Short-term Loans

A short-term loan online gives you quick access to loan amounts up to $5,000, convenient repayment terms of up to 36 months, interest rates from as low as 7.25%; usually minimal-to-no credit checks – bad credit welcome.

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No Credit Check Short-Term Loan – Bad credit welcome

Short-term loans come in a range of packages and offer small–to–medium amounts quickly and easily.

These loans are characterized by flexibility and affordability, and can be obtained from a range of direct lenders; usually with minimal-to-no credit checks.

Frequently Asked Questions

Short-term loans in Australia

Short-term loans are easy to qualify for and can provide instant relief in a financial emergency. Offering between $70 and $2,000, they're ideal for expenses and emergencies that don't warrant the use of a traditional personal loan

They're great because they'll help you resolve financial emergencies quickly and easily but, given their relatively high cost, should only be used when absolutely necessary. 

How do short-term loans work?

Short-term loans are typically unsecured and have a short repayment term. You can borrow a small amount of money of up to $2,000 (this figure rises to $5,000 with some providers). The terms can range from 16 days to 24 months

Short-term cash loans up to $2,000

In most cases, you'll have about a month to pay back what you owe. These loans are more commonly referred to as payday loans and carry certain caps, put in place to protect you from unscrupulous lenders. We'll investigate these later on when we look at the cost of short-term loans. 

Most short-term credit providers in Australia give you the opportunity to extend the term of the loan if you cannot pay back what you owe on time. This may offer temporary relief, but the lender will continue to charge interest and so your debt will grow. Additional fees may apply as well but lenders will not be able to charge you more than 200% of your loan amount (for loans under $2,000). 

Loans from $2,001 to $5,000

These loans offer longer loan terms that can range from 16 days to 24 months and are regulated by the ASIC. These loans are still classified as short-term and can, depending on your needs and income be repaid over a very short term or a longer one. This makes them ideal for tailoring them to your specific needs and budget. 

Loan approval with bad credit

Even if the lender runs a credit check, it's not necessarily taken into consideration when the final decision is made. This makes these credit products easy to get even for people with bad credit. The main requirement is for you to have sufficient income to repay the loan.

Banks and other financial service providers are required to take strict measures to prevent customers from taking out loans they cannot afford. Lenders must make reasonable inquiries about your finances, requirements, and objectives and take reasonable steps to verify the information. 

How much do short-term loans cost?

The average interest rate for short terms loans ranges from 8% to 13% but we must take into account the specific caps on loans as regulated by the ASIC. The caps below do not apply to Authorised Deposit-taking Institutions (ADI's) which include banks, credit unions, and building societies. 

Loans ranging from $70 to $2,000

These are some of the most expensive loans which you will find in the Australian finance market. The annual percentage rate, which includes interest and fees, is usually several hundred per cent, even though certain caps apply.

For small loans up to $2,000 with a repayment term of 16 days to 12 months, you may not be charged more than: 

  • 20% or less of your loan amount as a once-off establishment fee
  • a monthly maintenance fee of no more than 4% of your loan amount 
  • a government fee or charge 
  • 200% of the total loan amount in the case of default 
  • Debt collection fees as incurred by your provider 

Short-term personal loans

These loans carry terms from 16 days to 14 months and a lender may not charge you more than a $400 once-off fee and 48% interest which must include all charges and fees. This interest rate cap also applies to loans over $5,000. 

What are the risks of using a short-term loan?

The main risk of these loans comes from their high cost. If you are struggling to cover all of your expenses with your current income, chances are that the high cost of these loans will have a negative impact on your finances.

The short repayment term makes the risk of default higher. For these reasons, short-term loans should be used only in cash emergencies when you have no other options. If your car breaks down all of a sudden, for instance, and you need to fix it in order to be able to travel to work and make money, then the use of such a credit facility is justified.

What happens if you default on your loan? 

If you default on the loan, the lender can take your case to a debt collecting agency to recover their money and the expenses incurred from instituting recovery action. Your credit file will also suffer serious damage as a result. 

The extension of the short-term loan is not an effective solution either. You can accumulate a considerable amount of debt and end up in a vicious debt cycle.

Where to get a Short-term loan?

Traditionally, short-term loans were offered by smaller independent microfinance companies but large banks and credit unions have caught up, many offering quick, pre-approved short-term loans to their existing client base. 

The reality is that the short-term loans that banks offer do not differ much from those provided by other lenders in terms of features, cost and repayment terms, and structure.

The best strategy which you can adopt is to compare short-term loans from different lenders (banks and alternative lenders) and pick the one with the lowest cost and most favourable repayment terms and conditions. 

Do I qualify for a Short-term loan? 

While the eligibility criteria for a short-term loan will vary from lender to lender, most providers stick to the standard requirements, which we've summarised below.

To qualify for a loan you must be:

  • 18 years of age or older 
  • An Australian citizen or permanent resident 
  • Be employed and earning in excess of $350 a week

Documents required when applying

  1. ID in the form of a driver's license or passport (Medicare cards may also be accepted)
  2. Proof of income in the form of recent payslips or Centrelink benefits
  3. 3-month's bank statements 
  4. Proof of address (usually in the form of a utility bill) 

Short-term loans on Centrelink

You should however note that if more than half of your income is derived from Centrelink it is required that your repayments may not exceed 10% of this income. If you receive Centrelink but it constitutes less than half of your income, your repayments must not exceed 20% of your Centrelink income. 

