Compare fast personal loans

What is a fast personal loan?

A fast personal loan, sometimes known as a quick personal loan, is one with a quicker approval time than average. A faster approval process also may mean you receive the borrowed funds sooner. From the big four banks to smaller lenders, plenty offer unsecured personal loans with approval times of 24 hours or less.

How do fast personal loans work?

Fast personal loans work much the same as standard personal loans, but with tighter turnaround times between application and approval.

Some lenders can approve loans for successful applicants within an hour and hand over funds the same day (or the following business day). Some can even deposit funds within an hour of approval being granted.

After you apply for the loan, you’ll get a notification about whether or not you were successful and, if you were, a contract from the lender. Once this is signed, the funds will be deposited.

If you’re considering signing up for a quick personal loan, pay attention to a product’s key features, fees and other costs, and benefits and risks. Lenders’ websites will typically have a dedicated section for important documents like Key Facts Sheets and Product Disclosure Statements (PDS), and they should be able to provide electronic copies on request.

It’s critical to read your loan contract carefully before signing, so you know exactly the interest rate and fees you’ll be charged and how long the loan term will be.

Who has the best quick personal loans in Australia?

There’s no one ‘best’ quick personal loans provider – the best loan for you will depend on your financial circumstances, needs, and personal goals.

To work out what the best quick personal loan is for you, ask yourself:

• What do you need the loan for?
• How much do you need to borrow?
• How soon do you need the money?
• How much can you afford in repayments?
• How long would you be willing to be in debt for?
• Can you fulfil a lender’s eligibility criteria (minimum income, residency status, credit score threshold)?
• Are there any alternative credit or finance options available to you (like using your savings or accessing equity in your home)?

You can also use Canstar's personal loan calculator to get a better idea of what your repayments could be and how the interest rate, loan amount or term length could affect them.

Once you know what you’re after, you can use the comparison table above to view a variety of personal loan options from our Online Partners with quick approval times (within 24 hours). Use the table’s filters to narrow down the available options to those that best suit your needs. 

You can also click the ‘GET RATE ESTIMATE’ button at the top of the page to find loan products you’re likely eligible for. Simply provide information on how much you want to borrow, your ideal loan term, the purpose of the loan, your employment, residency, and residential status, and link your credit score. If you’re unsure of your credit score, you can check it for free with Canstar or via the Canstar App.

Are fast personal loans different from payday loans?

You may have come across a short-term ‘payday loan’, also known as a Small Amount Credit Contract (SACC). Payday loans work differently from fast personal loans:

• Small sums available: Payday loans let you borrow up to $2,000, whereas personal loans can provide a larger sum (like between $5,000 to $100,000).
• Shorter loan term: Payday loans have terms of between 16 days and one year. Personal loans can be taken out over a longer period of time – between one to seven years.
• Higher fees and charges: Payday loans can’t charge interest – they instead charge high establishment and monthly fees. Establishment fees can be up to 20% of the loaned amount and monthly fees up to 4%. Personal loan providers may charge a flat dollar amount for establishment and monthly fees, but make most of their money by charging interest on the amount you borrow.

Payday lenders may be able to offer loans for smaller expenses to people who may not be eligible for a loan from a mainstream lender. However, they are extremely risky and for people with financial problems can lead to a ‘debt trap’, the Financial Rights Legal Centre says. 

As with any financial decision, it’s important to read and understand the loan’s terms and conditions, including what could happen if you fail to meet your repayments.

Am I eligible for a fast personal loan?

Fast personal loans have similar eligibility requirements to regular personal loans. You’ll have to be:

• At least 18 years or older
• An Australian citizen or permanent resident
• Employed or have a steady source of income to repay the loan with
• A good credit history

Some providers may have additional eligibility requirements, such as a minimum annual income or particular credit score.

How to apply for a fast personal loan

Most fast personal loan lenders have an online application form on their website. To apply for a personal loan, you’ll need to hand over information such as:

• Photo ID like a driver’s licence or passport and supporting documents like your Medicare or bank card.
• Proof of income, typically in the form of pay as you go (PAYG) payslips from your employer or your annual tax return.
• Proof of savings, typically in the form of bank statements.
• Your employment details for the past three years.
• A list of any assets you own, including vehicles and property.
• A list of debts you already have, such as other personal or home loans, credit card debts and credit limits, and outstanding buy now pay later (BNPL) balances
• A list of your general living expenses, including groceries, utilities, streaming services, rent, medical and transport costs, and education fees.

You may not need to provide all of this information, but it’s good to have on hand just in case.

How quickly are funds made available through a fast personal loan?

Once you’ve been approved for a fast personal loan, you can generally access the funds within a business day. That said, some lenders can provide funds within an hour, with Harmoney’s record being eight minutes and 43 seconds from the time a customer started an application to them receiving the money in their account.