Sometimes you just need a quick loan for fast cash. If you apply and get approved before 4:30pm the funds can reach your account the same day. Just make sure you understand your repayments.
⚠️ 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.
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Quick loans, or fast cash loans, as the name implies, have fast approval and turnaround times. Depending on the lender, your application can be approved within minutes of applying. Some lenders also provide funding within a few hours or on the same business day. These loans typically feature small borrowing amounts, short loan terms, and high fees and charges. They are also not a long-term financial solution.
How do quick loans work?
Quick loans work in the same way as any other kind of loan, except faster. "Quick loans" or "fast cash loans" are also often referred to as payday loans, short-term loans or low doc loans. Because these types of loans require less documentation than standard forms of personal loan and are often applied for fully online, they can be processed much faster by lenders.
How quick are quick loans?
Once the application is made, it will generally be approved or conditionally approved within minutes of applying. Some lenders even offer 60-second approvals. Once approved, you will receive a credit contract agreement (which may be via SMS or email). Once this contract is signed, the money will be deposited into the nominated bank account.
How long it takes to receive the money depends on your bank and when the loan contract is signed. As the main purpose of fast cash loans is to be fast, you can usually expect the money to reach your account within 24 hours of approval. Some lenders can transfer the money within minutes or several hours.
How can I find the best quick loan in Australia?
The best quick loan for you will depend on what your needs are.
If you want the funds on the same day, the best loan for you will be from a lender that provides funding within a few hours or the same day. There are also a few instant cash loan options and quick $1,000 loans.
You can speed up the application process by having the necessary documents handy before you start the application. The documents you will need depend on the lender, but will include personal, financial, employment and banking details.
Most lenders will require your online banking details. This is so they can access a read-only copy of your bank statements. As per Australian law, they will require at least 90 days of your statements.
This process is entirely encrypted. Lenders use third-party software to access your statements. It is this process that makes approval "quick". You can read our guide to learn more about lenders and your Internet banking details.
Keep in mind that these loans tend to be on the expensive side. Their fees and charges are typically high, so it's unlikely you'll find a cheap one. In short, a quick loan may not be a cheap loan.
We've included a breakdown of transfer times for some short-term lenders below:
Lender
How fast will you get the loan?
Find out more
Cash Train
The following business day once approved. Applicants who bank with one of the Big Four and are approved by 2pm can receive it on the same day.
Funds can be deposited minutes after approval, which takes about 1 hour.
MoneyMe
Funds transferred within a few hours. Applicants who bank with Commonwealth Bank will receive funds within a few minutes, but if they apply outside of business hours, funds will be received the next business day.
If the loan is approved before 4:30pm on a business day, funds will be transferred that day. The time it's received depends on the bank. If it's approved after this time, it will be transferred the next day.
To compare quick loans, you can look at the following factors:
Turnaround. How fast can you get your cash? Does the lender offer same-day funding?
Loan amount. What is the minimum and maximum amount the lender will let you apply for, and is it enough?
Loan term. What is the minimum and maximum loan term? For short term loans, this usually varies between 16 days to a year, but some lenders offer terms that are longer than this.
Fees. Fast cash "payday" lenders usually charge the maximum fees possible, but this may not be the case for all quick loans.
Interest rate. Does the loan have an interest rate (bear in mind that payday loans do not have interest rates, only fees)? If the loan has a rate, is it fixed or variable? Is it competitive?
Affordability. Once you know your loan amount and term, you can use a loan repayment calculator to see if your regular repayments will be affordable on your budget.
Repayments. Can you choose between weekly, fortnightly or monthly repayments? Is it possible to make extra repayments without penalty? Can you repay the loan early without penalty?
How much do quick loans cost?
Lenders are restricted in terms of how much they can charge you. These caps are based on how much you borrow. Below, we've outlined the maximum they can charge. Some lenders may charge less than this, but they cannot charge more.
⚠️ For loans less than $2,000:
Repayment terms: 16 days to 1 year
Establishment fee: 20% of the loan amount
Monthly fee: 4% the loan amount
⚠️ For loans between $2,001 and $5,000:
Repayment terms: 16 days to 2 years
Establishment fee: $400
Maximum interest rate: 48% p.a.
