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• Wide range of loans: Borrow from $5,000 up to $80,000 to cover your expenses.
• Competitive rates: Cash Today connects you with a large pool of lenders, increasing your chances of finding a loan with a low interest rate.
• Personalised options: Your loan rate will be determined by your individual circumstances, potentially offering you the lowest possible rate based on your creditworthiness.

Cash Today understands that unexpected emergencies can arise. We also offer emergency loans with fast payouts to help you address those immediate needs. 

Our small and medium loans of up to $5,000 are a responsible alternative to payday loans that we offer, with longer terms and more affordable repayments.

It’s important to be aware that in some cases quick loans or emergency loans that offer faster processing and payments can sometimes come with higher fees than other types of loans. 

Make sure to carefully consider whether you need an urgent loan with same-day payment, or whether one of our more competitive rate loans would be a better alternative.

Cash Today is committed to transparency. Be sure to understand all loan terms, including interest rates and fees, before you borrow. This will help you make an informed decision about the best loan option for you. 

• Proof of Australian residency (utility bill) and regular income
• Driver’s license or other identification (over 18 years of age)
• A read-only 90-day bank statement (via online bank verification)
• Credit check
• Repayment affordability can be established
• No direct debit dishonour transactions in bank statements

Credit history

A history of responsible borrowing shows that you’ve paid your bills on time and haven’t maxed out any credit cards.

Credit score

A good credit score is a strong indicator of your creditworthiness and could mean that you are eligible for loans with lower interest rates than another applicant with a less favourable credit score.

If you have a low debt-to-income ratio (DTI) this is the best position to be in for getting approved for a loan. A great debt-to-income ratio is 3.6 (36%) or less.

The higher your debt-to-income ratio, the less likely you are to be approved. That’s because you will be making repayments on your existing debt, and have less available funds to comfortably make repayments on a new loan. A debt-to-income ratio of 6.0 (60%) or higher is considered risky for lenders.

How to calculate your debt-to-income ratio 

Debt-to-income ratio = Total debt divided by total annual gross income

This can be expressed as a number or a percentage.

Resource:

Debt-to-income ratio calculator

The amount you’re borrowing and what you’ll be using it for can also affect your approval odds.

Generally, smaller loans for specific purposes (like a car repair) are easier to get approved for than large loans with a vague purpose.

Some loans, especially larger loans such as home renovation loans or car loans, require collateral. This is an asset the lender can seize if you default on the loan.

Having collateral can improve your chances of getting approved, especially if your credit score isn’t perfect. In some cases it can also qualify you for lower loan rates.

If you have stable full time employemt with income that would allow you to comfortably repay a loan, this makes you most likely to be approved for a loan.

It is still possible to be approved for a loan with part-time employment if your regular expenses are lower and affordability can be established.

Other forms of supplementary income are also considered such as government benefits.

Your total income amount, your employment history, and any other sources of income will be taken into consideration when making an approval decision on a loan application.

Understanding your individual circumstances

At Cash Today, we understand that unexpected expenses can arise. While we’re here to help you access the cash you need quickly, we’re committed to responsible lending practices.  This means we take the time to assess your individual circumstances before offering a loan. 

Prioritising your financial well-being

We prioritise your financial well-being and want to ensure you can comfortably manage repayments. We also offer clear and transparent loan terms so you understand the full cost upfront. If alternative solutions like payment extensions or budgeting tools can better address your situation, we’ll be happy to point you in those directions.

Lower rates reward good track records

If you can demonstrate a strong financial track record you are more likely to get approved for personal loans and qualify for lower loan rates. If your income compared to your ongoing expenses shows that you have the ability to comfortably afford higher loan repayments you may be able to get approved for higher loan amounts. 

Preventing financial stress 

In the event that your financial history reflects more unstable income, a poor credit rating, or a high debt-to-income ratio, your application may be declined if it is determined that repaying the loan would not be affordable and result in further financial hardship for you. 

You may only be approved for smaller loan amounts with lower repayments, and you may not qualify for lower rate loans and need to carefully decide whether you are willing and able to accept paying higher rates for the loan.

Protecting your future 

It’s important to note that even if you can comfortably afford repayments, your application might not be approved. This is because we assess your financial history to ensure responsible lending. We want to avoid situations where the loan could negatively impact your long-term financial health. This includes missed payments that could damage your credit score and make it harder to access future loans.

Good chance of approved for a loan.
Likely to qualify for a loan with lowest rates.

Characteristics:

1. Credit score: Good (above 600) 
2. Stable employment or income
3. Low Debt-to-Income Ratio (well below 36%)
4. Positive Savings History
5. Minimal Loan Applications
6. No payments made to collection companies, payment arrears, or dishonours in the last 90 days

Might be approved for smaller loan amounts.
Unlikely to qualify for a loan with lower rates.

