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Quick cash loans often have a turnaround time and fund release period of 60 minutes to one business day depending on the lender.
Loan amounts typically range from $100 to $5,000 depending on the limit set by the lender and the borrower's eligibility.
Depending on the lender and the amount applied for, the loan term ranges from as short as 16 days up to 60 months.
The maximum monthly fees for loans $2,000 and below are set at 4% of the loan amount.
One-time establishment fees for loans $2,000 and below are set at a maximum of 20% of the loan amount, while loans amounting to $2,001 and above will have a maximum establishment fee of $400.
If you skip a payment or fail to repay the debt, the creditor cannot recover more than 200 percent of the loan amount.
Always remember that responsible and legitimate lender entities will abide by the loan fees set out by ASIC.
Here at Friendly Finance, we aim to provide you the hassle-free experience in acquiring the funds you need.
It will take you less than 5-minutes to accomplish, and the process is 100% online. Skip the inconvenience of multiple loan applications. We’ll do the heavy lifting for you!
Once your application is received, we will search the market for your lender match and you will be notified immediately when they decide that they can offer you a loan.
Always review the details of your contract before signing. You have to make sure you understand all possible fees associated with your quick cash loan.
You can apply 100% online for a quick loan. Friendly Finance loan applications are simple and will only take a few minutes to complete.
There are several lenders offering quick loans. Alternatively, you can also use Friendly Finance to make the process easier for you. With us, there's no need for you to submit your information separately. Simple fill in our form, and we'll find the most suitable lender for your financial situation.
Cash Train
The loan application may take up to 10 minutes to complete. With funds possible to be released 1 to 2 business days after submitting your application.
Wallet Wizard
The loan application may take up to 60 minutes to complete. With funds possible to be released 2 hours if the process is completed before 2:30PM.
MoneyMe
The loan application may take up to 60 minutes to complete. With funds possible to be released 1 to 24 hours after submitting your application.
MoneySpot
The loan application will only take at least 5 minutes to be completed. With funds possible to be released within 60 minutes after submitting your application.
Fair Go Finance
The loan application may take at least 6 minutes to an hour to be completed. With funds possible to be released within 1 business day after submitting your application.
Am I eligible for a quick cash loan in Australia?
- A regular income, with Centerlink benefits not exceeding 50% of the total income
- Permanent Resident in Australia
- An active bank account
- 18 years of age or older
Quick Loans: Frequently Asked Questions
Don’t see what you had in mind? You can reach out to us via our contact form or email us at info@friendlyfinance.com.au
Does a quick cash loan affect my credit score?
Yes, if you pay on time, your credit score will improve and will give you more access to other loan instruments. However, if you default on payments and do not make necessary adjustments with your lender, the lender may report you to credit reporting bureaus.
What are the risks associated with quick loans?
The following are the risks associated with borrowing cash instantly:
High-interest rates: These loans are often associated with high-interest rates. However, fees for loans are regulated by the Australian Securities & Investments Commission (AISC) and should not exceed the set fees and interest rates on these loans.
Multiple applications showing up on the credit report: Applying to multiple lenders in a short space of time and impact your credit score. The fast turnaround time may be appealing but all loan applications should still be made in moderation.
High delinquency fees: While still regulated by ASIC, fees on late payments and dishonour fees are typically high.
How can you be sure you can afford a quick loan?
Before you apply for a loan, make sure to check your expandable income using a budget tracker for the month or on a weekly basis. While quick loans may be used to cover immediate expenses, the monthly fees, establishment fees, and other associated fees on this type of loan mean that they are ideally used for emergency cases only, and not to cover daily expenses.
Lenders will determine your payment capacity based on the documents and income/bank statement that you will provide to make sure you can afford the loan costs.
