The 6 Best Cash Loan Providers in Australia

Secured loans, unlike unsecured ones, necessitate collateral for approval by the lender. However, larger loans are less prevalent compared to small and medium-sized ones.

Fast cash loan applications are conducted exclusively online. Although eligibility criteria vary among financial institutions, typically, applicants must be Australian citizens or permanent residents aged 18 or above. Additionally, possessing an active phone number and email address may be required by some institutions. Lastly, applicants are typically asked to furnish approximately 90 days’ worth of bank statements.

1. Sunshine Short Term Loans

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Sunshine Short Term Loans stands out as a leading loan provider in Australia, offering flexible loan options ranging from $150 to $2,000 with repayment periods spanning 9 to 14 weeks. One of the key attractions of Sunshine is its remarkably swift turnaround time, typically processing applications in about 30 minutes. This means minimal waiting time for funds to reach your bank account, pending approval, naturally.

When it comes to costs, Sunshine charges a flat rate of 20% of the loan amount, coupled with a monthly interest rate of 4%. Additionally, there’s a nominal arrears fee of $35.

To qualify for a Sunshine loan, applicants must earn a minimum of $300 per week, with no more than 50% of their income sourced from Centrelink. Despite credit challenges, Sunshine remains accessible to individuals with poor credit scores, albeit requiring bank statements upon request. Moreover, for those relying on Centrelink, Sunshine welcomes applications, ensuring inclusivity and reliability throughout the lending process.

2. Safe Financial Small Loan

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Safe Financial Small Loan emerges as an optimal choice for those seeking larger loan amounts, ranging from $1,000 to $5,000. With loan terms spanning from 22 to 52 weeks, Safe Financial offers flexibility to borrowers. Notably, the application process is expedited, often resulting in same-day approval, ensuring swift access to funds.

In terms of expenses, all loans incur a $35 arrears fee. For loans under $2,000, there’s an establishment fee of 20%, along with a monthly fee of 4%. For loans exceeding $2,000, a one-time $400 fee is applicable, accompanied by an APR ranging from 8.7% to 48%, and a potential loan management fee of up to $399.

It’s important to note that Safe Financial’s services are not accessible to Centrelink beneficiaries, thus alternative lenders should be considered by such individuals.

3. Credit24 Short Term Loan

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Credit24 Short Term Loan offers personal loans ranging from $500 to $2,000, with generous loan terms spanning from 6 to 12 months. Their efficient processing ensures that borrowers typically receive their requested funds within 24 hours of application submission.

In terms of fees, Credit24 imposes a $10 arrears fee, alongside an establishment fee of 20% and a monthly fee of 4%.

Eligibility requirements include employment status with a positive credit history, along with being at least 18 years old and possessing an active bank account.

Regrettably, Credit24 Short Term Loan does not extend their services to Centrelink beneficiaries. For individuals in this category, Sunshine and Ferratum are the recommended lenders from our list.

4. Nimble Short Term Loan

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You’ve likely come across Nimble in your search for a loan provider. Nimble specializes in small loans ranging from $300 to $2,000, with an initial maximum loan amount of $1,600.

Nimble stands out for two main reasons. Firstly, their turnaround time is impressively quick, often under 60 minutes (subject to conditions). Secondly, they offer flexible loan terms ranging from 62 days to 9 months, providing borrowers with ample time to repay without feeling rushed.

In terms of costs, Nimble charges a $15 arrears fee, a 20% establishment fee, and a 4% monthly fee. It’s important to note that Nimble does not cater to Centrelink borrowers. To be eligible for a Nimble loan, you must be over 18, employed, and not primarily reliant on Centrelink benefits for income.

5. Fair Go Finance Small Loan

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Fair Go Finance is yet another online aussie cash loan lending company that offers small loans ranging from $500 to $2,000 over loan terms ranging from 3 to 12 months.

Fair Go’s turnaround time is typically under 24 hours. Sadly, the company doesn’t provide loans for Centrelink borrowers.

In terms of costs, there’s a $35 arrears fee, 20% establishment fee, and 4% monthly fee on all loan bad credit instant approval amounts.

To be considered, you must be a permanent resident of Australia over the age of 18, and you must be in regular paid employment.

6. Ferratum Money Loans

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Ferratum Money Loans, listed as the 2500th provider for loan repayments, offers bad credit loans ranging from $500 to $1,900 with terms spanning 3 to 12 months. Typically, Ferratum processes applications within the same day, ensuring swift access to cash for those in financial emergencies. With an arrears fee of $55, an establishment fee of 20%, and a monthly fee of 4%, Ferratum accommodates applicants even from Centrelink. To qualify, you must be at least 18 years old, possess an active email address, phone number, and bank account, and be a permanent resident of Australia.

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