Characteristics:

1. Credit score: Ok (above 400)
2. Employed, but may have had some recent job changes or gaps in employment
3. Debt-to-Income Ratio approaching 36%
4. Smaller savings history
5. May have other personal loans, but not taken out in the last 90 days
6. No payments made to collection companies, payment arrears, or dishonours in the last 90 days

Unlikely to approved for a loan.
Might be approved for smaller loan amounts (under $1000).
Unlikely to qualify for a loan with lower rates.
Consider a second chance loan to improve credit rating, or apply at a later date.

Characteristics: 

1. Credit score: Low (less than 400 or no credit score)
2. May have a history of late payments or defaults on loans or bills
3. May have a high debt-to-income ratio (DTI) above 36% or significant outstanding debts
4. May have a history of unemployment or frequent job changes

Will not be approved for a loan.

Displays one or more disqualifying conditions.

What is a personal loan?

A personal loan in Australia is a financial product provided by banks, credit unions, or online lenders that allows individuals to borrow a lump sum of money for various purposes, such as consolidating debts, funding a major purchase, or covering unexpected expenses.

Unlike specific-purpose loans like home loans or car loans, personal loans are unsecured, meaning they typically don’t require collateral. Borrowers repay the loan over a fixed term through regular instalments, which include both principal and interest.

The interest rates on personal loans can vary based on factors such as the borrower’s creditworthiness and the lender’s policies. Personal loans offer Australians a flexible financing option to meet their diverse financial needs, providing access to funds for endeavours ranging from home renovations to travel adventures.

Is a larger personal loan right for me?

Pros:

• Consolidate Debt: A large personal loan can help consolidate high-interest debts (like credit card debt) into a single loan with a potentially lower interest rate, simplifying your repayments and potentially saving you money on interest.
• Large Purchases: Large personal loans can help finance major purchases you might not be able to afford upfront, such as home renovations, a car, or medical procedures.
• Flexible Use: Depending on the lender, personal loans can be used for various purposes, offering flexibility in how you manage your finances.

Cons: 

• High Interest Rates: Personal loans, especially large ones, can have higher interest rates compared to secured loans (loans with collateral). This can make the total cost of borrowing significant.
• Long Repayment Terms: Large personal loans often come with longer repayment terms, which can mean you’ll be in debt for a longer period and accrue more interest over time.
• Temptation to Overspend: Having access to a large sum of money can be tempting and lead to overspending. It’s important to have a clear budget and repayment plan in place before taking out a large loan.

We understand that sometimes unexpected emergencies arise. 

For those situations where you need cash fast and a lower rate personal loan does not suit your needs, we offer urgent Small Amount Credit Contracts (SAAC) and Medium Amount Credit Contracts (MAAC) up to $5,000 with a more simplified application process. 

These urgent loans are a responsible alternative to payday loans and can be approved within hours and come with same day funding for loans approved before 2 pm AEST.

Small Loans

What is a SAAC loan?

A Small Amount Credit Contract (SAAC) loan is a type of short-term loan product for up to $2000, repaid over a duration that is between 16 days and 12 months, and is regulated under the National Consumer Credit Protection Act since 2009.

They differ from payday loans, as they can be repaid over longer periods of time, as opposed to being repaid within one or more employer pay cycles.

Is a SAAC loan right for me?

Pros: Valuable when time is of the essence and you need cash paid quickly to cover an unexpected expense or emergency.

In time sensitive or stressful situations, a small loan of up to $2000 with easy to understand fees, a fast online application process, and same day payments could be just what you need.

No interest or lower interest loans may be less convenient as they can come with more comprehensive application processes, might not offer the option of online applications, or may have longer approval or payment wait times.

Cons: The overall cost of borrowing may be higher for SAAC loans than other lending options. 

It’s important to weigh up the benefits of an online loan that is convenient and fast but comes with higher overall costs, in comparison to other loan options which would cost less overall but may require more of a time investment or longer approval times.

Medium loans

What is a MAAC loan?

A Medium Amount Credit Contract (MAAC) loan is a type of short-term loan product for amounts between $2001 and $5000, repaid over a duration that is between 16 days and 24 months, and is regulated under the National Consumer Credit Protection Act since 2009.

They differ from payday loans, as they are for higher loan amounts and can be repaid over longer periods, as opposed to being smaller loan amounts that are repaid within one or more pay cycles.

Is a MAAC loan right for me?

Pros: Useful when you need more substantial loan amounts paid quickly to cover unexpected expenses or emergencies.

In time sensitive or stressful situations, a medium loan of up to $5000 with a fast and simple online application process, and same day payments could suit your needs. Applicants with a stronger financial history are able to access lower loan rates. 

Alternative loan option may be less convenient with lengthier application processes, might not offer the option of online applications, or may have longer wait times until funds are made available.

