There are so many different types of loans available, so finding the correct funding option for your financial situation is important. Usually, when you take out a loan from a traditional lender, such as a bank, you may need to travel to their physical location to complete an application process and potentially wait a long time for a decision. At Viva Payday Loans, we understand that life can be unpredictable and you may have an unexpected bill to pay, which is why we make it easy for you to find same day loans in Australia from our panel of lenders.
Thanks to many lenders moving their services online, finding loans that offer same day decisions and cash transfers is a lot easier than in the past. With the use of artificial intelligence to quickly assess same day loans applications, many lenders are able to give out lending approval decisions in a matter of hours, if not minutes. This provides applicants with a quick and hassle-free option when it comes to covering a brief gap in their finances. Apply for your same day cash loans online today or view our information below to make sure that they are the right choice for you.
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 Same Day Loans?
Same day cash loans are a type of short term loan that gives you access to the funds you need on the same day that you apply. If you are approved, same day loans are a way of getting quick access to cash so you can cover an emergency or temporary cash flow issue. Many applicants use them to help with unexpected mishaps, such as car or boiler repairs, and can be ideal if you find yourself strapped for cash. Many same day cash loans online work like payday loans, in that the repayment terms are much shorter than regular personal loans.
Many lenders have conditions in place that must be met before approving quick loans online for same day pay out. These include deadlines before an application must reach the lender, such as 12 PM on weekdays, so before you apply for same day cash loans online, make sure you check the conditions. Here at Viva Payday Loans, we offer a fast loan-finder service, working with a panel of lenders to help you find the loan most suitable for you. Due to our extensive panel, there are many circumstances where cash may be sent the same day, and in some instances within just 60 minutes, if approved, depending on if your bank accepts faster payments.
Apply For Same Day Cash Loans Online
Although there are many lenders that offer same day cash loans, there is no one-size-fits-all solution, and the types vary between lenders. Some lenders may also only offer quick loans for same day pay out to customers they have engaged with in the past, because they have already assessed their financial positions.
The following options and scenarios exist when applying for same day loans in Australia:
1. Available for both new and existing borrowers
Lenders of same day loans who offer both their new and existing customers the option for quick loans online for same day pay out, are an ideal choice for those who do not maintain a history with any lender.For existing borrowers, being funded for a same day cash loan may be simpler, as a history has already been established between you and a lender.Many of the lenders in this category also offer similar perks for their existing customers, so they make a great choice for borrowers who have used their chosen lender before.
2. Short term loans providers
Short term loans are typically very small in value, for example under $2,000, and because of this, these types of lenders can sometimes deliver a lending decision on the same day. These loans are a good choice for customers with no history with their chosen lender and are looking for quick access to funds for a short period of time.
3. A bank overdraft or a credit line
For people with accounts in banks that offer an overdraft facility or a line of credit on their existing accounts, this could be the fastest and cheapest borrowing option for you. Overdrafts and a line of credit are usually available for a limited amount with a variable rate, as set by the bank. The best way to access this is to approach the bank and avail these facilities, which will help you to avoid having to approach same day cash loans lenders.
4. Filling out an application in-branch
Some lenders may offer same day loans to borrowers who file applications at their branch, provided they bring all the required documentation at the time of filing. This will usually involve a valid ID, account statements from the bank, and financial details that prove income, expenses, and credit information.
5. A secured loan
Secured loans require borrowers to pledge an asset as collateral in exchange for the loan amount, so this is not suitable for everyone. Assets that can usually be pledged include jewellery, antique items, cars, or homes, so that the lender’s risk is entirely covered. This means that fast approvals are usually given for secured loans.
Are You Eligible For Same Day Loans In Australia?
As we work with a panel of over 15 trusted lenders who offer same day cash loans online, the eligibility criteria will differ from lender to lender. However, due to the extensive panel we work with, we are able to help many applicants even when looking for bad credit loans as they consider any credit history. To apply through Viva Loans for same day loans in Australia, you are required to be at least 18 years old. However, some common criteria you might see include:
- Have three to six months’ worth of bank statements available, so that lenders are able to offer a loan that fits in with your current financial position.
- Be able to provide proof of your income, whether from employment, Centrelink, or other government benefits.
- Be able to provide details of all existing liabilities, including credit card debt and any other outstanding loan obligations.
- Have utility bills or other expense statements.
Submitting the incorrect documents in your application can delay the approval decision on your loan application, so it is important that you submit them in the correct format.
Same Day Loans Factors To Consider
While it may seem simple to acquire same day cash loans, particularly through online lenders, they must be evaluated and researched just as much as any other loan. There are several factors to consider, including:
1. Personal finances: will the loan repayments be affordable in your current financial situation?
2. Associated fees and charges: does the lender provide an accurate and clear description of all associated fees?
3. Required information: some providers of same day loans in Australia may ask for information that might take a long time to procure. All the required information should be collected before submitting the application to avoid unnecessary delays.
4. Purpose of the loan: is taking out a loan absolutely necessary? Although same day cash loans may seem like a convenient option, it may also be a costly one. It may be better to borrow from a loved one or use your savings.
5. Alternative loan options: would it be cheaper to acquire short term credit on a credit card instead of taking out a same day loan?
Same Day Loans FAQs
What Are Same Day Loans In Australia?
Same day loans are a type of cash loan that provides you with access to funds on the day that you apply. While some traditional lenders, such as banks and credit unions, may take days to assess your application, there are plenty of lenders who offer quick loans online for same day pay out.
Are Same Day Loans Available Over The Weekend?
It is unlikely that lenders would be able to offer same day loans over the weekend and most weekend applications would get picked up on the next working day. Banks are also closed over the weekend, so funds cannot be processed until the next working day.
Do You Offer Same Day Cash Loans Online?
Viva Payday Loans are a lender-finder service in Australia, and we are proud to offer a panel of 15+ lenders, many of whom offer same day loans. Simply apply with us and we will put you in touch with a lender that best suits your needs and financial situation.
Same day cash loans are a great option for those who need to cover the costs of an unexpected expense or a temporary cash-flow issue. If you find yourself in financial difficulty with no means of repaying same day cash loans, please contact your lender before taking out a contract or feel free to contact us for support. If you are ready to find the right same day loans for you, please apply today.
For support or advice in managing your money, visit MoneySmart.