Best Short Term Loans

A short term loan or payday loan can help you when you need quick cash for unexpected expenses or when you have a temporary dip in your cashflow. These loans are costly, though, so there are a number of factors to consider before applying for one. Continue reading...

Brand
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Rating
Min Money Borrowable
$50
Max Money Borrowable
$1,000

Based on 21,413 reviews
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Nifty Personal Loans

Nifty Personal Loans

4.5  (256) Summary
CashnGo

CashnGo 🏆 2024

4.9  (6,903) Summary
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Jane McMahon
Jane McMahonQLD
 
Poor serviceHave not updated dashboard in over a week. Despite paying off loan .. they have taken another payment. Don’t answer their phone. It just rings out
Fundo

Fundo 🏆 2024

4.7  (4,924) Summary
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Roger R.
Roger R.
 
Fundo the way to loanQuick and easy money straight into your bank!! I would recommend to anyone needing quick cash
Money Plus

Money Plus

4.6  (270) Summary
JBI
JBINSW2 posts
 
Money Plus
Money Plus   DM   
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Quickzy Finance

Quickzy Finance

5.0  (62) Summary
Vicki W
Vicki W
 
Efficient and great communicationVery efficient and friendly service from Sam. At an already stressful time he made the process very smooth. Thank you AAA+ Show reply
Cigno Australia

Cigno Australia 🏆 2024

4.2  (4,434) Summary
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Amber
AmberWA4 posts
 
Wallet Wizard

Wallet Wizard

4.2  (1,202) Summary
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Sam
Sam4 posts
 
Incredible servicesI always turn to them in times of financial difficulties...very fast decisions made I highly recommend any one who needs some quick cash to try them Show details
Cash Train

Cash Train

4.0  (658) Summary
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SMC
SMCQLD65 posts
 
Spotter Loans

Spotter Loans

4.8  (33) Summary
Retiredandhappy
RetiredandhappyBli bli2 posts
 
Fast approval! Great service!Applied for a loan yesterday afternoon. Was approved today and have already received the money. Amazing! Lovely and professional customer service. Very happy customer! Show details
Nimble

Nimble

3.8  (292) Summary
Matthew F.
Matthew F.NSW2 posts
 
Not recommendedThe fees are about 3 times more then the loan is worth, they deliberately take a few days to process so your payment doesn't go through and you then get slammed with more fees! Not ro mention they attack your credit rating, thanks nimble, youve made 2x the loan amount and still want another 600, rip-offs, never again. Show details
MyPayNow

MyPayNow

3.5  (128) Summary
mia
miaNSW11 posts
 
Decent company so far for me :)This service has helped me when im in need of extra money until next pay day or im short one pay only use it if i need to, Not sure on the customer service side as i have never had to talk to anybody, But it was easy to set up and be approved etc.. as long as you are able to pay back the amount you should be fine! So far no bad reviews from me. Show details ·  1
Smartfinn Advisors

Smartfinn Advisors

5.0  (17) Summary
Karen H.
Karen H.NSW
 
Smartfinn Advisors are great to work with!Smartfinn Advisors are great to work with. They are very approachable and always available to answer any questions. I would highly recommend working with them! Show reply
Beforepay

Beforepay

2.6  (57) Summary
Ronald Kitiona
Ronald KitionaNSW2 posts
  Verified
Harsh reductionBeforepay regularly approved 1600, then no warning 150. Blaming system. Instead of making it gradually decrease. Poor service. Has completely stuffed up my budget. Put me in hardship, We all should file a class action. Show details
Sunshine Loans

Sunshine Loans

2.4  (104) Summary
Greg k
Greg kNSW
 
Recent loanI recently took out a loan with sunshine then my job hours got slashed they were very understanding and helpful Show details
Bizcap

Bizcap

3.3  (14) Summary
H Miller
H MillerVIC
 
Great service!Got funding for my small business when no one else would really give us a shot, would highly recommend giving them a call! Show details ·  1
Pay Express

Pay Express

2.8  (15) Summary
The D.
The D.NSW15 posts
 
Cash Converters Short Term Loans

Cash Converters Short Term Loans

1.8  (50) Summary
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The D.
The D.NSW15 posts
 
Moneyspot

Moneyspot

2.2  (12) Summary
Maria B.
Maria B.5 posts
  Fair Incentive
Don’t bother to go with themDon’t go with them terrible been so loyal but rejected with unacceptable reason
They before if you have good history loan with them is ok but now they have changed their statement
Terrible
TapMyPay

TapMyPay

2.7  (7) Summary
Nat M
Nat MWA6 posts
 
Unable to log inStill watching the circle flashing!. I haven’t been able to access my account yet ?? I’ve sent through an email as well as written another review and not one response from you guys, very poor customer service
Direct Finance Loans

