Short-Term Lenders in Australia
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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
Helpful small loan guides
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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
