An easy personal loan is one that offers simple, fast approval. But you still need to make sure you're getting a competitive interest rate and a loan that's right for you.
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What is an easy approval personal loan?
Easy loans aren't a specific type of loan. An "easy loan" is typically a way of referring to a personal loan that's quick and simple to get approved for. These are often from an online lender.
A lot of lenders offer fast online personal loans. Be sure to compare widely and understand that while a loan may be easy to get approved for, it could have higher costs.
Easy approval loans tend to have a more automated approval process, as well as less strict eligibility criteria. So if you meet their basic requirements, you could apply and have the money in your bank account in a matter of hours.
Some lenders even say it could take minutes, but keep in mind that things may be delayed if the lender needs more information from you or if you apply outside of business hours.
Many lenders operate completely online and offer approvals in hours rather than days.
Some lenders even promise approval in minutes, although this comes with some big disclaimers. If you have a good credit score and all the required ID and financial details ready you can get a quick decision and an easy loan approved fast.
But for borrowers with poorer credit scores and less documentation it might not be so quick.
2. A loan from your bank
Sometimes the easiest loan to get is actually from your current bank. Your bank knows a lot about you and may approve a personal loan application quickly if you meet the criteria.
3. A low doc personal loan
If you have limited credit history or you're self-employed with irregular income, you might find easy approval loans aren't so easy to get. You need a low doc personal loan.
Low doc means low documentation. With these loans lenders don't require the same amount of documentation to support your application, such as proof of income and bank statements.
Low doc personal loans do have higher interest rates. So these loans are best suited to borrowers who run their own businesses or have irregular income (seasonal or freelance workers, for example).
What about payday loans?
Payday lenders advertise themselves as quick, easy cash. This meets many people's definition of an easy loan. But they're far from cheap.
While they don't have interest charges they come with hefty fees. The typical payday lender charges:
An establishment fee: Up to 20% of the loan amount
Monthly fee: Up to 4% of the loan amount
This can get expensive. If you borrowed $1,500 over 8 months with those fees in place, by the time you paid back the loan you'd end up paying a total of $2,280.
Which lenders offer easy approval loans?
The personal lending market in Australia is a crowded field. Most lenders now offer fast online approval in some form.
Here's a far from exhaustive list of some of the lenders who offer fast and easy approval (provided you meet the criteria and have all the ID and proof of income documents).
Now Finance says you can get a personalised rate in 2 minutes and get a decision on your application within 2 minutes, with the money in your account between 24 and 48 hours.
OurMoneyMarket gives you a quick quote online and says you can apply within 5 minutes, with a conditional decision made in 1 minute and funds in your account within 1 - 3 business days.
Harmoney is a 100% online lender and says its average loan turnaround time is under 24 hours, with 99% of its loans funded within 24 hours.
Plenti offers completely online personal loans. You can get a quick rate estimate in as little as 60 seconds. Application takes 10 minutes and if approved you could get your funds within 24 hours.
Latitude is a digital lender that offers various loans, cards and insurance. Latitude says it can give you a quote in less than 2 minutes and you can apply in less than 7 minutes. You can get funds within 24 hours.
⚠️ Lenders offering "guaranteed approval"
When looking for fast, easy personal loans it's important to stick with a reliable, registered lender (read customer reviews and check ASIC's company register).
Just because an online lender promises easy loans with "guaranteed approval", doesn't mean they actually offer that. Usually these lenders' terms and conditions really mean you can get quick approval "subject to lending criteria". In other words, approval is guaranteed… if you meet the borrowing standards.
If a lender really is offering a loan with zero credit checks or borrowing requirements it is quite likely a scam.
Which personal loans are easier to get approved for?
Some loans are easier to get than others. A big part of this depends on your credit score and your suitability as a borrower, but the type of loan you apply for matters too.
It's easier to get approval if you have security
A secured personal loan may have a lower interest rate (based on your risk profile) and is easier to get approved for – if you have something to offer as security.
Security means an asset that you can use to support your loan application. The most common assets are a car or a property.
If you can't repay the loan the lender may be able to sell your asset to recover the money you owe. That's why a secured loan is easy to get: it's less risky for your lender.
Unsecured loans are often faster and easier to get. There's an asset for the lender to assess. And many fast online lenders only offer unsecured loans.
It's easier to get a smaller loan approved
The more money you want to borrow the riskier you are to a lender. A lender may require security, a higher income and may take longer to process your application.
If you need an easy personal loan approval then lowering the loan amount may help you get the cash faster.
Who are you already banking with?
Australia's biggest banks also offer personal loans. And if you already bank with one it knows a lot about you as a customer. And you already have an account set up. Check your banking app or website (logged in) and look at their loan options. You might find they're offering automatic conditional approval for a certain amount. It might only take minutes to apply and get approved.
