Best Cash Loans Australia
Do you find yourself saying, “I need a loan right now“? Financial emergencies are more common than ever nowadays considering how wages are still inert whilst the cost of living in Australia is on the rise.
Even though resorting to credit is still viable, the online cash lending market is becoming more prominent by the day.
If you need loan urgently, you’re probably overwhelmed by the sheer number of available providers and their tempting “best deal” banners.
With that said, we’re here to help you pinpoint the ideal lender for your needs by highlighting the best cash loans in Australia today, so stick around.
What Types of Cash Loans Are Available in Australia?
Cash loans in Australia range from $300 to $10,000, with repayment durations between one and two years, depending on the amount of money you’re applying for.
There are three types of short-term personal loans available in Australia, namely small, medium, and large cash loans.
Small loans are unsecured personal loans that range from $300 to $2,000 and have a loan term of 12 months. Medium loans are secured personal loans ranging from $2,001 to $5,000, having a longer loan term of 13 to 24 months.
Lastly, large loans are secured personal loans ranging from $5,001 to $10,000 and have a term of 13 to 24 months as well.
Secured 100 loans differ from unsecured loans in the sense that the lender will demand collateral in order for the loan to be approved. Bear in mind that large loans aren’t as common as small and medium loans.
Fast cash loan applications are based entirely online. Eligibility requirements tend to differ from one financial institution to another, but generally speaking, you have to be an Australian citizen or a permanent resident of Australia, and you need to be over the age of 18.
Moreover, some financial institutions demand that you have an active phone number and email address. Lastly, you must be willing to provide up to around 90 days of bank statements.
6 Best Cash Loan Providers in Australia
1. Sunshine Short Term Loans
Sunshine Short Term Loans is arguably the best loan provider in Australia, offering loans that range from $150 to $2,000 over a loan term of 9-14 weeks.
One of the reasons why Sunshine is so popular is its super-short turnaround time of about 30 minutes. So, if you resort to Sunshine, you won’t have to wait a long time for the money to hit your bank account, assuming your application is approved, of course.
The costs associated with applying for a short-term 4000 loan repayments from Sunshine are 20% of the amount you apply for, in addition to 4% per month. Also, there’s an arrears fee of $35.
To apply for a Sunshine loan, you must be earning a minimum of $300 per week. 50% of your income must not be from Centrelink in order for the application to be approved.
Poor credit score? No worries. Sunshine Short Term Loans consider applicants with bad credit, but you must be willing to provide bank statements upon demand.
Do you use Centrelink? Again, no worries. Sunshine Short Term Loans consider applicants who borrow from Centrelink. It’s a pretty reliable service, overall.
2. Safe Financial Small Loan
Safe Financial Small Loan is an excellent option for those who are looking for bigger small 200 dollar loan repayments of up to $5,000. The minimum loan amount with Safe Financial is $1,000.
Safe Financial loans terms range from 22 to 52 weeks and the turnaround time is typically within the same day of the application, so you won’t have to wait long for the loan.
As far as costs, there’s a $35 arrears fee on all 1000 dollar loans Australia. If your loan is under $2,000, you’ll have to pay an establishment fee of 20% and a monthly fee of 4%. If your loan is over $2,000, you’ll pay a one-time $400 fee, an APR of 8.7-48%, and a loan management fee of up to $399.
If you receive Centrelink benefits, you ought to consider a different lender, as Safe Financial’s services aren’t available for Centrelink borrowers.
3. Credit24 Short Term Loan
Credit24 Short Term Loan provides a 100000 dollar personal loan ranging from $500 to $2,000, with notably long loan terms that range from 6 to 12 months.
Credit24 boasts an excellent turnaround time of a single day, meaning you’re likely to receive the loan you apply for within 24 hours of submitting your application.
In terms of costs, Credit24 has a $10 arrears fee. Further, you’ll need to pay an establishment fee of 20% and a monthly of 4%.
To be eligible for a Credit24 loan, you must be employed with a good credit history. Also, you must be over the age of 18 with an active bank account.
Sadly, if you receive Centrelink benefits, you won’t be considered by Credit24 Short Term Loan. The only lenders on our list that offer loans for Centrelink users are Sunshine and Ferratum.
4. Nimble Short Term Loan
You’ve probably heard of Nimble on your search for a loan provider. Nimble offers small loans that range from $300 to $2,000, with the initial maximum loan amount being $1,600.
There are two reasons why Nimble is one of the more popular loan providers in Australia, the first being that their turnaround time is usually under 60 minutes (conditions apply).
The second reason why Nimble is so popular is their lengthy loan terms that range from 62 days to 9 months, so you don’t have to worry about repaying the loan in a short period of time.
Cost-wise, Nimble has a $15 arrears fee, 20% establishment fee, and 4% monthly fee. Please bear in mind that Nimble doesn’t consider Centrelink borrowers.
For your Nimble application to be considered, you must be over the age of 18 and employed. Further, Centrelink benefits must not be your primary source of income.
5. Fair Go Finance Small Loan
Fair Go Finance is yet another online aussie cash loan lending company that offers small loans ranging from $500 to $2,000 over loan terms ranging from 3 to 12 months.
Fair Go’s turnaround time is typically under 24 hours. Sadly, the company doesn’t provide loans for Centrelink borrowers.
In terms of costs, there’s a $35 arrears fee, 20% establishment fee, and 4% monthly fee on all loan bad credit instant approval amounts.
To be considered, you must be a permanent resident of Australia over the age of 18, and you must be in regular paid employment.
6. Ferratum Money Loans
Ferratum’s turnaround time is typically within the same day of applying, so you won’t wait long for your cash til payday loans Australia to arrive. This makes it, as well as the rest of the options on the list, an excellent service to resort to when in a financial emergency.
Ferratum has an arrears fee of $55, 20% establishment fee, and a 4% monthly fee. If you’re borrowing from Centrelink, don’t worry, Ferratum will acknowledge your application.
In order for your application to be considered, however, you must be over the age of 18, and you must have an active email address, phone number, and bank account. And, of course, you must be a permanent resident of Australia.
Don’t waste any more time looking for a short-term 10k loan provider and pick one of the services reviewed in this article. They’re pretty reliable, with excellent turnaround times and loan terms.