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.
Unsecured Personal Loan (Excellent Credit)
specialRate Promise: Found a cheaper personal loan? Plenti will match it & pay $200 towards your loan. T&Cs apply.
Enjoy lower rates and no early repayment fees with an unsecured loan.
Fixed up to 7.49%
Fixed up to 8.19%
3 years to 5 years
Total repayments for a 3-year, $30,000 loan at 6.39% would be $33,047*. Terms from 3-5 years
Enjoy lower rates and no early repayment fees with an unsecured loan.
Fixed up to 8.99%
Fixed up to 7.46%
1 year to 5 years
Total repayments for a 3-year, $30,000 loan at 5.49% would be $32,607*. Terms from 1-5 years
An unsecured personal loan with a competitive interest rate and no ongoing or extra repayments fees, giving you the flexibility to pay it off faster.
Winner of Excellent credit personal loans, RateCity Gold Awards 2021
Variable up to 7.49%
Variable up to 9.16%
1 year to 3 years
Total repayments for a 3-year, $30,000 loan at 6.39%* would be $33,047*. Terms from 1-3 years
Plenti customers may enjoy a competitive interest rate with the benefit of no security required for any purpose.
1 year to 7 years
Total repayments for a 3-year, $30,000 loan at 13.56% would be $36,228*. Terms from 1-7 years
Manage your repayments more easily on a fixed rate loan with no fees for extra repayments.
Variable up to 7.99%
Variable up to 8.69%
1 year to 7 years
Total repayments for a 3-year, $30,000 loan at 6.47% would be $32,733*. Terms from 1-7 years
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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.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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Frequently asked questions
Can I get an easy/instant personal loan?
Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
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.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
Do $4000 loans have no credit checks?
Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.
Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.
How long does it take to get a $5000 loan?
Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.
Can I get guaranteed approval for a bad credit personal loan?
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Can I get a personal loan if I receive Centrelink payments?
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.
Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.
What causes bad credit ratings/scores?
Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.
How long does it take to get a bad credit personal loan?
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
How are credit ratings/scores calculated?
Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.
They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.
Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).
Which lenders offer bad credit personal loans?
Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.
How do I consolidate my debt if I have bad credit?
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
What interest rates are charged for personal loans?
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.
Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
What is a credit rating/score?
Your credit rating or credit score is a number that summarises how credit-worthy you are based on your credit history.
The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.
What causes bad credit history?
Bad credit history is caused by filing for bankruptcy, defaulting on your debts, falling behind on your repayments and having loan applications rejected. Lenders are wary of borrowers who demonstrate this sort of behaviour because it suggests they might struggle to repay future loans.
Borrowers with bad credit may find it more difficult to be approved for a loan, or they may get higher interest rates when they do get approved.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What is debt consolidation?
Debt consolidation is the process of rolling several old debts into one new debt, usually to save money or for the sake of convenience.