Fast personal loans

Looking for a personal loan with fast approval? Compare personal loans from Canstar’s Online Partners who promise loan approval within 24 hours for successful applicants, and read on to learn more about the pros and cons of these products. The products shown are sorted by Star Rating (highest to lowest) followed by comparison rate (lowest to highest) and then alphabetically by brand.

GM, Research
Senior Finance Content Producer
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  • Comparison rate^ p.a. - lowest first
  • Comparison rate^ p.a. - highest first
  • Monthly repayment - lowest first
  • Monthly repayment - highest first
Features and fees Glossary
  • icon Additional repayments
  • icon Redraw facility
  • icon Top-up facility
  • icon Application fee: $0
  • icon Annualised fee: $0
  • icon Loan terms available: 5 years
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6.17% Glossary
Fixed Glossary
6.17% Glossary
$388.24 Glossary
Features and fees Glossary
  • icon Additional repayments
  • icon Redraw facility
  • icon Top-up facility
  • icon Application fee: $0
  • icon Annualised fee: $0
  • icon Loan terms available: 1 year to 7 years
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6.28% Glossary
Fixed Glossary
6.28% Glossary
$389.27 Glossary
Features and fees Glossary
  • icon Additional repayments
  • icon Redraw facility
  • icon Top-up facility
  • icon Application fee: $0
  • icon Annualised fee: $0
  • icon Loan terms available: 3 years to 7 years
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6.28% Glossary
Fixed Glossary
6.28% Glossary
$389.27 Glossary
Features and fees Glossary
  • icon Additional repayments
  • icon Redraw facility
  • icon Top-up facility
  • icon Application fee: $0
  • icon Annualised fee: $0
  • icon Loan terms available: 1 year to 7 years
star filled star filled star filled star filled star filled
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7.99% Glossary
Fixed Glossary
7.99% Glossary
$405.43 Glossary
Features and fees Glossary
  • icon Additional repayments
  • icon Redraw facility
  • icon Top-up facility
  • icon Application fee: $300 up to $1200
  • icon Annualised fee: $0
  • icon Loan terms available: 1 year to 7 years
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6.57% Glossary
up to 9.29% Glossary
Fixed Glossary
7.59% Glossary
up to 10.33% Glossary
$391.98 Glossary
up to $417.99 Glossary
Features and fees Glossary
  • icon Additional repayments
  • icon Redraw facility
  • icon Top-up facility
  • icon Application fee: $300 up to $1200
  • icon Annualised fee: $0
  • icon Loan terms available: 1 year to 7 years
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6.57% Glossary
up to 9.29% Glossary
Fixed Glossary
8.28% Glossary
up to 11.03% Glossary
$391.98 Glossary
up to $417.99 Glossary
Features and fees Glossary
  • icon Additional repayments
  • icon Redraw facility
  • icon Top-up facility
  • icon Application fee: $575
  • icon Annualised fee: $0
  • icon Loan terms available: 3 years to 7 years
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5.76% Glossary
up to 24.03% Glossary
Fixed Glossary
9.78% Glossary
up to 28.52% Glossary
$384.43 Glossary
up to $575.71 Glossary
Features and fees Glossary
  • icon Additional repayments
  • icon Redraw facility
  • icon Top-up facility
  • icon Application fee: $175
  • icon Annualised fee: $60
  • icon Loan terms available: 0 to 7 years
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11.49% Glossary
Variable Glossary
13.77% Glossary
$439.75 Glossary

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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ p.a. (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, which impact the results displayed in the table - filters can be applied or removed at any time.

What is a fast personal loan?

A fast personal loan, sometimes known as a quick personal loan, is a loan where the approval time is more rapid than a standard personal loan.  This means that you may receive funds sooner than you would with a different type of loan. A variety of lenders around Australia, ranging from the big four banks to smaller lenders, offer both secured and unsecured personal loans with an approval time of 24 hours or less.

How do fast personal loans work?