Cons: The overall cost of borrowing may be higher for MAAC loans than other lending options. 

While these types of loans are fast and convenient, there are alternative lending options that are more competitive than even the lowest rate MAAC loans available which could be better options in the long run. It’s important to carefully consider whether speed of payment is more important than overall costs for your individual requirements.

What is a Cash Today Second Chance Loan?

The Cash Today Second Chance Loan is designed to help you manage unexpected expenses while building a positive credit history. It offers extended repayment terms and approvals without a credit check for loans up to $500. This is the only type of no credit check loan that we offer.

Find out more 

What are the benefits of a Cash Today Second Chance Loan?

• Manageable repayments: Spread out your loan over a longer period to fit your budget.
• No credit check for loans up to $500 (credit check required for larger loans).
• Improve your credit score: On-time repayments can help build a positive credit history.

What are the eligibility requirements?

• Stable income to comfortably afford repayments.
• Affordable repayments based on your income and expenses.
• Healthy bank statements (no disqualifying factors).

How do I apply for a Cash Today Second Chance Loan?

The application process is quick and easy. You can apply online by providing your details, selecting the loan amount and reason, authorizing a 90-day bank statement verification, and reviewing the loan terms before submitting your application.

How long does it take to get approved?

You can receive a provisional approval decision within 60 seconds of submitting your application.

What happens if my bank statements show disqualifying factors?

If your bank statements show concerning transactions or raise affordability concerns, we may require a credit check for further assessment.

What are the interest rates and fees associated with the loan?

We believe in upfront and transparent fees. A 20% establishment fee and a 4% monthly fee apply, based on the loan amount and term.

Can I see an example of the fees?

Yes, we have a table showcasing how loan terms affect repayments, including a breakdown of estimated fees for a $500 loan over various terms.

What happens if I miss a payment?

Missing a payment can incur late fees and negatively impact your credit score. If you’re struggling to make a repayment, contact our lending team as soon as possible to discuss options.

How can I improve my credit score with a Cash Today Second Chance Loan?

Making your repayments on time consistently can significantly improve your credit score. Cash Today reports your repayments to credit bureaus, allowing you to build a positive credit history.

Additional Resources

For more information on responsible borrowing and credit score management, explore our financial resources section.

In most cases, with healthy finances and a straightforward application, you can still receive same-day funding for the lowest interest rate personal loans. However, be aware that there could be a 1-2 day delay if our team needs to contact you for further information or documents to complete the approval process.

We also understand that sometimes unexpected emergencies arise.  For those situations where you need cash fast, we offer urgent Small Amount Credit Contracts (SAAC) and Medium Amount Credit Contracts (MAAC) up to $5,000 with a simplified application process.  These urgent loans are a responsible alternative to payday loans and can be approved within hours and come with same day funding for loans approved before 2 pm AEST.

We offer an individualized application process to ensure borrowers with strong financial history, including a good credit score, stable income, savings, low debt-to-income ratio, and valuable assets, receive the best rates.

 Typical broker fee: $990-$1690

Get more information on rates and fees >>

Individualised application process so that loans with lower interest rates can be offered to applicants with a stronger financial history such as a good credit score, stable regular income, and low debt to income ratio. 

Get more information on rates and fees >>

Fixed rate standardised loans with simple and transparent fee structures, so that you know exactly how much you will be expected to repay. 

Get more information on rates and fees >>

Step 1: Provide your details and select the loan amount and reason

Step 2: Authorise a read-only 90 day bank statement verification 

Step 3: Receive your provisional approval decision (within 60 seconds) 

Step 4: Review the loan terms & accept lender offer – either on screen or via email 

Step 5: Final lender assessment, including a credit check

Step 6: Same day payment is processed for approved loan offers accepted before 2 pm AEST

Step 1: Provide your details and select the loan amount and reason

Step 2: View your loan interest rate offer and provisional approval decision (within 60 seconds)

Step 3: If the loan terms are acceptable, proceed with the loan application

Step 4: Review loan terms & accept lender offer – either on screen or via email

Step 5: Authorise a read-only 90 day bank statement verification

Step 6: Lender assessment – additional documents or information may be requested, as well as a credit check (typically 24-48 hours, but can be within a few hours if no additional information is needed)

Step 7: Same day payment is processed for approved loan offers accepted before 2 pm AEST

Step 1: Select the loan type and amount

Step 2: Compare different loan rates from panel of over 60 lenders and choose your loan

Step 3: Provide your details

Step 4: Receive your provisional approval decision and loan rate (within 60 seconds)

Step 5: If the loan terms are acceptable, proceed with the loan application

Step 6: Review loan terms & accept lender offer – either on screen or via email

Step 7: Authorise a read-only 90 day bank statement verification

Step 8: Lender assessment – additional documents or information may be requested, as well as a credit check (typically 24-48 hours, but can be within a few hours if no additional information is needed)

Step 9: Same day payment is processed for approved loan offers accepted before 2 pm AEST

• No Interest Loan Scheme (NILS): Borrow up to $2,000 for essential purchases with no interest and no credit check required. See if you qualify.
• Centrelink Advance Payments: If you receive government benefits, you may be eligible for a cash advance. Visit the Centrelink website for more information and eligibility requirements.