Ready to apply for a short-term loan?

Short-term loans are fast and easy, one-time solutions, and should be used sparingly. If you're looking for a small amount of cash, can afford the repayments you'll be responsible for, and are not using the loan to pay off other debts, then you're good to go!

Below we've compiled a list of Australia's leading short-term lenders, from the large banks to the specialised boutique providers. Simply review the desired profile and hit apply to get started! 

Short-term loan calculator

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The interest rate of a loan will vary based on your credit score and risk profile.
This loan calculator is for illustration purposes only.
The use of this quick loans calculator is subject to our terms of use.

List of direct lenders offering Short-term loans

  1. Cash Stop Short-term loan

    Cash Stop

    • Loans up to $5,000
    • Term up to 12 months
    • Interest from 48%
  2. Nimble Loans Short-term loan

    Nimble Loans

    • Loans up to $5,000
    • Term up to 4 months
    • Interest from 4%
  3. Credit24 Short-term loan

    Credit24

    • Loans up to $10,000
    • Term up to 36 months
    • Interest up to 48%
  4. MoneyMe Short-term loan

    MoneyMe

    • Loans up to $50,000
    • Apply in 5 minutes
    • Competitive rates
  5. Cigno Loans Short-term loan

    Cigno Loans

    • Loans up to $1,000
    • Finance management
    • Quality services
  6. Cash Direct Short-term loan

    Cash Direct

    • Loans up to $2,000
    • Term up to 6 months
  7. RateSetter Short-term loan

    RateSetter

    • Loans up to $45,000
    • Term up to 5 years
    • Interest from 9.29%
  8. Safe Financial Short-term loan

    Safe Financial

    • Loans up to $5,000
    • Term up to 1 year
    • Interest from 8.7%
  9. Bankwest Loans Short-term loan

    Bankwest Loans

    • Loans up to $30,000
    • Term up to 5 years
    • Interest from 10.99%
  10. Oz Money Short-term loan

    Oz Money

    • Loans up to $25,000
    • Term up to 36 months
    • Interest up to 29.99%
  11. Teachers Mutual Bank Short-term loan

    Teachers Mutual...

    • Loans up to $80,000
    • Term up to 6 years
    • Interest up to 20%
  12. Swift Loans Short-term loan

    Swift Loans

    • Loans up to $4,500
    • Term up to 52 weeks
    • Interest from 35%
  13. OK Money Short-term loan

    OK Money

    • Loans up to $2,000
    • Term up to 11 months
    • Interest from 48%
  14. IBF Short-term loan

    IBF

    • Loans up to $2,000,000
    • Term up to 6 months
    • Cash in 24 hours
  15. Capfin Short-term loan

    Capfin

    • Loans up to $10,000
    • Term up to 36 months
    • Interest from 17.9%
  16. SRG Finance Short-term loan

    SRG Finance

    • Loans up to $3,000
    • Term up to 12 months
    • Flexible short-term loans
  17. Club Money Short-term loan

    Club Money

    • Loans up to $5,000
    • Term up to 1 year
    • Interest from 81.11%
  18. Personal Loans Now Short-term loan

    Personal Loans ...

    • Loans up to $5,000
    • Term up to 12 months
    • Quick finance solutions
  19. Australian Lending Centre Short-term loan

    Australian Lend...

    • Fast loan approval
    • No credit checks
    • Compare loan options
  20. Business Fuel Short-term loan

    Business Fuel

    • Loans up to $200,000
    • Term up to 12 months
    • Competitive interest rates
  21. MangoCredit Short-term loan

    MangoCredit

    • Loans up to $500,000
    • Term up to 24 months
    • Fast and simple loans
  22. Viva Payday Loans Short-term loan

    Viva Payday Loa...

    • Loans up to $5,000
    • Term up to 12 months
    • Interest up to 199.43%
  23. MiFinance Short-term loan

    MiFinance

    • Loans up to $5,000
    • Term up to 24 months
    • Interest from 21.24%
  24. PFG Mortgage Managers Short-term loan

    PFG Mortgage Ma...

    • Low doc loans
    • Business funding
    • Interest from 4.75%
  25. Cash on your Mobile Short-term loan

    Cash on your Mo...

    • Loans up to $5,000
    • Fast loan payouts
    • Apply online today
  26. Australian Internet Loans Short-term loan

    Australian Inte...

    • NO credit checks
    • Term up to 5 years
    • Interest from 15%
  27. Global Capital Short-term loan

    Global Capital

    • Get a free quote
    • Quick online application
    • Business finance
  28. Personal Loans on Spot Short-term loan
  29. Purple Payday Loans Short-term loan

    Purple Payday L...

    • Loans up to $2,000
    • Term up to 45 days
  30. Credit Card Guru Short-term loan
  31. DollarsDirect Short-term loan
  32. Short Term Loans Sydney Short-term loan

    Short Term Loan...

    • Loans up to $1,000
    • Term up to 30 days
    • Interest from 1223.6%
  33. Max Finance Short-term loan

    Max Finance

    • Loans up to $10,000
  34. Loan Ranger Short-term loan
  35. AMX Money Short-term loan
  36. Australia Cash Loans Short-term loan

    Australia Cash ...

    • Loans up to $2,000
    • Term up to 6 months
    • Interest from 110.38%