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

Some lenders claim they can approve loans for successful applicants within an hour, and credit funds by the next business day, if not on the same day. Some banks and lenders even claim that they can deposit funds within the hour once approval has been granted.

After applying for the loan, you will receive a notification about whether you were successful, including a contract from the lender. Once this contract is signed, the funds will be deposited.

If you are considering signing up for a loan, it’s often wise to read the product disclosure statement (PDS) for information relating to key features, fee and other costs, benefits and risks. Lenders’ websites will typically have a dedicated section for  these documents, and they should be able to provide an electronic copy on request.

Likewise, it is important to read your loan contract carefully before signing, so you know exactly what interest rate and fees you will be charged and how long the loan term will be.

How are fast personal loans different from payday loans?

When looking for a quick personal loan, you may come across a type of short-term loan called a ‘payday loan’, which is also known as a Small Amount Credit Contract (SACC). However, payday loans typically work differently from personal loans, and have to follow different government regulations.

Payday loans let you borrow up to $2,000, with a quick turnaround time, and a period of between 16 days and a year to pay back. Personal loans are typically used to borrow larger sums and repaid over a longer period.

Personal loans are structured like a traditional loan, where you pay back the amount you borrowed plus interest, according to a repayment schedule. Payday lenders cannot legally charge interest, but these loans typically charge extremely high fees. This means you may end up having to pay back significantly more than the amount you borrowed.

Payday lenders may be able to offer loans to people who need extra money to pay expenses, but who may not be able to get a loan from a mainstream lender, perhaps due to a poor credit score or inability to meet eligibility criteria. However, these types of loans can be extremely risky for consumers. The Government’s MoneySmart cautions strongly against payday loans, and the Financial Rights Legal Centre also warns against them, saying that they can lead to a ‘debt trap’ for people with financial problems.

As with any financial decision, it is important to read and understand the loan’s terms and conditions, including what could happen if you fail to meet your repayments. You could also review the Target Market Determination (TMD), which describes who might suit the product. These are typically available on the lender’s website.

How do you apply for a fast personal loan?

Most lenders will have an online application form that you can submit and complete through their website. Eligibility criteria will differ between lenders, but to apply for a personal loan, you will typically need to provide documentation such as:

  • ID documents such as a drivers licence or passport to prove that you are aged over 18 and an Australian resident
  • Proof of income, typically in the form of pay-as-you-go (PAYG) payslips from your employer, to show that you earn a regular income that is above your lender’s minimum requirements
  • Proof of savings, typically in the form of bank statements, to give the lender a picture of how you manage your finances
  • Your employment details for the past three years
  • A list of any assets you own, including assets such as vehicles and property
  • A list of any debts you may have, such as other personal loans or home loans, credit card debts and credit limits, outstanding buy now pay later (BNPL) balances and the like
  • A list of your general living expenses, including groceries, utilities, streaming services, rent, medical and transport costs, school fees and so on.

You may not need to provide all of this information, although it may be advisable to have it on hand just in case.

Frequently Asked Questions about Fast Personal Loans

Some of the potential advantages of fast personal loans or quick personal loans include:

  • The potential for quick access to funds if you need them
  • The convenience of applying online

Some potential disadvantages to be wary of include:

  • The potential for higher interest rates than standard personal loans
  • The potential for high fees and charges
  • The potential to end up even further in debt if you take out a fast loan when you are already experiencing financial hardship

The best quick personal loan options for you may be different compared to another person, as everyone has different financial circumstances, household needs and personal goals to consider.

Some of the questions you may want to ask yourself include:

  • What do you need the loan for?
  • How much money 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?
  • Can you fulfil a lender’s eligibility criteria (e.g. income, expenses, credit score)?
  • Are there any alternative credit or finance options available to you (e.g. credit cards, accessing home equity)?

