You are forced to look left and right, trying to get your hands on some extra cash to find your way out of that fix. In case you get caught in such a tight spot, instant loans can be your savior.
By instant, we don’t mean that they are available in a flash.
- They are available in a short time as long as you meet the eligibility criteria.
- Their approval process is fast.
- The lenders will quickly process your request and provide you with an outcome as fast as possible.
There is a wide range of financial institutions and lenders offering fast and easy loans today in Australia. You no longer have to go queue at the bank, fill out a 5-page application form and wait for a week to get an answer. Online loans are the in-thing now. You can borrow money online instantly by filling out a short form.
Best Loans in Australia with Fast Approval
Are you looking for the best way to get an loan? Applying online is hassle free and you can get the necessary cash from the comfort of your home.
|Name||Interest Rate (p.a.)||Loan||Features||Review|
|From 35%||$2000 or more||+ 5 Minute Application|
The loans companies listed above do not offer instant approval. They are a non-bank lender that apply rigorous analyses to each customers’ financial situation before granting loan approval, in line with the National Consumer Credit Protection Act (2009) and ASIC guidelines.
Notheless this is the fastest way to compare rates.
What are loans with instant approval?
As mentioned before, these are the loans whose approval process takes a very short time such that it can be viewed as instant. Moneylenders that offer such loans provide fast outcomes upon application. In Australia, not many banks or lenders provide such loans.
Most if not all the money lenders offering this type of loans have an online application process. Loans that have an online application process are called online loans. For such loans, the money will be deposited to your bank account if your application is successful.
You can also apply for cash loans in the case you need some extra funds on the double. This loan will help you get some cash in advance to help iron out the issue you face. Cash loans can be accessed and used to settle various bills just as cash at hand would.
Just like any other loans, the application process is simple. Repayment of cash loan is over an agreed period with the lender.
Besides online loans, there are also guaranteed approval loans. As the name suggests, for these loans, you are assured of getting the loan you apply for.
As they come ‘easily’ you have all reasons to be suspicious about guaranteed approval loans
Why guaranteed approval loans aren’t the best idea
The government, as well as other bodies such as ASIC, regulate and oversee lenders in Australia. The government in particular strictly specifies that the lenders abide by some regulations.
- The lender has to consider your financial situation along with the reason and need for the loan you are applying for. This may include how much you currently earn, how you spend and your stability in financial terms.
- By the same token, the lender has to consider other factors such as the credit score and your repayment plan. Other lenders will not necessarily review credit history as much but will carefully evaluate the other factors. This is because the poor credit history may have been a result of an incident that happened a long time ago hence doesn’t depict your current position.
- The lender should also make a complete assessment of the loan application.
This will determine whether your loan application is successful or not.
Since lenders that offer guaranteed approval loans don’t keep into consideration all those factors, it is not advisable to get such a loan.
How does the loaning process work?
You are probably wondering how the loaning process works or how much you can get. Well, we’ve got an answer for you. The loaning process is simple, really. First, you have to be decided on how much money you need to borrow.
In Australia, most lenders can provide up to $10,000, although you can get small online loans of about $2,000. Once you know how much you want to borrow, visit the lender’s website, fill in the amount you need on the loan calculator and then proceed with the application form.
The lender will go through your application (some lenders have an automated system that does the application review). If you are successful, you will receive the amount in your account. The approval time is short. However, depending on your bank, the time you receive the funds may vary.
No paperwork and no queues. You don’t have to wait for a week or more. It is that simple. If you have bad credit, you can still apply for 24/7 instant cash loans for bad credit. For some lender, good credit history is not a must-have requirement. Just like bad credit loans, you can also get a loan if you are on Centrelink benefits.
In case you are not into applying for a loan through a direct lender, you can alternatively use a lender-finder service provider. Lender-finder service providers work by connecting you with lenders that offer the loan you are borrowing.
They will find a lender within the shortest time possible for you. This will save you the need to look for the lender yourself.
Just like applying for a loan directly, apply, and the lender-finder service provider will find you a lender. The lender will then consider and review your loan application before approving it.
Some of the reasons for reviewing loan applications include:
- To confirm that you can actually be able to pay for the loan you are borrowing
- To make sure that you don’t have any other loan (s) that are due to a different lender
Lender-finder service providers have partnerships with reliable lenders, including those that offer loans for gamblers.
If your loan application is successful, your funds will be transferred to your account on the very day or the next business day depending on the loan approval time. Also, your bank might affect the duration it takes to get your funds into the account.
How can I use the loan?
The need to get that instant approval online loan can be for various reasons. These reasons vary from one individual to another. Fortunately, money lenders don’t limit you on what and how to use the loan.
Here are some of the reasons why you may want to get a quick loan:
- clear your medical bills or those of a family member or friend
- cater for wedding expenses
- carry out home renovation
- pay for your car’s repair and registration
- purchase some household items
- pay urgent bills such as internet services
This is not to say that they are the only reasons why you should apply for a loan.
Pros and cons of online loans with instant approval in Australia
|They can be used to cater for different personal need as the lender doesn’t restrict you on what or where to use the cash||Lenders will charge a lot for these loans compared to other loans|
|The processing time after the application is very short as such you get an outcome almost instantly||Some of the lenders offering these loans have a bad history or have had run-ins with bodies such as ASIC|
|Their application is online, which makes it easier and convenient. No need to wait in lines and fill dozens of papers.||They are not guaranteed|
Before applying for this loan, you should put into consideration all the factors surrounding the loan and your needs too.
