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Cash Loans

Cash Loans offer a great way to meet expenses when your savings are insufficient. They are designed for financial emergencies, so cash loan providers ensure the loan amount is disbursed quickly. However, cash loans usually come with high interest expense, and should only be sought when you have a genuine financial need.

1. How Do Cash Loans Work

Cash loans are available in small amounts, usually up to $2,000, and are tailored to meet general expenses or repair work. Lenders offer a repayment period of up to one year, although some lenders might offer a longer repayment period for higher amounts. The loan application for cash loans is usually available online, which is both fast and convenient. For cash loans, lenders usually approve loans within a few hours, and disburse the loan amount on the same day provided certain conditions are met.

During the loan application process for cash loans, lenders require some basic documentation pertaining to the borrower’s financial situation for the last three months. Your credit score plays some role in the loan approval process, although cash loan providers generally accept applications from borrowers with a bad credit history as well.

Since the risk associated with cash loans is generally higher, as they are usually sought in times of financial emergencies, lenders charge a higher interest rate and additional charges compared to other long-term loans like personal loans. This increased risk is also the reason that cash loans are available for small amounts, and have a short repayment timeframe.

2. Types Of Cash Loans

There are a few types of cash loans available in the market that you should consider:

Payday Loans

A payday loan is your typical cash loan that has a fast turnaround time and a short repayment period of between 16 days to one year. Lenders make sure the periodic loan repayments coincide with your payday so it’s easier for you to make repayments, and many lenders use a direct debit facility with your bank to automatically deduct payments when they become due. Loan amounts available fall between $100-$2,000. The interest rate expense is high for payday loans, with a maximum establishment rate of 20% and a monthly fee of 4%.

Personal Loans For Bad Credit Borrowers

Personal loans are available for amounts higher than $2,000 and can have a loan term of up to 24 months. The rate charged by personal loans is an APR of up to 48%, and some lenders also charge a fixed establishment fee at the time of loan origination. When a personal loan is designed for bad credit borrowers, the rate is usually set at the maximum, and the loan amount is dependent on each borrower’s individual financial circumstances.

Personal Loans For Borrowers With Good Financial Situation

If you are a borrower with good financial history and a stable income/expense ratio, you may qualify for a personal loan with amounts of up to $50,000 and a loan repayment timeframe of between one to seven years. The rate charged is variable, and depends entirely on the borrower’s financial situation.

Bank Overdraft

Among the quickest forms of cash loans is a personal bank overdraft. This option is usually available to those who maintain a checking account with a bank. Depending on your bank, you may be able to withdraw more than the amount deposited in your account, up to a predefined limit as set by the bank. These limits are usually pre-set, so the overdraft facility is usually instantaneously available to borrowers.

Line of Credit

If you have a regular need for borrowed funds, then a running line of credit is a great choice. By applying for a line of credit with a financial service provider, you gain access to a running finance facility up to a set limit. You may borrow up to the specified limit from a line of credit, and make repayments as per the set terms and conditions. With a line of credit, interest is usually charged only on the borrowed amount, and you are also allowed to borrow again from the same fund even after making repayments.

3. Factors To Consider When Applying For A Cash Loan

There are a few types of cash loans available in the Australian market, including payday loans, personal loans, bank overdraft, and line of credit. However, there are a few factors that you should consider before applying for a cash loan.

Loan Amount

Cash loans are usually available for amounts between $100-$2,000, although some lenders may allow you to borrow up to $5,000-$10,000. The amount approved by the lender is dependent on a number of factors, including the loan amount, employment details, income/expenditure ratio, and credit score. To ensure you qualify for a loan, make sure you only apply for a loan that you can comfortably afford.

Loan Term

With cash loans, your lender might allow you to make repayments over a minimum of 16 weeks and a maximum of up to two years, although most cash loans have a maximum loan term of one year. However, it should be noted that the longer your loan term, the higher you would have to pay in interest expense.

Amount Of Repayments

Your entire loan obligation will be split into a number of equal payments that would become payable either on a weekly, fortnightly, or monthly basis. You must ensure that you can easily afford the periodic repayment amount in a comfortable manner. Also, some lenders allow early repayments without imposing any additional charges, and this option can help you save on interest expense in case you make early repayments.


Most cash loan providers in Australia charge a 20% establishment fee and a 4% monthly fee on your total loan amount, provided the loan amount is under $2,000. In case the loan amount is above $2,000, lenders usually charge an APR of up to 48%, in addition to a fixed establishment fee that is communicated once your loan is approved.

