Skip to main content
Loans in AustraliaPersonal Finance

How to Get a Quick Cash Loan Online

By December 6th, 2023No Comments
quick cash loan

A Guide to Convenient Online Borrowing

In today’s current economic situation, it can be a bit overwhelming trying to keep up with our financial obligations. Sometimes, we may find ourselves in situations where we need quick access to cash to help cover an unexpected expense that is well out of our budget.

Fortunately, several different lenders offer quick cash loans that you can apply for online. These loans can be a great option if you need money quickly and don’t have time to go through the traditional lending process. However, it’s important to compare different lenders, as the terms and conditions can vary significantly.

Understanding Quick Cash Loans

Quick loans are unsecured loans provided by lenders, typically with a turnaround time of 60 minutes to 1 business day. The amount of money you can borrow through quick cash loans in Australia will vary depending on the lender. With Friendly Finance, you can look to  borrow any amount between $100 to $5,000 through our network of lenders. For other loan types, you may also apply for bigger amounts of up to $15,000.2

The repayment period for quick cash loans is usually determined by the total amount borrowed, ranging from 16 days to one year for loans below $2,000, and 2-5 years for loans up to $5,000. Quick loans serve various purposes, such as covering car maintenance, utility bills, medical expenses, or educational costs.

Additionally, the approval process for quick loans varies among lenders, with some accepting applications within minutes. Certain lenders even offer funds within a few hours or on the same working day. These loans are characterised by their small loan amounts, short repayment periods, and higher fees.

You can use a loan comparison website to compare different lenders and find the best deal. It’s also important to read the terms and conditions of the loan carefully before you sign anything.

Benefits of online quick cash loans

  • Speedy application and approval process: Online quick cash loans can be approved in as little as 60 minutes. This is because the application process is all done online, so there is no need to go through the traditional lending process, which can be time-consuming.
  • The convenience of online transactions: Online quick cash loans are very convenient because you can apply for and receive the money all from the comfort of your own home. This can be a great option if you don’t have time to go to a bank or credit union.
  • Flexible borrowing options: Online quick cash loans offer a variety of borrowing options, so you can choose the one that best suits your needs. For example, you can choose the amount of money you want to borrow and the repayment term.1
  • No collateral required: You do not need to provide collateral to get an online quick cash loan. This means that you do not have to put up any assets as security for the loan.
  • Easy to qualify: The eligibility criteria for online quick cash loans are typically less strict compared to traditional loans. This means that there is still a chance for you to get approved even if you have bad credit.
  • Variety of lenders: There are a variety of lenders that offer online quick cash loans in Australia. This means that you can shop around and compare different lenders to find the best deal.

Assessing Your Financial Needs

Determining the amount needed and repayment capabilities

The first step is to determine how much money you need. This will depend on the reason for your loan. For example, if you need money to cover an unexpected expense, you may only need a small amount. However, if you need money to consolidate debt or make a major purchase, you may need a larger amount.

Once you know how much money you need, you should also consider your repayment capabilities. Evaluate your income and expenses to see how much you can afford to repay each month. It is important to make sure that you can afford the monthly payments before you take out a loan.

Evaluating the urgency of the financial situation

Assess the urgency of your financial situation to determine if taking out a loan is necessary for unexpected expenses, or if it’s possible to wait and explore alternative lending options for major purchases.

Identifying the purpose of the loan

This will help you determine the best type of loan for your needs. For example, if you need money to cover an unexpected expense, then you may want to consider a personal loan. However, if you need money to consolidate debt, then you may want to consider a debt consolidation loan.

Here are some additional tips for assessing your financial needs:

  • Create a budget. This will help you track your income and expenses so that you can see where your money is going.
  • Talk to a financial advisor. A financial advisor can help you assess your financial situation and make recommendations for how to improve it.
  • Do your research. There are many different types of loans available, so it is important to do your research and compare different lenders before you take out a loan.

Researching Online Lenders

Exploring reputable online lending platforms

When researching online lenders, it is important to explore reputable platforms. Online lending platforms offer various benefits that make them attractive options for borrowers.

Convenience and Speed: Online lenders typically offer a streamlined and efficient application process, allowing you to apply for a loan from the comfort of your own home or office. The entire process can be completed through your mobile device or laptop, saving you time and effort compared to traditional lending institutions like banks. Additionally, many online lenders provide quick approval decisions and faster funding, enabling you to access the funds you need promptly.

  1. Industry Experience: Reputable online lenders often have experience working with borrowers from different sectors and industries. This can be beneficial if you’re seeking a loan for your specific business needs. You can inquire about their industry experience to ensure they understand the unique requirements and challenges of your sector.
  2. Flexible Credit Requirements: Some online lenders are more lenient when it comes to credit requirements, making them a viable option for borrowers with limited or damaged credit histories. While traditional banks may have stricter criteria, online lenders may consider other factors beyond just your credit score, giving you a better chance of obtaining a loan even with less-than-perfect credit.
  3. Competitive Rates and Fees: Due to lower overhead costs, online lending companies often pass on cost savings to customers in the form of reduced rates and fees. While it’s not guaranteed that an online lender will always offer the lowest rates, exploring reputable platforms can help you compare options and potentially find more competitive terms for your loan.
  4. Range of Loan Products: Online lenders often specialise in specific types of loans, catering to various borrowing needs. Whether you require a personal loan, business loan, or specialised loan for a specific purpose like home improvements or debt consolidation, several platforms typically offer a range of loan products to choose from.

