family who need small personal loan

Small Personal Loans

Sometimes you just need a bit of extra money to see you through. This is where a small personal loan comes in.

No two financial situations are the same. Loans are available in all sizes to meet all your credit needs. If you want to finance a furniture purchase, cover an emergency expense or even pay for a holiday, you might want to consider a small personal loan.

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

A short-term loan with a fast and easy application procedure is 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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Small personal loans you could apply for

Rates last updated September 21st, 2018
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
A small loan up to $2,000 that you repay over 9-15 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)
$2,000
Up to 2 years
3 hours - conditions apply
47.8%
$316.70
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
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
A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.
Ferratum Cash Loans
$1,900
up to 6 months
Same day - conditions apply
20% of borrowed amount + 4% of borrowed amount each month
$396
Borrow what you need with loans starting from $100 and approval in minutes.
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
Establishment fee from 10% of loan amount + monthly fee from 2%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Capfin Short Term Loan
$2,000
6 to 12 months
Overnight
20% of loan amount + 4% of loan amount each month
$396
A short-term loan from $500 that you can have up to 12 months to repay. All credit histories considered.

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Compare small loans

What exactly is a small personal loan?

A small personal loan is a form of credit that is between $100 and $2,000. These loans differ from regular personal loans in that they usually have shorter loan terms and have more flexible lending criteria. They are offered by non-traditional lenders. It’s important to note that most personal loans from banks, like the ones in the table above, have a minimum borrowing amount of around $3,000 to $5,000.

Your small loan options

If you’re looking for a small personal loan, there are a few different types you can choose from, all of which can meet different needs.

  • Payday loans. These are small, short-term loans that you can use to cover expenses that come up before payday. These loans may be an option for people who have negative listings on their credit file as the eligibility requirements tend to focus on your income and your ability to pay back the loan rather than on your credit history.
  • Overdraft facilities. An overdraft gives you the option of withdrawing more money than you have available in your account. The amount is generally quite small, usually between $100 and $1,000 and you can overdraw up to a predetermined amount with set fees and rates.
  • Lines of credit. A line of credit is similar to an overdraft facility, but the credit line isn't attached to your transaction account and you may be able to borrow more money. You are able to withdraw up to a set limit at a set rate and you will only be charged the rate on the amount you withdraw.
  • Cash advance. A cash advance involves withdrawing money from your credit card. This type of credit starts accruing interest straight away, usually in excess of 20% p.a. Learn more about cash advances here.
  • Good credit small loans. If you have good credit, you can still get a small loan. Compare your options below.

How can you compare small personal loans?

Small personal loans work in much the same way as other types of personal loans in that you are charged certain fees and rates in order to borrow money from a lender. Small personal loans do have a few key features, which are outlined below, that you can use in your comparison:

  • What are the fees you'll be paying?
    Lenders will charge a range of fees for lending you money. Check for upfront fees, such as establishment fees, and ongoing fees, such as annual or monthly fees. Other fees, such as those charged for early repayment, may also apply.
  • What loan terms are on offer?
    Traditional personal loans are lent for loan terms as long as 7 years, whereas small personal loans are usually lent for terms of between 16 days and 1 or 2 years. Check what terms are on offer to find a repayment term that works for you.
  • How much can you borrow?
    A small personal loan can range from loan amounts as little as $100 to as much as $2,000. Lenders will differ on how much you can borrow, so ensure you will be able to borrow the amount you need before settling on a lender.
  • How can you apply?
    As these loans are smaller and for shorter terms, most lenders operate online and provide quick loan applications. Some lenders are able to offer instant approval and can have the small loan amount transferred to you within 24 hours. When you apply, you will need to provide personal and financial details.
  • How much will your repayments be?
    Depending on the type of loan you choose, the lender may offer different repayment options. Some lenders may arrange your repayments in line with your income frequency and amount. Other lenders may offer other repayment features such as additional repayments or redraw facilities.

Things you should try to avoid

When applying for a small personal loan, you should calculate the fees and rates to determine your repayments and see if you will be able to afford them. You should also consider the necessity of the loan. If it’s not for an expense you need urgently, it may be worth trying to save the amount rather than taking out a small loan.

  • Getting into too much debt
    When considering whether to apply for a small loan, it's important to assess your financial situation first and ask yourself whether you really need the loan. If you are applying for the small loan to pay bills or rent, ask your utility provider or landlord if you can have extra time to pay. You might also be able to set up a payment plan.
  • Making too many applications at once
    Remember, each application you make for finance is listed on your credit file. Too many listings can look bad and show a profile of risk. If you are seeking a loan, it's good practice to not apply with every company you find. Keeping your credit file respectable may help you secure a loan.

Benefits and drawbacks of small loans

  • Quick access to funds. You'll benefit from getting a quick turnaround time on your loan. Some short-term loan brands offer 60-minute turnarounds (of course, conditions do apply)
  • Borrow only what you need. If you only need a small amount of cash, then you won't want to be locked into thousands of dollars of debt. Borrowing under $1,000 may be more financially feasible.
  • Set repayment periods. When you use a small loan, your repayment period will generally fall on your next payday. If you can stick to a budget, you can make your repayments on time.
  • Higher fees. Because small personal loans are offered over a shorter period of time, the fees and charges are often higher. This is to protect the lender in the event of default or late payment.
  • Limited range of lenders. Depending on your credit history and income, you may have a limited selection of credit options. It's always important to compare your options before applying.

