When your same day loan is approved, the money will be deposited into your bank account during the same day, provided it has been approved early in the day. Depending on your bank provider, the cash could be in your account within minutes of the deposit being made.

Same day loans typically have higher fees compared to longer-term loans. This is to cover for the risks associated with quick loan approval and a fully-online application process instituted by most same day loan providers and responsible lenders.

Yes, some lenders accept Centrelink payments as income. However, lenders usually require that Centrelink benefits do not exceed 50% of the applicant’s total income.

Borrowers receiving Centrelink payments may also be eligible for No Interest Loans (NILS), which provide up to $2,000 for essential expenses with no fees or interest.

Repayment terms vary depending on the loan amount and lender:

• Small loans (under $2,000): Typically repaid within 16 days to 12 months.

• Larger personal loans ($2,000+): Repayment terms range from 12 to 24 months.

Some lenders allow early repayment without penalties, helping borrowers save on fees.

It is possible but not recommended. Having multiple loans increases financial risk and can negatively affect credit scores. Many lenders check an applicant’s existing debts before approving a new loan.

To avoid scams:

• Only borrow from ASIC-licensed lenders.

• Avoid lenders that guarantee approval without any checks.

• Be cautious of lenders asking for upfront fees before loan approval.

• Read reviews and check lender details before applying.

Here at Friendly Finance we only match you with legitimate and ASIC-licensed lenders.