Disbursement Time

While some lenders take just a few minutes to disburse your loan amount after approval, others might take more than two business days to process your funds. Make sure you check the disbursement time of the lender before applying for a loan, and choose a lender that can deliver the funds to you in time so you can meet your financial obligations without any delay.

4. Eligibility Criteria

To apply for a cash loan, borrowers must meet the following eligibility criteria. Borrowers must:

Be over the age of 18.

Be a citizen or permanent resident of Australia.

Prove a steady source of income that is deposited regularly directly into your account.

Have a sufficient credit rating.

Prove affordability with an adequate income/expense ratio.

5. Examples of Cash Loans


Maximum Amount Of Loan Available

Loan Term

Loan Disbursement TIme

Cost Of Loan

Sunshine Loans


Between 9-14 weeks

Around 30 minutes after approval, provided certain conditions are met

20% establishment fee and 4% monthly fee

Nimble Loans


62 days - three months

Around one hour after approval, provided conditions are met

20% establishment fee and 4% monthly fee

Fair Go Finance


Three to Twelve Months

Around one business day after approval

20% establishment fee and 4% monthly fee

6. Advantages and Disadvantages


Quick disbursement of loan amount
Cash Advance is readily available and disbursed within a few hours or a couple of days after approval of loan application.

Online application process that is fast and easy
It takes just a few minutes to complete the online application form and only a limited amount of documentation and information is required to complete the application. The application is electronically submitted so it immediately reaches the lender. If approved, the lender sends the loan agreement online as well, which you can electronically sign and send back for disbursement of loan amount.

Most lenders accept applications from borrowers with a bad credit score
For borrowers with a bad credit history, cash loans are usually the only option for emergency funds.


High interest expense
Short-term cash borrowing is among the most expensive form of debt and should only be done when absolutely needed.

7. Application Process

The application process for a cash loan is fairly simple and impressively quick.

Step 1 - Find the right loan for yourself

Although most lenders might seem to be offering the same rates, a closer inspection of additional charges might reveal some hidden costs that you would have to bear for the loan. A loan comparison platform like G'day Loans can help you identify all associated costs with a loan, and give you a fair estimate of the total loan repayments you would have to pay to honour your loan obligation.

Step 2 - Have Your Documentation Ready

Almost every lender will ask you for the following information:

Personal data, including name, date of birth, contact information, residential address, and ID information

Employment details, including employer name, employment history, name and contact information of employer

Regular income and expense details to assess affordability, including receipt of any Centrelink/government receipts

Bank statements

Any outstanding loan obligations

Credit history

Make sure you have this information ready before starting the application process as it would save time.

Step 3 - Apply For The Loan

Many lenders offer in-store and online loan application processes, while some are only accepting loan applications online. While the online application is easy and fast, you might be able to get a higher loan amount with some lenders by applying in-store. Contact your chosen lender beforehand to figure out the best option for yourself.

8. FAQ's

How long does it take to apply for a cash loan?

If you have all the required documentation and information, the loan application process should take around 10-15 minutes to complete. However, for larger loan amounts and loans applied in-branch, the process might be a bit longer due to increased scrutiny of your application. In some cases, lenders may even ask you to submit additional documentation.

When will I receive the funds after my cash loan application has been approved?

You might receive the loan amount on the same day that your loan application is approved, provided certain lender conditions are met. Most lenders are able to disburse the loan amount within a couple of days. However, the funds might take some time before reaching your bank account due to procedural delays caused by the banking channel. 

Can I apply for a cash loan without any source of income?

In case you are unemployed, some lenders might still accept your loan application as long as you can submit an asset as collateral or sign the loan with a guarantor, while proving your affordability for the periodic loan payments.

I receive Centrelink payments, am I eligible for a cash loan?

Yes, as long as your Centrelink/government receipts don’t exceed more than 50% of your total income.

I have a maxed-out credit card, can I still apply for a cash loan?

Yes, although lenders will ensure you are able to meet all your outstanding debt obligations, including periodic credit card payments.

How expensive are cash loans?

Cash loans are among the most expensive forms of short-term debt, although some lenders might offer a good rate. Rates are regulated by the Australian government, so lenders cannot charge above a certain amount. However, you should always review periodic loan repayments to assess whether the loan is affordable before signing the loan agreement, as non-payments can have an adverse impact on your credit score. 

How much would you like to borrow?

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100% Safe and secure. Apply with confidence, your privacy is always protected.