Once you have answers to some of these questions, you can use a comparison table to view a variety of personal loan options with quick approval times side by side. Using filters, you can narrow down the available options to only those that may best suit your circumstances. You can also use a personal loan calculator to get a better idea of what the repayments could cost, and how they may be affected by changes to the interest rate, loan amount or term length.

The consequences of being unable to make loan repayments will typically depend on whether the loan is secured or unsecured.

A ‘secured’ loan is a loan that is guaranteed by an asset that you own, be it a vehicle or even a property. If you are unable to make your required repayments on the loan, your lender will have the right to repossess this asset and sell it to recover their funds.

An unsecured loan is not guaranteed by an asset, and if you are unable to meet your required repayments, your lender may personally take you to court to recover their funds. A court judgement will remain on your credit report for five years and can negatively impact your credit score as well as flagging you as a risk to lenders, making it more difficult to get a loan in future.

MoneySmart advises that if you are struggling to pay bills or fines, you have the option of talking to your service provider or the relevant authority in order to see if you can work out a payment plan. If you are struggling financially, then you can speak with a free financial counsellor, who may be able to assist you with such things as negotiating with creditors, developing budget plans or making insurance claims.

You can call the free National Debt Helpline (1800 007 007) from 9.30am to 4.30pm Monday to Friday, in order to be transferred to a financial counselling service in your state. The Mob Strong Debt Helpline (1800 808 408) offers free legal advice about money matters to aboriginal and Torres Strait Islander people anywhere in Australia, and is open from 9.30am to 4.30pm Monday to Friday.

Latest in personal loans

Canstar Personal Loans Star Ratings and Awards

Looking for an award-winning personal loan or to switch lenders? Canstar rates products based on price and features in our Personal Loans Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall.

Canstar rates a range of financial products, covering banking, insurance and investment. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.

Personal and Car Loans Awards

About our finance experts

Mark Bristow, Senior Finance Content Producer

Mark Bristow
Mark Bristow is Canstar's Senior Finance Content Producer, and an experienced analyst, researcher, and producer. While primarily focused on Australian mortgage and home loan expertise, he has experience across energy, home and travel insurances. Mark has been a journalist and writer in the financial space for over ten years, previously researching and writing commercial real estate at CoreLogic. In the years since, Mark has worked for the Winning Group, Expedia, and has seen articles published at Lifehacker and Business Insider. Mark has also completed RG 146 (Tier 1), making him compliant to provide general advice for general insurance products like car, home, travel and health insurance, as well as giving him knowledge of investment options such as shares, derivatives, futures, managed investments, currencies and commodities. Find Mark on Linkedin.

Joshua Sale, GM, Research

Joshua Sale

As Canstar’s Group Manager, Research, Ratings & Product Data, Josh Sale is responsible for the methodology and delivery of Canstar’s Health Insurance Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right product for them.

Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Review, news.com.au and Money Magazine.

You can follow Josh on LinkedIn, and Canstar on X and Facebook.

Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more. Payment of fees for ads does not influence our Star Ratings or Awards.

The Personal Loan Star Ratings are updated daily. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Personal Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied. The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.

Canstar is not providing a recommendation for your individual circumstances. We cannot and do not recommend that any particular product is suitable for you. 

We provide links to our Online Partners. These are brands that may pay Canstar a fee for referring you. Our tables default to display only our Online Partners’ products initially, you can adjust the Online Partner Filter to see all of the products available for comparison on Canstar’s website. We provide these links so that you can click through to the product provider’s website to get more information. The provision of these links does not constitute a recommendation by Canstar.

Representative example total repayment amount: For a personal loan of $20,000 borrowed for 60 months with a minimum interest rate of 9.84% (comparison rate^ of 10.87%), the total amount you would need to repay would be $25,551. This is made up of a $20,000 principal amount, $5,402 interest amount, estimated upfront fees of $149 and total ongoing fees of $0. This example is hypothetical. The total loan repayment amount for any individual personal loan will vary depending on several factors (including making on time repayments). You should confirm with the lender the total amount repayable for your particular circumstances.