Quick Personal Loans

A quick loan - sometimes called a quick cash loan or fast cash loan - is generally used for delivering funds as soon as possible, typically due to an unavoidable situation such as unexpected bills, a medical emergency or a car repair.

Quick loans tend to be for small loan amounts ($5,000 and below), come with shorter loan terms, and often have a fast-tracked online application process. These short term loans generally range from one to three years.

Borrowers might be able to get a quick loan from their current bank, depending on eligibility and what products are on offer. However, those with a below average credit score might decide to look into a payday loan from an online lender. 

Borrowers may want to reserve this option as a last resort, as payday lenders have a reputation for charging high fees and interest rates.

Quick loans for those on Centrelink may be available under certain conditions. However, it might be worth checking if a Centrelink advance payment is available first.

Once you submit your loan application, the approval process can take anywhere from an hour to one business day.

Applicants will be required to submit an application form to the lender in person, online or by phone.

While assessing the application, the lender will generally perform a number of checks on the borrower before delivering the money. The time it takes to process a loan will depend on how much financial information the lender requires from the applicant.

Major banks will typically run a credit check on applicants, while payday lenders may offer quick loans with no credit file checks. However, this typically comes at a cost, as they also tend to charge higher fees and interest rates to cover the increased risk they take on.

The amount of money needed will also affect the amount of time it takes to hit your bank account. For example, $5,000 quick loans will typically take more time than $2,000 loans, as they will likely require a credit history check.

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

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

When comparing quick loans, it's worth considering 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.

Loan term - the length of time the borrower has to repay the loan.

Fees and charges - these may include:

• Upfront fee – a one-time payment required from some banks when starting a loan.
• Ongoing monthly fee – a regularly occurring fee some banks will apply to the loan
• Establishment fee – a fee calculated as a percentage of the loan amount.
• Late payment fees – the amount the borrower will owe if a monthly payment is late.

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

• Standard personal loan - If the loan is not an emergency and you can afford to wait for the extra cash, a standard personal loan could have more friendly interest rates and loan repayment terms than a quick loan. Consider using RateCity's comparison tools, such as a personal loan comparison table or personal loan calculator, to take the hassle out of comparing your options.
• Centrelink advance payments - Centrelink assistance such as advance payments may be available for some Centrelink recipients who need access to money before their next regular payment.
• A low-interest credit card - A credit card with a low interest rate 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.
• Seek financial advice - If you are finding it difficult to manage your financial situation, you might like to consider reaching out to a financial counsellor for help. The National Debt Helpline provides free financial counselling services to Australian residents.