Here are 3 online lenders from Friendly Finance that offer quick cash loans:

    • MoneySpot: Offers short-term loans of up to $2,000
    • Jacaranda: Offers short-term loans of up to $2,000
    • MoneyMe: Offers fast loans ranging from $5,000 to $50,000

Loan Application Process

While each lender may have specific lending requirements, there are basic criteria that you need to meet to be eligible. These include:

  • Having a regular income, with Centrelink benefits not surpassing 50% of the total income.
  • Being a permanent resident of Australia.
  • Possessing an active bank account.
  • Being 18 years of age or older.

The loan application process can vary depending on the lender, but there are some general steps that you will need to follow.

  • Prepare the necessary documents and information. The lender will need to verify your identity and employment, so you will need to provide them with some basic information, such as your name, address, and date of birth. You may also need to provide proof of income, bank statements, a copy of your driver’s license, pay stubs, or tax returns.
  • Complete the online application form accurately. The lender will ask you to provide information about your loan, such as the amount you need, the purpose of the loan, and your repayment terms. Be sure to complete the form accurately and honestly.
  • Provide any required verification or documentation. The lender may ask you to provide additional information or documentation to verify your identity or employment. Be sure to provide them with the requested information as soon as possible.
  • Understand the terms and conditions of the loan. Before you sign any loan documents, be sure to read and understand the terms and conditions of the loan. This includes the interest rate, repayment terms, and any fees that may apply.

Once you have completed all of these steps, the lender will review your application and make a decision. If your application is approved, you will be able to receive the funds.

Evaluating Loan Offers

When evaluating loan offers, it is important to compare interest rates and fees, assess repayment terms and flexibility, and consider customer support and borrower-friendly policies.

Interest rate and fees

The interest rate is the amount of money you will pay in interest over the life of the loan. The fees are additional charges that may be assessed, such as origination fees, late payment fees, or prepayment penalties.

Responsible lenders adhere to the loan fee regulations outlined by ASIC. These fees include:

  • Interest rates: Loans below $2,000 have a maximum monthly fee of 4% of the loan amount while loans equal to or above $2,001 are subject to interest rates, with a maximum of 48% per annum.1
  • Monthly Fee: For loans below $2,000, the maximum monthly fee is 4% of the loan amount.
  • Establishment Fee: Loans below $2,000 have a one-time establishment fee capped at a maximum of 20% of the loan amount, while loans of $2,001 and above have a maximum establishment fee of $400.

Additional fees may also include:

  • Default fees: In the event of missed payments or failure to repay the debt, the creditor cannot seek to recover more than 200% of the loan amount.
  • Enforcement expenses: These expenses are incurred by the credit provider if legal action is taken to recover the outstanding amount under the credit contract due to payment default.

Repayment terms and flexibility

The repayment terms are the length of time you will have to repay the loan. The flexibility of the repayment terms is important to consider, as you may want to choose a loan with a longer repayment term if you are unable to afford the monthly payments. Also, check early repayment options and whether you will get charged for repaying early.

Customer support and borrower-friendly policies

Customer support also needs to be considered, as you may need to contact the lender with questions or concerns. Borrower-friendly policies are also important, as they can make it easier to repay the loan. For example, some lenders offer forbearance programs, which allow borrowers to temporarily skip a payment or reduce the amount of their monthly payment.

Exploring Alternative Options

There are many alternative options to quick cash loans, such as:

  • Personal loans: Personal loans are typically offered by banks and credit unions, and they can be used for a variety of purposes, such as consolidating debt, paying for a car or home, or covering unexpected expenses. Personal loans typically have lower interest rates than payday loans and may offer longer repayment terms.
  • Buy Now Pay Later (BNPL): BNPL is a type of credit that allows you to purchase goods or services now and pay for them later, usually in instalments. BNPL can be a convenient way to finance purchases, but it is important to be aware of the fees and interest rates associated with these plans.
  • Debt consolidation: Debt consolidation can be a good option if you have multiple debts with high-interest rates. Debt consolidation loans can help you lower your monthly payments and save on interest.
  • No-interest loans: These loans allow you to borrow up to $1,500 and have a repayment period of 12 to 18 months. With these loans, there are no interest rates, fees, or additional charges. You are only required to repay the borrowed amount.


When considering quick cash loans or any other type of loan, make sure to assess your financial needs and evaluate your repayment capabilities. Take the time to research reputable online lenders and review their terms and conditions. Additionally, carefully consider the loan offers by comparing interest rates, fees, repayment terms, and flexibility.

By conducting thorough research and evaluating your options, you can make a more informed decision that aligns with your financial goals and ensures responsible borrowing. Remember to always borrow within your means and understand the terms and conditions of the loan to avoid any potential financial difficulties.

Let’s find a loan for you within minutes

Related articles

The Coffee Index 1620 × 1080px

The Coffee Index: Coffee Prices in Australia in 2023

| Lifestyle Finance | No Comments
We have gathered information on the average cost of a cup of coffee in different parts of Australia, including major cities and regional areas.
macc and sacc loans

Loan Type – SACC vs MACC

| Loans in Australia | No Comments
There are many loan types for consumers such as secured, unsecured, lines of credit, home loans, etc. However, most consumers opt for one of two…
Loan Options for Expatriates and Non Residents

Loan Options for Expatriates and Non-Residents

| Personal Finance | No Comments
Australia's strict financial regulations and unique requirements for non-residents can make securing a loan challenging for expatriates.
Rewards programs

Maximising Rewards Programs in Australia

| Personal Finance | No Comments
Leveraging loyalty programs effectively in Australia requires understanding your spending habits, aligning with programs that best suit your needs, and staying informed.