What is Bad Credit
You have probably heard about bad credit. Bad credit can be a result of late loan repayment or defaulting payment. Either way, it is a record you don’t want on your report. The big question regarding bad credit has always been ‘Can I get a loan even though I have bad credit?’
Bad credit is like that persistent brown stain on a white shirt that doesn’t come out no matter the detergent you use. A record of bad credit usually dents your credit report as well as credit score. It may have happened about five or so years ago but remains of negative effect. Such a negative impact can affect your chances of securing a loan.
That is not to say that you can’t get a loan with bad credit. Although it may be hard to get a loan from a bank, some lenders do not categorically consider your credit history. They use other criteria to determine if you can be able to repay the loan. For instance, if you have a regular income source, you may be able to get a loan even though you don’t have an excellent credit score.
A credit score is a figure calculated from the evaluation of your credit file. Credit score ranges between 0 – 1000 or 0 – 1200 depending on the scale. Credits scores are used to tell about an individual’s borrowing behaviour.
The credit score is obtained from the data in your credit report such as the amount borrowed, delayed or defaulted repayment and bankruptcy details.
The two standard credit reporting bureaus in Australia are Experian and Equifax. Here is a breakdown:
|CREDIT CATEGORY||EXPERIAN VALUATION||EQUIFAX VALUATION|
|Weak||0 – 549||0 – 509|
|Fair||550 – 624||510 – 621|
|Good||625 – 699||622 – 725|
|Better||700 – 799||726 – 823|
|Excellent||800 – 1000||833 – 1200|
As you can already tell, a higher score means it is easy for you to secure a loan.
General application procedure
Below is the general application procedure, although some details may slightly vary depending on the lender you choose.
To be eligible, you are required to:
- Be 18 years or older
- Be an Australian citizen or permanent resident. If you are a non-resident, you will be required to provide your visa. Note that the repayment term has to be before the expiry of your visa.
- Have been getting a regular income to your bank account for at least three months prior to the loan application. Centrelink benefits may count as regular income.
- Be reachable, i.e. have an active email address and mobile number in case the lender has some questions for you
Head over to the lender’s website. Some lenders have apps which work just like the website.
Find the loan calculator, usually at the top of the page and slide the amount you want to borrow as well as your preferred repayment terms. Proceed to click the ‘Apply Now’ option.
At this point, you will be required to fill in your details such as personal and contact information as well as MyGov account details if you receive Centrelink payments.
If the lender considers a bank statement to approve the loan, you shall be required to attach a copy.
Submit the application form once you are done filling the required details.
Your loan application will be processed. The lender will make an instant decision and then give you an outcome. If your application is successful, you will receive a contract via the email address you provided.
Make sure to go through all the details of the contract carefully before signing it. After you have forwarded the contract, you will receive the funds in your bank account. Note that inter-bank transfer times and operation hours may affect the time it takes to have the funds in your account.
The lender will then transfer the funds to you but keep in mind, access to the funds is dependent on inter-bank transfer times.
Avoid applying for loans over the weekend. Instead, apply for the loan during business days preferably within the operating hours. Most money lenders do not operate during weekends, and even if they do, the bank will not process your loan until the next business day.
Most lenders, in Australia, will deduct the loan amount at set intervals from your account until the loan amount is completely settled.
Prior to the repayment date, you will receive an alert to inform you of the pending loan amount.
(FAQs) Frequently Asked Questions
How much can I get as a loan if I have bad credit?
A credit check is not the only aspect considered when reviewing your application. Most money lenders will indeed be inclined to check your credit history, but some are not tied to credit check alone.
Such lenders who don’t necessarily check your credit will, however, factor other aspects such as the income you regularly earn, how much you spend and your current financial situations. If you are lucky enough you will get a loan amount the lender feels you can repay without struggling or going into a financial crisis.
The common no credit check loan options are payday loans and personal loans. Lenders providing these loans are equally subject to ASIC and the Australian government too. There are significant differences between these loan options.
While payday loans have short repayment periods, personal loans can be repaid for a period spanning several months. Payday loans usually have strict terms and come along with high-interest charges compared to personal loans.
Even with bad credit, some lenders may offer you a loan amount of up to $2,000. You can also get an unsecured loan that doesn’t require the attachment of your owned assets as financial security.
Can I get a loan if I receive Centrelink payments?
You can also get a loan if you receive Centrelink payment. Some lenders offer loans on Centrelink up to a certain amount. After all, financial problems don’t discriminate on individuals based on whether or not they get Centrelink benefits.
Am I still eligible for fast approval loans if I’m unemployed?
You could be unemployed but still, receive regular income. If that is the case, you can also get a fast approval quick loan for unemployed people. During your application, attach a copy of the evidence that proves you earn a regular income.
How much can I apply for?
The loan amount you can apply for depends on your financial problems.
- Small loans: You can apply for small instant approval online loans that start at $300. These loans are capped a $2,000. Small loans are usually unsecured. They have a repayment period of 1 year.
- Medium loans: They range between $2,000 and $5,000. Unlike small loans, these are secured. They have a repayment period of up to 2 years.
- Large loans: These are loans that exceed a sum of $5,000. In most cases, they are capped at $10,000. They have a repayment period similar to medium loans. They also require you to attach a personally owned asset as security.
|Name||Interest Rate (p.a.)||Loan||Features||Review|
|From 8.95% (fixed)||$5000 or more||+ No Security Required|