Compare Fast Personal Loans

If you’re looking to borrow money in a hurry to help with unexpected bills and other urgent expenses, there are a few options to choose from.

Quick personal loans are a lot like typical personal loans, except they have a faster turnaround time for applications. You may also receive your funds sooner after being approved than some other personal loans.

Fast cash loans, also known as payday loans, allow you to quickly borrow smaller sums of money (e.g. less than $5000), and pay it back over a shorter term. Keep in mind that payday loans can be risky, and you may have to pay high fees, especially if you can’t pay back the money on time.  

The application and approval process for fast personal loans is typically quick and relatively simple. Most lenders provide a straightforward online application form to complete and submit through their website.

The timeframe for receiving your funds will depend on the lender you choose. Some lenders deposit the funds into your bank account within an hour after approval, and some can take 24 or even 48 hours.

A range of Australian online lenders offer quick personal loans. Each have different interest rates, fees, and features, so it’s best to compare lenders before applying for a fast loan.

Some payday lenders may also offer fast loans with no credit check, though these may not always be best-suited to your financial situation, and there may also be other risks to consider.

While there is no single ‘best’ fast loan, you can find the most competitive fast loan option that suits your financial needs by using comparison tools.

There are a few important features to compare in online fast personal loans, including the interest rate, fees, flexibility, and repayment schedule.

Types of loans:

• Secured personal loan: Allows you to offer up an asset as security against the loan. This usually comes with a lower than average interest rate as offering up security presents borrowers as more reliable, as the lender will seize the asset if they can’t pay off their loan.
• Unsecured personal loan: No security is offered against the loan, typically meaning a higher interest rate than secured loans. However, they also tend to come with more flexibility and you don’t run the risk of losing an asset if you default on the loan.
• Fixed rate personal loan: Meaning you lock in an interest rate at the time of taking out a loan. This allows for more stability in your budget.
• Variable rate personal loan: Your fast loan’s interest rate will fluctuate with the market. While your repayment amounts may fluctuate, you can take advantage of dips in the market and therefore lower interest rates when they come around.

Before you take out a fast loan and secure the most competitive interest rate available to you, you’ll want to compare the loan’s features too.

Fast loan features

• Personalised interest rates: You may be offered a personalised interest rate based on your credit history. This may be an advantage to borrowers with a great credit rating.
• Repayment schedule: Some lenders allow you to choose your repayment schedule, usually monthly, fortnightly or weekly repayments.
• Line of credit: This feature allows you to access money and withdraw funds, usually up to a set limit.
• Loan length: Choose the length of your fast loan. Short loans tend to be around 6 months to a year. More common loans range from two to five years.

Fees

It’s also important you compare any fees involved with the fast loan of your choice, including:

• Upfront establishment fees
• Ongoing monthly fees
• Annual fees
• Administrative fees
• Late payment fees

Sometimes the cost of fees can make a bigger impact on the overall cost of a fast personal loan than the interest rate. Consider checking the comparison rate, which combines the cost of interest and standard fees into a single percentage, to get a better idea of a quick personal loan's total cost.

• Comparison tables: RateCity’s fast loan comparison table allows you to search and compare important components in fast loans, including the interest rate, fees, flexibility, and repayment schedule. Once you've narrowed down your shortlist to the loans that may best suit your needs, you can contact the lender or click the button to apply now.
• Calculators:RateCity’s fast loan repayment calculator helps you see the monthly repayments you’d be expected to make for each fast loan. All you need to do is enter your fast loan details (loan amount, loan term, annual income and more) and our personal loan calculator will show you the true cost of each loan. This allows you to determine which loan type may best suit your budget.
• Guides and articles: RateCity’s experts provide personal finance guides and articles to help all Australians learn more about personal loans.

Fast loans, like all personal loans, have both pros and cons. Of course, the biggest benefit of fast loans is that they allow people to receive their funds quickly. They are also relatively easy to apply for and get approved.

One of the most significant disadvantages of a fast loan is that they may have higher interest rates than some other options. They may also have stricter eligibility criteria to better help ensure that borrowers can afford the repayments and speed up approval times.

• Receive funds quickly
• Low hassle application and approval

• Higher interest rates
• Stricter eligibility criteria

If you feel you need money urgently, there may be a few quick loan options available to you. However, it’s crucial to keep in mind they all come with their own set of risks, and your eligibility is up to the lender’s discretion.

If you’re on Centrelink benefits, you may be eligible for advance payments on your benefits to help you cover unexpected expenses. You can contact Centrelink to find out how much may be available to you.

Payday loans are another fast alternative when you need money urgently. They are a high-cost short-term loan of up to $2000 that is usually paid to the applicant within 24 hours. The online loan application process for these emergency loans tends to be relatively easy, and they do offer loans to borrowers with bad credit.

However, even though they are small loans, these types of loans are generally regarded as one of the riskiest methods of borrowing money, and can easily hurt your finances and credit score. They tend to come with higher than average loan application and account-keeping fees, as well as higher than average late payment and default fees. Payday loans should only be used in emergency situations when no other options are available.

Consider speaking to a financial adviser or broker for information specific to your personal financial situation.