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Funds may also be released from 1 to 24 hours if you have an approved application before a specific cut-off time.
Apply through Friendly Finance to take advantage of a 100% online application process. It's fast and easy!
The establishment fees for short term loans should not exceed 20% of the total amount borrowed.
The maximum monthly fees associated with short term loans will not exceed 4% of the total loaned amount per month.
All charges to be imposed in the event of borrower default and late payment should not exceed 200% of the total loaned amount.
Fees and costs associated with our payday loans are highly regulated by the Australian Securities and Investments Commission (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 short term loan.
There are several lenders in Australia who offer short term loans. Alternatively, you can apply through Friendly Finance and reach an entire network of direct lenders through one application.
Fair Go Finance
Fair Go Finance offers small amount loans ranging from $300 to $2,000, with an average repayment frequency of 1-12 months. The application process takes about 6 minutes to complete through an online application form.
Sunshine Loans
Sunshine Loans offer short-term loans from $1,000 to $2,000. Loan repayments can be made from 9 to 16 weeks, but no penalty will be imposed on early repayment. Applications are completed online, and funds are sent within the day of the loan approval.
Am I eligible for a short term loan?
- Be at least 18 years old.
- An Australian citizen or permanent resident.
- Have proof of identification.
- Can provide 90 days of bank statements through your bank credentials and internet banking details.
- You must have a regular income source. If you are getting Centrelink benefits to augment living expenses, it is a requirement that you cannot exceed 50% of your overall income. If you have a bad credit score, you must demonstrate that your financial circumstances are steady and that you can repay the loan.
Short Term 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
Are short-term loans safe?
Short-term loans are safe when borrowed from licensed lenders. To ensure safety:
Only borrow from ASIC-regulated lenders (check ASIC’s website).
Avoid lenders that guarantee approval without checks.
Be cautious of lenders asking for upfront fees before approval.
Read loan contracts carefully before signing.
Are there alternatives to short-term loans?
Yes, alternatives include:
No Interest Loan Scheme (NILS): Up to $2,000 interest-free for essential expenses.
StepUP Loans: Low-interest loans up to $3,000 for low-income earners.
Advance Centrelink Payments: Eligible recipients can receive an early benefit payment.
Overdraft Facilities: Some banks offer overdrafts for short-term financial needs.
Credit Cards: Some credit cards offer interest-free periods on purchases.
What are the repayment terms for short-term loans?
Repayment periods depend on the loan type and amount:
Small loans ($100 – $2,000): 16 days to 12 months.
Larger loans ($2,001 – $5,000): Up to 24 months.
Business short-term loans: Varies from 1 month to 12 months, depending on loan structure.
Some lenders allow early repayment with no penalties, reducing the total loan cost.
How fast can I receive a short-term loan?
Many short-term loans offer same-day or next-day approval, with funds disbursed within 24 hours. Some lenders and online providers process loans within one hour if applications are submitted during business hours.
What are the disadvantages of a short term loan?
Short-term loans are unfavourable for individuals who cannot pay off loans in a fixed period of time. The following are the disadvantages of taking out short-term loans:
Limited loan amount: Most lenders only offer loans up to $2,000 so a short-term loan is not suitable if you need additional funds.
High fees for late payment: Default fees and enforcement fees are typically high if you fail to pay your monthly repayment on time. Default fees can go as high as 200% of the loaned amount.