5 tips to make any personal loan application easier
An easy loan looks a little different for every borrower. But whatever your needs are, applying for the right loan and having a better credit score will make the process much easier.
Improve your credit score.Anything you can do to improve your credit score helps you get a lower rate and makes your application easier. Start by checking your credit score, then identify any issues you need to fix. Make sure you pay off any outstanding debts and consider lowering the limit on your credit card.
Apply for a loan you can actually get. Lenders have eligibility criteria you need to meet. This includes very simple stuff like being over 18 and an Australian citizen or resident. But you'll also need to be earning over a certain amount a year and have proof of income.
Keep all your documents and details handy. Make the loan application easier for yourself by collecting all the information lenders require: 100 points of ID, proof of income and recent bank statements.
Compare your options. Don't just apply for the first loan you see, even if it looks suitable. Compare rates from multiple lenders and check their eligibility criteria.
Crunch the numbers. While this won't affect your application necessarily, it's always important to look at the full cost of a loan before applying. Factor in the interest rate, what the monthly repayments look like and the total cost of fees. Use a personal loan calculator to check for yourself.
Alternatives to an easy loan
Borrowers in need of fast, easy cash should be careful before getting a loan. Lenders offering the fastest, easiest loan approvals are more likely to charge you high interest or hefty fees in exchange.
Taking on a debt like this can make your financial challenges worse.
You may have other options before taking out a loan:
Check if you qualify for a no-interest loan. Community organisations offer no interest loans through the No Interest Loans Scheme (NILS). You can borrow up to $2,000 and pay no interest or fees. But the loan is not cash. The money comes in the form of a cheque for a specific item you need to buy, from a specific vendor.
Check if you qualify for a Centrelink Advance Payment. If you're on Centrelink payments you may qualify for an advance on your next payment. This might work better for you than a high-interest debt.
Look at your income and expenses again. Can redoing your budget and finding ways to save money help you more than taking on debt?
Ask about hardship support. If you're struggling to pay a phone or utility bill, or meet a loan repayment, talking to your lender might be wiser than taking on extra debt. Lenders and utility companies have hardship support programs for customers who are struggling.
Consider financial counselling. The National Debt Helpline offers free financial counselling for anyone having money troubles. Call 1800 007 007.
Frequently asked questions about easy approval loans
No. Easy loans are typically personal loans or payday loans that have minimal borrowing requirements. These loans offer fast cash but often come with higher interest rates and fees.
These days, most lenders operate online and offer very fast loan applications. So for borrowers with good credit and a steady income, an easy loan could be one from your own bank, or one with a very low interest rate.
Peer to peer lenders are online platforms that connect money from investors to borrowers in need of quick cash. As with personal loans you get a rate based on your risk profile and loans are often approved quickly.
These loans meet some borrowers' definitions of "easy" but it's important to compare widely and factor in the cost of rates and fees.
Borrowers with bad credit can still qualify for personal loans. But you'll have a higher interest rate, which makes borrowing more expensive.
How easy it is to get a bad credit loan also depends on the loan amount, your actual credit score and your circumstances as a borrower. If you have regular, stable income and your debts are mostly under control, it's easier to get a loan approved.
If you're currently declared bankrupt, you won't be able to get a loan.
The particular features of a personal loan can make it easier for you to manage the debt. Some useful loan features include:
Early repayment. Some lenders charge a fee if you repay the loan early. It's better to get one that doesn't, because repaying your debt early helps you save money.
Extra repayments and redraw. Being able to make extra repayments and then pull them out of the loan if you need (called a redraw facility) lets you get your debt under control faster while offering access to some of those extra repayments for an emergency.
Rate type. A personal loan with a variable rate is often going to be cheaper than a fixed rate loan. But the rate could change at any time, either higher or lower. While a fixed rate personal loan might charge more, it's easy to manage because your repayments stay the same each month.
If you have bad credit, the easiest loan you'll be approved for is probably a payday loan. You should only take this option if you urgently need the money, as it will be far more expensive than other types of credit. On the plus side, paying it off on time will help your credit score improve but there are other ways to improve your credit score that you should look towards first.
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To make sure you get accurate and helpful information, this guide has been reviewed by Rebecca Pike, a member of Finder's Editorial Review Board.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
Richard's expertise
Richard has written 562 Finder guides across topics including:
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
Please note that lenders have different eligibility criteria for personal loans, but ultimately they will assess your ability to service the loan with your income sources.
If you’d like to apply for one of the above personal loans, simply click ‘go to site’ and you’ll be redirected to the application page where you can complete the process online.
Thanks,
Belinda
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Is it alright if I borrow ..
Hi Emma,
Thanks for your enquiry.
Please note that lenders have different eligibility criteria for personal loans, but ultimately they will assess your ability to service the loan with your income sources.
If you’d like to apply for one of the above personal loans, simply click ‘go to site’ and you’ll be redirected to the application page where you can complete the process online.
Thanks,
Belinda