If you need cash in a hurry and you have nowhere else to turn, an instant loan online can be the practical solution you’ve been searching for. Whilst other lenders can make you run through a process of paperwork and phone calls, you can apply for an instant loan through us in a matter of minutes. Completely online and with amounts up to $5000 available from some lenders, it takes just a couple of minutes to fill in our simple application form. We’ll then find direct lenders of instant loans in Australia no matter which state or territory you reside in.
With instant loan approval, you can resolve your financial emergency quickly and repay over flexible repayments of your choosing. Ready to apply? Use the calculator above and click apply now to see how we can help you today.
Note: Viva Payday Loans is a lender-finder service in Australia, we do not offer financial advice. Please consider seeking independent legal and financial advice to check how the information and ideas presented on this website relate to your unique circumstances.
What Are Instant Loans?
An instant loan works exactly as the name implies; they are delivered almost instantaneously to the borrower if approved after a quick application. This makes a lot of difference to many borrowers who are looking for an immediate source of funds when the unexpected happens in life. Considering that most loans take a significant amount of time to process, usually a week, an instant loan online is a quick solution for many who need the money fast. In fact, with Viva Payday Loans, your cash could even be sent to you on the same day and may even be sent within just 60 minutes if approved and dependent on if our bank accepts faster payments.
There are many payday lenders in Australia that can provide an instant loan online for amounts of up to $2,000. It’s important to note that instant loans are likely to only be provided on the same day if the application has been filed during business hours and meets all of the lender’s specified terms and conditions. At Viva Payday Loans, we are a loan-finder service and work with a wide range of lenders who consider any type of credit history. This means you could find the ideal solution for your financial needs through our extensive panel.
As instant loans provide a distinct service of quick processing times compared to other loan options, lenders can also charge a relatively higher fee to their borrowers. That is why applicants should only apply for an instant loan if they are facing a financial emergency and do not have a better option at their disposal, such as available savings or existing credit. You should only consider seeking instant loan approval to cover an emergency expense and not any long term financial difficulties.
Features of Instant Loans in Australia
There are many instant loan providers in Australia, and most of them offer similar features. When it comes to choosing the right instant loan for your circumstances, we work quickly to determine which of our panel of 15+ lenders are best placed to help you. The features include:
- Loans are available up to a maximum amount of $2,000, although some lenders can also offer instant loans of up to $5,000.
- Loan terms are typically available between a period of 3-12 months. Some lenders can offer terms of as little as 9 weeks, whilst others as long as 2 years.
- Instant loan approval times vary between lenders, with some approving loans within 60 minutes if approved and your bank accepts faster payments, whilst others take as long as 48 hours. For most lenders we can connect you with, the instant loan approval time would be within the same business day depending on the application approval.
- Arrears fees being charged by lenders vary as well. Some lenders have only a $5 arrears fee, while others are charging as high as $55.
- Loans under the amount of $2,000, which is the case with most instant loans in Australia, have a capped cost of 20% establishment fee and 4% monthly fee, although these can vary by lender. Some lenders charge this much, others are charging as low as 10% in establishment fee and 2% in a monthly fee, while some charge a fixed rate such as 47.8%.
- Typically, a fortnightly payment on an instant loan with most borrowers would fall within the $300-$400 bracket.
There might be other charges associated with your chosen instant loan, hence you should carefully review all borrowing costs before choosing a lender.
Instant Loan Online: The Application Process
Applying for an instant loan online is simple through Viva Payday Loans. Most lenders require applicants to fill out an online application form, which can be accessed through their website. Once this form has been submitted, lenders usually provide an approval decision within minutes, with the funds transferred within a day or two, depending upon procedural constraints.
As part of the application process, you’ll need to provide additional documents for assessment, including bank statements from the last 3 to 6 months. This is so the lenders can potentially provide instant loan approval with a thorough overview of your current finances to ensure the loan you need is affordable. You’ll also need to provide details of any existing loan obligations you have as well as proof of income.
How Much Can Be Borrowed Through An Instant Loan?
Each lender has different criteria for judging whether an applicant qualifies for their required loan amount. This criteria usually includes an assessment of an applicant’s income and credit history first, so if you’re looking for instant loans with no credit check at all, you may want to consider other options. Some borrowers may not be eligible to acquire instant loans of above $1,000 due to eligibility constraints or if they have bad credit. The minimum that can be borrowed as an instant loan is typically around $100, while the maximum can go all the way up to $5,000.
