Find and compare same day personal loans

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12.69%

Fixed

13.56%

NAB

$1006

36 months

1 year to 7 years

2.98

/ 5
More details

10.50%

Fixed

11.38%

ANZ

$975

36 months

1 year to 7 years

3.24

/ 5
More details

12.69%

Variable

13.56%

NAB

$1006

36 months

1 year to 7 years

3.06

/ 5
More details

12.99%

Variable

13.86%

ANZ

$1011

36 months

1 year to 7 years

3.01

/ 5
More details

Learn more about personal loans

What are same day personal loans?

A same day personal loan is one where the lender requires less than a day to receive an application, assess it and then make the payment (assuming the application is accepted).

As a general rule, personal loan applications will be assessed faster if your financial position is stronger rather than weaker and has fewer complications rather than more complications.

That’s because the safer and simpler a personal loan application appears, the less time the lender needs to spend analysing the risk of lending you money.

Some lenders charge a premium for speed - if you want the personal loan faster, you need to pay a higher interest rate.

Why do people take out same day personal loans?

People take out same day personal loans because they want to get money in a hurry. Often, it’s because they don’t have the funds to deal with an imminent or unexpected bill. Example may include:

  • Emergency renovations
  • Rent
  • Mortgage repayment
  • School fees
  • Medical bills

How much do same day personal loans cost?

Here’s how much you’d have to pay in interest over the life of the loan if you took out a $10,000 with a three-year term:

  • 8% interest rate = $1,281
  • 11% interest rate = $1,786
  • 14% interest rate = $2,304
  • 17% interest rate = $2,835

Who offers same day personal loans?

There are a range of Australian lenders that offer same day personal loans, including several of the big four banks as well as some smaller banks, credit unions and online-only lenders.

Please note that just because a lender provides same day personal loans, it doesn’t mean it offers this service to all borrowers. A lender may offer faster turnaround times for certain types of customer and slower turnaround times for others.

How do I get same day personal loans?

If you want to get same day personal loans, you need to make sure you meet the lender’s criteria. This criteria may differ from lender to lender, but some common examples include:

  • Be aged 18 or above
  • Be an Australian citizen or permanent resident
  • Be employed
  • Not be bankrupt

Personal loan lenders might also want you to meet minimum criteria regarding:

  • Income
  • Job tenure
  • Credit rating

You’ll also need your paperwork in order when applying for a same day personal loan. Lenders might request:

  • Proof of identity
  • Proof of address
  • Proof of employment
  • Proof of income
  • Proof of savings

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How do I compare same day personal loans?

There are five main ways to compare same day personal loans:

  1. Interest rate type
  2. Advertised rate
  3. Comparison rate
  4. Fees
  5. Features

 

  1. Interest rate type

The first way to compare same day personal loans is by interest rate type. Do you want a variable-rate loan or a fixed-rate loan? Or are you open to both?

If you take out a variable-rate personal loan, the interest rate could fluctuate at any time during the loan term. If you’re lucky, rates will fall; if you’re unlucky, they will rise.

If you opt for a fixed-rate loan, the interest rate is set in stone. That will feel good if variable rates increase during the loan term; but you might regret your decision if they go down.

  1. Advertised rate

Once you’ve decided on your preferred type of interest rate, the next way to compare same day personal loans is to look at their interest rates (also known as ‘advertised rates’).

A word of warning: don’t fall into the trap of thinking that advertised rates are the only way to compare personal loans. Comparison rates, fees and features are also important.

  1. Comparison rate

Once you’ve looked at the advertised interest rate of a personal loan, you should also check its comparison rate. The comparison rate is often regarded as the ‘real’ cost of a personal loan, because it combines the advertised interest rate with the main fees.

Sometimes, a personal loan with a higher advertised rate and lower fees might cost you less money over the life of the loan than a personal loan with a lower advertised rate and higher fees.

  1. Fees

After doing your research on interest rates, take a close look at the fees of the same day personal loans you’re considering. The fees that a lender charges can significantly affect the life-of-loan cost of a same day personal loan. Here are the main you fees you might have to pay:

  • Upfront fees (also known as application fees)
  • Ongoing fees (also known as account-keeping fees)
  • Early exit penalty fees (a charge for paying off your loan early)
  • Redraw activation fees (a charge for using your redraw facility)
  1. Features

Finally, take the time to compare the different features offered by different same day personal loans. As a general rule, the more flexible a loan, the easier it is to manage.

Some lenders offer a redraw facility - this is a feature that allows you to ‘borrow back’ any money you’ve paid off ahead of schedule. Some lenders also allow early repayment - this means you can pay off your loan ahead of schedule, thereby reducing the amount of interest you get charged.

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Who has the cheapest same day personal loans in Australia?

Unfortunately, it’s impossible to say who has the cheapest same day personal loans in Australia, for two reasons.

First, there’s no one ‘same day personal loan’. Instead, lenders offer different rates for different types of loan and different types of borrower. For example, secured loans generally have lower interest rates than unsecured loans, while borrowers with higher credit scores are generally offered lower rates than those with lower credit scores.

Second, the personal loan market is very competitive and constantly changing. So if a particular lender was offering the cheapest same day personal loans in Australia today, they might get undercut by several rivals tomorrow.

It’s also worth remembering that the cheapest personal loan might not be the best personal loan for your specific situation.

Who has the best same day personal loans in Australia?

Unfortunately, it’s impossible to say who has the best same day personal loans in Australia, because ‘best personal loan’ means different things to different people.

For some, the best same day personal loan might be the one with the lowest advertised rate. For others, the best same day personal loan might be the one with the lowest comparison rate. And there might also be borrowers who assess same day personal loans on other criteria, such as fees, features, loan terms, loan sizes, approval times and customer service.

How much will I have to pay in fees?

Here’s how much you’d have to pay in monthly fees over the life of the loan if you took out a same day personal loan with a three-year term:

  • $3 monthly fee = $108
  • $6 monthly fee = $216
  • $9 monthly fee = $324
  • $12 monthly fee = $432
  • $15 monthly fee = $540

What are the pros and cons of same day personal loans?

Like all loan products, same day personal loans come with pros and cons that should be carefully weighed before you apply.

The biggest positive with same day personal loans is that it allows you to quickly get your hands on more cash. That could mean the difference between, say, paying your rent on time or being forced to find a new home.

Another positive is that the interest rate you pay on a same day personal loan may be less than the interest rate you would be charged if you took out a cash advance through your credit card.

Furthermore, same day personal loans - unlike credit cards - come with structured repayment plans, so although they may be tricky to pay off, at least the repayment path is clearly marked.

However, same day personal loans also have negatives. One of these is having to go through an application process - something that wouldn’t be necessary if you used your credit card.

Another negative is the cost of borrowing. Your same day personal loan will come with interest charges and fees, which will effectively mean you’re ‘buying’ money off the lender.

Same day personal loans also come with one big potential downside - the risk of default. If you fail to repay the loan, you might be chased by debt collectors, your credit rating might suffer and you might be forced into bankruptcy.

Pros
  • Quick money
  • Cheaper than credit cards
  • Structured repayment plan
Cons
  • Application process
  • Borrowing costs
  • Risk of default

 

 

Frequently asked questions

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

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 the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

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.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

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 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 no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

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.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

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.

What are the pros and cons of debt consolidation?

In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay an existing $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 20 per cent.

However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.

How can I improve my credit rating/score?

Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising loan applications, clearing up defaults and paying bills on time.

Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.

If you want to fix an error, the first thing you should do is speak with the credit reporting body, which may take care of the problem or contact credit providers on your behalf.

The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).

AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.

If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.