Direct Finance Loans

2.3  (9) Summary
Tori
Tori
 
The perfect broker by the name of Jessie is so awesome,she is amazing at what she doesI recommend any body interested in finance to get into contact with Jessie the broker at money finance direct. Show details
Cash Direct

Cash Direct

2.8  (6) Summary
FairyFlower
FairyFlowerQLD5 posts
 
Cash directThis company is amazing to deal with! All the staff are friendly and understanding and FAIR ! it’s hard to say that about a loan company as I’ve dealt with others in the past that are outrageous with fees and disregard personal circumstance ! This one is different to all the rest. Highly recommended from myself ! Show details ·  1
Credit24

Credit24

1.3  (40) Summary
karl w.
karl w.
 
Credit24
Credit24   DM   
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Hi karl w, please reach out to us via email at letstalk@credit24.com.au, and we will be more than happy to address any concerns you may have.

Oak Capital

Oak Capital

1.8  (5) Summary
Benjamin G.
Benjamin G.3 posts
 
They use the banks and align themselves to get your trustThey got through the gates as short term lenders under disguising themselves as a bank type lender and I continue to complete my research until they are confronted , I am so happy others have read my reviews please continue to reach out!!! Show details
Cash Now Perth

Cash Now Perth

3.0  (2) Summary
Drew A.
Drew A.12 posts
 
Handout Loans

Handout Loans

5.0  (1) Summary
Matbris
Matbris3 posts
 
Quick and Easy money in account within 10 minutesGreat to deal with quick approval money in account within 10 minutes Show details ·  1
CashFaster

CashFaster

1.2  (5) Summary
Andy O.
Andy O.
 
Stay right awayShould be called cashslower. After been approved a loan website won't accept any form of i.d. After leaving numerous messages on website and email days later have still not had contact with anyone. Stay right away from this company.
LazerMoney

LazerMoney

1.0  (1) Summary
Brent J.
Brent J.4 posts
 
Complete losersLazer money is the Worst company in the World all staff are [Content Removed]. They approve small loans when I was on $700 a fortnight then reject them when I'm getting $1300.Biggest bunch of losers on the planet and that's including Putin.
Stay Finance

Stay Finance

1.0  (1) Summary
Ashleigh S.
Ashleigh S.SA12 posts
 
TerriblePaid all the loan then they take out another payment of $256 not happy put a dispute in with my bank contacted customer service by email as there is no phone number to contact got no response please stay away from stay finance Show details
Mark
MarkAdelaide14 posts
 
Spammers, no unsubscribeHi, Another company that has bought an email list and starts SPAMing customers in the hope of getting business.

If they are not good enough to get business from their reputation and have to buy email lists dont trust them.

Mr Loan

Mr Loan

5.0  (75) Summary
Stephen C.
Stephen C.NSW
  Refinancing Loans
Thank you so much Ken for your help! Highly recommended!Great service, very polite, always happy to answer questions and most importantly got my refinance done for a lower rate! Thanks Show details
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Nifty Personal Loans

Nifty Personal Loans

4.5  (256) Summary

Someone making calculations on a notepad at a desk, with a calculator and laptop in front of them.

What is a short term loan?

A short term loan is designed to be repaid within a short period and requires little to no collateral. These loans let you borrow a small amount of money for something that you need cash for quickly.

These loans can be used for almost anything, but common reasons to take out a short term loan include:

  • Unexpected bills or expenses (such as medical expenses)
  • Helping cover the cost of big-ticket items (such as wedding or funeral expenses, home renovations, school fees)
  • Property bonds and moving costs
  • Covering a dip in cashflow or a change in your financial situation

You repay the debt with fees in equal repayments over a fixed term that you’ve agreed on (usually somewhere between 3 to 12 months depending on the loan amount).

Should I get a short term loan?

Short term loans should only be used in the case of financial emergencies, and should not be considered as a long-term solution to any financial problems. They’re typically expensive, and come with high fees and charges.

Because short term loans are so costly, you should avoid taking them to use for:

  • Basic necessities
  • Repaying existing debts
  • Holidays
  • Non-essential expenses or expenses that can wait

What are the risks of short term loans?

You should be aware of the risks of short term loans before deciding whether or not to take one out.