You should only seek an instant loan of an amount that covers your immediate expenditure, as instant loans are expensive and only supposed to offer short-term financial relief.
What to Consider Before Applying for an Instant Loan Online
While some applicants may be seeking instant loans with no credit check, it is likely that applicants may be credit checked as part of the lender’s decision making process – however this is not typically the deciding factor for many lenders. Many lenders will review your overall affordability alongside your credit history. At Viva Payday Loans, we also work with a wide range of lenders who will consider any type of credit history, meaning your application is likely to be accepted. The following judging criteria can help to differentiate between various instant loan options and help borrowers select the most appropriate one, considering their needs.
- Does it offer the required loan amount?
Direct lenders offer different loan amounts, so it’s important to know whether a lender can give out an instant loan of the required amount. Since each lender has different eligibility criteria for approving a particular loan amount, it is important to evaluate the chances of approval before filling out the loan application to avoid wasting time.
- Is the lender offering a comfortable loan term?
Loan terms are not standardized, and lenders would try to give out a loan term that maximizes their own profitability. A longer loan term, such as 24 months, may offer smaller payments, but it will also cost much more than a loan with a term of 9 weeks. Hence, it’s important to choose a loan that offers an optimal loan term.
- Are the repayments affordable?
Borrowers have the option to set their repayment frequency, and this should be done considering affordability. Every lender has its own repayment terms, and not all lenders are equally flexible. Some might charge if a borrower makes early repayments. Borrowers should look for loans with no early repayment charges.
- Does the loan charge appropriate fees?
Loans under $2,000 are capped, however, loans above this amount can be charged variable rates. It is important to evaluate instant loans as they can become very expensivLoans under $2,000 are capped, however, instant loans above this amount can be charged variable rates. It is important to evaluate instant loans as they can become very expensive.e.
- How quickly can the loan amount be disbursed?
It might take as little as 60 minutes or as long as an entire business day. Each lender has a different turnaround time, and borrowers must take this into consideration as this can make a lot of difference if they require funds very urgently.
- Is the lender reputable?
Online reviews can offer reasonable evidence about a lender’s credibility and repute, and hence briefly researching a lender before applying for an instant loan may be a good idea to ensure the lender does not charge any hidden fees or partake in any fraudulent activities.
Eligibility for an Instant Loan Online
Most lenders that provide instant loans in Australia would require applicants to meet the following eligibility criteria. Applicants must:
- Be over the age of 18
- Hold a permanent residency in Australia or be an Australian citizen
- Have eligible income with more than 50% coming from sources other than Centrelink or other government benefits
Have any questions about instant loans in Australia? Please get in touch with us if you need any further information to help. If you are ready to start your application, click apply now.
Instant Loans FAQs
Can I Only Get an Instant Loan Online?
Some lenders disburse funds in less than 30 minutes, while others take over 1 business day. In most cases, instant loans are available only through an online application form. Some lenders do provide instant loans in-store as well, but if you are looking for complete convenience, online is the recommended choice. Accessible anywhere from any internet-enabled device, you can get instant loan approval from the comfort of your home with ease. With a wide panel of lenders available at our disposal, you could find an instant loan with us, quickly and easily. Please note that as a credit broker and loan-finder service, we do not have control over the decision makes on application and we also do not lend money directly.
How Much Can I Borrow Through An Instant Loan?
Borrowers can acquire instant loans of up to $5,000, starting as low as $100. In most cases, the maximum you’ll be able to apply for is $2,000, especially if you are looking to repay over a short term. Some lenders will accommodate up to $5,000, but this will depend on the repayments you want and the available lenders. Instant loans with no credit check still require a full assessment of your finances first to check affordability and some lenders on our panel may credit check as part of the decision-making process.
Are Instant Loans Expensive?
Lenders charge a higher rate for instant loans in return for a quick service and assuming a higher risk. If you are thinking of applying, you should carefully consider this and check how much the loan amount will cost you in interest and charges before proceeding.
Apply through Viva Payday Loans for an instant loan online, today. For support or advice in managing your money, visit MoneySmart.