Best Short Term Loans
CashnGo 🏆 2026
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Was so quick and the response was immediate such a great product and the funds were in my account within minutes Show details
Fundo
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Technical issues, on the phone for half an hour repeating the same steps changed passwords twice still nothing. Frustrating and annoying experience
Cigno Australia
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Worst company EVER – Literally the worst place ever. I did take a loan out but now I don’t even have an account to make repayments and they keep hounding me with emails.… Read more
I keep telling them I cannot access my account to make payments and I get the same email back saying to reset my password. But when I request password reset I don’t get the email?? Also been getting payment requests very late. Like I got an email on the 23rd saying my payment is due on the 19th (of that same month) and will be deducted in 2 days.
I don’t get it, major scam company. I don’t even know how to repay it because no one is answering my emails and my inquiries are being sent to an email that doesn’t exist
Wallet Wizard 🏆 2026
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Quick helpful and would definately recommend. Easy to get just used my computer to do the whole process. Show details
Stay Finance
Great customer service easy application process and fast approval 5 ⭐️ Show details
Money Plus
I have been a customer of the Money Plus for a while now, and I am very proud, happy and satisfied with the service and the professionalism of it's staff, no matter which branch I attend. I give 5 stars Show details
Quickzy Finance
I used them for 2 loans 2 years ago. paid them out. now trying to appy when my situation is better than what it was when I used them 2 years ago.… Read more
now they won't approve me. maybe new staff, I don't know, but sam was always helpful and now they are not helpful like they used to be.
they asked me to remove my last bad review, and I thought they would be more helpful. so now I'm redoing it.
Bizcap
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I was assisted by Brooke who was absolutely excellent in her customer service and fast in getting me the finance I need and explained everything in… Read more
words that were understandable and was helpful tillbthe end when my money went I my account I highly recomend this company for your finance 5 star and thx heaps Brooke 5 stars to u aswel.
Credit24
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I was worried about a low credit rating even tho I head paying everything off within time. Credit 24 was easy and very fair on what they charge . It… Read more
was quick and seamless and when I had a few questions, their team was quick with response and everything was easily done. I got my loan within a day and I’m so happy to have used Credit 24. I highly recommend it if you need fast cash!
Handout Loans
So disappointed i borrow 300 from them got approved and than I paid off my whole loan applied for 450 got declined. I can afford it I just need… Read more
urgent repair for my rental property. Now I need to apply after 3days. This time ill give the 2 stars if I apply again in 3days and get approved ill give 10percent 5 star. FLASH MONEY IS VERY GOOD.
Cash Train
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Great to deal with simple loan terms best company to use. excellent quick easy aplication money in under 30 mins.
Nimble
Loans are never processed quickly for repeat customers which makes no sense. App and website are very bugged Show details
Spotter Loans
Fast approval! Great service! – Applied for a loan yesterday afternoon. Was approved today and have already received the money. Amazing! Lovely and professional customer service. Very happy customer! Show details
Sunshine Loans
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Avoid at all cost. They have permanently blocked me applying. Dodgy company.
MyPayNow
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They are the best dont chop and change withdrawal amount Show details
Smartfinn Advisors
A terrible experience with [Name Removed]. We missed out on properties due to his incompetency, delays, and lack of communication. He makes promises then disappears. I won’t be dealing with him or smartfinn again.
Needy Loans
Quick & easy. Very friendly phone call to get things finalized. Good job! Show details
Beforepay
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Honestly guys don't waste your time with this mob. No less than 5 or 6 times i've tried to activate an account but everytime i try i'm told "they… Read more
can't verify my identity". This problem is clearly on their end as all my personal information given to them is true, accurate and up to date and everytime i try and resolve this matter with them they ask me to provide different types of i.d. that i have already done several times and all i seem to ever get is generic, cliche responses without this issue ever being resolved. Wagetap, wagepay and mypaynow are much more professional and a whole lot less hassle free.
Pay Express
I have found Pay Express to be very helpful when it comes to applying for a short term loan. Even when needing to reschedule a repayment they’re more than happy to consider a request. Show details
Moneyspot
I think these guys are good. Just make sure you can afford the loan offer and you're all set. Easy to deal with and there seems to be someone working there 24/7. I missed a repayment and they were flexible and made the resh3duling fast and easy. Show details
Direct Finance Loans
The perfect broker by the name of Jessie is so awesome,she is amazing at what she does – I recommend any body interested in finance to get into contact with Jessie the broker at money finance direct. Show details
TapMyPay
Unable to log in – Still watching the circle flashing!. I haven’t been able to access my account yet ?? I’ve sent through an email as well as written another review and not one response from you guys, very poor customer service
CashFaster
I have NEVER dealt with an organisation like this. They have ruined me and I am on the verge of mentally breaking down after they gained access to a… Read more
locked, private account. I have repeatedly attempted contact and nothing. It’s like they all of a sudden don’t exist. How could I be so stupid. So much shame on my part.
