Fast Personal Loans From 4.24%

Looking for money in a hurry? Some personal loans can be quickly approved so you can get your finance sooner. - Data last updated on 18 Sep 2019


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What is a fast loan?

Fast loans, sometimes called cash loans, are personal loans that allow you to receive your funds quickly after being approved. These loans are typically for smaller amounts than traditional personal loans. 

How long does it take to get a fast loan?

The application and approval process for fast loans is typically quick and relatively simple. Most lenders provide a straightforward online form for applicants to complete and submit through their website. 

The timeframe for receiving your funds will depend on the lender you choose. Some lenders deposit the funds into your bank account within an hour after approval, and some can take 24 or even 48 hours. 

What about instant approval loans?

Please keep in mind that the idea of “instant approval” loans can be misleading. If you see a company advertising that it offers instant approval, this means that when you apply online the lender will give you a response within 60 seconds after you submit your application.

This does not necessarily mean you will be approved – it just means that the lender’s response is near-instantaneous.

Who offers fast loans?

A range of online lenders offer fast cash loans, and some provide fast loans with no credit check. Each have different interest rates, fees, and features, so it’s best to compare lenders before applying for a fast loan. 

What is the best fast loan in Australia?

While there is no single ‘best’ fast loan, you can find the most competitive fast loan option that suits your financial needs by using comparison tools. 

  1. Comparison table – RateCity’s fast loan comparison table allows you to search and compare important components in fast loans, including the interest rate, fees, flexibility, and repayment schedule. 
  1. Calculators – RateCity’s fast loan repayment calculator helps you see the monthly repayments you’d be expected to make for each fast loan. All you need to do is enter your fast loan details (loan amount, loan term, annual income and more) and our calculators will show you the true cost of each loan. This allows you to determine which loan type would best suit your budget. 
  1. Guides and articles – RateCity’s experts provide personal finance guides and articles for any financial levels, including the information you’re reading right now. If you’d like to learn more about personal loans, please go here. 

How do I compare fast personal loans?

There are a few important components to compare in online fast personal loans include the interest rate, fees, flexibility, and repayment schedule. 

Types of loans:

  • Secured fast loan – allows you to offer up an asset as security against the loan. This usually comes with a lower than average interest rate as offering up security presents borrowers as more reliable, as the lender will seize the asset if they can’t pay off their loan.
  • Unsecured fast loan – no security is offered against the loan, typically meaning a higher interest rate than secured loans. However, they also tend to come with more flexibility and you don’t run the risk of losing an asset if you default on the loan.
  • Fixed fast loan – meaning you lock in an interest rate at the time of taking out a loan. This allows for more stability in your budget.
  • Variable fast loan – your fast loan’s interest rate will fluctuate with the market. While your repayment amounts may fluctuate, you can take advantage of dips in the market and therefore lower interest rates when they come around. 

Before you take out a fast loan and secure the most competitive interest rate, you’ll want to compare the loan’s features too.   

Fast loan features


Personalised interest rates

You may be offered a personalised interest rate based on your credit history. This will advantage borrowers with a great credit score.

Repayment schedule

Some lenders allow you to choose your repayment schedule, usually monthly, fortnightly or weekly repayments.

Line of credit

This feature allows you to access money and withdraw funds, usually up to a set limit.

Loan length

Choose the length of your fast loan. Short loans tend to be around 6 months to a year. More common loans range from two to five years.

It’s also important you compare any fees involved with the fast loan of your choice, including: 

  1. Setup fees
  2. Ongoing fees
  3. Annual fees
  4. Administrative fees
  5. Late payment fees 


What are the pros and cons of fast loans?

Fast loans, like all personal loans, have both pros and cons. Of course, the biggest benefit of fast loans is that they allow people to receive their funds quickly. They are also relatively easy to apply for and get approved. 

One of the most significant disadvantages of a fast loan is that they may have high interest rates and policies that favour the lender. The consequences for defaulting on a fast loan can be severe, so it’s important to be confident you can make your repayments.

  • Receive funds quickly
  • Easy application & approval
  • Higher interest rates
  • Harsher consequences for defaulting



Kelly fell behind on a couple of car lease bills. Before long, she was given final notice on her bills and only had days before her car was to be taken away. 

Kelly searched for fast cash loans and used’s comparison tables to find a range of competitive loan options that suited her financial needs. 

After finding the loan with an interest rate and repayment schedule that worked with her budget, she applied for and secured the most competitive loan available. She was then able to pay her outstanding car bills and work her fast loan repayments into her budget.

What other speedy loan types are available?

If you feel you need money urgently, there are a few options available to you. However, it’s crucial to keep in mind they all come with their own set of risks, and your eligibility is up to the lender’s discretion. 

If you’re on Centrelink benefits you may be eligible for advances on your benefits. Receiving advanced payments may help you cover unexpected expenses. You can contact Centrelink to find out how much may be available to you.

Payday loans are another ‘fast’ alternative when you need money urgently. They are a high-cost short-term loan of up to $2,000 that is usually paid to the applicant within 24 hours. The application process for payday loans tends to be relatively easy, and they do offer loans to borrowers with bad credit.

However, these types of loans are generally regarded as one of the riskiest methods of borrowing money, and can easily hurt your finances and credit score. They tend to come with higher than average application and account-keeping fees, as well as higher than average late payment and default fees. Payday loans should only be used in emergency situations when no other options are available.


Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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