Compare same day personal loans

What is a same day personal loan?

Want to borrow money fast? Some lenders can process your personal loan application the same day you submit it. If approved, you could even get the money within minutes.

You can apply for a same day loan from a number of lenders, including some of the big banks, but there are a few things to think about before making an application.

How do same day personal loans work?

A same day personal loan works much like any personal loan–it’s the speed of approval that makes the difference. Some lenders say you can even get access to the funds within minutes of applying, if you’re approved.

You may be able to apply for a same day personal loan from your current bank or lender, as it may be familiar with your financial history and could process your application faster. If you contact another lender for a same day loan, you may need to provide extra information to support your application.

Once you’ve got your personal loan, you’ll need to pay back the amount you borrowed, plus interest and any fees, over an agreed period of time.

It’s important to read your loan contract carefully before signing, so you know exactly what interest rate and fees you’ll be charged and how long the loan term will be. The loan’s exact interest rate and fees may vary depending on a range of factors, such as your credit score, the loan term, how much you want to borrow, and how you plan to use the loan. 

How are same day personal loans different to payday loans?

Payday loans, also called small amount credit contracts or small amount loans, work differently from personal loans and follow their own government regulations.

Payday loans are short-term loans for up to $2,000 with quick turnaround time, offering between 16 and 365 days to pay them back.

You don’t pay interest on a payday loan but can be charged fees– establishment fees can be up to 20% of the loan amount and monthly fees up to 4% of the loan amount. A default fee can be up to double the amount you borrowed.

Personal loans are typically used to borrow larger sums of money and repaid over a longer period.

Payday lenders may offer loans to people with a poor credit score or who can’t meet a mainstream lender’s eligibility criteria. However, payday loans are extremely risky, with high fees and charges. There are usually cheaper ways to get money if you need it and better options if you need financial help.

What are the best same day personal loans in Australia?

There is no ‘best’ same day personal loan. The best option for you will depend on your own situation, needs, and preferences. 

Shopping around and comparing what’s available on the market is often a good first step to finding a personal loan that fits your needs. It can give you a clearer idea of standard rates and features, helping you to spot a truly competitive offer.

Don't forget to look beyond just fast approval and payout times, as a loan’s interest rate, fees, and features can make a major difference to its overall affordability. Take the time to consider what you need out of a personal loan (perhaps you’d like the option to make extra repayments or pay the loan off early without penalty), then look for personal loans that offer what you need. 

Unsure where to start? Canstar’s Personal and Car Loans Awards recognise providers offering outstanding value to customers around Australia.

How do I apply for a same day personal loan?

Most lenders offering same day loans will have an online application form on their website. Eligibility criteria may differ between lenders but as a general rule, to apply for a personal loan, you’ll need to provide documentation such as:

• ID documents like a drivers licence or passport.
• Proof of income, typically payslips  showing that you earn a regular income.
• Proof of savings to show the lender how you manage your finances.
• Your employment details for the past three years.
• A list of any assets you own, such as vehicles and property.
• A list of any debts you may have, like other personal loans, home loans, credit card debts, and credit limits.
• A list of your general living expenses, including groceries, utilities, streaming services, rent, and school fees.

Pros and cons of same day personal loans

Some of the advantages of a same day personal loan include:

• Quick access to funds if you need them
• The convenience of applying online
• The stability of a traditional repayment structure, meaning you loan should be fully repaid by the end of its term

Some potential disadvantages include:

• You might be charged a higher interest rate than on a standard personal loan
• The potential for high fees and charges
• You could end up even further in the red if you take out a same day loan when you’re already experiencing financial hardship

What happens if I can’t meet my loan repayments?

If you can’t make your loan repayments on time, the consequences will depend on whether your loan is secured or unsecured. 

A secured loan is guaranteed by an asset you own, such as a car or property. If you default on the repayments, your lender can repossess this asset and sell it to recover their funds.

An unsecured loan is not guaranteed by an asset. If you default on the repayments, your lender may take you to court to recover the funds. 

A court judgement will mark your credit report and can negatively affect your credit score, flagging you as a risk to lenders and potentially making it more difficult to get a loan in future.

Whatever loan you take out, if you feel you might not be able to make your repayments on time, contact your lender as soon as possible. You may be able to negotiate a compromise.

What can I do if I’m struggling with money?

If you’re struggling to pay your bills or debt repayments, consider talking to your provider, lender, or a relevant service to work out a payment plan. You can also speak with a free financial counsellor, who may be able to help you negotiate with your creditors, develop a budget, or make an insurance claim.

You can call the free National Debt Helpline (1800 007 007) from 9.30am to 4.30pm Monday to Friday, and get transferred to a financial counselling service in your state or territory. 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.