Fast loans in Australia

What kind of loan can I get fast?

• Secured personal loan. A secured personal loan is a loan with an asset, such as a car or property, used as security. In the event that the borrower cannot repay the loan, the security will be sold so the lender can recover their funds.
• Unsecured personal loan. This type of loan comes with a higher interest rate than a secured personal loan due to the extra risk the lender is taking on by not having an asset as security for the loan.
• Credit card cash advance. If you have a credit card and need some cash, you can withdraw cash from an ATM. When you withdraw cash from a credit card, you're getting a cash advance which will come with interest charges. Generally, the interest you pay on a cash advance is higher than the rate you'd pay on purchases made on a credit card. The cash advance might also be subject to an additional fee.
• Payday loan or short term loan. Payday loans generally allow you to borrow up to $2,000 for a period of 16 days up to 12 months. They have fee-based charges typically consisting of a 20% establishment fee and a 4% monthly fee on the principal amount. Other short term loans let you access up to $5,000 (with some lenders even offering up to $10,000) with comparison rates being in excess of 60%. These loans are known for their fast turnaround time and as such are generally used for emergency purchases.
• Line of credit. A line of credit is handy for when you don't know exactly how much cash you'll need. You are preapproved for a credit limit and then you are able to access the money––up to your credit limit––when you need it. You only pay interest on the amount you actually use and not the entire amount you are approved for which allows for flexibility in your spending.
• Overdraft. An overdraft gives you credit from your financial institution in the event of your account reaching zero. You are able to withdraw cash up to your limit despite your account having a zero balance. Interest rates are calculated on a daily basis for any amount used and so it is wise to repay the overdraft as soon as you can to avoid a large interest charge.

Which fast loan is right for me?

This depends on your circumstances and needs. If you have a good credit score and a reliable income, traditional lenders such as banks and credit unions will usually be able to provide the cheapest loan. They have the ability to provide personal loans quite quickly, generally ranging between $3,000 and $80,000 with a repayment period of 1 to 7 years.

If you have bad credit, are unemployed or are a Centrelink recipient, you might consider a short term loan. These loans can generally be offered up to $5,000 with a term of 16 days to 12 months, with some lenders offering a 2 year term. The fees and charges associated with short term loans are high but they offer the convenience of a fast turnaround time and lend to more risky borrowers.

While having a higher interest rate than other loans, often low documentation loans can be approved quickly as there is less time spent on assessing documents. Less administration time means they are often able to offer same day finance.

Depending on your circumstances there are lots of different options available for fast loans.

Related: See our full guide to fast cash loans in Australia, or compare instant cash loans for the fastest same-day options.

Quick cash loans — which option is fastest?

If you're comparing "quick cash loans" specifically, the fastest realistic path is usually a short-term/payday loan or an online personal loan lender using automated bank-statement reading — both can return a decision in minutes. For loans under $2,000 needed the same day, see instant cash loans; for a slightly larger amount with a longer repayment term, compare personal loans.