How you can apply for a small personal loan online

Compare your small personal loan options using the comparison table. Once you have found a loan you want to apply for, click the "Go to site" button. This will securely take you through to the lender’s website where you’ll be able to fill out an online application form and provide personal and financial details. Some lenders offer instant approval and some may have the loan amount deposited in your account within 24 hours. To be eligible for a personal loan, you generally need to be over the age of 18 and a permanent Australian resident.

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19 Responses

  1. Default Gravatar
    lorettaMarch 15, 2018

    I need a loan of 8000 dollars to pay off some legal bills and other expenses , I am retired and have an income of 45000 a year is this possible?

    • finder Customer Care
      JeniMarch 15, 2018Staff

      Hi Loretta,

      Thanks for getting in touch with finder. If you are looking for a financial help to pay off some legal bills and expenses through personal loan, please refer to this link https://www.finder.com.au/personal-loans. Small Personal Loan may not be suitable for you since it offers a maximum loan of $2,000.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    nosratollahJune 30, 2016

    Hi w can give loan with my credit 450 scor my daughter is 17 years old she can apply loans thank you

    • finder Customer Care
      ElizabethJuly 1, 2016Staff

      Hi nosratollah,

      Your daughter is ineligible to apply for a loan because she’s under the age of 18. The lenders on the page above will consider you for a loan despite your bad credit history, as long as you show you have the means to repay the loan.

      I hope this helps,

      Elizabeth

  3. Default Gravatar
    TristianJuly 22, 2015

    is there any way that i could get a loan if I’m on centrelink youth allowance earning $450 a fortnight with no Identification?

    • finder Customer Care
      MattJuly 23, 2015Staff

      Hi Tristian,

      Thanks for your comment. Most lenders require 100 points of identification to get any form of credit. If you’d like to find out more about these companies for centrelink borrowers, check out this link here.

      Cheers
      Matt

  4. Default Gravatar
    LynetteJune 10, 2015

    Would i be able to apply for another small loan as I am an existing customer and have an emergency

    • Default Gravatar
      gabrielJuly 11, 2015

      is this available even if im here in the philippines?

    • finder Customer Care
      ElizabethJuly 13, 2015Staff

      Hi Gabriel,

      Thanks for your question.

      Unfortunately, these loans are only available if you currently reside in Australia.

      Thanks,

      Elizabeth

    • finder Customer Care
      ElizabethJune 10, 2015Staff

      Hi Lynette,

      Thanks for your question.

      You’ve come through to finder.com.au, a financial comparison site and not a lender directly. To apply for another loan you just need to click ‘Go to Site’ next to the name of the lender you applied with originally. Depending on the lender they may have a member’s area or returning borrowers area set up for easy repeat borrowing.

      I hope this has helped.

      Thanks,

      Elizabeth

  5. Default Gravatar
    donApril 26, 2015

    Can i get a $8000 loan my income is $74000 per year with a 600 credit score? How soon can I receive the money?

    • finder Customer Care
      MattApril 28, 2015Staff

      Hi Don,

      Thanks for your comment. If you’d like to get an approximation of your borrowing power, you can use our calculators.

      If you’d like to find out the income and requirements for each loan, click into the review pages linked from the table above.

      If you have any other questions, please leave a reply to this comment.

      I hope this has helped.

      Cheers
      Matt

  6. Default Gravatar
    HasanJanuary 27, 2015

    Hi Shirly about the 10000 loan can you think were else I could try

    • finder Customer Care
      ShirleyJanuary 28, 2015Staff

      Hi Hasan,

      Unfortunately at the moment we can’t provide other options. Please keep in mind that too many inquiries on your credit history also reduces your credit score.

      You may want to consider credit repair to open up your options.

      Cheers,
      Shirley

  7. Default Gravatar
    HasanJanuary 27, 2015

    im on a carer pension and have bad credit and need a loan to by a van I need $10,000 who do you think can help me

    • finder Customer Care
      ShirleyJanuary 27, 2015Staff

      Hi Hasan,

      Thanks for your question.

      We have an article titled “How to get approval for a $10,000 Loan with bad credit” that may be of interest to you.

      Cheers,
      Shirley

    • Default Gravatar
      HasanJanuary 27, 2015

      I have tried that company and no good they say bad credit and they can help that’s a lot of balony, plus the fact im on a carer pension I guees that don’t help these banks and so on I have a sick mother who I take care of and the pension gives me 900 a fortnite so what do they expect a person to do I can pay back the loan so what is the issue I don’t realy understand why they knock me back and yet they give credit cards to young kids that don’t even have a job and a lot of these kids don’t even pay them back . oh well ill keep trying thanks anyway

  8. Default Gravatar
    yvonneOctober 29, 2014

    hi I woundered if I could have a loan

    • finder Customer Care
      ShirleyOctober 30, 2014Staff

      Hi Yvonne,

      Thanks for your question.

      Please check the eligibility requirements of the loans (you can do this by clicking into the reviews). Generally if you meet the requirements, then you can apply for the loan.

      Cheers,
      Shirley

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