⚠️ For loans more than $5,000:
Repayment terms: Longer than 2 years
Fees and charges: All charges cannot exceed 48% p.a.
The table below goes through 3 quick loan examples. This is to give you an idea of the differences in fees and repayments depending on how much you're borrowing.
Loan amount
Loan term
Establishment fees
Monthly fees
Total fees (including interest)
Total repayments
$1,500
12 months
$300
$720
$1,020
$2,520
$2,500
12 months
$400
Depends on the lender
$1,208
$3,708
$5,500
24 months
$0
Depends on the lender
$321
$5,821*
*Disclaimer: This total repayment assumes an establishment fee of $0, no monthly fees and an interest rate of 5.5% p.a.
It's important to note that while smaller loans have shorter repayment terms, it's likely that you'll end up paying more in fees and charges when compared to larger loans. For a $1,500 loan, for instance, you're paying at least 60% or more of the loan amount in fees and charges. This amount reduces to a little less than half the loan amount for a $2,500 loan.
If you're considering a quick loan to cover a small expense or purchase (under $5,000) the costs can add up quickly. If you need money urgently and are earning under $45,000 p.a., consider these interest-free loans instead.
What are the risks of quick loans?
Apart from the cost of the loan, there are a few other factors you should take into consideration. These include:
Disreputable lenders. Check the lender's website and make sure it's a reputable company. You should check if it has a credit licence and is registered with the Australian Securities & Investments Commission (ASIC). It should also be easy to contact.
High interest rates and fees. Apart from the costs outlined above, there are also fees for late payments and penalties for defaulting. All fees are regulated by ASIC and it's illegal for lenders to charge more.
Borrowing too much. Different lenders may offer different minimum and maximum amounts. You should not borrow more than you need.
Multiple applications. Every loan application shows up on your credit report. Some payday lenders may not consider your credit history. However, several applications within a short period can have a negative impact on your credit score. This can make it harder for you to get a loan in the future.
Inflexible loan terms. You should compare loan terms to ensure you are getting one that suits your ability to repay it. Most lenders will ask you to repay the loan on the "next payday". They could deduct the funds directly from your account.
Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees and payments. Typically, these are unsecured loans. This means that the lender can initiate legal proceedings against you if you do not repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector.
What happens if I am unable to meet my repayments?
While it's important to never apply for a loan that you think you will not be able to repay, sometimes life happens; you may lose your job, or experience an accident or health issues which prevent you from being able to fulfil your financial obligations.
If for any reason you are unable to meet your repayments, it is imperative that you contact your finance provider as soon as possible. Most lenders have financial hardship measures in place for just these types of circumstances. You may be able to work out a more convenient repayment schedule with your lender or temporarily freeze your repayments.
For more help on what to do if you are experiencing financial hardship, please visit our guide.
Checklist of things to do before applying for a quick loan
Before you apply for a quick loan, you should ask yourself the following:
Do I need the loan?
Given how expensive these loans are, you should only apply in case of an emergency. These loans can be used to finance any expense, but they should ideally only be used for emergency expenses. These loans are not a long-term financial solution. If you're already having financial trouble, they can add to it.
Have I checked all my options?
You should apply only if you've exhausted all your other options. There are cheaper personal loans on the market which you may be eligible for. These include low and no interest personal loans. If you need money to pay an urgent bill, you should contact your provider first. They may be able to come to an arrangement with you, such as helping you come up with a more reasonable payment schedule. This will prove to be cheaper than taking out a loan.
Have I spoken to a financial counsellor?
If you're facing financial difficulties, you should speak to a financial counsellor first. They offer free financial advice, information and assistance. They may be able to help you find a better solution.
If you're going ahead with a quick loan, you should look into whether the lender is reputable. This involves checking if it has a credit licence and is registered with ASIC. At Finder, we only include lenders that are registered and have a credit licence.
