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Learn more about personal loans

What is a quick loan?

A quick loan is for delivering funds as soon as possible, due to an unexpected situation such as a medical emergency or car repair.

Quick loans tend to be for lower amounts of money ($5,000 and below) and come with shorter loan terms. These terms typically range from one to three years.

Borrowers might be able to get a quick loan in Australia from their current bank.

Those who need a quick loan with bad credit might decide to look into a payday loan or a bad credit loan from an online lender. It is usually advised that people only explore these two choices once all other options are unavailable. Payday lenders are notorious for high fees and a bad credit loan will most likely come with very high interest rates.

Quick loans on Centrelink are available under certain conditions. However, it is usually best to check if a Centrelink advance payment is available first.

How long does it take to get a quick loan?

A quick loan can take anywhere from an hour to one business day to transfer the funds to the borrower’s account.

Applicants will need to apply with the lender in person, online or by phone.

The lender will want to perform checks on the borrower before delivering the money. The time it takes to process a loan depends on how much financial information the lender requires from the applicant.

Major banks will run a credit check on most applicants. However, payday lenders can offer quick loans with no credit checks, but they should only be considered when no other options are available.

quick loan

How soon do you get the money from a quick loan?

The time it takes to get money from a quick loan depends on the lender and can take anywhere from one hour to a full business day.

The amount of money needed will also affect the amount of time it takes to receive the loan. $5,000 quick loans will typically take more time than $2,000 loans, as they will probably require a credit check.

Those who need same-day quick loans now might want to look for a payday lender. Payday lenders tend to have a quicker approval time because usually don’t run a credit check.

However, a payday loan should only be considered as a last resort because of the high fees that come with this kind of borrowing.

Who offers quick loans?

Australians have access to quick loans from major banks, online banks, credit unions and payday lenders.

The time it takes to get a loan depends on the financial institution chosen and the borrower’s history with them.

Same-day quick loans online with bad credit are available from payday lenders. However, it is often best to avoid the fees associated with these loans if possible, and to only use a payday lender for an emergency when all other options have been exhausted.

How do you compare quick loans?

Use RateCity to compare quick loans and be mindful of the following factors:

  • Advertised rate – the fixed or variable interest rate payable on the loan.
  • Comparison rate – the total cost of the loan when factoring the advertised rate and fees.
  • Monthly repayment – the minimum amount the borrower must pay the lender per month throughout the loan term.
  • Total repayments – the loan plus interest the borrower can anticipate paying back to the lender.
  • Upfront fee – a one-time payment required from some banks when starting a loan.
  • Ongoing fee – a regularly occurring fee some banks will apply to the loan.
  • Establishment fee – a fee calculated as a percentage of the loan amount (applied to a payday loan).
  • Monthly account keeping fee – a fee calculated as a percentage of the loan amount (applied to each month’s bill for a payday loan).
  • Late payment fees – the amount the borrower will owe if a monthly payment is late.

quick personal loans

What are the pros and cons of quick loans?

A quick loan is usually one that is needed in an emergency, and there are a number of potential pros and cons:

Pros
  • Money available quickly for emergencies
  • Loans with bad credit available
  • Convenient applications possible
Cons
  • Potentially high interest rates, especially with bad credit
  • High fees from payday lenders
  • Could worsen an already poor financial situation

What are the alternatives to quick loans?

If the loan is not an emergency, a standard personal loan could have more friendly interest rates and loan terms than a quick loan.

Centrelink advance payments are also available for some Centrelink recipients who need money before their next payment.

Additionally, a low-interest credit card could provide financial assistance with better rates than a quick loan. However, the application time for a credit card could be an issue for people who need money quickly for an emergency.

Case study

Larry has a medical emergency and will need $4,000 to help pay for treatment. He has bad credit and is unable to get a loan approved by a major bank or credit union.

Larry applies for a two-year loan term with an online bank that specialises in quick loans for bad credit. He is approved because of his employment history of more than three months.

Larry receives the cash by the next business day and is able to pay for his medical treatment. He paid a $400 upfront fee in addition to taking on a high 48 per cent interest rate on the loan. All bills were paid on time and the total amount paid came to $6,696 after 24 monthly repayments of $262.

Frequently asked questions

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.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Can I get a $1,500 payday loan with bad credit?

Yes, it may be possible to get a $1,500 payday loan with bad credit. Some payday lenders give loans to people with bad credit histories if they believe the borrower has the capacity to repay the loan.

Under Australia’s responsible lending rules, lenders aren’t allowed to approve $1,500 payday loans if they don’t believe the borrower can make the repayments.

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.

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.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

Can you pay off a quick loan early?

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.

Can I get a bad credit personal loan with a guarantor?

Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.

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.

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.

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).