Get your money fast - compare personal loans with instant approval

Want to borrow money in a hurry, but don't have time to lose? Some personal loans can be approved and paid out on the same day you apply. Compare personal loans with instant approval to make sure you don't rush your decision. - Data last updated on 25 Aug 2019

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What are instant-approval loans?

When unexpected bills or last-minute expenses come your way, you may need extra money in a hurry to cover the costs. Instant-approval loans provide borrowers with access to small amounts of money, usually up to $2,000. Instant-approval loan amounts are generally lower than other types of personal loans and must be paid back within a shorter term of up to one year.

Instant-approval loans may suit borrowers who need money instantly, but they generally have higher fees. Borrowers looking for instant-approval loans should always compare their options to make sure they’re getting a good deal.

Who offers instant-approval loans?

Otherwise known as ‘payday loans’ or ‘cash loans’, instant-approval loans are offered by a range of traditional lenders like banks and credit unions, and non-traditional online lenders and peer-to-peer lenders. As instant-approval loans vary between lenders, it always pays to do your research and make sure you’re applying for an instant-approval loan from a trustworthy lender.

How do you take out instant-approval loans?

Taking out an instant-approval loan is usually a quick process which can give you funds almost instantly. As eligibility criteria vary between lenders, borrowers looking to take out instant-approval loans should always start by comparing their options.

Once you’ve used a comparison website like RateCity and you’ve weighed up the pros and cons of instant-approval loans, you can click through to the lender’s website and apply to take out the instant-approval loan online. When taking out an instant-approval loan, you will need to be at least 18 years old, provide proof of Australian citizenship and prove that you can afford to repay the loan.

Can people with bad credit take out instant-approval loans?

Eligibility criteria tend to vary from lender to lender, but as a general rule of thumb, people with bad credit may still be able to take out an instant-approval loan. While each borrower sets their own rules, some instant-approval loans let you apply for up to $2,000 without a credit check.

Credit-impaired borrowers should always exercise caution when applying for loan products and be sure they are not taking on debt they cannot afford to repay.

How do you compare instant-approval loans?

With so many instant-approval loans on the market, comparing your options can be challenging. When comparing instant-approval loans, look out for fees and charges, specifically any default charges. Most instant-approval loans have an establishment fee, which may vary depending on the amount you borrow. Keep an eye out for instant-approval loans which offer repayment flexibility as you may wish to coordinate your loan repayments with your pay cycle.

What are the pros and cons of instant-approval loans?

The most obvious advantage of an instant-approval loan is fast access to additional funds, which might be a cheaper option to other sources of credit like a credit card. Applying for instant-approval loans is usually a simple process which involves filling in an online application.

When it comes to fees and charges, instant-approval loans tend to have higher fees than other types of loans and credit. The other potential drawbacks are shorter repayment periods and smaller loan amounts. Instant-approval loans are usually capped at $2,000, which may not be suitable for all borrowers.

Before taking out an instant-approval loan, borrowers should always compare their options and make sure they’re taking out a loan that suits their lifestyle, needs and budget.

FAQs

As a general rule, you don’t need to provide security to get an instant approval loan. However, in return for giving you a quick loan and not asking for any collateral, the lender will almost certainly charge you high fees.

With instant approval loans, the lender can charge an establishment fee of up to 20 per cent (which would be $300 on a $1,500 loan) and a monthly fee of up to 4 per cent ($60 on a $1,500 loan).

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^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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