Same-Day Personal Loan

If you’re applying for a same-day personal loan, you must need cash now. Perhaps you have car repairs, home maintenance, utilities, dental, or medical bills to pay. 

This loan makes it possible to cover these expenses with quick transfers, but do you qualify for these loans? And are they a good idea? Read on to answer all these questions and learn more.

What this article covers:

What Are Same-Day Personal Loans?

We’ll dissect these financial services to help you grasp what they entail.

same day personal loan

Same Day Loans

Banks typically involve long, exhausting loan approval processes. It can take weeks of paperwork and bank appointments before you receive your loan.

Conveniently, some lenders that offer online loans don’t have the same problem because the online process is efficient and fast. You fill out the online form and get a quick response, receiving your loan fast.

Some lenders even go as far as offering same-day loans! These lenders check your application as soon as you submit them and give you an answer in an hour or less, like 15-minute cash loans.

If approved, they send out the funds immediately. However, the funds may not be guaranteed to arrive on the same day, as this depends on your bank. You can expect to get these loans in a day or two.

Personal Loans

Personal loans are unsecured, small, short-term same-day loans. They’re called small-amount credit contracts (SACCs) and range from a few hundred dollars to $2,000.

Their loan terms should be 16 days to 12 months (depending on the same-day loan amount). Note that 15-day loans are banned, thanks to the National Consumer Credit Protection Act (NCCP Act).

Since their amounts are small, you don’t need to offer any collateral to get your application approved. Accordingly, you won’t risk losing any of your belongings (such as a car, bike, or else).

personal same day loans

Unlike business and car loans, you can use them to cover any personal expense, whether it’s an urgent expense or an unexpected bill. These can include but are not limited to:

  • Car repairs
  • Car loans
  • Medical bills
  • Optional procedures
  • Holiday expenses
  • Dental loans
  • Vehicle registration
  • Furniture purchases
  • Home repairs or renovations
  • Household good purchases
  • Education bills (tuition fees, school fees, or pricey textbooks and tools)
  • Travel expenses
  • Emergency expenses
  • Funeral expenses
  • Wedding or event expenses
  • Vet bills
  • Utility bills
  • White good purchases
  • Rate notices
  • Gift purchases

Do You Qualify for Same-Day Personal Loans in Australia?

You must meet the eligibility criteria specific to each lender. However, there is a general criterion, these are:

  • Be 18 or older
  • Have Australian citizenship or permanent residency
  • Have regular, sufficient income (compared to the loan amount)
  • Have a checking account

Since they’re same-day loans, they tend to be no credit check loans. Lenders may skip the credit check, as it takes time. Instead, they make their decision based on your suitability for the loan.

They consider your overall salary, expenses, recent purchases, outstanding loans, income stability, and other financial indicators. Then, they lend you money if they determine that you can comfortably pay it back.

personal loans same day

How to Apply for a Personal Loan With Same-Day Approval

All you need to do is go to Orange Loans, then:

  1. Submit the Loan Application

To complete the online form, you must manually add your expected loan amount and term or use our loan calculator. You’ll also need to add your reason for needing a loan. Then, enter your bank information and personal details. A loan provider might also request your:

  • Full name
  • Gender
  • Qualifications and Education
  • Physical or residential address
  • Contact details, such as your mobile number, telephone number, and email address
  • Bank statement data for the 90 days before your application
  • Bank account details
  • Occupation (with pay slips, job history, or other documentation forms)
  • Credit requests you have made with us
  • Tax returns for the past two years
  • 100-points of identification
  • Evidence of your borrowing history (such as loans and mortgages)

Once you add all the needed information and documentation, you can hit “apply.”

  • Wait to Get Matched

Once we receive your loan application, we will focus on finding a reputable loan provider willing to accept your loan application, which could be as fast as a few moments.

Make sure to communicate your need for a same-day loan so that we can narrow our search to lenders who offer these financial products. When we find you a match, we’ll connect you with them.

  • Get Your Loan

When you get matched with a lender, they’ll use your salary, income, expenses, and more to determine if you can repay the loan without incurring financial difficulty. If they accept your loan application, they’ll draft a loan contract for you. Then, you can read the loan terms carefully (preferably with a legal and financial expert) to decide if you should get it.

Afterward, you can sign the contract electronically, and your lender will reach out to you to agree on how to receive your loan. Finally, you’ll get the needed cash in 24 hours or less.

personal loan same day

Why You Should Get Personal Loans Approved on the Same Day

You can enjoy the following perks with these loans:

Fast Processing

The main advantage of payday same day loans is their fast processing. You submit a loan application, get an immediate assessment, and receive your funds in 24 hours. Your loan might be approved in five minutes to an hour or two.

This way, you can skip stressful bank appointments, back and forth with bank employees, and tons of paperwork. You can apply with a simple online form and get your loan the same day from the convenience of your home. They are excellent for sudden and urgent expenses.

Easy Acceptance

Since these loans have fast processing times, lenders might not run credit checks. So, you can secure a loan even with some blemishes in your financial history or a low credit score.

Lenders prioritise your current financial ability to repay a loan over your past financial mistakes, making same-day bad credit cash loans accessible to many Australian citizens.

No Collaterals

You’re applying for a small loan, so offering a car as collateral for a $300 loan doesn’t make sense. 

The Australian Securities and Investments Commission (ASIC) forbids loan providers from demanding collateral for SACCs, which means you don’t have to risk losing your property or belongings.

Concerns About Personal Loans (Same Day)

To make an informed decision, you should take care of the following:

Loan Sharks

Loan sharks prey on financially vulnerable people. You need cash fast, but don’t be fooled by their guaranteed and instant approval loans.

That’s because they won’t take the time to evaluate your eligibility for the loan, which means you might fail to repay it and get charged tons of late fees. Make sure you’re working with a reputable lender and reading the fine lines of your contract. We at Orange Loans ensure you only match with reputable lenders.

same day personal loans australia

High Cost

You’re getting funds without a credit check, which renders you a high-risk borrower. Lenders compensate for this risk by charging high fees. Small personal loans tend to be expensive because of their shorter payment terms. It is why the ASIC regulations make their costs manageable. SACCs can have a maximum of:

  • 20% establishment fees on the loan amount
  • 4% monthly flare rate
  • Default fees and enforcement fees
  • Government fees

Final Thoughts

A same-day personal loan can be a lifesaver if you have urgent or unexpected personal expenses to cover. Their fast processing time is possible because of the efficient online application process, immediate assessment, and lack of credit checks.

These loans range from a few hundred dollars to $2,000, and you can repay them in 16 days to 12 months. However, ensure you only deal with reputable lenders, like the ones that Orange Loans matches you with.

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