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Maximum charges: 20% Establishment fee and 4% monthly fee (Comparison rate 199.43%) based on $1000 repaid over 6 months. Illustrative example: Loan amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly instalments of $57.60. Maximum charges: 20% Establishment Fee & 4% Monthly Fee. In comparison rate terms, the maximum comparison rate may be as high as 199.43%.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.
Viva Payday Loans > Quick Loans

Quick Loans

Borrowing money can be a lengthy process, but some lenders in Australia are offering quick loans with fast approval times. With these lenders, you might be able to get the loan amount in your bank account within hours of submitting the initial application form.

Thanks to automated online processes, some lenders are able to provide conditional approval within minutes of receiving the loan application. Once a loan application has been approved, the lender electronically sends the loan contract to the borrower for review, and the borrower must electronically sign and send it back to the lender for processing. This completes the loan application process and funds are usually disbursed within hours. 

The loan disbursement time varies between lenders. While some lenders are able to provide same day loans, others might take a few business days to complete the process. The following table highlights some of the quick loan providers in Australia and their loan funding timeframes. 

Lender Loan Funds Processing Timeframes
Credit24 Same day funds transfer if the loan application has been approved before 3 PM. If not, the loan funds are transferred on the following business day. 
Nimble Same day funds transfer if the loan is approved before 4:30 PM, otherwise on the following business day. 
Speckle The lender may take up to two business days to transfer the loan funds after the loan contract has been signed. 
Sunshine Loans Same day disbursement of funds, provided approvals are given during business hours.
Cash Train Possible to receive funds on the same day if the borrower maintains a bank account with a Big Four bank and receives approval for the loan by 2 PM. If either of these conditions is not met, the loan funds are disbursed on the following business day. 

Eligibility Criteria

There are minor differences in the eligibility criteria as set by quick loan providers in Australia, but most of them generally require that applicants must:

  1. Be at least 18 years of age
  2. Hold a permanent residency or citizenship of Australia
  3. Have a valid ID 
  4. Provide bank statements for the previous 90 days
  5. Be employed and/or the recipient of a stable income (Centrelink benefits are usually accepted as well). 

The Cost Of A Quick Loan

In Australia, regulatory authorities have placed caps on the maximum fees and charges that quick loan providers operating in the country can charge their customers. 

  1. For loans under $2,000 – lenders are only allowed to charge a maximum of 20% and 4% as an establishment and monthly fees, respectively. These loans usually come with a loan term spanning between 16 days to 1 year. 
  2. Loans with amounts between $2,000-$5,000 – a maximum establishment fee of $400 are allowed, and lenders can charge a maximum interest rate of 48% per annum. These loans usually have a loan term of between 16 days to 2 years. 
  3. Loans exceeding $5,000 – lenders are not allowed to charge more than 48% per annum for all fees and charges combined. Such loans will also likely come with a loan term of more than two years. 

Are Quick Loans Better Than Bank Loans?

There are a few key differences between bank loans and quick loans. 

Loan Amount and Term Period

Bank loans are usually available with a larger loan amount and a longer loan term compared to quick loans. As a general rule of thumb, if you are looking for a loan larger than $2,000 with a loan term exceeding one year, then a bank loan is more suitable for you. Otherwise, a quick loan may be the fastest way to acquire the necessary funds. 

Fees and Charges

While quick loan providers, and other small lenders, are restricted by regulatory authorities from charging more than predefined capped fees, banks and credit unions have no such restrictions. Hence, a bank loan may prove to be more expensive compared to a quick loan.

Application Process and Approval

For existing customers, some banks offer same day loan products that may be comparable in processing efficiency with any quick loan available in the market. However, if you are not a bank customer, the bank may require you to undergo an extensive loan application process. Also, after the application has been submitted, banks usually take at least a week to approve the loan and disburse the funds. With quick loans, the entire process should not take more than 24-48 hours. 

Applicants With A Bad Credit History

If you have a bad credit score, a bank is unlikely to accept your loan application. However, quick loan providers are willing to accept applicants with a bad credit score, mostly because the loan amount and term are small, and the high-interest rate compensates them for the increased risk. 

Application Process

To apply for a quick loan, the first step is to select one that is best suited to your needs.

Tip: It is important to compare the various quick loan options available in the market, as they may be quite different and offer features that may be important considering your individual circumstances. A broker service like Viva Paydays can help you quickly sift through various loan options available in the market.

Before you apply for a quick loan, there are a few documents you need to gather as your lender might require them at some point. This includes personal information such as ID documentation (passport, driver’s license, etc) and contact details, information pertaining to your finances including any outstanding debt obligations, employment details, and bank account details (including bank statements for the past 90 days). 


Can I use a quick loan to pay for personal expenses?

Yes, most quick loan providers will not limit the way you spend your quick loan amount. However, some lenders may impose restrictions, and it’s important to check them before borrowing. For example, many payday loans are designed to be used in the event of a financial emergency. Also, if you are paying for recurring expenses through a quick loan, make sure you are able to afford such expenses in the following months in addition to making due repayments on your loan. 

Is it safe to take out a quick loan?

Quick loans are safe, as long as you borrow from a reputable lender. Make sure you verify the credibility of your lender on the internet, such as its credit license on the ASIC registers, before applying for a loan. 

What is the maximum I can borrow through a quick loan?

Most lenders allow borrowers a loan of up to $2,000, but some lenders may be willing to offer quick loans as high as $5,000 as well. 

Can I apply for a quick loan if I have a bad credit history?

Yes, since quick loans are usually small in value, lenders typically accept applications from those with a bad credit score.