Free financial counselling services are available to help you develop a personalised debt management plan and explore solutions to your financial situation. Call 1-800-007-007 to speak with a free and independent financial counsellor anywhere in Australia.

A Small Amount Credit Contract (SAAC) loan is a type of short-term loan product for up to $2000, repaid over a duration that is between 16 days and 12 months, and is regulated under the National Consumer Credit Protection Act since 2009.

They differ from payday loans, as they can be repaid over longer periods of time, as opposed to being repaid within one or more employer pay cycles.

A Medium Amount Credit Contract (MAAC) loan is a type of short-term loan product for amounts between $2001 and $5000, repaid over a duration that is between 16 days and 24 months, and is regulated under the National Consumer Credit Protection Act since 2009.

They differ from payday loans, as they are for higher loan amounts and can be repaid over longer periods, as opposed to being smaller loan amounts that are repaid within one or more pay cycles.

A personal loan in Australia is a financial product provided by banks, credit unions, or online lenders that allows individuals to borrow a lump sum of money for various purposes, such as consolidating debts, funding a major purchase, or covering unexpected expenses.

Unlike specific-purpose loans like home loans or car loans, personal loans are unsecured, meaning they typically don’t require collateral. Borrowers repay the loan over a fixed term through regular instalments, which include both principal and interest.

The interest rates on personal loans can vary based on factors such as the borrower’s creditworthiness and the lender’s policies. Personal loans offer Australians a flexible financing option to meet their diverse financial needs, providing access to funds for endeavours ranging from home renovations to travel adventures.

The maximum amount you can borrow will vary depending on your individual circumstances. However, we typically offer loans ranging from $1000 to $80,000.

To apply for a loan, you will typically need the following documents:

• Valid ID (e.g., driver’s license, passport)
• Proof of income (e.g., recent pay slips, bank statements)
• Contact information (phone number, email address)

While we do consider your credit score during the application process, we understand that unforeseen circumstances can impact creditworthiness. We take a more holistic approach to evaluating your eligibility, considering your income stability and ability to repay the loan.

If you have bad credit you might wish to consider our $500 no credit check Second Chance loan. This is the only loan type that we offer no credit checks for.

Here are some tips for managing your short-term loan effectively:

• Create a budget: Track your income and expenses to ensure you can afford the loan repayments comfortably.
• Prioritise your repayments: Make your loan repayments a priority to avoid late fees and potential damage to your credit score.
• Consider the total cost: Be mindful of the interest rate and fees associated with the loan.
• Explore debt repayment strategies: Research and implement strategies to pay off your loan as quickly as possible to minimize interest charges.

Here are some potential risks to consider when taking out a short-term loan:

• High-interest rates: Short-term loans typically come with higher interest rates than traditional loans.
• Debt cycle: If you’re not careful, short-term loans can lead to a cycle of debt if you cannot afford the repayments.
• Impact on credit score: Missing loan repayments can negatively impact your credit score.

We understand that unexpected situations can arise. If you’re struggling to make a repayment on your Cash Today Second Chance Loan, please contact our lending team as soon as possible. Here’s what we can do to help:

• Discuss your situation: We’ll work with you to understand your circumstances and explore options to manage your repayments.
• Flexible repayment options: We may be able to adjust your repayment schedule to make it more manageable for your current situation.
• Avoid late fees: Contacting us early allows us to explore solutions and potentially help you avoid late fees.

Here are some additional helpful tips:

• Budgeting: Creating a budget can help you track your income and expenses, and ensure you can comfortably afford your loan repayments.
• Financial resources: There are many free financial resources available online and in your community. These resources can offer guidance and support for managing your finances.

Remember, it’s important to communicate with us if you’re facing difficulties. We’re here to help you find a solution.

Direct funds transfer. The money is directly deposited into your nominated bank account.

No. We must have the full amount collected before we can issue another loan. Besides protecting us, this policy also helps you avoid getting overextended.

We require you to show us the last 3 months of bank statements to show us your income. Additional documentation may be requested. 

Here are some reputable resources to learn more about financial literacy and managing debt:

• MoneySmart
• Australian Competitor and Consumer Commission
• ASIC – Australian Securities & Investments Commission

We recommend consulting these resources to gain a comprehensive understanding of personal finance, debt, and making informed borrowing decisions.

Cashtoday does not offer to renew or refinance loans.