Small payday loans

Find flexibility and convenience with a fast, small 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. Find out about your options for a small personal loan that can be in your account quickly.

Sunshine Short Term Offer

Sunshine Short Term Offer

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

100% confidential application

Sunshine Short Term Offer

A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.

• Loan amount: $2,000
• Loan term: 9-15 weeks
• Turnaround time: 30 minutes (conditions apply)
• Fees: 20% of borrowed amount + 4% of borrowed amount each month
• Income requirement: 50%+ of income cannot be from Centrelink
• Bad credit borrowers OK
• Quick and easy Approval
• No Credit Checks

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Compare fast small personal loans in Australia

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Name	Product	Max. Loan Amount	Term of Loan	Turnaround Time	Costs	Fortnightly Repayment $1,500	Product Description
Sunshine Short Term Loans		$2,000	9-15 weeks	30 Minutes - conditions apply	20% of loan amount + 4% of loan amount each month	$396	Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Note: Centrelink must not be your primary source of income.	Go to site More	Compare	loading Fetching your data...
Credit24 Short Term Loan		$2,000	6-12 months	Same day	20% of loan amount establishment fee + 4% of loan amount monthly.	$396	A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.	Go to site More	Compare	loading Fetching your data...
Wallet Wizard Smart Loan (Up to 2K)		$2,000	Up to 2 years	24 hours	47.8% APR	$316.70	Apply for up to $2,000 as a convenient line of credit.	Go to site More	Compare	loading Fetching your data...
Nimble Short Term Loan		$2,000	62 days to 1 year	1 hour - conditions apply*	20% of loan amount + 4% of loan amount each month	$396	Apply for up to $2,000 and have 62 days to 1 year to repay. Note: Centrelink must not be your primary source of income.	Go to site More	Compare	loading Fetching your data...
Ferratum Cash Loans		$1,900	up to 6 months	Same Day if approved	20% of borrowed amount + 4% of borrowed amount each month	$396	Ferratum lets you apply for up to $1,900 without a credit check.	Go to site More	Compare	loading Fetching your data...

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• Warning about Borrowing

  Do 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.

How fast can I get a personal loan?

Most short term loan providers offer same-day turnaround for loans. The earlier you apply, the more likely it is you will receive your loan on that day. Here are some things to keep in mind:

• Who you bank with. If you bank with the same bank the lender uses to transfer the money, usually one of the Big Four banks, then you can receive your money within minutes. The Big Four tend to have quicker transfer times than smaller banks and credit unions.
• When you are approved. While you might apply early in the day, it depends on when you are approved to be sent your funds. Lenders will only transfer your money when you've agreed to the contract.
• Cut-off times. Most lenders will have a cut-off time, usually between 2pm and 4pm, which you need to apply and be approved before to receive your funds on the same day.

How does the loan process work?

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 small payday 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.

Questions to ask your lender about quick personal loans

These types of small payday loans are quick and convenient, but there are a few things that you should consider before you apply.

• What is the cost?
  Because of the convenience of these loans and the quick turnaround for approval, you will usually be charged higher rates and fees than with other loans. Loans under $2,000 have fees capped at a 20% establishment fee and 4% monthly fee. Loans over $2,000 have different caps. Your repayment amount will depend on your payday 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 are 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 small payday loan before you apply.

Looking at applying? What you need to know

• Meeting the eligibility criteria

The eligibility criteria for these small payday loans will differ between lenders. Generally, you will need to be over the age of 18 and be a permanent Australian resident. While some small payday 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 small payday 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.

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