Same day personal loans in 2025

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

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

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.

2. 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.

3. 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.

4. 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)

5. 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.

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.

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.