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Find and compare fast personal loans

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$

Loan term

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We provide links to our Online Partners. If you click through to an Online Partner, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

Product

Low Rate Personal Loan Unsecured (Good Credit)

Real Time Rating™

3.89

/ 5
Interest Rate

7.49

% p.a

Fixed up to 10.99%

Comparison Rate*

7.84

% p.a

Fixed up to 11.36%

Company
Monthly repayment

$933

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.89

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.84% would be $33,590*. Terms from 1-7 years

Product

Low Rate Personal Loan Unsecured (Very Good Credit)

Real Time Rating™

3.92

/ 5
Interest Rate

7.29

% p.a

Fixed up to 9.99%

Comparison Rate*

7.64

% p.a

Fixed up to 10.35%

Company
Monthly repayment

$930

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.92

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.64% would be $33,491*. Terms from 1-7 years

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What is a fast loan?

If you’re looking to borrow money in a hurry to help with unexpected bills and other urgent expenses, there are a few options to choose from.

Quick personal loans are a lot like typical personal loans, except they have a faster turnaround time for applications. You may also receive your funds sooner after being approved than some other personal loans.

Fast cash loans, also known as payday loans, allow you to quickly borrow smaller sums of money (e.g. less than $5000), and pay it back over a shorter term. Keep in mind that payday loans can be risky, and you may have to pay high fees, especially if you can’t pay back the money on time.  

How long does it take to get a fast loan?

The application and approval process for fast personal loans is typically quick and relatively simple. Most lenders provide a straightforward online application form 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 or fast approval, this means that when you apply online the lender may 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.

Additionally, even if a lender can approve a loan application quickly, that doesn’t mean you’ll immediately receive the money. You may still need to wait for hours or even days for the funds transfer to complete.

Who offers fast loans?

A range of Australian online lenders offer quick personal loans. Each have different interest rates, fees, and features, so it’s best to compare lenders before applying for a fast loan.

Some payday lenders may also offer fast loans with no credit check, though these may not always be best-suited to your financial situation, and there may also be other risks to consider.

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.

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

Types of loans:

  • Secured personal 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 personal 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 rate personal 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 rate personal 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 available to you, 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 may be an advantage to borrowers with a great credit rating.
  • 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.

Fees

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

  • Upfront establishment fees
  • Ongoing monthly fees
  • Annual fees
  • Administrative fees
  • Late payment fees

Sometimes the cost of fees can make a bigger impact on the overall cost of a fast personal loan than the interest rate. Consider checking the comparison rate, which combines the cost of interest and standard fees into a single percentage, to get a better idea of a quick personal loan's total cost.

Do you need a high credit score for fast loans?

In order to approve personal loan applications fast, lenders may want to be confident that the borrower can comfortably afford the loan and is unlikely to default on their repayments. A fast personal loan may have a good or excellent credit score as an eligibility requirement, as these borrowers are more likely to have clean credit histories.

Bad credit borrowers may see the appeal of applying for fast payday loans with no credit checks, though this may be a riskier option than some other choices. 

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How do I compare fast personal loans?

  • Comparison tables: 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. Once you've narrowed down your shortlist to the loans that may best suit your needs, you can contact the lender or click the button to apply now.
  • 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 personal loan calculator will show you the true cost of each loan. This allows you to determine which loan type may best suit your budget.
  • Guides and articles: RateCity’s experts provide personal finance guides and articles to help all Australians learn more about personal loans.

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 higher interest rates than some other options. They may also have stricter eligibility criteria to better help ensure that borrowers can afford the repayments and speed up approval times.

  • Receive funds quickly
  • Low hassle application and approval
  • Higher interest rates
  • Stricter eligibility criteria

What other speedy loan types are available?

If you feel you need money urgently, there may be a few quick loan 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 advance payments on your benefits to 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 $2000 that is usually paid to the applicant within 24 hours. The online loan application process for these emergency loans tends to be relatively easy, and they do offer loans to borrowers with bad credit.

However, even though they are small loans, 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 loan 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.

Consider speaking to a financial adviser or broker for information specific to your personal financial situation.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

Can I get a fast loan if I’m unemployed or on Centrelink?

Even if a lender has no credit checks, they will usually still need to confirm you can afford to repay a fast loan on your income before they’ll approve your application.

If 50% or more of your income comes from Centrelink payments, you may find it more difficult to have a fast loan application approved. Consider checking with the lender before applying to confirm if they lend to people on Centrelink.

What do I need to get a fast loan?

Most lenders will need to you provide the following information in your application for a fast loan:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of any assets you own (e.g. car, home etc.)
  • Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
  • How much you want to borrow
  • Over how long you want to pay it back
  • Purpose of your loan

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.

What can quick loans be used for?

Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.

Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension. 

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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