There’s a red hot deal on your dream holiday destination, the wheels you have been eyeing off for years are surprisingly on sale or maybe your washing machine has suddenly carked it. Whatever the situation, you may need money quick smart and this is where an instant personal loan can help you out.
By the term instant personal loans, Mozo is referring to three different types; instant cash transfers, instant online loan approvals and same day funding. Instant cash loans are also known as payday loans, Mozo does not endorse these lenders. So if you’re looking for a payday lender than this page isn’t for you but click here to learn what Mozo has to say about them.
When you find yourself in a predicament needing money in a hurry and require a quick turnaround for a loan approval there are plenty of lenders to turn to. Some lenders not only offer instant online personal loan approvals but a few can even transfer the funds into your account the very same day!
Here is a list of loan options, where applying online is fast and simple:
As fast as Usain Bolt over 100m? Not quite, but you can get a loan approved pretty quickly these days. Apply online with CUA for an unsecured personal loan and you’ll get a response in 30 seconds!
All thanks to the online world, applying for an instant personal loan couldn’t be easier and quicker. It can all be done from the comfort of your home as you rest your feet and let your fingers do the work. If you have the necessary paperwork ready, an online application can be approved in as little time as 90 minutes.
If you shop around you’ll find a lot of reputable lenders such as P2P lenders and banks offer same day funding! These loans work the same as a normal personal loan but you’ll have the funds sitting in your account a lot quicker. For example, if you apply for a same day personal loan before noon, Monday to Friday with the Commonwealth Bank and your application is approved you can have the funds the same day. Apply in-store with NAB by 2pm and you could walk away with the loan the very same day. You’ll have to do your research as some lenders only offer same day funding to existing customers.
Compare Mozo’s comprehensive list of personal loans to help you find one that suits you.
The more prepared you are the quicker the process will take when applying for an instant loan. Make sure you have all of the following documentation ready to upload so when you come to the final step you can click submit!
If you are already an existing customer of the lender you may not have to supply all of the above documentation for same day funding.
While an instant personal loan might sound quick and convenient you still need to take into consideration the following loan features. You might find a regular personal loan could suit your financial situation better.
Competitive rate – Shop around to find a low interest rate, every percent will count in the long run. You have the choice between a fixed or variable interest rate; read our guide on personal loans to learn about the pros and cons of each.
Extra repayments – Try and find a loan that won’t charge you for making extra repayments. You never know when you may find yourself with some extra cash that can be put towards the loan.
Low fees – Be aware, personal loans come with a fair share of fees e.g. upfront, ongoing, or early repayment fees. Try and find a lender that will exempt or keep these fees to a minimal.
Redraw facility – Once you've paid off a portion of your loan, you can draw that money back out again. This feature may be handy to have for when an unexpected bill or health issue pops up.
Most lenders allow you to borrow the same amount of money for a same day loan as a ‘normal’ personal loan. Usually the minimum amount is $2000 and the maximum can be anywhere up to $100,000 but it will all depend on what you can afford in repayments. How much you can borrow will also be determined by what type of loan you take out – a secured or unsecured loan. Repayments are based on the full amount of your loan, related fees, the loan term and interest rates. Use the Mozo repayment calculator to help figure out how much you can afford to repay each week, fortnight or month.
The term of your loan will again depend on your budget, what you need the loan for and what you can afford to repay each week, fortnight or month. Personal loans usually have a standard minimum term of 1 year with a maximum of seven to 10 years. Be aware, the longer the term of the loan, the more you will pay in interest.
Use the following Mozo calculators to help you figure out what you can afford to borrow: