Today Loans is a secured cash loans provider operating in Australia, providing loans of amounts between $500-$3,000 for a term period of 6 to 36 months. Each loan is secured against the borrower’s licensed motor vehicle, provided it is not more than ten years old. The lender allows weekly, fortnightly, or monthly repayments, and uses a direct debit facility to claim repayments from the borrower’s bank account. If you apply before the appointed times, you may be able to secure a loan on the same day.
Types of loans
Today Loans provides cash loans called Tailored Loans. These loans are secured against a licensed motor vehicle owned by the borrower.
To apply for a tailored cash loan, borrowers must:
- Be earning a weekly income in excess of $500
- Be over the age of 18
- Provide security in the form of a licensed motor vehicle not older than 10 years, and the vehicle must not be under any form of financing
Pros & Cons
- Fast online application process, available 24/7
- Possibility of receiving a decision in under two hours
- Same day disbursement of loan funds if applied before the appointed time
- Dedicated customer service via phone call or email
- Secured loans, requires security in the form of licensed motor vehicle
Borrowing costs of loans from Today Loans
Today Loans charges a monthly rate of 4%, amounting to an APR of 48%.
Applicable rates may vary depending on the loan amount, loan term, and additional charges including repayment fees, redraw fees, and default fees.
|Loan Type||Loan Amount||Loan Term||Total Repayment||Total Borrowing Cost|
|Cash Loan||$2,500||24 Months||$4,294.67||$1,794.67|
|Cash Loan||$1,500||24 Months||$2,576.8||$1,076.8|
Information Required To Apply
The following information is required to complete the loan application process:
- Personal information including name, marital status, and dependents
- Contact information including email address and phone number
- Employment details including name of employer, address, and contact information
- Weekly income/expenses information
How To Apply
Step 1 – Fill Out Online Application Form
Log on to todayloans.com.au and click on the Apply Now button. This should take you to the application form.
Go through the eligibility criteria and click next. Fill out the required information in the application form and submit it for review.
Step 2 – Application Review Process
It should take about two hours for your application to be processed and the decision to be finalized.
Step 3 – Disbursement Of Funds
If the loan is approved before the appointed time as set by the lender, the funds may be disbursed within the same day.
- How long is the application process to apply for a loan with Today Loans?
The application process should take about ten minutes to complete.
- What is the maximum amount I can borrow from Today Loans?
The maximum loan amount available is $3,000
- Does Today Loans give out loans to borrowers with bad credit?
Yes, each loan application is evaluated on its own merits and someone with a bad credit history may qualify for a loan.
- Do I need a car to apply for a loan with Today Loans?
Yes, a licensed motor vehicle not older than 10 years is required to apply.
- Does Today Loans allow early repayments?
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No promo codes exist for Today Loans at this time.