  • They incur high costs. Short term loans have very high fees (this can be up to a 20% establishment fee of the loan amount and a monthly fee of up to 4%), which means high annual interest rates. Fees and charges are sometimes not advertised clearly too, so if you miss the small print, you may be charged fees you can’t afford.
  • Repayments are made by direct debit. This means that a lender can withdraw repayments before you pay for necessities like food or rent, which can make budgeting more difficult.
  • It may affect your credit rating. If you cannot repay the loan, your credit rating may be affected.
  • They have high default fees. If you default (you fail to repay the funds by the due date) you’ll typically be charged default fees that are added to the amount you owe. Borrowers are penalised heavily for missing payments, and default fees can be more than the amount you borrowed.
  • They can lead to more debt. Many people who take out short term loans experience financial hardship, and given how expensive payday loans are, they could lead to more debt if you can’t make repayments.
  • There are many disreputable lenders. Check that the lender is registered with ASIC and is easy to contact. Read reviews to see what their other customers have had to say about them.
  • They have short terms. As the name suggests, short term loans don’t allow you much time to repay the loan. They also typically have pretty inflexible loan terms, with some lenders requiring you repay the loan when you get your next paycheck.

Calculate how much a short term loan will cost you

You can see exactly how much a short term loan will cost you with the MoneySmart Payday Loan Calculator. The calculator will help you work out how much you’ll pay in fees, how much the loan will cost you in total, and how much your fortnightly repayments will be.

Alternatives to short term loans

  • The National Debt Hotline (1800 007 007) provides free, independent financial counselling to Australians dealing with debt and financial problems. They can point you to services that can help you out.
  • Talk to your electricity, gas, phone, or water provider and work out a payment plan with them.
  • If you’re on government benefits, ask if you can receive an advance from Centrelink (13 17 94).
  • If you’re a low income earner or have a Health Care Card or Pension Card, you may be able to access the No Interest Loan Scheme (more info can be found on the Good Shepherd website).

Am I eligible for a short term loan?

The eligibility criteria for short term loans will differ depending on the lender, but you’ll typically have to:

  • be over the age of 18
  • be an Australian citizen or permanent resident
  • be able to provide identification, such as a driver’s licence or passport
  • be able to provide a 90 day bank statement
  • be earning regular income in the last 90 days (if you’re on government benefits, some lenders will have requirements on how much of your income can be from Centrelink)

Lenders will generally require you to have an active email address and mobile phone number, and may also ask you why you need the loan.

How to compare short term loans

When comparing loans, it’s important to keep your financial situation in mind so that you can find a loan that helps you save money. Reading reviews of short term loan providers can also help give you a better idea of things like the application process, fees, turnaround, customer support, and more.

Consider the following when comparing loans:

Loan term

The loan term is the length of the loan. Shorter loan terms usually have lower fees and rates, while longer loan terms will have lower repayments and generally higher fees.

A loan provider will have a minimum loan term (which can be anywhere from a few weeks to around 3 months) and a maximum loan term (for short term loans, this is often 12 months). The minimum loan term may also be dependent on the payment frequency.

Loan amount

A loan provider will usually have a minimum loan amount and a maximum loan amount. For short term loans, lenders usually have a minimum loan amount of $50 and a maximum loan amount of up to $2000, although some lenders let you borrow up to $10,000.

The amount you’re approved for can depend on factors like your income, credit history, the loan amount you’ve requested, and your ability to repay the loan.

Interest rates, fees, and charges

Interest rates on short term loans are often very high, which is why you should have a solid plan to pay back the loan within its terms, as there will also likely be high late fees.

Some fees to look out for include:

  • Application fee: charged when you apply for a loan.
  • Establishment fee: this is charged when the loan is established and the funds are issued.
  • Monthly fee: a monthly fee is charged every month and covers the cost of maintaining your loan. It does not go towards repaying your loan principal.
  • Early repayment fee: charged if you make an early repayment, as lenders are looking to cover the loss of interest you’ll pay. There are plenty of short term loan providers who do not charge an early repayment fee.

Repayments

Your loan repayments will typically be weekly, fortnightly, or monthly. Before you apply for a loan, you should calculate the cost of your repayments to figure out whether you’ll be able to budget for them. Some lenders will let you make early repayments, which can help you pay less interest over the course of your loan.

Secured vs unsecured short term loans

Most short term loans are unsecured, which means that they don’t require any collateral. This means that it’s possible to get a short term loan regardless of your credit history.

Turnaround

If you need cash quickly, you should consider how long a provider will take to deposit the funds into your bank account. Some lenders can issue funds in as little as 30 minutes to a few hours, while others may take a few days.

Physical branches typically have a quicker turnaround, however you should check if this is actually the case with a provider first.

Application process

Many short term loan providers have a 100% online application process that they say can be completed in as little as 5 to 10 minutes. Some lenders also have brick and mortar branches if you prefer to speak to someone and do paperwork in person.

Loan extensions

Some providers can extend your loan term, usually by 90 days. While extending your loan may seem like an attractive option, it will also come with extra fees and may come with extra terms and conditions, so avoid it if possible or continue with caution if you really need the extension.

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