Short-Term Lenders in Australia

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Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

With so many short-term financiers operating on the market today, there are more options than ever before when it comes to how to access the funds you need fast. You can read more about some of the top short-term lenders offering the best quick loans in Australia right now with Savvy. We’re partnered with multiple lenders to help you secure the cash you’re looking for quickly and efficiently. You can submit a quick quote today and receive an instant outcome in just 60 seconds.

Who are the top ten short-term lenders in Australia?

Listed in the table below are some of the top payday lenders operating today in Australia. It’s important to know more about them before you apply, such as finding out what loan sizes they offer and how long you can take to repay your finance agreement, so you can be assured you’ll be able to be approved for the loan amount and term you’re looking for. The top small loan lenders include:

Lender

Minimum term

Maximum term

Minimum amount

Maximum amount

Jacaranda Finance

Nine months

24 months

$2,100

$15,000

Moneyspot

Six weeks

24 months

$2,050

$5,000

Sunshine Loans

Nine weeks

14 weeks

$150

$2,000

Cash Train

10 weeks/three months

12 months

$200

$2,000

Cash Converters

Two months

24 months

$400

$5,000

Nimble

62 days

Nine months

$300

$25,000

Swoosh Finance

60 days

12 months

$2,000

$5,000

Swift

Ten weeks

12 months

$500

$10,000

Perfect Payday

One month

24 months

$250

$10,000

Fair Go Finance

One month

12 months

$300

$2,000

What are the common eligibility criteria across these lenders?

While different lenders will have different criteria when it comes to how they can assess applications for small loans, they’ll generally have the same basic qualifications points for applicants to follow. Whether you're chasing a cash loan in Adelaide, Melbourne or Sydney, t’s important to give some thought to these before diving into your application, as any loan rejection will be marked on your credit file. Multiple rejections in quick succession may reduce your chances of approval for the loan you need, although there are still many lenders who’d be able to approve your loan nonetheless. The main criteria to consider are:

  • Your age: you’ll always have to be at least 18 years old at the time you apply. This is no different to any other type of loan or credit.
  • Your residency: as is also the case with most loans, you’ll need to be an Australian citizen or permanent resident to qualify for financing. In some cases, you may be approved if you’re holding an eligible visa, but your term will have to end at least several months prior to its conclusion.
  • Your income: you must be able to prove that you’ll be earning enough money across your repayment term to support the cost of your instalments. In most cases, lenders will require you to be earning at least $300 per week consistently (although some require more). Some lenders will require this to exclude government benefits and instead focus on employment income, but others will accept applications for loans on Centrelink.
  • Your employment: on top of providing your income, some lenders may request verification that you’ve been employed in the same position for at least three months. However, you can get approved for this type of fast finance without employment verification.
  • The information provided: in general, you’ll need to supply your banking details so your lender can access at least 90 days’ worth of statements from your account. On top of this, you’ll need to supply proof of identity through your driver’s licence or Medicare card, email address and phone number.

How can I save money on my small loan?

There are several ways you can go about maximising your savings when it comes to repaying your lender. It’s important to bear these in mind when applying for your loan, as you could potentially save hundreds of dollars over a short period. You can save money on your loan by doing the following:

  • Choose a shorter term: the shorter your loan term, the fewer the instances of paying your loan’s ongoing fees. For example, a $2,000 loan repaid over nine months compared to 12 would reduce its cost by $240 overall.
  • Make additional repayments: early repayments come without any charges, so if you find yourself in a position to do so, it’s well worth paying above the minimum required amount. This will help you get your debt off your books sooner and pay less for it.
  • Borrow a smaller amount: if you're in a position to do so, paying some of your own money can help you save. Because your fees are calculated based on your loan amount, smaller loans will equal a lesser outlay on additional charges. For instance, while a $3,000 loan over 12 months repaid monthly would cost $1,840 in fees, a $2,500 micro loan over the same period would only cost $1,600.

More questions about short-term loans and lenders answered

What should I consider before taking out a quick loan?

It’s always important to double-check whether the lender you’re applying with is a reputable credit provider. All Australian lenders must hold a credit licence with ASIC, so you should use this to make sure your lender is legally able to approve your application. At Savvy, we’re partnered with multiple reputable lenders, so you can rest assured your application will only be considered by financiers who you can trust and access your cash today. The list of Australian payday lenders above are all reputable financiers who hold credit licences.

Do I have to have a credit check to qualify for my short-term loan?

Yes – there aren’t any lenders who can approve an application with no credit check. This is conducted to determine your recent financial history, whether you have any other loans on the go and whether there are any recent defaults for similar loans which lenders should know about. The way lenders assess applications largely isn’t based on your credit score, so you won’t need to worry about bad credit getting in the way of loan approval.

How quickly can I receive my money?

The quickest and best loans come with instant approval after you submit your application and can be formally approved and funded on the same day you apply. The speed at which your application is processed will differ depending on the lender you apply to and the nature of your application, but you can be safe in the knowledge that your funds can be sent to you quickly even on a weekend with some of Savvy's lenders.

Do any lenders offer guaranteed approval?

No – there is no such thing as a loan with guaranteed approval. All lenders must do their due diligence to ensure you’re capable of repaying your loan without any issues, which involves assessing your financial and credit situation. They cannot legally guarantee approval, as this would bypass the required process of assessing your individual profile. Ensuring your finances are in order and you’re earning enough to support the loan you’re applying for will increase your chances of approval.

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Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.