Quick Small Loans: The Solution to Your Immediate Financial Needs
When unexpected expenses arise, finding the money to cover them can be challenging. If you are in this situation, you may want to consider a quick small loan.
In this article, we will explain quick small loans, their advantages, the application process, and how to find the right lender for your needs, with same day loan approval.
Updated by Steve Stemp on 20/8/24
What Are Quick Small Loans?
Quick small loans are short-term loans that can help you cover immediate financial needs. They are typically for amounts under $2,000 and can be used for various purposes, such as paying for car repairs, medical bills, or unexpected travel expenses. Quick small loans are designed to provide fast access to cash when you need it most.
Simple loan rates & fees
See our simple rates and fees below, and then view more information about rates & fees to work out repayments and total costs for different amounts and terms.
Small loans
Up to $2000
Small loans (SAAC) | |
Loan amounts | $500 – $2,000 |
Loan term | 1 – 12 months |
Establishment fee | 20% |
Monthly fee | 4% |
Interest rate | N/A |
Medium loans
Up to $5,000
Medium loans (MAAC) | |
Loan amounts | $2,001 – $5,000 |
Loan term | 3 – 24 months |
Establishment fee | $400 |
Monthly fee | $0-$18 |
Interest rate | 19% – 48% |
Second chance loans
$500 with no credit check
Second chance loans (SAAC) | |
Loan amounts | $500 |
Loan term | 1 – 12 months |
Establishment fee | 20% |
Monthly fee | 4% |
Interest rate | N/A |
Larger loans
Up to $80,000
Large loans (personal) | |
Loan amounts | $5,001 – $80,000 |
Loan term | 3 – 7 years |
Establishment fee | $310-$1035 |
Monthly fee | $0 |
Interest rate | 7.24% – 19.99% |
*Please note that the figures shown are indicative only and may not include all fees and charges. All applications are subject to assessment.
Advantages of Quick Small Loans
There are several advantages to getting a quick small loan. First, the application process is quick and easy. You can apply online, and the process is usually straightforward, taking only a few minutes to complete. Second, many lenders offer same-day payment options, which means you can receive your money quickly.
Third, unlike traditional loans, some lenders may offer loan options that don’t require a credit check, making them more accessible to people with poor credit. However, it’s important to note that not all lenders offer this option, and those that do may have higher interest rates or stricter repayment terms.
It’s always a good idea to research and compare different lenders before making a decision, to ensure you’re getting the best possible deal for your circumstances. Fourth, you do not need collateral to secure a quick small loan.
Types of Quick Small Loans
There are different types of quick small loans available, including payday loans, short-term loans, personal loans, and emergency loans. Payday loans are short-term loans that must be repaid on your next payday.
We do not offer payday loans, but we do offer responsible payday loan alternatives that could suit your needs just as well. Short-term loans are similar to payday loans, but they can be repaid over a more extended period.
Personal loans are unsecured loans that can be used for various purposes. Emergency loans are designed to help you cover unexpected expenses.
Application Process for Quick Small Loans
The application process for quick small loans is simple. To be eligible, you need to be 18 years or older and an Australian resident, have a regular income, and a bank account. You will also need to provide proof of identity and income.
Once you have met the eligibility criteria, you can apply for a loan by filling out an application form online. The lender will then review your application and let you know if you have been approved. If you are approved, you can receive your money within a few hours.
Applying
Find out how likely you are to qualify for our lower rate loans.
Healthier financial history = access to lower loan rates
- Our competitive personal loan rates are between 7.24% – 19.99% p.a. and our urgent loans are between 19% and 48% p.a.
- The loan rate that you are offered will be dependent on your individual circumstances, loan amount, and the type of loan
- For example, a secured car loan is likely to have lower rates than an unsecured loan with a vague purpose
Great
Good chance of approved for a loan. Likely to qualify for a loan with lowest rates.
Characteristics:
- Credit score: Good (above 600)
- Stable employment or income with clear repayment affordability
- Low Debt-to-Income Ratio (well below 36%)
- Positive Savings History
- Minimal existing loans
- No disqualifying conditions.
OK
May be approved for smaller loan amounts, loan rates may be higher.
Characteristics:
- Credit score: Ok (above 400)
- Recent job changes/ gaps in employment but clear repayment affordability
- Debt-to-Income Ratio approaching 36%
- No new loans in the last 90 days
- No disqualifying conditions.
May not be suitable
Unlikely to approved for a loan over $1,000 or qualify for lower loan rates.
Characteristics:
- Credit score: Low (less than 400) or none
- May have a high debt-to-income ratio (DTI) above 36% or significant outstanding debts
- May have a history of unemployment or frequent job changes
- No disqualifying conditions.
Automatically declined
Will not be approved for a loan.
Characteristics:
- Displays one or more disqualifying conditions.
- Unable to afford repayments
- No regular income
- Risky debt-to-income ratio (DTI) above 60%
Consider improving your financial health and applying at a later date.
Am I eligible for a loan?
If you want to understand whether you are able to be approved for a loan, there are a few things to consider.
Loan requirements
- 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 check
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.
Debt-to-income ratio (DTI)
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
Loan amount and purpose
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.
Collateral
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.
Income and employment
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.
Responsible lending
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.
Disqualifying conditions
If you display one or more of the following loan disqualifying conditions you are not currently eligible for a Cash Today loan.
- Opened a personal loan in the last 90 days
- Already has two or more payday loans under $2000
- Bank statements in the last 90 days display transactions for online gambling
- Bank statements show payments made to collection companies, payment arrears, or dishonours in the last 90 days
- Bank statements show wage advances such as Wagetap, Wagepay, MyPayFast, Beforepay, in the last 90 days
- Bankruptcy
You should consider seeking alternative options for financial assistance, or delay applying until your 90 day financial history reflects that you are eligible to apply as well as able to comfortably afford repayments.
Finding the Best Lender for Your Needs
When looking for a quick small loan, it is essential to find a reputable lender that offers competitive interest rates and fees. You can start by researching lenders online, reading reviews, and comparing interest rates and fees. You can also check if the lender is compliant with regulations and standards. It is essential to ensure that you can afford the repayments before taking out a loan.
Click below to apply for a loan between $1,000 and $80,000 today