Apart from its licence, you should also check if the lender is easily contactable. This is important in case of emergencies where you cannot meet your repayments. If you're having difficulty repaying your loan, you should contact the lender immediately. If you fail to do so, you may end up paying high fees or facing legal proceedings.
Have I budgeted for the loan?
After you find a lender, you should take a look at the total cost of the loan and see if you can afford it. This includes accounting for the frequency of your loan payments and how much you will pay either weekly, fortnightly or monthly. Do the repayments fit within your existing budget? Are they in line with your pay cheque or will you be left out of pocket? Will you have difficulty making these repayments? If so, you should reconsider applying for the loan.
Have I familiarised myself with the loan's terms and conditions?
Are you aware of all the fees involved? Apart from establishment, monthly and interest charges, you will also need to consider late fees. Payday lenders can charge a variety of fees in case you default. These may include dishonour or missed payment fees, default fees and enforcement expenses. You may also have to pay bank fees if you default on any of your direct debits.
Apart from the cost of the loan, you should also be aware of the repercussions of taking out a loan. This includes the impact on your credit score, especially if you default. Lenders can also take legal action against you, and if the loan is secured, you could lose the asset tied to the loan.
What can I use my quick loan for?
Quick cash loans should ideally be used to pay for unexpected bills.
This can include emergency medical expenses or emergency car repairs.
If you have an urgent utility bill to pay, you should contact your service provider first. It may be able to help you work out a plan to pay bills or fines in instalments.
Given how costly these loans are, you should avoid taking them to pay for:
Everyday necessities. If this is the case, you should consider a longer-term solution for your credit needs.
Repayments for existing debts. Taking a loan to pay for another loan may make your debt problem worse. You may end up paying more in fees and charges, and get into further debt. Payday loans are not a long-term financial solution.
Holidays
Big-ticket items like cars
Other non-essential expenses and purchases that can wait
What are my alternatives to a quick loan?
If you're looking for a loan, a quick loan should be your last resort. Before applying for a quick loan, you should explore other means of finance. We've outlined a few options below:
No interest loans.No interest loans are offered by 170 local community organisations across 600 locations in Australia. These loans let you borrow up to $1,500 with a loan term of 12 to 18 months. As the name suggests, these loans come without interest rates and feature no fees or charges. You will only have to repay the amount you borrowed.
StepUP loan. You can apply for this if your income is low. It will allow you to borrow between $800 to $3,000 at a rate of 5.99% p.a. You can use this to pay for essential goods and services.
Centrelink cash advance. If you receive Centrelink payments, you may be able to bring them forward as a cash advance. This is not an additional payment, but an advance on your existing payments. You may be eligible depending on how long you have been with Centrelink and how much you receive.
Low interest personal loans. A low interest rate personal loan generally has an interest rate of 4-6% p.a. Low interest does not always mean a cheaper loan. The interest rate may be low but other fees and charges may be high.
Personal loans. Some banks offer same-day personal loans for existing customers. Applicants need good credit to be eligible. Banks will consider you if you receive Centrelink payments. There are also a few banks that offer same-day personal loans even if you're not an existing customer.
Alternative finance. There are charities which offer financial assistance, including no interest loans. We've highlighted a few options in this guide.
Pay-on-demand apps. Pay-on-demand is a type of short-term loan. With it, you can borrow a portion of your pay cheque before your actual payday. It's offered by banks, pay-on-demand apps such as Beforepay, and services such as InstaPay which are offered by employers.
How do quick loans compare against bank personal loans?
Loan feature
Quick loans
Bank personal loans
Loan amounts
Small loan amounts, generally for less than $2,000, although some lenders offer loans up to $5,000 and $10,000
Larger loan amounts, which can range from $5,000 to $50,000 and above.
Loan terms
Short loan terms
Loans up to $2,000 can have terms from 16 days to 1 year
Up to $5,000 can have terms up to 2 years
Loans up to $10,000 can have terms over 2 years
Loan terms range from 1 year to 5, 7 or 10 years at most.
Fees
Strict caps are imposed by ASIC, restricting how much payday lenders can charge.
