Mozo guides

Instant personal loans


Whether it's for a dream holiday, a fresh set of wheels or to repair your washing machine, sometimes you need money quick smart. This is where an instant personal loan can help you out.

But what is an instant personal loan?

When talking about instant personal loans, generally it refers to lenders that offer instant (or fast) online approval and/or same day funding

On the other hand, instant cash loans (also known as payday loans) aren't the savviest option when it comes to borrowing money. Often they come with outrageously high interest rates and hefty fees, and must be paid back in a short period of time. 

For some competitive personal loan options, start comparing below.

Personal Loan Comparison Table - last updated 8 December 2023

Search promoted personal loans below or do a full Mozo database search . Advertiser disclosure
  • Mozo Expert Choice Badge
    Unsecured Personal Loan


    interest rate
    comparison rate
    Monthly repayment
    6.75% 26.95% p.a.
    6.75% 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.

  • Unsecured Personal Loan


    interest rate
    comparison rate
    Monthly repayment
    5.76% 24.03% p.a.
    6.55% 24.98% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.

  • Personal Loan

    Unsecured, Fixed, Exceptional Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.
    6.57% p.a.based on $10,000
    over 3 years

    Borrow from $5,000 to $50,000 with a Plenti Unsecured Personal Loan. Flexible loan terms of 1 - 7 years. $0 Monthly, $0 Early Repayment Fees and $0 Exit Fees. Get a rate estimate without impacting your credit score. Once approved, you could receive your funds in as little as 24hrs.

    Repayment terms from 3 years to 7 years. Representative example: a 3 year $10,000 loan at 6.57% would cost $11,340.11 including fees.

  • Debt Consolidation Loan

    interest rate
    comparison rate
    Monthly repayment
    6.57% 8.48% p.a.
    7.19% 8.84% p.a.based on $30,000
    over 5 years

    Competitive fixed rates on loans up to $75,000 depending on your credit score. Zero monthly account keeping fees, no exit fees and no early repayment fees. Make weekly, fortnightly or monthly repayments, over 1 to 7 years managed entirely online, at any time. Fast and easy, 100% online application.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.


What loan options are there for instant money?

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:

  • Bank loanBanks are profit making financial institutions that offer secured and unsecured loans with either fixed or variable interest rates. You can apply for most bank loans online. Some banks even offer same day funding to new and existing customers. 
  • Credit Union: These are non-profit and smaller financial institutions that offer competitive rates and fees to stand out from the crowd.
  • Peer to peer lender (P2P): Peer to peer lending is a way for investors to connect with borrowers. The loans are usually unsecured with fixed interest rates and low fees with some even providing access to funds on the same day. Compare the best P2P deals on the market.
  • Payday loans: These are short term personal loans offering instant small amounts of cash. While the money usually hits your account within 24hours, interest rates, fees and charges are sky high! 
  • Credit card: Pulling out the plastic is a convenient way of getting what you want then and there, be it a new laptop, a designer handbag or a much needed washing machine. As useful as they may be, credit cards do come with high interest rates and often have expensive annual fees. Compare credit card options here. 

How quick is instant?

As fast as Usain Bolt over 100m? Not quite. But you can get a loan approved pretty quickly these days. 

All thanks to the online world, applying for an instant personal loan is pretty simple. It can all be done from the comfort of your home as you rest your feet and let your fingers do the work. Plus, if you have the necessary paperwork ready, an online application can be approved in as little time as 90 minutes.

Same day funding

If you shop around you’ll find a lot of reputable lenders such as P2P lenders and banks offer same day funding! As the name suggests, you'll receive your funds the same day you are approved for a loan. This type of loan works the same as a normal personal loan but you’ll have the funds sitting in your account a lot quicker.

What you’ll need to speed up your approval

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 go: 

  • Proof of identification: Some lenders require two forms of ID e.g. drivers licence, passport, birth certificate or Medicare card
  • Proof of income: You will need to provide several of your most recent payslips; this proves to the lender you have a steady income to repay the loan. Or if you are self-employed some lenders will ask for your last two years’ tax return/financial statement and your last Tax Assessment Notice.
  • Financial details: The lender will want to know and see copies of your full financial situation, including any assets, debts, credit cards and savings you might have. And with open banking sharing this information can be even easier! 

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.

Features to look for in any loan:

While an instant personal loan might sound quick and convenient you still need to take into consideration the following loan features. If you have a bit of time before you need your funds, you might find a regular personal loan could suit your financial situation better.

  • Competitive rateShop 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.

Repayments and how much can you borrow and for how long?

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 around $2000 and the maximum can be anywhere up to $100,000. But remember, 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:

General loan tips and traps

  • Don’t forget to check out the comparison rate: This rate is inclusive of fees and charges as well as the interest rate, so it helps you calculate exactly what your repayments will be on the loan.
  • Live within your means: Only take out a loan that you are comfortable with. Don’t stretch your budget, it’s not worth it! You’ll end up paying more in charges than the loan itself when you fail to make repayments on time. Don’t forget to crunch some numbers into the Mozo repayment calculator.
  • Consider secured vs unsecured: There are pros and cons to each loan, which one you choose will depend on a number of factors including; the amount you want to borrow, duration of the loan, why you need the loan and if you have an asset to put up as security against the loan.
  • Watch out for fast cash rates: Remember, 'payday loans’ or ‘cash loans’ have the highest interest rates on the market! They are also very addictive, causing borrowers to spiral into a big pile of debt.
Polly Fleeting
Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney. She is also ASIC RG146 (Tier 2) certified for general advice.

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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