Cash Direct
2nd time I tried to get a loan cash direct claims to give loans to people on disability pension and I am, I have an excellent credit rating and… Read more
always pay my debts. Cash direct claims that you will have an answer in 60 minutes I waited over 12 hours to find that again they had declined my loan application. Try Cash Train they are so much better and even if they decline your application they will let you know the same day.
LazerMoney
I had gotten conditionally approved for a small loan, the declined the loan because my "Bank statements weren't up to standards" but yet the only… Read more
standards are 90 days of records and proof of regular income but even though my bank statements have that i was declined.
Absolutely rubbish of a company your better of not even bothering because they are just wasting your time and ruining your credit
Oak Capital
Beware! – I borrowed substantial sums from Oak Capital Mortgage Fund Limited and Oak Capital Wholesale Fund Limited, which are part of the Oak Group of… Read more
companies, through an introduction by my finance broker. Unfortunately, the broker's conduct and the Oak Group's unconscionable lending and recovery practices have devastated my family and I. Specifically, the broker prioritised his interests over mine as the borrower. The Oak Group and their lawyers, in my opinion, set me up to fail, and starting with the misleading ‘letter of offer’ and their brutal enforcement of the securities, I never had any opportunity to extract myself from their clutches. It has come to my attention that Oak Capital Mortgage Fund Limited and Oak Capital Wholesale Fund Limited offer substantial commissions to mortgage brokers, leading to a conflict of interest where the brokers may not act in the best interest of the borrowers. I attempted to opt out of the loan offers within 48 hours after signing, only to face unexpected tax invoices exceeding $100,000 and property caveats by the Oak Group of companies. The situation escalated further when I received a default notice from Oak Capital Wholesale Funds Limited lawyers 3 days after missing a payment, resulting in the rapid repossession of one of my properties within 24 hours of issuing a default notice. To make matters worse, my home was visited by intimidating individuals sent by Oak Group just days after missing a payment, causing distress to my family, including my wife and two young children, 1 and 3 years old. Oak Capital Mortgage Fund Limited and Oak Capital Wholesale Fund Limited refused to accept a refinancing option on two loans and chose to appoint an administrator over two properties, which unfortunately made it impossible for my building company to continue trading. Oak Capital Mortgage Funds Limited and Oak Capital Wholesale Fund Limited have refused to provide any statement of account to show where approximately $10,000,000.00 has been allocated after selling my properties and receiving funds from other properties I had sold, for which Oak Group of companies had no mortgages. Even after Oak Group sold my properties, between $500,000.00 - $1,000,000.00 less than what I paid or what they valued. My loans were for approximately $7,000,000.00. This left me to issue court proceedings against Oak Capital Mortgage Fund Limited, Oak Capital Wholesale Fund Limited and a company in the Oak Group to obtain a Court order for a full accounting of all related transactions. Oak’s response was to appoint a receiver over my company, which I am fighting to have removed through the courts. I wanted to reach out and offer my support and assistance. If you've faced similar challenges with the Oak Group of companies, please don't hesitate to contact me. It's essential to have the right help in these challenging times. I recommend contacting Michael Landy from Eagle Financial Solutions. He has been a great support to me and might be able to assist you in moving forward. Peter Aquino Construct Homes Pty. Ltd.
Cash Now Perth
Don't bother filling out an application – Have to echo what a lot of others are saying. No communication at all. Submitted my application and all documents. No confirmation. I tried to call… Read more
and email and never got a reply. Sent a follow up email and still nothing. So either they are really selective about who they reply to, or all the positive reviews are fake. Either way there's nothing to like about this company.
Wonder Loans
NextPayday
Worked great for first cashout. Then after the payday loan is finished, had to email them and it was fixed, had to do this four times until they suddenly stopped replying to my emails. Very dodgy company be careful
What is a short term loan?
A short term loan is designed to be repaid within a short period and requires little to no collateral. These loans let you borrow a small amount of money for something that you need cash for quickly.
These loans can be used for almost anything, but common reasons to take out a short term loan include:
- Unexpected bills or expenses (such as medical expenses)
- Helping cover the cost of big-ticket items (such as wedding or funeral expenses, home renovations, school fees)
- Property bonds and moving costs
- Covering a dip in cashflow or a change in your financial situation
You repay the debt with fees in equal repayments over a fixed term that you’ve agreed on (usually somewhere between 3 to 12 months depending on the loan amount).
Should I get a short term loan?
Short term loans should only be used in the case of financial emergencies, and should not be considered as a long-term solution to any financial problems. They’re typically expensive, and come with high fees and charges.
Because short term loans are so costly, you should avoid taking them to use for:
- Basic necessities
- Repaying existing debts
- Holidays
- Non-essential expenses or expenses that can wait
What are the risks of short term loans?
You should be aware of the risks of short term loans before deciding whether or not to take one out.
- They incur high costs. Short term loans have very high fees (this can be up to a 20% establishment fee of the loan amount and a monthly fee of up to 4%), which means high annual interest rates. Fees and charges are sometimes not advertised clearly too, so if you miss the small print, you may be charged fees you can’t afford.
