were paid fortnightly you would need to make repayments every fortnight, and monthly if you receive your pay in that way. Check the repayment terms before you apply to see if they'll be manageable on your budget.
Tristan's big move
After deciding to move out of home, Tristan was careful to organise his finances and budget so he had enough money for bond, the first month's rent and also his moving costs. He owned a ute so he was able to save by not hiring movers.
Two days before he was meant to move his ute broke day and it needed urgent repairs – this was also his work vehicle and it would need to be fixed for the next week. The car would only cost $250 to repair, but that was $250 more than he had. He didn't have a credit card and had spent all of his money covering his moving costs, so he considered his small, short-term loan options.
He found a lender that morning and applied for a loan, and because he applied and was accepted before 2.30pm that day, he had the funds in his account within the hour.
Questions to ask your lender about these loans
These types of loans are quick and convenient, but there are a few things that you should consider before you apply.
- What is the interest rate?
Because of the convenience of these loans and the quick turnaround for approval, you may be charged higher interest rates than with other loans. Loans under $2,000 are capped at 24% of the amount borrowed – your repayment amount will depend on the length of your loan term and how often you're making repayments.
- Are you eligible?
If you have any questions regarding your eligibility you should get in touch with the lender before applying. finder.com.au provides detailed eligibility criteria on payday loan review pages, so before you apply you can ensure you meet the minimum criteria that's stipulated. However, all lenders judge applications on a case-by-case basis, so there is never a guarantee of approval.
- Are there any restrictions?
Some lenders put restrictions on their loan features, such as with redraw facilities or repayment requirements and if you do not stick to these restrictions you may be charged. You should familiarise yourself with all aspects of the loan before you apply.
Looking at applying? What you need to know
- Meeting the eligibility criteria
The eligibility criteria for these loans will differ between lenders. Generally, you will need to be over the age of 18 and be a permanent Australian resident. While some lenders will consider you for a loan if you have bad credit history, you will usually still need to prove that you are receiving a regular income and will be able to pay the loan back.
- Submitting your application
These type of loans offer a quick application and approval process that is usually completed online. If you would like to apply with any of the lenders on this page you can follow the secure 'Go to Site' link to their online application form. You will need to provide personal details and also information relating to your finances. Some lenders notify you of your application outcome immediately after you apply and send you your funds soon after.