Despite these caps, the fees and interest of short term lenders tend to be higher than that of banks or other lenders.
Banks and credit unions are exempt from fee restrictions placed on payday lenders. They could potentially charge more, but their fees and charges are generally less than payday lenders in order to stay competitive.
Interest rates can vary based on the type of loan you've applied for. Your risk profile may also be taken into consideration.
That said, you can find personal loans with interest rates from 5% p.a. depending on your credit history. This may work out to be cheaper than a quick loan.
Application and approval
Applications are short and approvals are quick.
Depending on the lender, it could take minutes to fill out the form and for your loan to be approved.
Application process and approvals can take longer with personal loans. Some banks have same-day loans for existing customers. But if you're a new customer, it will take longer.
Depending on the lender, your loan could be approved within 48 hours or longer. Newer lenders like neobanks and non-banks may have faster approval processes.
Bad credit history
Applicants with bad credit history may be approved for a quick loan. Lenders look at the applicant's ability to repay the loan and not their credit history.
Am I eligible for a quick loan?
Eligibility criteria differ from lender to lender. For each lender we compare on Finder, you can check the eligibility criteria at the bottom of the review page.Generally applicants must be:
Over the age of 18
An Australian citizen or permanent resident
Able to provide identification
Able to provide 90 days of banking history
Receiving some sort of regular income. If you receive income from Centrelink, it cannot be more than 50% of your total income.
How can I apply for a quick loan?
To apply for a quick loan, you should first start by comparing lenders in the table above. Once you've found one you're eligible for, click "Go to Site" to submit your application. You'll need to have a few details on hand to complete your application:
Personal. You'll need a driver's licence, passport or other proof of identity. You'll also need to provide contact information.
Financial. This includes how much you earn and whether or not you have any other debts.
Employment. If you're employed, you'll have to provide employment details, including that of your employer. If you receive income from Centrelink, you'll need to provide this information.
Banking details. Lenders are obligated by the law to check up to 90 days of your bank statements. You will also need to provide them with your account details.
Frequently asked questions about quick loans
If you have a bad credit score, you can still get a quick loan. However, it will depend on the lender. Some payday lenders are open to financing loans for bad credit borrowers, but not all. You should check the eligibility criteria of the lender before applying. Some lenders take into consideration your current financial situation and your ability to repay the loan, not your credit score.In some cases, lenders will approve your application but you will receive the highest fees and interest applicable.
Payday lenders generally have a more flexible lending criteria than traditional financial institutions. That said, it is best to check the lender's eligibility criteria before you apply. Some lenders may take into consideration your current financial situation and your ability to repay the loan, but you may need your tax statements on hand to apply. However, there may be better options, including those highlighted above. Some banks offer personal loans for self-employed applicants, and there are also low doc loans, which require less documentation. For more information, we've written a guide for self-employed applicants.
If you are currently unemployed, it may limit your options getting a quick loan. In order to qualify for this type of short-term finance, you will have to prove some sort of regular income. However, there are a number of other loans that are available for unemployed applicants, including interest-free loans, overdrafts, guarantor personal loans and more. For more information on what loans are available for unemployed applicants, please visit our guide.
Payday lenders will look at 90 days of bank statements to determine whether or not you can repay the loan. If you have invoices and you deposit the money in the bank, you should be able to apply for one.
There are payday loans with no credit check, but the amount you can borrow is typically limited. You can read more about it here.
Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio
Elizabeth's expertise
Elizabeth has written 211 Finder guides across topics including:
Bria Horne is a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication. See full bio
Unfortunately you’ve come through to an Australian financial comparison website and these lenders only approve loans to Australian residents. You’ll need to get in touch with a Canadian lender to find a loan for you.
Thanks,
Elizabeth
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Do you really need a loan today?*
Can Canadian resident apply too?
Hi Sack,
Unfortunately you’ve come through to an Australian financial comparison website and these lenders only approve loans to Australian residents. You’ll need to get in touch with a Canadian lender to find a loan for you.
Thanks,
Elizabeth