- Repayments are made by direct debit. This means that a lender can withdraw repayments before you pay for necessities like food or rent, which can make budgeting more difficult.
- It may affect your credit rating. If you cannot repay the loan, your credit rating may be affected.
- They have high default fees. If you default (you fail to repay the funds by the due date) you’ll typically be charged default fees that are added to the amount you owe. Borrowers are penalised heavily for missing payments, and default fees can be more than the amount you borrowed.
- They can lead to more debt. Many people who take out short term loans experience financial hardship, and given how expensive payday loans are, they could lead to more debt if you can’t make repayments.
- There are many disreputable lenders. Check that the lender is registered with ASIC and is easy to contact. Read reviews to see what their other customers have had to say about them.
- They have short terms. As the name suggests, short term loans don’t allow you much time to repay the loan. They also typically have pretty inflexible loan terms, with some lenders requiring you repay the loan when you get your next paycheck.
Calculate how much a short term loan will cost you
You can see exactly how much a short term loan will cost you with the MoneySmart Payday Loan Calculator. The calculator will help you work out how much you’ll pay in fees, how much the loan will cost you in total, and how much your fortnightly repayments will be.
Alternatives to short term loans
- The National Debt Hotline (1800 007 007) provides free, independent financial counselling to Australians dealing with debt and financial problems. They can point you to services that can help you out.
- Talk to your electricity, gas, phone, or water provider and work out a payment plan with them.
- If you’re on government benefits, ask if you can receive an advance from Centrelink (13 17 94).
- If you’re a low income earner or have a Health Care Card or Pension Card, you may be able to access the No Interest Loan Scheme (more info can be found on the Good Shepherd website).
Am I eligible for a short term loan?
The eligibility criteria for short term loans will differ depending on the lender, but you’ll typically have to:
- be over the age of 18
- be an Australian citizen or permanent resident
- be able to provide identification, such as a driver’s licence or passport
- be able to provide a 90 day bank statement
- be earning regular income in the last 90 days (if you’re on government benefits, some lenders will have requirements on how much of your income can be from Centrelink)
Lenders will generally require you to have an active email address and mobile phone number, and may also ask you why you need the loan.
How to compare short term loans
When comparing loans, it’s important to keep your financial situation in mind so that you can find a loan that helps you save money. Reading reviews of short term loan providers can also help give you a better idea of things like the application process, fees, turnaround, customer support, and more.
Consider the following when comparing loans:
Loan term
The loan term is the length of the loan. Shorter loan terms usually have lower fees and rates, while longer loan terms will have lower repayments and generally higher fees.
A loan provider will have a minimum loan term (which can be anywhere from a few weeks to around 3 months) and a maximum loan term (for short term loans, this is often 12 months). The minimum loan term may also be dependent on the payment frequency.
Loan amount
A loan provider will usually have a minimum loan amount and a maximum loan amount. For short term loans, lenders usually have a minimum loan amount of $50 and a maximum loan amount of up to $2000, although some lenders let you borrow up to $10,000.
The amount you’re approved for can depend on factors like your income, credit history, the loan amount you’ve requested, and your ability to repay the loan.
Interest rates, fees, and charges
Interest rates on short term loans are often very high, which is why you should have a solid plan to pay back the loan within its terms, as there will also likely be high late fees.
Some fees to look out for include:
- Application fee: charged when you apply for a loan.
- Establishment fee: this is charged when the loan is established and the funds are issued.
- Monthly fee: a monthly fee is charged every month and covers the cost of maintaining your loan. It does not go towards repaying your loan principal.
- Early repayment fee: charged if you make an early repayment, as lenders are looking to cover the loss of interest you’ll pay. There are plenty of short term loan providers who do not charge an early repayment fee.
Repayments
Your loan repayments will typically be weekly, fortnightly, or monthly. Before you apply for a loan, you should calculate the cost of your repayments to figure out whether you’ll be able to budget for them. Some lenders will let you make early repayments, which can help you pay less interest over the course of your loan.
Secured vs unsecured short term loans
Most short term loans are unsecured, which means that they don’t require any collateral. This means that it’s possible to get a short term loan regardless of your credit history.
Turnaround
If you need cash quickly, you should consider how long a provider will take to deposit the funds into your bank account. Some lenders can issue funds in as little as 30 minutes to a few hours, while others may take a few days.
Physical branches typically have a quicker turnaround, however you should check if this is actually the case with a provider first.
Application process
Many short term loan providers have a 100% online application process that they say can be completed in as little as 5 to 10 minutes. Some lenders also have brick and mortar branches if you prefer to speak to someone and do paperwork in person.
Loan extensions
Some providers can extend your loan term, usually by 90 days. While extending your loan may seem like an attractive option, it will also come with extra fees and may come with extra terms and conditions, so avoid it if possible or continue with caution if you really need the extension.
Disclaimer: The information on this website is for general information only. It should not be taken as constituting professional advice from the website owner - ProductReview.com.au. ProductReview.com.au is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. ProductReview.com.au is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.
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